haku: @author Ruffieux, B. / yhteensä: 3
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| Tekijä: | Noussair, C. Robin, S. Ruffieux, B. |
| Otsikko: | The effect of transactions costs on double auction markets |
| Lehti: | Journal of Economic Behavior and Organization
1998 : AUG, VOL. 36:2, p. 221-233 |
| Asiasana: | TRANSACTION COSTS COMPETITION EQUILIBRIUM ANALYSIS |
| Kieli: | eng |
| Tiivistelmä: | The ability of the continuous double auction to attain the competitive equilibrium outcome is one of the most robust results in experimental economics. In the paper, it is studied the sensitivity of the behavior of the double auction to the imposition of a monetary cost on the submission of offers to buy and sell. It is found that, even with the transaction cost, prices converge toward the competitive equilibrium level. However, the presence of the transaction cost leads to lower quantity exchanged and market efficiency than in the competitive equilibrium. |
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