This collection of papers focuses on markets organized as double
auctions (DA). In a double auction, both buyers and sellers can
actively present bids (offers to buy) and asks (offers to sell) for
standardized units of well-defined commodities and securities. A
classic example of a DA market (known by practitioners as an open
outcry market) is the commodity trading pit at the Chicago Board of
Trade. A related process is a call market, which is used to
determine opening prices on the New York Stock Exchange.
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