The paper studies asset pricing in informationally decentralized markets. These markets have two key frictions: trading is decentralized (bilateral), and some agents have private information. We analyze how uninformed agents acquire information over time from their bilateral trades. In...

I show that capital is misallocated across liquidity pools on blockchain-based decentralized exchanges. Many pools have persistent abnormal returns, both with respect to factor models and compared to options-implied liquidity premia. Pools with higher past returns continue to have significantly...

Purpose –This paper aims to explore the promotion decisions of heterogeneous sellers on a decentralized platform under competitive conditions and analyzes its impact on platform profit, seller revenue, buyer surplus and social welfare.Design/methodology/approach – This paper considers a...

In demystifying the concept of market-like instruments, this study explains how to make better use of market-like instruments in fisheries management by identifying practical steps that can be taken to further their use. The findings of the study are based on a survey of the use of market-like...