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Structure, Clearinghouses and Symmetry

Author

Listed:
  • 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.

Suggested Citation

  • Martin Shubik & David Eric Smith, 2004. "Structure, Clearinghouses and Symmetry," Yale School of Management Working Papers ysm378, Yale School of Management.
    • Handle: RePEc:ysm:somwrk:ysm378
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    Cited by:

    1. is not listed on IDEAS
    2. 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.

    More about this item

    Keywords

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    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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