Alos-Ferrer, Carlos; Kirchsteiger, Georg; Walzl, Markus - C.E.P.R. Discussion Papers - 2006
This paper analyses a situation where market designers create new trading platforms and traders learn to select among them. We ask whether 'Walrasian' platforms, leading to market-clearing trading outcomes, will dominate the market in the long run. If several market designers are competing, we...