.png){kind=icon}
返回
.png){kind=icon}
.png){kind=icon}
.png){kind=icon}
摘要
En 中文
Most assets are traded in multiple interconnected trading venues. This paper develops an equilibrium model of decentralized markets that accommodates general market structures with coexisting exchanges. Decentralized markets can allocate risk among traders with different risk preferences more efficiently, thus realizing gains from trade that cannot be reproduced in centralized markets. Market decentralization always increases price impact. Yet, markets in which assets are traded in multiple exchanges, whether they are disjoint or intermediated, can give higher welfare than the centralized market with the same traders and assets. In decentralized markets, demand substitutability across assets is endogenous and heterogeneous among traders.
Keyword:
THE-COUNTER MARKETS
IMPERFECT COMPETITION
NETWORKS
LIQUIDITY
INFORMATION
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
IF:
11.6
论文数:
5.0K
被引数:
7.5W
机构
引用论文
.png){kind=icon}
.png){kind=icon}
分享.png){kind=icon}
收藏分享收藏分享收藏
查看更多内容