Affordable Access

Publisher Website

Call market efficiency with simple adaptive learning

Authors
Journal
Economics Letters
0165-1765
Publisher
Elsevier
Publication Date
Volume
40
Issue
1
Identifiers
DOI: 10.1016/0165-1765(92)90240-y

Abstract

Abstract This paper shows that the call market institution's rules are powerful enough to generate efficient outcomes when traders follow simple, minimally-rational learning rules. The learning rules generate market outcomes that are qualitatively consistent with behavior of laboratory call markets.

There are no comments yet on this publication. Be the first to share your thoughts.