On the Evolution of Market Institutions: The Platform Design Paradox
研究有限理性的交易者学习选择交易平台时，平台设计者之间的竞争如何导致非市场出清平台占优，从而产生非竞争性市场结果。
We study competition among market designers who create new trading platforms, when boundedly rational traders learn to select among them. We ask whether Walrasian platforms, leading to market-clearing trading outcomes, will dominate the market in the long run. If several market designers compete, we find that traders learn to select non-market clearing platforms with prices systematically above the market-clearing level, provided at least one such platform is introduced by a market designer. This in turn leads market designers to introduce non-market clearing platforms. Hence platform competition induces non-competitive market outcomes.