The Alternating Double Auction Market PDF Download
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Author: Abdolkarim Sadrieh
Publisher: Springer Science & Business Media
ISBN: 3642589537
Category : Business & Economics
Languages : en
Pages : 359
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Book Description
The alternating double auction market institution is presented as a discrete time version of the open outcry market. The game in extensive form is analyzed in an almost perfect information setting, using the concept of subgame perfectness. By applying two new equilibrium selection criteria, a general existence result is obtained for "impatience equilibria" of the game. All such equilibria are shown to have unique properties concerning the traded quantities and prices. The most important results are that the equilibrium prices are independent of the number of traders and are always very close to - if not inside - the range of competitive prices. The latter can be evaluated as game theoretic support for the convergence of prices to the competitive price. The process of price formation is traced by applying the learning direction theory and introducing the "anchor price hypothesis".
Author: Abdolkarim Sadrieh
Publisher: Springer Science & Business Media
ISBN: 3642589537
Category : Business & Economics
Languages : en
Pages : 359
Get Book Here
Book Description
The alternating double auction market institution is presented as a discrete time version of the open outcry market. The game in extensive form is analyzed in an almost perfect information setting, using the concept of subgame perfectness. By applying two new equilibrium selection criteria, a general existence result is obtained for "impatience equilibria" of the game. All such equilibria are shown to have unique properties concerning the traded quantities and prices. The most important results are that the equilibrium prices are independent of the number of traders and are always very close to - if not inside - the range of competitive prices. The latter can be evaluated as game theoretic support for the convergence of prices to the competitive price. The process of price formation is traced by applying the learning direction theory and introducing the "anchor price hypothesis".
Author: Daniel Friedman
Publisher: Routledge
ISBN: 0429961081
Category : Social Science
Languages : en
Pages : 456
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Book Description
This book focuses on markets organized as double auctions in which both buyers and sellers can submit bids and asks for standardized units of well-defined commodities and securities. It examines evidence from the laboratory and computer simulations.
Author: Daniel Friedman
Publisher: Westview Press
ISBN: 9780201624595
Category : Science
Languages : en
Pages : 464
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Book Description
This collection of papers focuses on markets organized as double auctions (DA). In a double auction, both buyers and sellers can actively present bids (offers to buy) and asks (offers to sell) for standardized units of well-defined commodities and securities. A classic example of a DA market (known by practitioners as an open outcry market) is the commodity trading pit at the Chicago Board of Trade. A related process is a call market, which is used to determine opening prices on the New York Stock Exchange. Already the predominant trading institution for financial and commodities markets, the double auction has many variants and is evolving rapidly in the present era of advancing computer technology and regulatory reform. DA markets are of theoretical as well as practical interest in view of the central role these institutions play in allocating resources. Although the DA has been studied intensively in the laboratory, and practitioners have considerable experience in the field, only recently have tools started to become available to provide the underpinning of a behavioral theory of DA markets.
Author: Huiye Ma
Publisher: Springer Science & Business Media
ISBN: 3764387300
Category : Computers
Languages : en
Pages : 142
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Book Description
This book provides a new bidding strategy for agents to adopt in continuous double auctions (CDAs) and proposes some generally used tools to enhance the performance of existing bidding strategies in CDAs. It is the first book to focus on CDAs where a limited amount of seller agents and buyer agents trade what they want. The superior performance of the new bidding strategy and the tools proposed by this book are illustrated through extensive experiments.
Author: Daniel Friedman
Publisher: Routledge
ISBN: 0429972164
Category : Social Science
Languages : en
Pages : 426
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Book Description
This book focuses on markets organized as double auctions in which both buyers and sellers can submit bids and asks for standardized units of well-defined commodities and securities. It examines evidence from the laboratory and computer simulations.
Author: Martin Shubik
Publisher:
ISBN:
Category : Experimental design
Languages : en
Pages : 0
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Book Description
Author: Soe-Tsyr Yuan
Publisher: Springer
ISBN: 3540446370
Category : Computers
Languages : en
Pages : 247
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Book Description
The increasing importance of intelligent agents and their impact on industry/business worldwide is well documented through academic research papers and industrial reports. There is a strong affinity between the Web a worldwide distributed computing environment and the capability of intelligent agents to act on and through software. The ultimate goal of intelligent agents is to accelerate the evolution of the Web from a passive, static medium to a tuned, highly valued environment. This volume contains selected papers from PRIMA 2001, the fourth Pacific Rim International Workshop on Multi-Agents, held in Taipei, Taiwan, July 28-29, 2001. In this volume, the papers cover specification, modeling, and applications of intelligent agents. PRIMA is a series of workshops on autonomous agents and multi-agent systems, integrating the activities in Asia and the Pacific Rim countries. PRIMA 2001 built on the great success of its predecessors, PRIMA98 i n Singapore, PRIMA99 i n Kyoto, Japan, and PRIMA 2000 in Melbourne, Australia. The aim of PRIMA 2001 was to bring together researchers from Asia and the Pacific Rim and developers from academia and industry to report on the latest technical advances or domain applications and to discuss and explore scientific and practical problems as raised by the participants.
Author: Timothy N. Cason
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 54
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Book Description
Author: Leigh Tesfatsion
Publisher: Elsevier
ISBN: 0080459870
Category : Business & Economics
Languages : en
Pages : 905
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Book Description
The explosive growth in computational power over the past several decades offers new tools and opportunities for economists. This handbook volume surveys recent research on Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic systems of interacting agents. Empirical referents for "agents" in ACE models can range from individuals or social groups with learning capabilities to physical world features with no cognitive function. Topics covered include: learning; empirical validation; network economics; social dynamics; financial markets; innovation and technological change; organizations; market design; automated markets and trading agents; political economy; social-ecological systems; computational laboratory development; and general methodological issues. *Every volume contains contributions from leading researchers *Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys
Author: Douglas D. Davis
Publisher: Princeton University Press
ISBN: 9780691043173
Category : Business & Economics
Languages : en
Pages : 592
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Book Description
An examination of an area of economic research whereby economists have begun to use laboratories to evaluate economic propositions under carefully controlled conditions. The authors argue for the effectiveness of this technique in selected circumstances.
