haku: @author Bernhardt, D. / yhteensä: 11
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| Tekijä: | Bernhardt, D. Hughson, E. |
| Otsikko: | Discrete pricing and the design of dealership markets |
| Lehti: | Journal of Economic Theory
1996 : OCT, VOL. 71:1, p. 148-182 |
| Asiasana: | ECONOMIC THEORY PRICING MARKETS |
| Kieli: | eng |
| Tiivistelmä: | This paper incorporates institutional features of trading markets including the discrete nature of the price grid and determines the consequences for prices and strategic behavior. Interactions between market makers is complex: because equilibrium prices are not determined by a zero-expected-profits condition, priority rules and the timing of offers have significant effects on equilibrium outcomes. Discreteness effectively limits competition and permits market makers to offer profitable quotes. |
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