Market Mechanisms in Electronic Asset Markets: An           Experimental Investigation
{'Code': '05020000', 'Directorate': {'Abbreviation': 'CSE', 'LongName': 'Direct For Computer & Info Scie & Enginr'}, 'Division': {'Abbreviation': 'IIS', 'LongName': 'Div Of Information & Intelligent Systems'}}
{'SignBlockName': 'Lawrence Rosenblum', 'PO_EMAI': None, 'PO_PHON': None}
Modern information systems technology has already had                      considerable impact on the operation of financial markets, but the              most fundamental changes are yet to come. It is only in the last                year or so that modern technology has begun to transform the core               trading functions in major financial markets.  In 1987, the London              Exchange replaced its traditional specialists by a computer-aided               trading mechanism.  Most observers believe that the New York Stock              Exchange and others, will make similar changes in the next few                  years.  Yet there is too little solid understanding of electronic               trading mechanisms to guide the fundamental changes that are now                beginning to take place.                                                             This research contributes to our understanding of these                    mechanisms by investigating, through laboratory experiments, a                  number of the fundamental problems inherent in these electronic                 markets. Specifically, the researchers set up computerized                      laboratory markets employing three principal mechanisms: the                    continuous Double Auction (as presently used in the Chicago                     Mercantile Exchange); the Specialist Dealer System (as used in the              New York Stock Exchange); and, the Call market (used to open many               financial markets). The researchers test for systematic effects of              the market mechanism on important market performance measures such              as price errors, price volatility, allocational efficiency, the                 bid-ask spread and trader profits.  Such evidence should help                   inform important policy decisions regarding the adoption of new                 information technologies in financial markets, and may also                     inspire new theoretical and empirical advances.
{'FirstName': 'Daniel', 'LastName': 'Friedman', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Daniel Friedman', 'EmailAddress': 'dan@ucsc.edu', 'NSF_ID': '000461041', 'StartDate': '09/01/1988', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'University of California-Santa Cruz', 'CityName': 'SANTA CRUZ', 'ZipCode': '950641077', 'PhoneNumber': '8314595278', 'StreetAddress': '1156 HIGH ST', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'California', 'StateCode': 'CA', 'CONGRESSDISTRICT': '19', 'CONGRESS_DISTRICT_ORG': 'CA19', 'ORG_UEI_NUM': 'VXUFPE4MCZH5', 'ORG_LGL_BUS_NAME': 'UNIVERSITY OF CALIFORNIA SANTA CRUZ', 'ORG_PRNT_UEI_NUM': None}
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{'Code': '685000', 'Text': 'DIGITAL SOCIETY&TECHNOLOGIES'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1988&All=true', 'xml': '8812798.xml'}