Exchange Markets: A Welfare Comparison of Market Maker and Walrasian Systems
比较了信息不对称经济中，瓦尔拉斯竞争市场与做市商定价两种交易制度的社会福利，发现做市商制度在某些环境下帕累托优于竞争均衡，为做市商制度的存在提供了理论依据。
This paper compares the social welfare of a simple economy with asymmetric information under two different exchange market structures, Walrasian and the monopolistic, price-setting schemes. It is found that the relative efficiency depends on the nature of uncertainties in the economy. For some environments, the price-setting allocation with a market maker Pareto dominates the rational expectations equilibrium allocation in a competitive market. This finding provides a justification for the existence of the market maker system, which is the predominant institutional arrangement in many exchange markets.