Showing 1 - 10 of 16,113
This paper studies the continuous double auction from the point of view of market engineering: we tweak a resampling rule often used for this exchange protocol and search for an improved design. We assume zero intelligence trading as a lower bound for more robust behavioral rules and look at...
Persistent link: https://www.econbiz.de/10005756582
Crowdfunding platforms offer project initiators the opportunity to acquire funds from the Internet crowd and, therefore, have become a valuable alternative to traditional sources of funding. However, some processes on crowdfunding platforms cause undesirable external effects that influence the...
Persistent link: https://www.econbiz.de/10014501866
The work of Friedrich Von Hayek contains several testable predictions about the nature of market processes. Vernon Smith termed the most important one the 'Hayek Hypothesis': equilibrium prices and the gains from trade can be achieved in the presence of diffuse, decentralized information, and in...
Persistent link: https://www.econbiz.de/10013115213
Using co-pricing as a means for gaining deep customer insights offers much potential, ultimately expanding profitability and markets. Models of co-pricing could provide new basis for segmenting customers, based on their perceptions of value. Involvement in co-pricing decisions can also offer...
Persistent link: https://www.econbiz.de/10013018980
The work of Friedrich Von Hayek contains several testable predictions about the nature of market processes. Vernon Smith termed the most important one the ‘Hayek hypothesis’: equilibrium prices and the gains from trade can be achieved in the presence of diffuse, decentralized information,...
Persistent link: https://www.econbiz.de/10008777368
The work of Friedrich Von Hayek contains several testable predictions about the nature of market processes. Vernon Smith termed the most important one the "Hayek hypothesis:" equilibrium prices and the gains from trade can be achieved in the presence of diffuse, decentralized information, and in...
Persistent link: https://www.econbiz.de/10009019972
We study the emergence of strategic behavior in double auctions with an equal number n of buyers and sellers, under the distinct assumptions that orders are cleared simultaneously or asynchronously. The evolution of strategic behavior is modeled as a learning process driven by a genetic...
Persistent link: https://www.econbiz.de/10008632731
We study the evolution of trading strategies in double auctions as the size of the market gets larger. When the number of buyers and sellers is balanced, Fano et al. (2011) show that the choice of the order-clearing rule (simultaneous or asynchronous) steers the emergence of fundamentally...
Persistent link: https://www.econbiz.de/10009018192
We discover that letting agents pairwise sequentially exchange at "wrong" prices has a robust effect on prices at convergence. If the initial relative price for a good is cheaper than the equilibrium walrasian price due to initial endowments, the initial excess demand effect pushes resource...
Persistent link: https://www.econbiz.de/10013081713
Double auctions with profit-motivated human traders as well as quot;zero-intelligencequot; programmed traders have previously been shown to converge to Pareto optimal allocations in partial equilibrium settings. We show that these results remain robust in two-good general equilibrium settings...
Persistent link: https://www.econbiz.de/10012774491