Matches in SemOpenAlex for { <https://semopenalex.org/work/W3128545011> ?p ?o ?g. }
Showing items 1 to 63 of
63
with 100 items per page.
- W3128545011 abstract "Experimental double-auction commodity markets are known to exhibit robust convergence to competitive equilibria under stable or cyclical supply and demand conditions, but little is known about their performance in truly random environments. We provide a comprehensive study of double auctions in a stochastic setting where the equilibrium prices, trading volumes and gains from trade are highly variable across periods, and with commodity traders who may buy or sell their goods depending on market conditions and their individual outcomes. We find that performance in this stochastic environment is sensitive to underlying market conditions. Efficiency is higher and convergence to the competitive equilibrium stronger when the potential gains from trade are high and when the equilibrium spans a wide range of quantities, implying a large number of marginal trades. Speculative re-trading is prevalent, especially for individual traders who have little to gain under equilibrium pricing, leading to some redistribution of gains from high to low expected earners. Those with the largest expected gains typically earn far less than predicted, while those with little or no predicted earnings gain modestly from speculation. Excessive trading volumes are associated with negative efficiencies in markets with low gains from trade, but not in the high-gains markets, where zero-sum trading and re-trading appear not to obstruct and possibly enforce efficiency and near-equilibrium pricing. Buyers earn more relative to their competitive equilibrium benchmark than sellers do. Introducing trader specialization leads to fewer trading errors and higher market efficiency, but it does not eliminate zero-sum trading and re trading." @default.
- W3128545011 created "2021-02-15" @default.
- W3128545011 creator A5038615104 @default.
- W3128545011 creator A5045319607 @default.
- W3128545011 creator A5089745005 @default.
- W3128545011 date "2020-07-01" @default.
- W3128545011 modified "2023-10-02" @default.
- W3128545011 title "Randomized Double Auctions: Gains from Trade, Trader Roles, and Price Discovery" @default.
- W3128545011 hasPublicationYear "2020" @default.
- W3128545011 type Work @default.
- W3128545011 sameAs 3128545011 @default.
- W3128545011 citedByCount "0" @default.
- W3128545011 crossrefType "posted-content" @default.
- W3128545011 hasAuthorship W3128545011A5038615104 @default.
- W3128545011 hasAuthorship W3128545011A5045319607 @default.
- W3128545011 hasAuthorship W3128545011A5089745005 @default.
- W3128545011 hasConcept C106159729 @default.
- W3128545011 hasConcept C139719470 @default.
- W3128545011 hasConcept C162324750 @default.
- W3128545011 hasConcept C163239763 @default.
- W3128545011 hasConcept C175444787 @default.
- W3128545011 hasConcept C2779439359 @default.
- W3128545011 hasConcept C2780964549 @default.
- W3128545011 hasConcept C34447519 @default.
- W3128545011 hasConcept C47941915 @default.
- W3128545011 hasConcept C556758197 @default.
- W3128545011 hasConceptScore W3128545011C106159729 @default.
- W3128545011 hasConceptScore W3128545011C139719470 @default.
- W3128545011 hasConceptScore W3128545011C162324750 @default.
- W3128545011 hasConceptScore W3128545011C163239763 @default.
- W3128545011 hasConceptScore W3128545011C175444787 @default.
- W3128545011 hasConceptScore W3128545011C2779439359 @default.
- W3128545011 hasConceptScore W3128545011C2780964549 @default.
- W3128545011 hasConceptScore W3128545011C34447519 @default.
- W3128545011 hasConceptScore W3128545011C47941915 @default.
- W3128545011 hasConceptScore W3128545011C556758197 @default.
- W3128545011 hasLocation W31285450111 @default.
- W3128545011 hasOpenAccess W3128545011 @default.
- W3128545011 hasPrimaryLocation W31285450111 @default.
- W3128545011 hasRelatedWork W1492760566 @default.
- W3128545011 hasRelatedWork W1503412147 @default.
- W3128545011 hasRelatedWork W1532361211 @default.
- W3128545011 hasRelatedWork W1969778894 @default.
- W3128545011 hasRelatedWork W2005192620 @default.
- W3128545011 hasRelatedWork W2112004181 @default.
- W3128545011 hasRelatedWork W2122251211 @default.
- W3128545011 hasRelatedWork W2183703064 @default.
- W3128545011 hasRelatedWork W2272198765 @default.
- W3128545011 hasRelatedWork W2282582086 @default.
- W3128545011 hasRelatedWork W2474545705 @default.
- W3128545011 hasRelatedWork W2554481841 @default.
- W3128545011 hasRelatedWork W2561355996 @default.
- W3128545011 hasRelatedWork W2891259924 @default.
- W3128545011 hasRelatedWork W3087897847 @default.
- W3128545011 hasRelatedWork W3124267135 @default.
- W3128545011 hasRelatedWork W3125453251 @default.
- W3128545011 hasRelatedWork W3200114601 @default.
- W3128545011 hasRelatedWork W69376659 @default.
- W3128545011 hasRelatedWork W3122625458 @default.
- W3128545011 isParatext "false" @default.
- W3128545011 isRetracted "false" @default.
- W3128545011 magId "3128545011" @default.
- W3128545011 workType "article" @default.