We propose a new market design for trading financial assets. The design combines three elements: (1) Orders are downward-sloping linear demand curves with quantities expressed as flows; (2) Markets clear in discrete time using uniform-price batch auctions; (3) Traders may submit orders for...

The Symphony Of Equilibrium -- Whispers Of Change: Nudge For The Better -- Without Charlie's Angels, We Can Be Happier: The Comparison Conundrum -- The Bragging Spectrum From Wealth To Altruism: Signaling By Consumption -- Eyes Wide Open: How Visuals Shape Minds -- The Self-Centric Universe:...

We introduce and analyze a new market design for trading financial assets. The design allows traders to directly trade any user-defined linear combination of assets. Orders for such portfolios are expressed as downward-sloping piecewise-linear demand curves with quantities as flows...

We propose a new market design for trading financial assets. The design has three elements: (1) traders may place orders for any user-defined linear combination of assets,with arbitrary positive and negativeweights; (2) orders are downwardsloping piecewise-linear demand curves with quantities...

We propose a new market design for trading financial assets. The design combines three elements: (1) Orders are downward-sloping linear demand curves with quantities expressed as flows; (2) Markets clear in discrete time using uniform-price batch auctions; (3) Traders may submit orders for...

This paper studies how falling fees for delegated investments affect price efficiency in a theoretical framework, in which the investors' allocations, management fees, and asset prices are all determined in a general equilibrium. Importantly, investors optimally decide whether to participate in...

Product market competition prevents an entrepreneur from extracting the full social surplus from consumers once investment is sunk. Indeed, a project with positive net surplus may generate negative net cash flow. Hence, traditional intermediaries following an NPV rule fail to fund all socially...