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Structure, Clearinghouses and Symmetry

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  • Martin Shubik

    ()
    (Yale University, School of Management)

  • David Eric Smith

    ()
    (Santa Fe Institute, Economics)

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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Bibliographic Info

Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm378.

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Date of creation: 28 Jul 2004
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Handle: RePEc:ysm:somwrk:ysm378

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Web page: http://icf.som.yale.edu/
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Related research

Keywords: Strategic Market Games; Clearinghouses; Credit Evaluation; Default;

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  1. Martin Shubik, 2000. "The Theory of Money," Cowles Foundation Discussion Papers 1253, Cowles Foundation for Research in Economics, Yale University.
  2. 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.
  3. Sorin, S., 1994. "Strategic Market Games with Exchange Rates," Papers 9411, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  4. 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.
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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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