In a distributed system, a trader can be seen as a management tool for providing a convenient and efficient environment to the end users. Trader offers a mechanism for providing access to more services directly from the user's workstation with limited resources. Services can also be arranged to appear fault tolerant and load balanced. This kind of service management imposes new requirements on ...

In the 1970s, experimental economics split from social psychology by embracing rational choice and equilibrium methods. Behavioral economics has recently narrowed the divide, to the dismay of some. The present paper argues that evolutionary dynamics provides a framework which unifies the best features of social psychology with equilibrium and rational choice. Ongoing research in cheating in mar...

This paper studies general equilibrium with private and incomplete state verification. All trade is agreed ex ante, that is, before private information is received. Agents buy lists of bundles that give them the right to receive one of the bundles. With rational expectations, that is, knowledge of the selection mechanism, agents can predict which bundle will be delivered in each state of nature...

Until recently, colonial historiography has primarily examined imperi­ alism from the perspective of Europeans and downplayed the agency and role of indigenous peoples. In Furs and Frontiers in the Far North: The Contest Among Native and Foreign Nations for the Bering Strait Fur Trade, John R. Bockstoce examines the interactions that occurred be­ tween natives of the Bering Strait region and fo...

It is increasingly evident that the competition and consumer protection missions of the Federal Trade Commission are more closely related than people have been accustomed to think. In the early years of the Commission’s existence, the link between deception of consumers and adverse competitive effects was taken for granted, although it was not clear which was the primary and which was the secon...

In this paper we show that a Kelly trader is indifferent to trade derivative if and only the no-arbitrage price uniquely given by minimal martingale measure price, thus providing natural selection mechanism for option pricing in incomplete markets. We also unique indifference results market equilibrium sense no can improve magnitude of his instantaneous Sharpe ratio, trading derivative, actions...

Search functionality of a CORBA trader is restricted to search for service offers and assumes clients’ knowledge of service types of those offers. It would be more flexible if the clients can also import other information, i.e. service types and interfaces, before trading for service offers, or conduct keyword search. With this requirement, making service descriptions into XML format can be hel...

This paper presents a model of a quote-driven market with asymmetric information. The model is similar to the Glosten-Milgrom (1985) model, except that we allow the informed trader to optimally time his trades, rather than employing a probabilistic selection process for informed and uninformed trades. The contribution of the paper is to show that the probabilistic arrival process is a robust as...

Abreu and Brunnermeier (2003) study stock market bubbles and crashes in a dynamic model with a continuum of rational small traders. We introduce a large trader into their model and apply it to currency attacks. In an attack against a fixed exchange rate regime with a gradually overvaluing currency, traders lack common knowledge about the time when the overvaluation starts. Meanwhile, they need ...