Alós-Ferrer, Carlos; Kirchsteiger, Georg; Walzl, Markus - Maastricht : METEOR, Maastricht Research School of … - 2006
This paper analyzes a learning model where sophisticated market designers create new trading platforms and boundedly rational traders select among them. We ask wether "Walrasian'''' platforms, leading to efficient (market - clearing) trading outcomes, will dominate the market in the long run. If...