Double Auction Performance in a Circular Flow Economy.PDF
نویسنده
چکیده
Double auction markets have consistently been shown to realize almost full efficiency and prices very near the theoretical prediction. Research typically focuses on the performance of the double auction in single market environments. However, real economic activity is coordinated across multiple markets, a far more complex task. This paper uses experimental methods to examine the double auction’s performance in a circular flow economy where two markets are operating simultaneously. The results show that the double auction succeeds in achieving a high level of efficiency even though prices remain considerably more volatile than typical single market settings. JEL Classification: C92; D44; D51; E00
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