Centralized vs decentralized markets: The role of connectivity
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- dc.contributor.author Alfarano, Simone
- dc.contributor.author Banal-Estañol, Albert
- dc.contributor.author Camacho, Eva
- dc.contributor.author Iori, Giulia
- dc.contributor.author Kapar, Burcu
- dc.contributor.author Rahi, Rohit
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:10:15Z
- dc.date.available 2024-11-14T10:10:15Z
- dc.date.issued 2024-01-14
- dc.date.modified 2024-11-14T10:09:11Z
- dc.description.abstract We consider a setting in which privately informed agents are located in a network and trade a risky asset with other agents with whom they are directly connected. We compare the performance, both theoretically and experimentally, of a complete network (centralized market) to incomplete networks with differing levels of connectivity (decentralized markets). We show that decentralized markets can deliver higher informational efficiency, with prices closer to fundamentals, as well as higher welfare for mean-variance investors.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1877
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68687
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1877
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword networks
- dc.subject.keyword heuristic learning
- dc.subject.keyword informational efficiency
- dc.subject.keyword experimental asset markets
- dc.subject.keyword Business Economics and Industrial Organization
- dc.title Centralized vs decentralized markets: The role of connectivity
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper