On the Evolution of Market Institutions: the Platform Design Paradox
نویسندگان
چکیده
On the Evolution of Market Institutions: The Platform Design Paradox* This paper analyses a situation where market designers create new trading platforms and traders learn to select among them. We ask whether 'Walrasian' platforms, leading to market-clearing trading outcomes, will dominate the market in the long run. If several market designers are competing, we find that traders will learn to select non-market clearing platforms with prices systematically above the market-clearing level, provided at least one such platform is introduced by a market designer. This in turn leads all market designers to introduce such non-market clearing platforms. Hence platform competition induces non-competitive market outcomes. JEL Classification: C72, D4, D83 and L1
منابع مشابه
The Impact of Entrepreneurship Television Programs on Entrepreneurial Intentions: The Mediating Role of Family Support
In today's dynamic world economy, traditional business approaches no longer meet the needs of market survival, growth and profitability, and entrepreneurship is presented to families, institutions, and individuals as a necessity. One of the main concerns is to create productive employment for young people in the country, which requires the necessary platform for entrepreneurship. The favorable ...
متن کاملTransformation of Household Credit Behavior in the Conditions of Digitalization of the Financial Services Market
Within the article, the impact of modern digitalization processes on changing household credit behavior is considered. Much attention is paid to defining the essence of digitalization and exploring the features of its impact on the financial services market. Accordingly, the content of household credit behavior and its individual models are examined. This behavior is proposed to be considered a...
متن کاملThe impact of Central bank independence on stock market volatility
The new paradigm in monetary policymaking gives accent to central banks‘ Independence. It is widely accepted that in modern monetary policymaking, central banks have three key goals: price stability, output stability and financial stability. Recent studies on central bank independence mainly investigate the effects of central bank independence on economic stability. But the effectiveness of cen...
متن کاملGenetic-Fuzzy Data Envelopment Analysis Model for Evaluating Financial Institutions Relative Productivity in a Fluctuating Economic Market
This paper presents a Genetic Algorithm Fuzzy Data Envelopment Analysis (GA-FDEA) model that caters for optimal selecting of economic indicators for the measurement of relative productivity and performance of financial institutions. Imprecise or uncertain data of financial institutions due to varying monetary policies and market risk were retrieved from Nigeria Stock Exchange Commission and eva...
متن کاملIdentify factors affecting internal response of educational institutions to society network evolution
Present research seeks to review factors affecting responsiveness of training organizations to society network evolution. Data from 500 directors and deputies of secondary schools in the city of Tehran using stratified random sampling gathered through a questionnaire and analyzed using structural equation modeling. Reliability of this questionnaire was calculated using Cronbach's alpha at 83%. ...
متن کامل