What we know so far from market is that its efficiency can be measured based on, at least, two things: either in term of its allocation or of its requirement of minimizing the presence of asymmetric action.
In the investigation conducted by Gode and Sunder (1993) through their market experiment, it is concluded that performance of an economy is the joint result of its institutional structure, which is in other word its market institution, and agent behavior.
By designing the experiment through creating double actions where agent, here replaced by so called “zero intelligence” machine program rather than “true” agent, can submit random bids and offers. No need the existence of intelligence agent, they told, in order to reach the allocative efficiency of this auction mechanism. The structure of the action it self, i.e. no permission to sell below the cost or buy above the value, conduct to the utmost efficiency the auction market can reach.
Paradox can be found, even with agent being set up to not maximize profit, not observe and not learn its environment, efficiency can still be realized. Short, institution does matter!