Trading Restrictions Price Dynamics and Allocative Efficiency in Double Auction Markets：Analysis Based on...

Title	Trading Restrictions Price Dynamics and Allocative Efficiency in Double Auction Markets：Analysis Based on Agent-Based Modeling and Simulations
Creator	陳樹衡
Date	2003
Date Issued	24-Nov-2010 22:10:45 (UTC+8)
Summary	In this paper we conduct two experiments within an agent-based double auction market. These two experiments allow us to see the effect of learning and smartness on price dynamics and allocative efficiency. Our results are largely consistent with the stylized facts observed in experimental economics with human subjects. From the amelioration of price deviation and allocative efficiency, the effect of learning is vividly seen. However, smartness does not enhance market performance. In fact, the experiment with smarter agents (agents without a quote limit) results in a less stable price dynamics and lower allocative efficiency. [ABSTRACT FROM AUTHOR]
Relation	Advances in Complex Systems,6(3),283-302
Type	article
DOI	http://dx.doi.org/10.1142/S021952590300089X

dc.creator (作者)	陳樹衡	zh_TW
dc.date (日期)	2003	-
dc.date.accessioned	24-Nov-2010 22:10:45 (UTC+8)	-
dc.date.available	24-Nov-2010 22:10:45 (UTC+8)	-
dc.date.issued (上傳時間)	24-Nov-2010 22:10:45 (UTC+8)	-
dc.identifier.uri (URI)	http://nccur.lib.nccu.edu.tw/handle/140.119/48596	-
dc.description.abstract (摘要)	In this paper we conduct two experiments within an agent-based double auction market. These two experiments allow us to see the effect of learning and smartness on price dynamics and allocative efficiency. Our results are largely consistent with the stylized facts observed in experimental economics with human subjects. From the amelioration of price deviation and allocative efficiency, the effect of learning is vividly seen. However, smartness does not enhance market performance. In fact, the experiment with smarter agents (agents without a quote limit) results in a less stable price dynamics and lower allocative efficiency. [ABSTRACT FROM AUTHOR]	-
dc.language	zh_TW	en
dc.language.iso	en_US	-
dc.relation (關聯)	Advances in Complex Systems,6(3),283-302	en
dc.title (題名)	Trading Restrictions Price Dynamics and Allocative Efficiency in Double Auction Markets：Analysis Based on Agent-Based Modeling and Simulations	en
dc.type (資料類型)	article	en
dc.identifier.doi (DOI)	10.1142/S021952590300089X	-
dc.doi.uri (DOI)	http://dx.doi.org/10.1142/S021952590300089X	-