Jump to ContentJump to Main Navigation
What is an Exchange?Automation, Management, and Regulation of Financial Markets$
Users without a subscription are not able to see the full content.

Ruben Lee

Print publication date: 2000

Print ISBN-13: 9780198297048

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198297048.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 21 July 2019

Information: Economics

Information: Economics

(p.215) 10 Information: Economics
What is an Exchange?

Ruben Lee

Oxford University Press

Although it is widely accepted that the dissemination of prices and quotes plays a central role in the functioning of markets, the nature of that role is the subject of much controversy and ignorance. This chapter surveys the current state of knowledge on the subject as examined in the economics literature. The chapter is composed of two sections. The first discusses the informational role of prices in equilibrium models. These models attempt to explain how goods are allocated and prices are determined in an economy. The next section focuses on market microstructure literature, a body of work that examines how the detailed structural elements of markets affect their performance. The effects of disseminating different amounts of price and quote information are examined in a range of contexts.

Keywords:   prices, quotes, equilibrium models, market microstructure

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .