Manipulations and repeated games in future markets
This 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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- Chichilnisky, Graciela, 1982. "The topological equivalence of the pareto condition and the existence of a dictator," Journal of Mathematical Economics, Elsevier, vol. 9(3), pages 223-233, March.
- George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
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