分散市场的创新:技术与合成产品

M. Rostek, Ji Hee Yoon
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引用次数: 1

摘要

多种资产和合成产品的市场清算技术的进步为利用资产报酬的互补性和替代性提供了替代方法。本文比较了它们的均衡和福利效应。在竞争性市场中,任何一种工具都可以模仿有效的设计。然而,当交易者对价格有影响时,合成产品和市场清算技术提供了影响市场表现的不同工具,可以产生协同效应或权衡效应。一般来说,这两种工具都无法逐一复制对方的收益。此外,市场清算技术的创新也使得更多的合成产品不再多余。我们的分析指出了每种创新的优势,同时也揭示了潜在的风险。(JEL D44, D47, G11, G12, G13, O31)
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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)
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