Privileged Traders and Asset Market Efficiency: A Laboratory Study
通过39个实验室实验，研究给予部分交易者特殊交易特权（如最后行动、订单流访问、做市特权）对其利润和市场效率的影响。发现做市特权利润极高但严重损害市场表现，其他特权影响较小。
The 39 experiments reported here examine the impact on trading profits and on market performance of awarding special trading privileges to some traders and not others. In call market experiments, the last-mover and orderflow access privileges are both modestly profitable and neither impairs market performance. In continuous market experiments, quicker access to orderflow information is quite profitable and more detailed access is possibly profitable; both privileges seem to enhance market performance slightly. By contrast, privileged marketmaking is extremely profitable and greatly impairs market performance.