Manipulations and repeated games in future markets
AbstractThis chapter analyzes the possibility of manipulation in futures markets, concentrating on the effects that manipulation may have on their informational efficiency . We use the concept of manipulation as it arises in the study of noncooperative games with imperfect information . The problem can be summarized as follows : disclosure that is, (less anonymity) may prevent manipulation and therefore improve the informational efficiency of the market . On the other hand, disclosure (less anonymity) may restrict entry, and therefore produce an efficiency loss. There is, in this sense, a tradeoff between informational efficiency and free entry.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 8083.
Date of creation: 1984
Date of revision:
futures; efficiency; futures markets; games; game theory; manipulation; imperfect information; disclosure; repeated games; one-shot game;
Find related papers by JEL classification:
- G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
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