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On the Economic Effects of Competition between Double Auction Markets

机译：双重拍卖市场之间竞争的经济效应

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摘要

Real market institutions, stock and commodity exchanges for example, do not occur in isolation. The same stocks and commodities may be listed on multiple exchanges, and traders who want to deal in those goods have a choice of markets in which to trade. While there has been extensive research into agent-based trading in individual markets, there is little work on this kind of multiple market scenario. Our work seeks to address this imbalance. In particular, this paper examines how allocative efficiency, the standard measure of a market's ability to extract surplus, is affected by the presence of multiple markets for the same good. We find that while dividing traders between several small markets typically leads to lower efficiency than grouping them into one large market, the movement of traders between markets, and price incentives for changing markets, can reduce this loss of efficiency.
机译：真实的市场机构，例如股票和商品交易所，并不是孤立发生的。相同的股票和商品可能会在多个交易所上市，而想要交易这些商品的交易者可以选择交易市场。尽管已经对单个市场中基于代理的交易进行了广泛的研究，但是在这种多市场场景中却鲜有研究。我们的工作旨在解决这种不平衡。特别是，本文研究了分配效率（市场提取剩余能力的标准度量）如何受到同一商品的多个市场的存在的影响。我们发现，尽管将交易者划分为几个小市场通常会导致效率低于将它们分组为一个大市场的效率，但交易者在市场之间的移动以及针对变化的市场的价格激励措施可以减少这种效率损失。

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  • 来源
  • 会议地点 Estoril(PT);Estoril(PT);Estoril(PT);Estoril(PT);Chicago IL(US);Chicago IL(US);Chicago IL(US);Chicago IL(US)
  • 作者

    Kai Cai; Jinzhong Niu; Simon Parsons;

  • 作者单位

    Department of Computer Science, Graduate Center City University of New York, 365, 5th Avenue New York, NY 10016, USA;

    rnDepartment of Computer Science, Graduate Center City University of New York, 365, 5th Avenue New York, NY 10016, USA;

    rnDepartment of Computer Science, Graduate Center City University of New York, 365, 5th Avenue New York, NY 10016, USA Department of Computer and Information Science Brooklyn College, City University of New York 2900 Bedford Avenue, Brooklyn, NY 11210, USA;

  • 会议组织
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 电子贸易、网上贸易;计算机网络;
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