The feasibility of an index-contingent trading mechanism

Article Abstract:

An index-contingent trading system is proposed as an approach for conditioning one security on the prices of other securities in auction or call trading systems. This type of system allows limit orders to be conditioned on an index aside from the asset price. Under an acceptable limitation on the structure of the limit orders, it is discovered that there is a unique solution to any set of orders in all securities. A fast and simple algorithm that derives the solution, which is based on an extension of the present mechanisms, is presented. This can be easily applied to any computerized auction system. The results are shown through an analysis of an extension applicable to any current call trading mechanism.

Research, Stocks, Stock price indexes

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Increasing returns and social contagion in cultural industries

Article Abstract:

The importance of project based enterprises and network forms of governance in the adoption of cultural standards in cultural industries is discussed. Further, the four structural features of cultural goods, namely oversupply, quality uncertainty, network effects and demand reversal, are analyzed. It is found that increasing returns may determine the adoption of technological standards when choices are binary, whereas social contagion governs the diffusion of cultural goods when choices are multiple.

Social aspects, Economic aspects, Social networks, Economies of scale

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