Pricing Efficiency in Centralized and Noncentralized Markets
比较集中市场与非集中市场的定价效率，基于价格形成模型提出假设，并通过实验验证集中市场价格调整更慢但不可预测波动更小，均方误差更低，表明集中市场定价效率更高。
Abstract Pricing efficiency in centralized markets is compared with that in noncentralized markets. On the basis of a price formation model, centrally discovered prices are hypothesized to adjust more slowly to equilibrium, but to have lower unpredictable variability, than noncentrally discovered prices. These hypotheses are borne out strongly in market experiments. Mean‐squared error is found to be lower in centralized than in noncentralized trading, suggesting centralized markets are the more price efficient.