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What is Catalogue record about?
Strategic fragmented markets 1 1 Introduction 1 Literature review 3 2 The model 4 3 Equilibrium 5 3.1 Interdealer market 6 3.2 Local markets 7 3.3 Market formation 8 4 Interdealer trading and market fragmentation 10 4.1 Perfectly competitive market 10 4.2 No interdealer market 10 4.3 Dealer entry and the degree of market fragmentation 11 5 Liquidity and welfare in fragmented markets 13 5.1 Centralized market 13 5.2 Liquidity 13 Intermediated volume 14 Volume 14 5.3 Welfare 15 Investor welfare 15 Dealer welfare 16 Efficiency 16 6 Learning from prices 17 7 Conclusion 19 Acknowledgement 19 Appendix A Proofs 19 Proof of Proposition 1 19 Proof of Proposition 2 20 Characterization of price sensitivities 21 Proof of Lemma 3 22 Proof of Theorem 4 23 Proof of Proposition 5 25 Proof of Proposition 6 25 Asymmetric market structures with no interdealer market 25 Characterization of equilibrium in a centralized market 25 Proof of Lemma 9 26 Proof of Proposition 10 26 Proof of Lemma 11 27 Proof of Proposition 12 28 Proof of Lemma 7 29 Proof of Lemma 8 29 Characterization of Equilibrium when there is learning from prices 30 Proof of Proposition 13 31 Appendix B Disagreement and fragmentation in e
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It is typically read by self-directed learners exploring a subject in depth.
Common subject areas: history, science, philosophy, social sciences.
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