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The purpose of this paper is to explain why some markets for financialproducts take off while others vanish as soon as they have emerged ...
Persistent link: https://www.econbiz.de/10005846440
We consider an economy where a finite set of agents can trade on one of two asset markets. Due to endogenous participation the markets may differ in the liquidity they provide. Moreover, traders have idiosyncratic preferences for the markets, e.g. due to differential time preferences for...
Persistent link: https://www.econbiz.de/10005859375