2023/12/22 by Plott, Charles R., Gray, Peter
paper · doi:10.7907/10wx6-yvn55
The note outlines institutional features of an open outcry market that permit multiple unit or "block" trades. The purpose of the note is to introduce the process as a tool to be used in economics experiments. The detailed rules governing the multiple unit double auction (MUDA) are stated for the case where offers are tendered by voice as opposed to through a computer. The results of markets that use the rules are reported as a demonstration that convergence to equilibrium price traditionally observed in experimental markets remains with the use of the MUDA process.