What Makes Markets Allocationally Efficient?
通过分析市场的外部可观察规则，解释了为何双向拍卖即使由未经训练的参与者进行也能实现高配置效率，并探讨了边际外供需曲线形状对效率损失的影响。
What determines the allocative efficiency of markets? Why are double auctions, even with untrained human traders, allocationally efficient? We provide a simple explanation for these complex phenomena by showing how externally observable rules that define a market cause high allocative efficiency when individuals remain within the confines of these rules. We also show how the oft-ignored shape of extramarginal demand and supply affects efficiency by influencing the inverse relationship between the magnitude of efficiency loss and its probability.