Why Centralized Markets are Not Stable
Abstract:
Centralized markets reduce the costs of search for buyers and sellers. Their ‘thickness’ increases the chance of order execution at competitive prices. In spite of the incentives to consolidate, some markets, securities markets and online advertising being the most notable, are fragmented into multiple trading venues. We argue that fragmentation is an inevitable feature of any centralized market except in certain special
circumstances.
Date:
6 March 2018, 12:45 (Tuesday, 8th week, Hilary 2018)
Venue:
Nuffield College, New Road OX1 1NF
Venue Details:
Butler Room
Speaker:
Rakesh Vohra (University of Pennsylvania)
Organising department:
Department of Economics
Part of:
Economic Theory Workshop
Booking required?:
Not required
Audience:
Members of the University only
Editors:
Erin Saunders,
Anne Pouliquen
