Biais, Bruno - In: Revue Économique 41 (1990) 5, pp. 755-788
[eng] Price formation in dealer markets : a synthesis of recent litterature. . Dealers provide liquidity to the market by standing ready to buy at their bid priee and sell at their ask priee. By doing so they incur 3 types of costs : (i) order handling costs (ii) the cost of holding undesired,...