【主讲】Marzena Rostek (University of Wisconsin-Madison)
【主题】Decentralized Exchange
【时间】2016年6月3日 (周五) 16：00-17：30
【地点】上海财经大学经济学院楼602室
【语言】英文
【摘要】Most assets are traded in multiple interconnected trading venues. This paper develops an equi-librium model of decentralized markets that accommodates general market structures with co-existing exchanges. There are gains to trade in decentralized markets that have no centralized-market counterparts. Markets in which assets are traded in multiple exchanges, whether they are disjoint or intermediated, can give higher welfare than the centralized market with the same traders and assets. Changes in market structure that lower liquidity may increase the utility of every agent. In decentralized markets, demand substitutability is endogenous and heterogeneous across traders.
