Which Market Protocols Facilitate Fair Trading?

Marco LiCalzi and Paolo Pellizzari

Chapter 6 in Artificial Markets Modeling, 2007, pp 81-97 from Springer

Abstract: Abstract The evaluation of an exchange market is a multi-faceted problem. An important criterion is the ability to achieve allocative efficiency. Gode and Sunder (1993) shows that a continuous double auction for singleunit trades leads to an efficient allocation even when the traders exhibit “zero-intelligence”; in other words, market protocols are active contributors in the search for a better outcome. Under reasonable circumstances, most of the commonly used market protocols share the ability to help traders discover an efficient allocation.

Keywords: Fair Trading; Equilibrium Price; Fair Share; Initial Endowment; Certainty Equivalent (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1007/978-3-540-73135-1_6

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