Evolutionary choice of markets

We consider an economy where a finite set of agents can trade on one of two asset markets. Due to endogenous participation the markets may differ in the liquidity they provide. Traders have idiosyncratic preferences for the markets, e.g. due to differential time preferences for maturity dates of fut...

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Veröffentlicht in:	Economic theory 2007-03, Vol.30 (3), p.453-472
Hauptverfasser:	Gerber, Anke, Bettzüge, Marc Oliver
Format:	Artikel
Sprache:	eng
Schlagworte:	Agents Capital market Costs Economic theory Economics Endowments Equilibrium Evolutionary economics Financial assets Financial economics Financial market structures Futures Game theory Individualization Liquidity Market equilibrium Nash equilibrium Participation Preferences Securities markets Standardization Stochastic models Studies Trade Utilities costs
Online-Zugang:	Volltext
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