Structure, Clearinghouses and Symmetry
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.
|Date of creation:||May 2003|
|Date of revision:|
|Publication status:||Published in Economic Theory (March 2007), 30(3): 587-597|
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- Amir, Rabah & Sahi, Siddharta & Shubik, Martin & Yao, Shuntian, 1990.
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- Martin Shubik, 2000.
"The Theory of Money,"
00-03-021, Santa Fe Institute.
- 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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