There's been a lot of academic research on call auctions (e.g. http://www.springer.com/business+%26+management/finance/book/978-0-7923-7256-1 http://www.springe

There's been a lot of academic research on call auctions (e.g. http://www.springer.com/business+%26+management/finance/book/978-0-7923-7256-1 http://www.springer.com/business+%26+management/finance/book...) which are somewhat similar what you describe in terms of their effects on price stability (though pricing happens differently), but they've not been successful in practice.