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Record W297038421

Private Information, Prices, and Market Efficiency

2005· article· en· W297038421 on OpenAlexfundno aff
Mark A. Satterthwaite

Bibliographic record

VenueeScholarship (California Digital Library) · 2005
Typearticle
Languageen
FieldDecision Sciences
TopicAuction Theory and Applications
Canadian institutionsnot available
FundersSocial Sciences and Humanities Research Council of CanadaNational Science Foundation
KeywordsStylized factPrivate information retrievalDouble auctionMicroeconomicsEconomicsOrder (exchange)IncentivePerfect competitionCompetitive equilibriumCommon value auctionFinance
DOInot available

Abstract

fetched live from OpenAlex

In our economy the most important prices--longterm interest rates, for example--are the aggregate result of many self-interested individuals strategically making trades based on their privately perceived costs, values, and expectations. If these prices are to guide individuals into making efficient decisions, then each must be the competitive price that successfully clears its market and correctly impounds traders' private information. Economists have long believed that markets do this well, but have been unclear as to how a market in fact extracts sufficient information from its participants in order to arrive at a close approximation to the competitive price. Insight into this question may be obtained through understanding the incentives that the double auction gives participants to reveal their information. A double auction is a stylized market institution that explicitly recognizes that buyers and sellers' possess essential private information. In equilibrium the double auction demonstrates a remarkable ability to extract information from traders, arrive at the competitive price, and make an optimal allocation

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

How this classification was reachedexpand

Full frame machine prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.

metaresearch head score (Codex)0.006
metaresearch head score (Gemma)0.026
Version: metacan-v3-hybrid-931329e0061cValidation status: machine_predicted_unvalidated
Candidate categoriesnone
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Theoretical or conceptual · Consensus signal: Theoretical or conceptual
GenreCandidate signal: Empirical · Consensus signal: none
Teacher disagreement score0.006
Threshold uncertainty score0.034

Distilled classifier scores by category (both heads)

CategoryCodexGemma
Metaresearch0.0060.026
Meta-epidemiology (narrow)0.0010.000
Meta-epidemiology (broad)0.0010.000
Bibliometrics0.0010.001
Science and technology studies0.0010.007
Scholarly communication0.0060.010
Open science0.0010.002
Research integrity0.0020.002
Insufficient payload (model declined to judge)0.0050.001

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.019
GPT teacher head0.260
Teacher spread0.241 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it

Classification

machine, unvalidated

Machine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.

The models applied no category: nothing in the taxonomy fit this work.
Study designTheoretical or conceptual
Domainnot available
GenreEmpirical

How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".

Quick stats

Citations0
Published2005
Admission routes1
Has abstractyes

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Same venueeScholarship (California Digital Library)Same topicAuction Theory and ApplicationsFrench-language works237,207