The Alternating Double Auction Market: A Game Theoretic and Experimental Investigation
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 genera...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Berlin, Heidelberg
Springer Berlin Heidelberg
1998
|
| Edition: | 1st ed. 1998 |
| Series: | Lecture Notes in Economics and Mathematical Systems
466 |
| Subjects: | |
| Online Access: | BTU01 Volltext |
| Summary: | 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" |
| Physical Description: | 1 Online-Ressource (VII, 350 p. 1 illus) |
| ISBN: | 9783642589539 |
| DOI: | 10.1007/978-3-642-58953-9 |
Staff View
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| spelling | Sadrieh, Abdolkarim Verfasser aut The Alternating Double Auction Market A Game Theoretic and Experimental Investigation by Abdolkarim Sadrieh 1st ed. 1998 Berlin, Heidelberg Springer Berlin Heidelberg 1998 1 Online-Ressource (VII, 350 p. 1 illus) txt rdacontent c rdamedia cr rdacarrier Lecture Notes in Economics and Mathematical Systems 466 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" Economic Theory/Quantitative Economics/Mathematical Methods Game Theory, Economics, Social and Behav. Sciences Mathematical and Computational Engineering Operations Research/Decision Theory Economic theory Game theory Applied mathematics Engineering mathematics Operations research Decision making Spieltheorie (DE-588)4056243-8 gnd rswk-swf Börsenhandel (DE-588)4274168-3 gnd rswk-swf Börsengeschäft (DE-588)4126735-7 gnd rswk-swf Experimentelle Spieltheorie (DE-588)4252658-9 gnd rswk-swf Marktverhalten (DE-588)4135561-1 gnd rswk-swf Auktionsbörse (DE-588)4581728-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Auktionsbörse (DE-588)4581728-5 s Börsengeschäft (DE-588)4126735-7 s Marktverhalten (DE-588)4135561-1 s Experimentelle Spieltheorie (DE-588)4252658-9 s DE-604 Börsenhandel (DE-588)4274168-3 s Spieltheorie (DE-588)4056243-8 s Erscheint auch als Druck-Ausgabe 9783540648956 Erscheint auch als Druck-Ausgabe 9783642589546 https://doi.org/10.1007/978-3-642-58953-9 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Sadrieh, Abdolkarim The Alternating Double Auction Market A Game Theoretic and Experimental Investigation Economic Theory/Quantitative Economics/Mathematical Methods Game Theory, Economics, Social and Behav. Sciences Mathematical and Computational Engineering Operations Research/Decision Theory Economic theory Game theory Applied mathematics Engineering mathematics Operations research Decision making Spieltheorie (DE-588)4056243-8 gnd Börsenhandel (DE-588)4274168-3 gnd Börsengeschäft (DE-588)4126735-7 gnd Experimentelle Spieltheorie (DE-588)4252658-9 gnd Marktverhalten (DE-588)4135561-1 gnd Auktionsbörse (DE-588)4581728-5 gnd |
| subject_GND | (DE-588)4056243-8 (DE-588)4274168-3 (DE-588)4126735-7 (DE-588)4252658-9 (DE-588)4135561-1 (DE-588)4581728-5 (DE-588)4113937-9 |
| title | The Alternating Double Auction Market A Game Theoretic and Experimental Investigation |
| title_auth | The Alternating Double Auction Market A Game Theoretic and Experimental Investigation |
| title_exact_search | The Alternating Double Auction Market A Game Theoretic and Experimental Investigation |
| title_exact_search_txtP | The Alternating Double Auction Market A Game Theoretic and Experimental Investigation |
| title_full | The Alternating Double Auction Market A Game Theoretic and Experimental Investigation by Abdolkarim Sadrieh |
| title_fullStr | The Alternating Double Auction Market A Game Theoretic and Experimental Investigation by Abdolkarim Sadrieh |
| title_full_unstemmed | The Alternating Double Auction Market A Game Theoretic and Experimental Investigation by Abdolkarim Sadrieh |
| title_short | The Alternating Double Auction Market |
| title_sort | the alternating double auction market a game theoretic and experimental investigation |
| title_sub | A Game Theoretic and Experimental Investigation |
| topic | Economic Theory/Quantitative Economics/Mathematical Methods Game Theory, Economics, Social and Behav. Sciences Mathematical and Computational Engineering Operations Research/Decision Theory Economic theory Game theory Applied mathematics Engineering mathematics Operations research Decision making Spieltheorie (DE-588)4056243-8 gnd Börsenhandel (DE-588)4274168-3 gnd Börsengeschäft (DE-588)4126735-7 gnd Experimentelle Spieltheorie (DE-588)4252658-9 gnd Marktverhalten (DE-588)4135561-1 gnd Auktionsbörse (DE-588)4581728-5 gnd |
| topic_facet | Economic Theory/Quantitative Economics/Mathematical Methods Game Theory, Economics, Social and Behav. Sciences Mathematical and Computational Engineering Operations Research/Decision Theory Economic theory Game theory Applied mathematics Engineering mathematics Operations research Decision making Spieltheorie Börsenhandel Börsengeschäft Experimentelle Spieltheorie Marktverhalten Auktionsbörse Hochschulschrift |
| url | https://doi.org/10.1007/978-3-642-58953-9 |
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