experimental economics, continuous double auction, equilibration, market dynamics, price stability We present results from four experiments in which a simple continuous double auction market is operated on a network of computer terminals. Our experiments are based on those reported by Smith & Williams in a 1983 paper, but with one significant procedural difference: unlike in other experimental ...

Article history: Received 20 August 2014 Received in revised form 7 January 2015 Accepted 10 January 2015 Available online 31 January 2015 Emission trading scheme was devised to lower the cost of achieving greenhouse gas emission reductions: emissions are reducedwhere it is cheapest and emission certificates are then traded to meet the nominal targets for each participant. However, carbon marke...

The Bitcoin futures market has grown rapidly since its 2017 introduction. Along with enabling institutional traders to access a regulated cryptocurrency product, provide means improve efficiency by shorting Bitcoin. We examine trading behavior in utilizing the Commodity Futures Trading Commission Commitment of Traders report. Leveraged money tend hold largest positions, be net short, and their ...

According to the proposal of Kyoto protocol, carbon dioxide emission rights are traded as a commodity, and trading market emerges times require. As world’s largest emitter, China has established eight pilot markets for trading. Selecting closing price from establishment June 23, 2020, this paper analyzes daily, weekly, monthly return series data, using first-order autoregressive process adjust ...

In this paper we show that the exchange rates of some commodity exporter countries have ability to predict price spot and future contracts aluminum. This is shown with both in-sample out-of-sample analyses. The theoretical underpinning these results relies on present-value model for rate determination tight connection between prices currencies countries. We using traditional statistical metrics...

The competitive storage model is analyzed in the literature discrete time and applied for empirical studies of markets agricultural commodities. In this model, there a storable commodity supplied at every period with stochastic disturbances, are traders who aim making speculative profits by using their storage. has established results such as existence an equilibrium price function, which depen...

This study cracks the multidimensional asymmetric relationship between trading activity (volume and open interest) commodity futures prices to analyze short-term dynamics long-term cointegrating across different state of market considering both positive negative changes in using a novel Quantile Non-linear Autoregressive Distributed Lag (QNARDL) approach. First, price effect is found short- lon...

Trade, Peace and Democracy: An Analysis of Dyadic Dispute At least since 1750 when Baron de Montesquieu declared "peace is the natural effect of trade," a number of economists and political scientists espoused the notion that trade among nations leads to peace. Employing resources wisely to produce one commodity rather than employing them inefficiently to produce another is the foundation for c...