Ontology highlight
ABSTRACT:
SUBMITTER: Dickhaut J
PROVIDER: S-EPMC3277129 | biostudies-other | 2012 Jan
REPOSITORIES: biostudies-other
Proceedings of the National Academy of Sciences of the United States of America 20120117 5
The original double auction studies of supply and demand markets established their strong efficiency and equilibrium convergence behavior using economically unsophisticated and untrained subjects. The results were unexpected because all individual costs and values were private and dependent entirely on the market trading process to aggregate the dispersed information into socially desirable outcomes. The exchange environment, however, corresponded to that of perishable, and not re-traded goods i ...[more]