As documented in the dynamics and outcomes, agents learn to attach meaning to a priori meaningless messages. For the common interest game, Game 1, this chapter observe the efficient separating outcome, although the learning process is gradual. For the partial common interest game, Game 2, the...

Each market is related to a specific future event, for instance a presidential election, and contains a set of contracts with liquidation values pegged to the outcome of the future event. Contracts enter into circulation by the voluntary purchase from the IEM trading system of bundles of...