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| Author: | Alós-Ferrer, C. Kirchsteiger, G. Walzl, M. |
| Title: | On the evolution of market institutions: the platform design paradox |
| Journal: | Economic Journal
2010 : MAR, VOL 120:543 p. 215-243 |
| Index terms: | competition trading market theory prices business-to-business |
| Freeterms: | platforms market designers |
| Language: | eng |
| Abstract: | This study is about competition among market designers who create new trading platforms, when boundedly rational traders learn to select among them. The central question is whether "Walrasian" platforms, leading to market-clearing outcomes, will dominate the market in the long run. If several market designers compete, it is found that traders learn to select non-market clearing platforms with prices systematically above the market-clearing level, provided at least one such platform is introduced by a market designer. |
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