ENDOGENOUS DETERMINATION OF THE DEGREE OF MARKET-INCOMPLETENESS IN FUTURES INNOVATION
成果类型：
Article
署名作者：
OHASHI, K
署名单位：
University of Tsukuba
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1007
发表日期：
1995
页码：
198-217
关键词：
摘要：
This paper studies the determination of the number of futures contracts created by an exchange. We show that though the exchange can create the futures contracts costlessly; if the investors have differential information, there may be an upper bound on the number of contracts that the exchange is willing to create. In a stylized economy, we investigate what type of contracts and how many of these the exchange is willing to create. Journal of Economic Literature Classification Numbers: D52, D82, G14. (C) 1995 Academic Press, Inc.