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Trust or robustness? An ecological approach to the study of auction and bilateral markets
Centralized markets are often considered more efficient than bilateral exchanges because information is public and the same for all the agents. On decentralized markets, where the information is private, the influence of trust on the market outcome has been underlined by many authors. We present an...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Public Library of Science
2018
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5937751/ https://www.ncbi.nlm.nih.gov/pubmed/29734331 http://dx.doi.org/10.1371/journal.pone.0196206 |
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author | Hernández, Laura Vignes, Annick Saba, Stéphanie |
author_facet | Hernández, Laura Vignes, Annick Saba, Stéphanie |
author_sort | Hernández, Laura |
collection | PubMed |
description | Centralized markets are often considered more efficient than bilateral exchanges because information is public and the same for all the agents. On decentralized markets, where the information is private, the influence of trust on the market outcome has been underlined by many authors. We present an empirical study of the distinctive Boulogne-sur-Mer Fish Market (where both buyers and sellers can choose to trade by either bidding or bargaining), focused on the interactions between agents. Our approach is inspired by studies of mutualistic ecosystems, where the agents are of two different types (as in plant-pollinator networks) and the interactions only take place between agents of different kinds, naturally providing benefits to both. In our context, where the two kinds of agents are buyers and sellers, our study shows that not only do their interactions bring economic benefits for the agents directly involved, but they also contribute to the stability of the market. Our results help to explain the surprising coexistence of the two forms of market in the distinctive Boulogne sur Mer Fish Market. |
format | Online Article Text |
id | pubmed-5937751 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2018 |
publisher | Public Library of Science |
record_format | MEDLINE/PubMed |
spelling | pubmed-59377512018-05-18 Trust or robustness? An ecological approach to the study of auction and bilateral markets Hernández, Laura Vignes, Annick Saba, Stéphanie PLoS One Research Article Centralized markets are often considered more efficient than bilateral exchanges because information is public and the same for all the agents. On decentralized markets, where the information is private, the influence of trust on the market outcome has been underlined by many authors. We present an empirical study of the distinctive Boulogne-sur-Mer Fish Market (where both buyers and sellers can choose to trade by either bidding or bargaining), focused on the interactions between agents. Our approach is inspired by studies of mutualistic ecosystems, where the agents are of two different types (as in plant-pollinator networks) and the interactions only take place between agents of different kinds, naturally providing benefits to both. In our context, where the two kinds of agents are buyers and sellers, our study shows that not only do their interactions bring economic benefits for the agents directly involved, but they also contribute to the stability of the market. Our results help to explain the surprising coexistence of the two forms of market in the distinctive Boulogne sur Mer Fish Market. Public Library of Science 2018-05-07 /pmc/articles/PMC5937751/ /pubmed/29734331 http://dx.doi.org/10.1371/journal.pone.0196206 Text en © 2018 Hernández et al http://creativecommons.org/licenses/by/4.0/ This is an open access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. |
spellingShingle | Research Article Hernández, Laura Vignes, Annick Saba, Stéphanie Trust or robustness? An ecological approach to the study of auction and bilateral markets |
title | Trust or robustness? An ecological approach to the study of auction and bilateral markets |
title_full | Trust or robustness? An ecological approach to the study of auction and bilateral markets |
title_fullStr | Trust or robustness? An ecological approach to the study of auction and bilateral markets |
title_full_unstemmed | Trust or robustness? An ecological approach to the study of auction and bilateral markets |
title_short | Trust or robustness? An ecological approach to the study of auction and bilateral markets |
title_sort | trust or robustness? an ecological approach to the study of auction and bilateral markets |
topic | Research Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5937751/ https://www.ncbi.nlm.nih.gov/pubmed/29734331 http://dx.doi.org/10.1371/journal.pone.0196206 |
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