Connecting Disconnected Financial Markets?
研究了将割裂的证券市场连接起来（允许订单依赖其他证券价格）对福利的影响，发现连接市场通常能提高福利，但所有市场在规模变大时都会变得有效。
In most financial markets, securities are traded in isolation. Such a disconnected market design can be inefficient if agents trade more than one security. I assess welfare effects of connecting markets by allowing orders for one security to depend on prices of other securities. I show that everyone trades identical amounts under both market structures if and only if the clearing prices are perfectly correlated or all are price-takers. Prices in disconnected markets might allow strategic traders to extract higher rents from nonstrategic traders. In expectation, connected markets generate higher welfare, but all markets become efficient as they grow large.