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Automated market makers
Pourpouneh, Mohsen; Nielsen, Kurt; Ross, Omri - 2020
A new type of Automated Market Makers (AMMs) powered by Blockchain technology keep liquidity on-chain and offer …
Persistent link: https://www.econbiz.de/10012242144
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A theoretical model of the investors exchange
Aldrich, Eric M.; Friedman, Daniel - 2017
-frequency trading. We explain how IEX differs from traditional continuous double auction markets and present summary data on IEX … of the continuous double auction. The model predicts that IEX will generally improve price efficiency and lower …
Persistent link: https://www.econbiz.de/10011684993
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Flow Trading
Budish, Eric B.; Cramton, Peter C.; Kyle, Albert S.; … - National Bureau of Economic Research - 2023
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...
Persistent link: https://www.econbiz.de/10014250116
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Central bank liquidity auction mechanism design and the interbank market
Ollikka, Kimmo; Tukiainen, Janne - 2013
, efficiency and auction stage interest rate levels and volatility. Most importantly, we ask which mechanism is the best at … comes at the cost of less revenue compared to the revenue maximizing discriminatory price auction, but surprisingly, will … not result in efficiency losses compared even to the Vickrey auction. …
Persistent link: https://www.econbiz.de/10012148192
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Central Bank Liquidity Auction Mechanism Design and the Interbank Market
Ollikka, Kimmo - 2013
, efficiency and auction stage interest rate levels and volatility. Most importantly, we ask which mechanism is the best at … comes at the cost of less revenue compared to the revenue maximizing discriminatory price auction, but surprisingly, will … not result in efficiency losses compared even to the Vickrey auction …
Persistent link: https://www.econbiz.de/10013075449
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On reward sharing in blockchain mining pools
Can, Burak; Hougaard, Jens Leth; Pourpouneh, Mohsen - 2021
Persistent link: https://www.econbiz.de/10012588574
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Blockchain economics
Abadi, Joseph; Brunnermeier, Markus Konrad - 2022
Persistent link: https://www.econbiz.de/10013281127
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On reward sharing in blockchain mining pools
Can, Burak; Hougaard, Jens Leth; Pourpouneh, Mohsen - 2020
This paper proposes a conceptual framework for the analysis of reward sharing schemes in mining pools, such as those associated with Bitcoin. The framework is centered around the reported shares in a pool instead of agents and results in two new fairness criteria, absolute and relative...
Persistent link: https://www.econbiz.de/10012258921
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Chasing Private Information
Kacperczyk, Marcin T. - 2018
Using over 5000 equity and option trades unequivocally based on nonpublic information about firm fundamentals, we find that commonly used asymmetric information proxies (AIPs) display abnormal values on days with informed trading. Volatility and trading volume are abnormally high, whereas...
Persistent link: https://www.econbiz.de/10012936729
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An externality-robust auction : theory and experimental evidence
Bartling, Björn; Netzer, Nick - 2014 - This version: April 2014
An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders' payoffs unaffected … externalities due to spiteful preferences, which have been used to explain overbidding in the second-price auction (SPA). Another … example are cross-shareholdings between companies that compete in an auction. We derive an auction that coincides with the SPA …
Persistent link: https://www.econbiz.de/10010360336