competitive market maker faces n risk neutral traders with unit demands or suppliers. It is private information whether any given …

that for an Arrow security, a 'small' risk-neutral trader with private information that is conditionally independent of the … public information is exactly indifferent about the timing of his trade: His expected return per dollar invested is a … martingale. This is true despite the fact that he expects the asset price itself to rise given favorable information and fall …

This paper describes information exchange under the Sugar Institute, the trade association of U.S. domestic sugar cane …