The expansion of the international PV trade encourages governments to focus on their trade roles in this market, which has increasing impact on their future development of sustainable energy. Thus, an exploration of top traders and their influence on global PV trade pattern is essential as governments seek to develop strategies to improve their global PV market’s discourse power. This study int...

Manski [2004] analyzes the relationship between the distribution of traders’ beliefs and the equilibrium price in a prediction market with risk neutral traders. He finds that there can be a substantial difference between the mean belief that an event will occur, and the price of an asset that pays one dollar if the event occurs and otherwise pays nothing. This result is puzzling, since these ma...

Greif (1989, 1993) argues that reputations provide a solution to the agent problem deriving from information asymmetry when principal-agent relations are confined within a closed group. This raises an interesting question of whether or not reputations provide a solution to the lemon’s market problem (Akerlof, 1970) when the market has open boundaries. In order to address this question, we creat...

The NYSE has opened the limit-order book to off-exchange traders during trading hours. In this paper, we address the welfare implications of the recent change in market structure. We model a market similar to the single-price auction that the exchange uses to open the trading day. We consider two different environments. In the first, only the specialist can see the limit order book, while in th...

Auctions, when well designed, result in desirable economic outcomes and have been widely used in solving real-world resource allocation problems, and in structuring stock or futures exchanges. The field of auction mechanism design has drawn much attention in recent years from economists, mathematicians, and computer scientists. In traditional auction theory, auctions are viewed as games of inco...

This paper studies a dynamic model of a nancial market with a strategic trader. In each period the strategic trader receives a privately observed endowment in the stock. He trades with competitive market makers to share risk. Noise traders are present in the market. After receiving a stock endowment, the strategic trader is shown to reduce his risk exposure either by selling at a decreasing rat...

Use of trading strategies to mislead other market participants, commonly termed market manipulation, has been identified as a major problem faced by present day stock markets. Although some mathematical models of market manipulation have been previously developed, this work presents a framework for manipulation in the context of a realistic computational model of a limit-order market. In this w...