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Informationsaggregation und Anonymität in experimentellen Call-Märkten
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 117 (1997), Iss. 3 : pp. 365–390
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Schiereck, Dirk
Abstract
Call markets are used at various stock exchanges to start the daily trading period because this trading mechanism seems to work best during the uncertain opening phase. The 12 experiments reported here examine the impact on information aggregation using an experimental design that is in accordance with the design of experimental work by Plott and Sunder (1982) and (1988). I find a significant superiority of the call market with efficiency levels that are surprisingly higher than the Plott / Sunder results for the oral double auction.