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Lecture Notes in Economics and Mathematical Systems

The Alternating Double Auction Market

A Game Theoretic and Experimental Investigation

Authors: Sadrieh, Abdolkarim

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About this book

The alternating double auction market institution is presented as a discrete time version of the open outcry market. The game in extensive form is analyzed in an almost perfect information setting, using the concept of subgame perfectness. By applying two new equilibrium selection criteria, a general existence result is obtained for "impatience equilibria" of the game. All such equilibria are shown to have unique properties concerning the traded quantities and prices. The most important results are that the equilibrium prices are independent of the number of traders and are always very close to - if not inside - the range of competitive prices. The latter can be evaluated as game theoretic support for the convergence of prices to the competitive price. The process of price formation is traced by applying the learning direction theory and introducing the "anchor price hypothesis".

Table of contents (7 chapters)

  • Introduction

    Sadrieh, Abdolkarim

    Pages 1-5

  • The Alternating Double Auction Market Game

    Sadrieh, Abdolkarim

    Pages 6-13

  • The Simplified Alternating Double Auction Market - A Game Theoretic Analysis

    Sadrieh, Abdolkarim

    Pages 14-176

  • An Experimental Investigation of the Alternating Double Auction Market

    Sadrieh, Abdolkarim

    Pages 177-257

  • Concluding Remarks

    Sadrieh, Abdolkarim

    Pages 258-260

Buy this book

eBook £71.50
price for United Kingdom (gross)
  • ISBN 978-3-642-58953-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover £89.50
price for United Kingdom (gross)
  • ISBN 978-3-540-64895-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
The Alternating Double Auction Market
Book Subtitle
A Game Theoretic and Experimental Investigation
Authors
Series Title
Lecture Notes in Economics and Mathematical Systems
Series Volume
466
Copyright
1998
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
The Editor(s) (if applicable) and The Author(s) 2018
eBook ISBN
978-3-642-58953-9
DOI
10.1007/978-3-642-58953-9
Softcover ISBN
978-3-540-64895-6
Series ISSN
0075-8442
Edition Number
1
Number of Pages
VII, 350
Number of Illustrations and Tables
1 b/w illustrations
Topics