Recent years have seen extensive investigation of the information aggregation properties of prediction markets. However, relatively little is known about conditions under which a ...
Krishnamurthy Iyer, Ramesh Johari, Ciamac Cyrus Mo...
We consider the Merton problem of optimal portfolio choice when the traded instruments are the set of zero-coupon bonds. Working within an infinite-factor Markovian Heath-Jarrow-Mo...
Most markets compromise the economist’s ideal of matching the marginal benefits to consumers with the marginal cost of supply for incremental purchases because individual buyers...