Structure, Clearinghouses and Symmetry
Yale University - School of Management; Yale University - Cowles Foundation
Santa Fe Institute - Economics
Cowles Foundation Discussion Paper No. 1419
We introduce and justify a taxonomy for the structure of markets and minimal institutions which appear in constructing minimally complex trading structures to perform the functions of price formation, settlement and payments. Each structure is presented as a playable strategic market game and is examined for its efficiency, the number of degrees of freedom and the symmetry properties of the structure.
Number of Pages in PDF File: 25
Keywords: Strategic Market Games, Clearinghouses, Credit Evaluation, Default
JEL Classification: C7, G10, G20, L10, D40, D50
Date posted: June 4, 2003
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