This chapter illustrates the behavior of Zero-Intelligence (ZI) Robots in double auction markets and offer some comparison with humans . The behavior of these robots is very simple: they simply choose a random bid or ask over a range of prices constrained by their budget and the market...

The property of an allocation rule to be implementable in dominant strategies by a unique payment scheme is called revenue equivalence. In this paper we give a characterization of revenue equivalence based on a graph theoretic interpretation of the incentive compatibility constraints. The...