Market Institutions

Market institutions often have dramatic effects on the prices, trade quantities, and market efficiency. As a result, market institutions have been studied extensively by experimental economists.

Some of the most common market institutions for two-sided auctions (auctions where both sellers and buyers are active) are the double auction, the posted offer auction, and the uniform price auction. Each of these three auctions is described on the linked pages. Experiments are available for the double auction and the posted offer auction. Links for these experiments follow the description for these two auctions.

• Double Auction
  
  
• Posted Offer Auction
  
  
• Uniform Price Auction