A Good Beginning Makes a Good Market: The Effect of Different Market Opening Structures on Market Quality

Figure 3

Average in the CDA phase, by treatment. This figure displays the development of the average relative error in each session’s CDA phase (), in each of the three treatments (thin grey lines), the mean over all sessions (solid black line), and the mean over all sessions without the first session in the case of the stand-alone CDA (dashed black line, leftmost panel).