| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3274 |
| DP3274 Perfectly Competitive Innovation | |
| Michele Boldrin; David Levine | |
| 发表日期 | 2002-03-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We survey the literature analysing the price formation and trading process, and the consequences of market organization for price discovery and welfare. We develop a united perspective on theoretical, empirical and experimental approaches. We discuss the evidence on transaction costs and the price impact of trades and its analyses in terms of adverse selection, inventory costs and market power. We review the extent to which the associated frictions can be mitigated by such features of market design as the degree of transparency, the use of call auctions, the discreteness of the pricing grid and the regulation of competition between liquidity suppliers or exchanges. |
| 主题 | Financial Economics |
| 关键词 | Market microstructure Liquidity Bid-ask spread Market design Transactions costs |
| URL | https://cepr.org/publications/dp3274 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532301 |
| 推荐引用方式 GB/T 7714 | Michele Boldrin,David Levine. DP3274 Perfectly Competitive Innovation. 2002. |
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