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Anonymous markets and monetary trading

Full text - MIT Libraries
CD Aliprantis, G Camera… - Journal of Monetary Economics, 2007 - Elsevier
We study infinite-horizon monetary economies characterized by trading frictions that
originate from random pairwise meetings, and commitment and enforcement limitations. We
prove that introducing occasional trade in 'centralized markets' opens the door to an ...
Cited by 49 - Related articles - All 4 versions

Matching and anonymity

[PDF] from uiuc.edu
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CD Aliprantis, G Camera… - Economic Theory, 2006 - Springer
Abstract This work introduces a set-theoretic foundation of deterministic bilateral matching
processes and studies their properties. In particular, it formalizes a link between matching
and informational constraints by developing a notion of anonymity that is based on the ...
Cited by 30 - Related articles - BL Direct - All 10 versions

Contagion equilibria in a monetary model

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CD Aliprantis, G Camera… - Econometrica, 2007 - Wiley Online Library
THE MODEL OF LAGOS AND WRIGHT (2005) alters the meeting friction of the typical
search model of money to obtain degeneracy in equilibrium holdings and enhance
analytical tractability. It introduces a round of Walrasian “centralized” trading after each ...
Cited by 27 - Related articles - BL Direct - All 11 versions

A random matching theory

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CD Aliprantis, G Camera… - Games and Economic Behavior, 2007 - Elsevier
We develop theoretical underpinnings of pairwise random matching processes. We
formalize the mechanics of matching, and study the links between properties of the different
processes and trade frictions. A particular emphasis is placed on providing a mapping ...
Cited by 20 - Related articles - All 20 versions

The joint continuity of the expected payoff functions

[PDF] from iu.edu
CD Aliprantis, D Glycopantis… - Journal of Mathematical …, 2006 - Elsevier
Glicksberg [Glicksberg, IL, 1952. A further generalization of the Kakutani fixed point theorem,
with applications to Nash equilibrium points. In: Proceedings of the American Mathematical
Society 3, pp. 170–174] generalized the Kakutani fixed point theorem to the setting of ...
Cited by 10 - Related articles - Get it from MIT Libraries - All 8 versions

An experimental investigation of overdissipation in the all pay auction

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V Lugovskyy, D Puzzello… - European Economic Review, 2010 - Elsevier
Pervasive overbidding represents a well-documented feature of all-pay auctions. Aggregate
bids exceed Nash predictions in laboratory experiments, and individuals often submit bids
that guarantee negative profits. This paper examines three factors that may reduce ...
Cited by 8 - Related articles - All 17 versions

Independent random matching

[PDF] from uni-muenchen.de
K Podczeck… - Economic Theory, 2009 - Springer
Abstract Random matching models with a continuum population are widely used in
economics to study environments where agents interact in small coalitions. This paper
provides foundations to such models. In particular, the paper establishes an existence ...
Cited by 5 - Related articles - Get it from MIT Libraries - All 7 versions

On the observational equivalence of random matching

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R Molzon… - Journal of Economic Theory, 2010 - Elsevier
Random matching is often used in economic models as a means of introducing uncertainty
in sequential decision problems. We show that random matching processes that satisfy
standard proportionality laws are not unique. We give conditions on the payoffs and ...
Cited by 5 - Related articles - All 13 versions

Tie-breaking rules and divisibility in experimental duopoly markets

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D Puzzello - Journal of Economic Behavior & Organization, 2008 - Elsevier
We investigate pricing behavior of sellers in duopoly markets with posted prices and market
power. The two treatment variables are given by tie-breaking rules and divisibility of the
price space. The first treatment variable deals with the rule under which demanded units ...
Cited by 4 - Related articles - All 9 versions

Stationarity without degeneracy in a model of commodity money

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R de O. Cavalcanti… - Economic Theory, 2010 - Springer
Abstract We develop a model of macroeconomic heterogeneity inspired by the Kiyotaki–
Wright (J Polit Econ 97: 924–954, 1989) formulation of commodity money, with the addition
of linear utility and idiosyncratic shocks to savings. We consider two environments. In the ...
Cited by 3 - Related articles - All 22 versions

[PDF] The Informational Role of Prices and the Essentiality of Money in the Lagos-Wright Model

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L Araujo, B Camargo, R Minetti… - Unpublished …, 2010 - eespfgvspbr.tempsite.ws
Abstract A major concern in modern monetary theory has been the development of models
where money is essential and yet substantive issues can be analyzed in a tractable manner.
At the center of this effort is the framework proposed by Lagos and Wright (2005), whose ...
Cited by 3 - Related articles - View as HTML - All 15 versions

Experimental Investigation of Overbidding in the All-Pay Auction

[TXT] from canterbury.ac.nz
V Lugovskyy, D Puzzello… - 2006 - ir.canterbury.ac.nz
Bidding behavior in all-pay auctions is well documented as deviating from the Nash
predictions. In particular, there is pervasive and significant overbidding not only in terms of
the aggregate groups bids being greater than the value of the prize, but also by ...
Cited by 3 - Related articles - All 5 versions

[BOOK] An experimental study of bubble formation in asset markets using the tâtonnement pricing mechanism

