aimed at reducing congestion can harm the side of the market that benefits from congestion. …

tested in a repeated market experiment with symmetric and asymmetric information. The results support the conjecture: people …

-income markets. We analyze a new data set: the eSpeed (Cantor Fitzgerald) electronic Treasury network. We contrast the market … microstructure of eSpeed with the tradi- tional voice assisted networks that report through GovPX. The electronic market (eSpeed) has … greater volume, smaller spreads and a lower estimated impact of a trade than the voice market (GovPX). …

interquartile range of the price distribution in a market. These results suggest that markups move procyclically in the airline …

explicitly, on a market equilibrium framework or provide no framework at all. This paper offers a working alternative that relies …, not on a market equilibrium framework, but rather on a stock-flow equilibrium framework. In doing so, we lay out a … properly general theory of pricing that can be applied to any market - whether financial, real, or a real market that has been …