전자식 경매가 가락시장의 도매법인 효율성에 미치는 영향분석

Dissemination of real-time auction prices should improve market efficiency as it strengthens the law of one price (LOP) and reduces market volatility. The electronic auction system is expected to fortify the information effect. The decreased price volatility would help market participants to find the better prices and reduces risk premium. This study tests these expectations. Four important commodities are applied for the tests. The results show that the electronic auction system improved LOP compared to the previous open outcry system even though there are still market inefficience left. The price volatilities have been reduced under the electronic auction system. Due to the rapid disclosure and dissemination of the auction prices under the electronic auction, the auction company with the largest trade volume exercises stronger influences against the companies with less volumes. Some implications and policy suggestions are provided from the results.