Costly offers and the equilibration properties of the multiple unit double auction under conditions of unpredictable shifts of demand and supply期刊界 All Journals 搜尽天下杂志传播学术成果专业期刊搜索期刊信息化学术搜索

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Costly offers and the equilibration properties of the multiple unit double auction under conditions of unpredictable shifts of demand and supply

Institution:	1. School of Economics, The Peking University, China;2. School of Management, Wuhan University of Technology, China;3. Economics and Management School of Wuhan University, China;1. State Key Laboratory of Pollution Control and Resources Reuse, School of the Environment, Nanjing University, Nanjing 210023, PR China;2. Nanjing University & Yancheng Academy of Environmental Protection Technology and Engineering, Yancheng 224000, PR China;3. Quanzhou Institute for Environmental Protection Industry, Nanjing University, Quanzhou 362008, PR China

Abstract:	The paper reports on the behavior of markets in which a cost is imposed in the form of a tax on bids and asks (but not contracts) that are tendered in the market. The markets were nonstationary in the sense that market demand and market supply shifted unpredictably in each period. The results are as follows: 1.(1) A market equilibration process is observed across the periods of nonstationary markets. 2.(2) The price discovery process in the costly offer condition was ‘incomplete’ relative to the free offer case. 3.(3) Price equilibration with the offer cost was slower and efficiencies were reduced.

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