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Zero-Intelligence Traders in an Oral Double Auction With Replacement

Anthony E. Dziepak

Department of Economics, 3016 Pamplin Hall
Virginia Polytechnic Institute and State University
Blacksburg, VA 24061-0316 USA

Dziepak "at" vt "dot" edu

Abstract:

In Gode & Sunder (1993) it was argued that the efficiency of the oral double auction is attributable to the rationality of the human traders in the experiment. In this short paper, I show, rather, that the efficiency is attributable to the discipline of the institution.

Author's comments: This was an exercise that came out of a reading from Catherine Eckel's graduate Experimental Economics class.

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