In a limit order market, orders submitted at about the same time are subject to random latencies and will be queued accordingly. A theoretical model captures the strategic behavior of market makers who, in anticipation of such queuing uncertainty, fiercely compete for the rent in liquidity...

We consider a general queueing model with a Poisson arrival process whose rate is random, and realized once for the entire process. We show that the distribution of the arrival rate at arrival instants is the size-biased counterpart of the original distribution. In particular, the ASTA (arrivals...

Farmers make investments before knowing how much water they will receive later in the season. The costs of the inefficiently high or low investment that may result can be significant. A spot market that efficiently allocates water once quantity is realized is unlikely to coordinate simultaneous...