Capital or asset markets are distinguished from other markets by the informational role of
prices and by the duality of the traders' role: each trader may buy and sell asset (s) in …

We provide evidence of private information in the foreign exchange market. The evidence
comes from the introduction of trading in Tokyo over the lunch hour. Lunch‐return variance …

Rational Choice (Hogarth and Reder, 1987) is about economics and psychology, or, as
noted by Zeckhauser (1987, pp. 251–4), the rationalist versus behavioralist views of …

This chapter describes the alternative form of auction which allows continuous orders but
executes contracts in real time as in a call market. Since contracts are executed at a single …

We design an experiment to study the implications of information networks for incentives to
acquire costly information, market liquidity, investors' earnings, and asset price …

Daniel Kahneman and Vernon Smith were the joint recipients of the 2002 Nobel Prize in
Economics. Kahneman's work challenges the assumption that individuals behave in a …

This paper addresses the concept of market efficiency, presenting a critical review of the
conventional tests in the area, which in turn provides the justification for employing an …

This paper presents a search model of centralized and decentralized trade. In a centralized
market, trades are intermediated by market makers at publicly posted bid–ask prices. In a …

La première partie présente certaines dimensions de l'organisation des marchés financiers.
Cette analyse est ensuite illustrée par une description de l'organisation des transactions, à …

The New Zealand Stock Exchange (NZSE) switched from open outcry trading to an
electronic screen trading system on June 24, 1991. The change was made by the members …