| MARSHALLIAN DEVIATION：NEW OBSERVABLE CRITERION TO MEASURE TRANSACTION PATHS IN DOUBLE AUCTION MARKETS |
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| 引用本文： | ZHANWenjie WANGShouyang 等. MARSHALLIAN DEVIATION：NEW OBSERVABLE CRITERION TO MEASURE TRANSACTION PATHS IN DOUBLE AUCTION MARKETS[J]. 系统科学与复杂性, 2002, 15(3): 261-277 |
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| 作者姓名： | ZHANWenjie WANGShouyang 等 |
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| 作者单位： | ZHAN Wenjie (School of Management，Huazhong University of Science and Technology，Wuhan 430074，China)WANG Shouyang(Institute of Systems Science，Academy of Mathematics and Systems Science，Chinese Academy ofSciences，Beijing 100080，China)ZHANG Jinlong YANG Jie (School of Management，Huazhong University of Science and Technology，Wuhan 430074，China)K.K. Lai(Department of Management Sciences，City University of Hong Kong，Tat Chee Avenue，Kowloon，Hong Kong，China) |
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| 基金项目： | This research is supported by the National Natural Science Foundation of China, CAS, MADIS and RGC of Hong Kong. |
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| 摘 要： | In measuring the trade process in a double auction (DA) market, there is not any observable criterion that is able to describe the matching pairs and their transaction order dynamically. In this paper, we propose a new observable criterion called Marshallian deviation. It can be used to measure the distance of a transaction path deviating from the Marshallian path mathematically, and to answer the question why buyers with high values will trade with sellers with low costs in advance in some types of DA but not in others. Furthermore, three factors influencing the Marshallian deviations both in the CDA and in the PDA are also studied. They are respectively the strategic algorithm, the transaction duration and the number of traders. A few interesting findings are presented.
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| 关 键 词： | 拍卖市场 Marchallian偏差 实验经济学 |
MARSHALLIAN DEVIATION: NEW OBSERVABLE CRITERION TO MEASURE TRANSACTION PATHS IN DOUBLE AUCTION MARKETS |
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| ZHAN Wenjie. MARSHALLIAN DEVIATION: NEW OBSERVABLE CRITERION TO MEASURE TRANSACTION PATHS IN DOUBLE AUCTION MARKETS[J]. Journal of Systems Science and Complexity, 2002, 15(3): 261-277 |
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| Authors: | ZHAN Wenjie |
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| Abstract: | In measuring the trade process in a double auction (DA) market, there is not any observable criterion that is able to describe the matching pairs and their transaction order dynamically. In this paper, we propose a new observable criterion called Marshallian deviation. It can be used to measure the distance of a transaction path deviating from the Marshallian path mathematically, and to answer the question why buyers with high values will trade with sellers with low costs in advance in some types of DA but not in others. Furthermore, three factors influencing the Marshallian deviations both in the CDA and in the PDA are also studied. They are respectively the strategic algorithm, the transaction duration and the number of traders. A few interesting findings are presented. |
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| Keywords: | Double auction Marshallian deviation transaction path experimental economics. |
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