A Market-Based Solution for Fire Sales and Other Pecuniary Externalities
提出一种市场交易机制，通过让代理人选择未来价格并买卖交易权，消除抛售等金钱外部性，每个交易权的费用由价格和数量决定。
In economies with a continuum of agents of different types, pecuniary externalities are removed with market exchanges. Agents choose from among various possible prices they want to prevail in the future and buy or sell rights in these market exchanges for future trade. Each agent can choose the exchange it wants without regard to what any other agent is doing. But crucially, the right to trade in each and every exchange is priced. The fee structure has a per-unit price and quantity decomposition: a price, as determined by the exchange chosen, times the quantity of rights acquired.