In a variety of industries ranging from agriculture to electronics and oil, procurement takes place through a combination of bilateral fixed-price contracts and open market trading among supply chain participants, which allows them to improve supply chain performance by utilizing new demand and...

This paper studies the effects of liquidity trading on the dynamics of a financial market under long-lived asymmetric information. Informed traders maximize the expected trading gains they can extract using their superior information, whereas risk-averse liquidity traders with disparate...

We study endogenous liquidity trading in a market with long-lived asymmetric information. We distinguish between public information, tractable information that can be acquired and intractable information that cannot be acquired. Besides information asymmetry and noise, the adverse-selection...