IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/8083.html
   My bibliography  Save this paper

Manipulations and repeated games in future markets

Author

Listed:
  • Chichilnisky, Graciela

Abstract

This chapter analyzes the possibility of manipulation in futures markets, concentrating on the effects that manipulation may have on their informational efficiency . We use the concept of manipulation as it arises in the study of noncooperative games with imperfect information . The problem can be summarized as follows : disclosure that is, (less anonymity) may prevent manipulation and therefore improve the informational efficiency of the market . On the other hand, disclosure (less anonymity) may restrict entry, and therefore produce an efficiency loss. There is, in this sense, a tradeoff between informational efficiency and free entry.

Suggested Citation

  • Chichilnisky, Graciela, 1984. "Manipulations and repeated games in future markets," MPRA Paper 8083, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:8083
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/8083/1/MPRA_paper_8083.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Graciela Chichilnisky, 1982. "Social Aggregation Rules and Continuity," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 97(2), pages 337-352.
    2. Chichilnisky, Graciela, 1982. "The topological equivalence of the pareto condition and the existence of a dictator," Journal of Mathematical Economics, Elsevier, vol. 9(3), pages 223-233, March.
    3. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lauwers, Luc, 2000. "Topological social choice," Mathematical Social Sciences, Elsevier, vol. 40(1), pages 1-39, July.
    2. Chichilnisky, Graciela & Heal, Geoffrey, 1983. "Necessary and sufficient conditions for a resolution of the social choice paradox," Journal of Economic Theory, Elsevier, vol. 31(1), pages 68-87, October.
    3. François-Régis Mahieu, 1991. "« Dictature » et expression des normes dans la théorie économique des choix collectifs," Revue Économique, Programme National Persée, vol. 42(3), pages 459-468.
    4. I.D.A. Macintyre, 1998. "Two-Person and majority continuous aggregation in 2-good space in Social Choice: a note," Theory and Decision, Springer, vol. 44(2), pages 199-209, April.
    5. Chichilnisky, Graciela, 1985. "Von Neuman- Morgenstern utilities and cardinal preferences," MPRA Paper 8090, University Library of Munich, Germany.
    6. Campbell, Donald E. & Kelly, Jerry S., 1996. "Continuous-valued social choice," Journal of Mathematical Economics, Elsevier, vol. 25(2), pages 195-211.
    7. Chichilnisky, Graciela, 1983. "Social choice and game theory: recent results with a topological approach," MPRA Paper 8059, University Library of Munich, Germany.
    8. Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1999. "An Information-Based Model of Foreign Direct Investment: The Gains from Trade Revisited," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 6(4), pages 579-596, November.
    9. Konduru, Srinivasa & Kalaitzandonakes, Nicholas G. & Magnier, Alexandre, 2009. "GMO Testing Strategies and Implications for Trade: A Game Theoretic Approach," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49594, Agricultural and Applied Economics Association.
    10. König, Philipp J. & Pothier, David, 2018. "Safe but fragile: Information acquisition, sponsor support and shadow bank runs," Discussion Papers 15/2018, Deutsche Bundesbank.
    11. Ritu Agarwal & Michelle Dugas & Guodong (Gordon) Gao & P. K. Kannan, 2020. "Emerging technologies and analytics for a new era of value-centered marketing in healthcare," Journal of the Academy of Marketing Science, Springer, vol. 48(1), pages 9-23, January.
    12. Villas-Boas, Sofia B, 2020. "Reduced Form Evidence on Belief Updating Under Asymmetric Information," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt08c456vk, Department of Agricultural & Resource Economics, UC Berkeley.
    13. Yaofeng Fu & Ruokun Huang & Yiran Sheng, 2017. "Labor Contract Law -An Economic View," Papers 1702.03977, arXiv.org.
    14. Ghosh, Suman, 2007. "Job mobility and careers in firms," Labour Economics, Elsevier, vol. 14(3), pages 603-621, June.
    15. Eunsoo Kim & Suyon Kim & Jaehong Lee, 2021. "Do Foreign Investors Affect Carbon Emission Disclosure? Evidence from South Korea," IJERPH, MDPI, vol. 18(19), pages 1-14, September.
    16. Frédéric Gannon & Vincent Touzé, 2006. "Insurance and Optimal Growth," Post-Print halshs-00085181, HAL.
    17. Veronica Guerrieri & Robert Shimer, 2018. "Markets with Multidimensional Private Information," American Economic Journal: Microeconomics, American Economic Association, vol. 10(2), pages 250-274, May.
    18. Falk, Armin & Abeler, Johannes & Kosse, Fabian, 2021. "Malleability of preferences for honesty," CEPR Discussion Papers 16164, C.E.P.R. Discussion Papers.
    19. Andrea Attar & Thomas Mariotti & François Salanié, 2020. "The Social Costs of Side Trading," The Economic Journal, Royal Economic Society, vol. 130(630), pages 1608-1622.
    20. Tahir Andrabi & Jishnu Das & Asim Ijaz Khwaja, 2017. "Report Cards: The Impact of Providing School and Child Test Scores on Educational Markets," American Economic Review, American Economic Association, vol. 107(6), pages 1535-1563, June.

    More about this item

    Keywords

    futures; efficiency; futures markets; games; game theory; manipulation; imperfect information; disclosure; repeated games; one-shot game;
    All these keywords.

    JEL classification:

    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:8083. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.