Skip to main content
SpringerLink
Log in

Where and Why Does the Zaraba Method Have Advantages over the Itayose Method? — Comparison of the Zaraba Method and the Itayose Method by Using the U-Mart System—

  • Article
  • Published:
Evolutionary and Institutional Economics Review Aims and scope Submit manuscript

Abstract

There are two different kinds of price determination mechanisms, a fixed price and a flexible price. With respect to securities trading that is considered as a flexible price model, the stock changes in Japan have adopted two different matching methods, the Itayose method and the Zaraba method. These two matching methods seem to be similar, however, the transaction results are different in the market. This paper investigates the reason why these two matching methods bear a different transaction results. Though it is difficult to gather analysis data from real markets, a lot of experimental data are obtained in an artificial market using the U-Mart System.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • Morishima, M. (1984) The Economics of Industrial Society, Cambridge University Press, Cambridge New York.

    Google Scholar 

  • Shiozawa, Y. (2006) “Conspectus” (in Japanese), in Japan Association for Evolutionary Economics (ed), Kyouritsu Syuppan, Tokyo.

  • -, Y. Nakajima, H. Matsui, Y. Koyama, K. Taniguchi and F. Hashimoto (2008) Artificial Market Experiments with the U-Mart System, Springer-Verlag, Tokyo.

    Google Scholar 

  • Tokyo Stock Exchange (2004) Guide to TSE Trading Methodology. 3rd ed., Tokyo Stock Exchange, Tokyo.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Faculty of Economics, Kinki University, 3-4-1 Kowakae, Higashiosaka, Osaka, 577-8502, Japan

    Kazuhisa Taniguchi

  2. Interdisciplinary Graduate School of Science and Engineering, Tokyo Institute of Technology, 4259 Nagatsuta-cho, Midori-ku, Yokohama, 226-8503, Japan

    Isao Ono

  3. Graduate School of Engineering, Osaka Prefecture University, 1-1 Gakuen-cho, Sakai, Osaka, 599-8531, Japan

    Naoki Mori

Authors
  1. Kazuhisa Taniguchi
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Isao Ono
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Naoki Mori
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Kazuhisa Taniguchi.

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Taniguchi, K., Ono, I. & Mori, N. Where and Why Does the Zaraba Method Have Advantages over the Itayose Method? — Comparison of the Zaraba Method and the Itayose Method by Using the U-Mart System—. Evolut Inst Econ Rev 5, 5–20 (2008). https://doi.org/10.14441/eier.5.5

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.14441/eier.5.5

Keywords

JEL

Search

Navigation