Designing Call Auction Institutions: Is Double Dutch the Best?

@inproceedings{McCabe1992DesigningCA,
  title={Designing Call Auction Institutions: Is Double Dutch the Best?},
  author={Kevin McCabe and Stephen J. Rassenti and Vernon L. Smith},
  year={1992}
}
This paper is an exercise in the institutional design of' call markets' (Schwartz, I988; Whitcomb, I985) using the experimental laboratory as a test bed. We evaluate the comparative performance1 of three new institutions for exchange when all trades are simultaneously executed at a uniform price. Call markets have been used on many European (and Israeli) Stock Exchanges, and for the daily opening on the New York, American and Tokyo Stock Exchanges in all outstanding listed issues. In some… CONTINUE READING

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