{"title":"分散市场的创新:技术与合成产品","authors":"M. Rostek, Ji Hee Yoon","doi":"10.1257/mic.20220138","DOIUrl":null,"url":null,"abstract":"Advances in market-clearing technology for multiple assets and synthetic products present alternative ways to leverage complementarities and substitutabilites in asset payoffs. This paper compares their equilibrium and welfare effects. In competitive markets, either instrument can mimic the efficient design. When traders have price impact, however, synthetic products and market-clearing technology provide separate instruments for impacting markets’ performance and can generate synergies or trade-offs. Neither instrument can generally reproduce the other’s payoffs state by state. Moreover, innovation in market clearing renders additional synthetic products nonredundant. Our analysis points to the advantages of each type of innovation while also exposing potential risks. (JEL D44, D47, G11, G12, G13, O31)","PeriodicalId":517133,"journal":{"name":"American Economic Journal: Microeconomics","volume":"9 3","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Innovation in Decentralized Markets: Technology versus Synthetic Products\",\"authors\":\"M. Rostek, Ji Hee Yoon\",\"doi\":\"10.1257/mic.20220138\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Advances in market-clearing technology for multiple assets and synthetic products present alternative ways to leverage complementarities and substitutabilites in asset payoffs. This paper compares their equilibrium and welfare effects. In competitive markets, either instrument can mimic the efficient design. When traders have price impact, however, synthetic products and market-clearing technology provide separate instruments for impacting markets’ performance and can generate synergies or trade-offs. Neither instrument can generally reproduce the other’s payoffs state by state. Moreover, innovation in market clearing renders additional synthetic products nonredundant. Our analysis points to the advantages of each type of innovation while also exposing potential risks. (JEL D44, D47, G11, G12, G13, O31)\",\"PeriodicalId\":517133,\"journal\":{\"name\":\"American Economic Journal: Microeconomics\",\"volume\":\"9 3\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-02-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"American Economic Journal: Microeconomics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1257/mic.20220138\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Economic Journal: Microeconomics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1257/mic.20220138","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Innovation in Decentralized Markets: Technology versus Synthetic Products
Advances in market-clearing technology for multiple assets and synthetic products present alternative ways to leverage complementarities and substitutabilites in asset payoffs. This paper compares their equilibrium and welfare effects. In competitive markets, either instrument can mimic the efficient design. When traders have price impact, however, synthetic products and market-clearing technology provide separate instruments for impacting markets’ performance and can generate synergies or trade-offs. Neither instrument can generally reproduce the other’s payoffs state by state. Moreover, innovation in market clearing renders additional synthetic products nonredundant. Our analysis points to the advantages of each type of innovation while also exposing potential risks. (JEL D44, D47, G11, G12, G13, O31)