Chichilnisky, Graciela (1984): Manipulations and repeated games in future markets. Published in: The Industrial Organization of Futures Markets (1984): pp. 193-214.
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This chapter analyzes the possibility of manipulation in futures markets, concentrating on the effects that manipulation may have on their informational efficiency . We use the concept of manipulation as it arises in the study of noncooperative games with imperfect information .
The problem can be summarized as follows : disclosure that is, (less anonymity) may prevent manipulation and therefore improve the informational efficiency of the market . On the other hand, disclosure (less anonymity) may restrict entry, and therefore produce an efficiency loss. There is, in this sense, a tradeoff between informational efficiency and free entry.
|Item Type:||MPRA Paper|
|Original Title:||Manipulations and repeated games in future markets|
|Keywords:||futures; efficiency; futures markets; games; game theory; manipulation; imperfect information; disclosure; repeated games; one-shot game|
|Subjects:||G - Financial Economics > G1 - General Financial Markets > G13 - Contingent Pricing; Futures Pricing
C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C72 - Noncooperative Games
|Depositing User:||Graciela Chichilnisky|
|Date Deposited:||04. Apr 2008 06:33|
|Last Modified:||15. Feb 2013 04:34|
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