Structure, Clearinghouses and Symmetry
AbstractWe introduce and justify a taxonomy for the structure of markets and minimal institutions which appear in constructing minimally complex trading structures to perform the functions of price formation, settlement and payments. Each structure is presented as a playable strategic market game and is examined for its efficiency, the number of degrees of freedom and the symmetry properties of the structure.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1419.
Length: 24 pages
Date of creation: May 2003
Date of revision:
Publication status: Published in Economic Theory (March 2007), 30(3): 587-597
Contact details of provider:
Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
More information through EDIRC
Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
Other versions of this item:
- Martin Shubik & David Eric Smith, 2004. "Structure, Clearinghouses and Symmetry," Yale School of Management Working Papers, Yale School of Management ysm378, Yale School of Management.
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
- D40 - Microeconomics - - Market Structure and Pricing - - - General
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-06-25 (All new papers)
- NEP-FIN-2003-06-25 (Finance)
- NEP-GTH-2003-06-25 (Game Theory)
- NEP-IND-2003-06-25 (Industrial Organization)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Martin Shubik, 2000.
"The Theory of Money,"
Cowles Foundation Discussion Papers
1253, Cowles Foundation for Research in Economics, Yale University.
- Rabah Amir & Siddhartha Sahi & Martin Shubik, 1986.
"A Strategic Market Game with Complete Markets,"
Cowles Foundation Discussion Papers
814R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1987.
- Sorin, Sylvain, 1996.
"Strategic Market Games with Exchange Rates,"
Journal of Economic Theory,
Elsevier, vol. 69(2), pages 431-446, May.
- Sorin, S., 1994. "Strategic Market Games with Exchange Rates," Papers, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor. 9411, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
- Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April.
- Juergen Huber & Martin Shubik & Shyam Sunder, 2009. "Default Penalty as a Disciplinary and Selection Mechanism in Presence of Multiple Equilibria," Cowles Foundation Discussion Papers 1730, Cowles Foundation for Research in Economics, Yale University.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Glena Ames).
If references are entirely missing, you can add them using this form.