Archibald, Blyth; Baesel, Jerome B; Brewer, Dawson E - In: Omega 10 (1982) 3, pp. 309-319
Economic analysis has begun to focus on the implications of transaction costs to trading in capital assets. Specifically, the economics of market making and the price of liquidity has received considerable attention. This paper formulates the market maker's bid-ask price decision as a...