Information percolation in segmented markets
نویسندگان
چکیده
منابع مشابه
Information percolation in segmented markets
We study equilibria of dynamic over-the-counter markets in which agents are distinguished by their preferences and information. Over time, agents are privately informed by bids and offers. Investors differ with respect to information quality, including initial information precision, and also in terms of market “connectivity,” the expected frequency of their bilateral trading opportunities. We c...
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This supplement to “Information Percolation in Segmented Markets” houses Appendices D through L of the main paper, Duffie, Malamud, and Manso (2013).
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We introduce a simple model of the “percolation” of information of common interest through a large market, as agents encounter each other over time and reveal information to each other, some of which they may have received earlier from other agents. We are particularly interested in the evolution of the cross-sectional distribution in the population of the posterior probability assignments of t...
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We analyze a model in which traders have different trading opportunities and learn information from prices. The difference in trading opportunities implies that different traders may have different trading motives when trading in the same market—some trade for speculation and others for hedging—and thus they may respond to the same information in opposite directions. This implies that adding mo...
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W develop a model for the competitive interactions in service industries where firms cater to multiple customer classes or market segments with the help of shared service facilities or processes so as to exploit pooling benefits. Different customer classes typically have distinct sensitivities to the price of service as well as the delays encountered. In such settings firms need to determine (i...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2014
ISSN: 0022-0531
DOI: 10.1016/j.jet.2014.05.006