Trading Uncertainty and Market Form
研究大量信息隔离的个体之间纯随机多边匹配交易，用随机图刻画交易者间的联系结构，发现交易群体规模分布可能在无穷远处有质量点，从而完全消除部分经济中的交易不确定性，均衡价格分布包含质量点和密度混合。
This paper examines purely random multilateral matching among a large number of informationally isolated individuals who desire to trade. The structure of links among traders is characterized by means of random graphs, defined by a parameter that is chosen by prospective traders. Trading groups of all sizes (including pairs as a special case) result, but the size distribution may contain a mass point at infinity. That is, within a certain subset of the entire economy, trading uncertainty is entirely eliminated. The equilibrium price distribution consists of a mass point and of a mixture of densities. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.