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Trading Volume and Asset Liquidity
Abstract
Since the depth and liquidity of a market depend on the entry decisions of all potential participants, each trader assesses them according to conjectures about entry by others. If trade is equally costly across markets, this externality leads to the concentration of trade on one market. If not, it can produce multiple conjectural equilibria, some where trade concentrates on one market and others where large traders resort to a separate market or to search for a trading partner. While fragmentation is welfare-reducing in the two-market case, no such ranking is possible if it involves off-exchange search.
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Cited by
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Caillaud, B., & Jullien, B. (2003) · The RAND Journal of Economics · doi:10.2307/1593720 · Cited by 1,799
Knife-Edge or Plateau: When Do Market Models Tip?
Ellison, G., & Fudenberg, D. (2003) · The Quarterly Journal of Economics · doi:10.1162/003355303322552793 · Cited by 156
Excessive dependence on mobile social apps: A rational addiction perspective
Kwon, H. E., So, H., Han, S. P., & Oh, W. (2016) · Information Systems Research · doi:10.1287/isre.2016.0658 · Cited by 156
Metadata
- Authors
- Pagano, M.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1989-05
- Volume
- 104
- Issue
- 2
- Pages
- 255
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2160781897
- Cited by
- 626
- References
- 0
- FWCI
- 7.68
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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