Faster trading improves liquidity in periodic call auction markets, in contrast to continuous-timemarkets. We build a … the likelihood that a single HFT arrives inany given auction and subsequently acts as a monopolist on information. Higher … improving liquidity. We find that faster trading and longer auction intervalsare substitute instruments to reduce bid …

-frequency trading. We explain how IEX differs from traditional continuous double auction markets and present summary data on IEX … of the continuous double auction. The model predicts that IEX will generally improve price efficiency and lower …

equilibrium model of this exchange design as a modification of the standard continuous double auction market format. The model …

compared to any single-stage auction. Finally we derive the optimal efficient two-stage mechanism. …

We study the role of commitment in a first-price auction environment. We devise a simple two-stage model in which … first-price auction both theoretically and experimentally. While theory suggests that the offers and the auctioneer …'s revenue should be higher in a standard first-price auction compared to the first-price auction with renegotiation, we cannot …

In a lab experiment, we analyze the benefits of increasing competition on auction platforms hosting multiple …