Quote Disclosure and Price Discovery in Multiple-Dealer Financial Markets
通过实验比较公开报价与双边报价对市场的影响，发现不透明市场中搜索成本更高，但做市商定价更激进，价格发现更快。
We examine the effects of price disclosure on market performance in a continuous experimental multiple-dealer market in which seven professional market makers trade a single security. The dealers trade with one another and with computerized informed and liquidity traders. Our key comparison is between fully public price queues (pretrade transparent market) and bilateral quoting (pretrade opaque). We find that opening spreads are wider and trading volume is lower in the opaque markets due to higher search costs there. More importantly, however, higher search costs also induce more aggressive pricing strategies, so that price discovery is much faster in the opaque markets.