Spatial Price Differences During Market Trade Transitions
نویسندگان
چکیده
منابع مشابه
Market Price Manipulation in a Sequential Trade Model∗
The dynamic version of the Glosten and Milgrom (1985) model of asset pricing with asymmetric information is studied. It is shown that there is a unique equilibrium when the next-period value function of the informed trader, who knows the terminal value of the asset, is strictly convex and strictly monotone in terms of the market maker’s prior belief. A characterization of the bid and ask prices...
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ژورنال
عنوان ژورنال: Journal of Agricultural and Applied Economics
سال: 1973
ISSN: 1074-0708,2056-7405
DOI: 10.1017/s0081305200011237