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Many facts are learned through the intermediation of individuals with special access to information, such as law enforcement officers, employees with a security clearance, or experts with specific knowledge. This paper considers whether societies can learn about such facts when information is...
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Size-discovery trade mechanisms allow large quantities of an asset to be exchanged at a price that does not respond to price pressure. Primary examples include "workup" in Treasury markets, "matching sessions" in corporate bond and CDS markets, and block-trading "dark pools" in equity markets....
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Recent scandals over the manipulation of LIBOR, foreign exchange benchmarks, and other financial benchmarks have spurred policy discussions over their appropriate design. We characterize the optimal fixing of a benchmark as an estimator of a market value or reference rate. The fixing data are...
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