Vulkan, Nir; Hurkens, Sjaak - Department of Economics, Oxford University - 2006
stationary equilibrium configuration. Traders with longer deadlines fare better than traders with short deadlines. It is shown … that the heterogeneity of deadlines may cause delay. It is then shown that a centralized mechanism that controls the … mechanism is not as good for traders with long deadlines, it is shown that in a model where all traders can choose which …