Inequity plays a fundamental role in the evaluation of social welfare in many dimensions.We revisit the concept of inequity, whether across states of world (uncertainty), across individuals (inequality) and across generations (intergenerational equity), using a common framework generalizing the...

This paper studies venue choice and price discrimination in the market for German Bunds, the world's second most liquid treasury market. Dealers trade Bunds in a hybrid market with electronic centralized limit order books (on the interdealer exchange MTS) and a dominant over-the-counter (OTC)...