An `Inverse' Experimental Framework to Estimate Market Efficiency
Digital marketplaces processing billions of dollars annually represent critical infrastructure in sociotechnical ecosystems, yet their performance optimization lacks principled measurement frameworks that can inform algorithmic governance decisions regarding market efficiency and fairness from complex market data. By looking at orderbook data from double auction markets alone, because bids and asks do not represent true maximum willingnesses to buy and true minimum willingnesses to sell, there is little an economist can say about the market's actual performance in terms of allocative efficiency. We turn to experimental data to address this issue, `inverting' the standard induced value app...
| Authors | Thomas Asikis, Heinrich H. Nax |
|---|---|
| Primary category | cs.LG |
| Published | 20 April 2026 |
| Last updated at source | 24 April 2026 |
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