This chapter reports the results of laboratory asset markets in which each trader receives an initial portfolio of cash and shares of a security with an earnings life of 15 trading periods. Each trader is free to trade shares of the security using double auction trading rules. At the end of the...

This study was commissioned by a futures market Exchange firm plagued by members' trading off-floor in strict violation of the Exchange's rules requiring transactions to be made on the Exchange floor during trading hours in the assigned trading areas. Any violation of these rules is a major...