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Structure, Clearinghouses and Symmetry

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Abstract

We 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.

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File URL: http://cowles.econ.yale.edu/P/cd/d14a/d1419.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1419.

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Length: 24 pages
Date of creation: May 2003
Date of revision:
Publication status: Published in Economic Theory (March 2007), 30(3): 587-597
Handle: RePEc:cwl:cwldpp:1419

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Strategic market games; Clearinghouses; Credit evaluation; Default;

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  1. 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.
  2. Sorin, S., 1994. "Strategic Market Games with Exchange Rates," Papers 9411, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  3. Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
  4. Amir, Rabah & Sahi, Siddharta & Shubik, Martin & Yao, Shuntian, 1990. "A strategic market game with complete markets," Journal of Economic Theory, Elsevier, vol. 51(1), pages 126-143, June.
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Cited by:
  1. 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.

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