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no trade theorems

Author

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  • Ricardo Serrano-Padial

Abstract

No trade theorems represent a class of results showing that, under certain conditions, trade in asset markets between rational agents cannot be explained on the basis of differences in information alone. They pose a challenge to provide a theoretical justification of the high trade volumes observed in financial markets. This article overviews existing no trade theorems and discusses alternative approaches to modelling information-based trade.

Suggested Citation

  • Ricardo Serrano-Padial, 2010. "no trade theorems," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    • Handle: RePEc:pal:dofeco:v:4:year:2010:doi:3833
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    File URL: http://www.dictionaryofeconomics.com/article?id=pde2010_N000172
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    Cited by:

    1. Carrillo, Juan D. & Palfrey, Thomas R., 2011. "No trade," Games and Economic Behavior, Elsevier, vol. 71(1), pages 66-87, January.

    More about this item

    Keywords

    asset markets; demand shocks; no trade theorems; trade volume; uncertainty;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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