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Liquidity plays a crucial role in financial exchange markets. Markets typically create liquidity through spatial consolidation with specialist/market makers matching orders arriving at different times. However, continuous trading systems have an inherent weakness in the potential for...
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The structure of the telecommunications industry has changed substantially in the last decade, raising public concern that the quality of our information infrastructure may be adversely affected. This paper extends the standard vertical differentiation model of imperfect competition to address...
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