[PDF] from pitt.edu
V Lugovskyy, D Puzzello, S Tucker… - 2009 - econ.pitt.edu
Abstract We report the results of an experiment designed to study the role of institutional
structure in the formation of bubbles and crashes in laboratory asset markets. In a setting
employing double auctions and call markets as trading institutions, bubbles and crashes ...
Cited by 2 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 12 versions

[PDF] The essentiality of money in environments with centralized trade

[PDF] from iu.edu
L Araujo, B Camargo, R Minetti… - 2009 - iu.edu
Abstract A major concern in modern monetary theory is the construction of tractable models
where money is essential. Lagos and Wright (2005) pioneered a class of models that
address this concern. The key ingredient of the Lagos–Wright framework is that trade ...
Cited by 2 - Related articles - View as HTML - All 5 versions

[PDF] A theoretical foundation for bilateral matching mechanisms

[PDF] from eea-esem.com
CD Aliprantis, G Camera… - … Economics Working Papers, 2003 - eea-esem.com
ABSTRACT: This work introduces a rigorous set-theoretic foundation of bilateral matching
mechanisms and studies their properties in a systematic manner. By providing a unified
framework to study bilateral matching mechanisms, we formalize how different spatial/ ...
Cited by 1 - Related articles - View as HTML - All 8 versions

Bilateral matching with Latin squares

CD Aliprantis, G Camera… - Journal of Mathematical Economics, 2007 - Elsevier
We develop a general procedure to construct pairwise meeting processes characterized by
two features. First, in each period the process maximizes the number of matches in the
population. Second, over time agents meet everybody else exactly once. We call this type ...
Cited by 1 - Related articles - Get it from MIT Libraries - All 7 versions

[PDF] Gift Exchange versus Monetary Exchange: Experimental Evidence

[PDF] from canterbury.ac.nz
J Duffy… - Unpublished manuscript, University of …, 2011 - econ.canterbury.ac.nz
Abstract This paper reports findings from an experiment that implements the Lagos-Wright
(2005) model of monetary exchange. We find that subjects generally avoid the autarkic
equilibrium of that model and make trading decisions consistent with the model's ...
Cited by 1 - Related articles - View as HTML - All 4 versions

Random matching and aggregate uncertainty

[PDF] from uni-muenchen.de
R Molzon… - 2008 - mpra.ub.uni-muenchen.de
Random matching is often used in economic models as a means of introducing uncertainty
in sequential decision problems. We show that random matching schemes that satisfy
standard conditions on proportionality are not unique. Two examples show that in a ...
Cited by 3 - Related articles - All 9 versions

An Experimental Study of Bubble Formation in Asset Markets Using the Tâtonnement Trading Institution

[PDF] from canterbury.ac.nz
V Lugovskyy, D Puzzello… - 2011 - ir.canterbury.ac.nz
We report the results of an experiment designed to study the role of institutional structure in
the formation of bubbles and crashes in laboratory asset markets. In a setting employing
double auctions and call markets as trading institutions, bubbles and crashes are a quite ...
Related articles - Library Search - All 14 versions

[PDF] Gift Exchange versus Monetary Exchange: Theory and Evidence

[PDF] from harvard.edu
J Duffy… - 2011 - ws1.ad.economics.harvard.edu
Abstract This paper reports findings from an experiment that implements the Lagos-Wright
(2005) model of monetary exchange. We find that subjects generally avoid the autarkic
equilibrium of that model and make trading decisions consistent with the model's ...
Related articles - View as HTML - All 13 versions

[PDF] DEPARTMENT OF ECONOMICS AND FINANCE COLLEGE OF BUSINESS AND ECONOMICS UNIVERSITY OF CANTERBURY CHRISTCHURCH, NEW …

[PDF] from canterbury.ac.nz
V Lugovskyy, D Puzzello… - 2009 - econ.canterbury.ac.nz
Abstract: We report the results of an experiment designed to study the role of institutional
structure in the formation of bubbles and crashes in laboratory asset markets. In a setting
employing double auctions and call markets as trading institutions, bubbles and crashes ...
View as HTML - All 2 versions

[PDF] An Investigation of the Tatonnement Mechanism on Bubbles in Experimental Asset Markets

[PDF] from mssanz.org.au
V Lugovskyy, D Puzzello… - mssanz.org.au
Abstract: The existence of price bubbles is one of the most interesting results from the multi-
period asset market studies in the experimental literature. Smith, Suchanek, and Williams
(1988) were the first to observe price bubbles in long-lived finite horizon asset markets. ...
Related articles - View as HTML - All 3 versions

[PDF] Divisibility and Tie Breaking Rules in Experimental Duopoly Markets1

[PDF] from purdue.edu
D Puzzello - 2005 - krannert.purdue.edu
Abstract This study investigates experimentally pricing behavior of sellers in duopoly
markets with posted prices and market power. The two treatment variables are given by
divisibility of the price space and tie breaking rules. A change in divisibility is modeled by ...
Related articles - View as HTML - All 4 versions

[PDF] The Informational Role of Prices and the Essentiality of Money

[PDF] from unimib.it
L Araujo, B Camargo, R Minetti… - dipeco.economia.unimib.it
Abstract Lagos and Wright (2005) introduced a model of money and search in which trade
alternates between a centralized market, where exchange is mediated by prices, and a
decentralized market, where exchange takes place in pairwise meetings. Their framework ...
Related articles - View as HTML - All 2 versions

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