Document Type
Discussion Paper
Publication Date
5-1-2003
CFDP Number
1419
CFDP Pages
24
Abstract
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.
Recommended Citation
Shubik, Martin and Smith, Eric, "Structure, Clearinghouses and Symmetry" (2003). Cowles Foundation Discussion Papers. 1688.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1688