Convergence of outcomes and evolution of strategic behavior in double auctions
Abstract
We study the emergence of strategic behavior in double auctions with an equal number of buyers and sellers, under the distinct assumptions that orders are cleared simultaneously or asynchronously. The evolution of strategic behavior is modeled as a learning process driven by a genetic algorithm. We find that, as the size of the market grows, allocative inefficiency tends to zero and performance converges to the competitive outcome, regardless of...
Paper Details
Title
Convergence of outcomes and evolution of strategic behavior in double auctions
Published Date
Mar 4, 2011
Volume
23
Issue
3
Pages
513 - 538
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