Imperfect Competition in Financial Markets: Recent Developments
综述了不完全竞争金融市场理论的最新进展，重点介绍了静态、动态、集中和分散市场的统一分析框架，并指出市场结构对政策工具和市场设计的重要性。
This article reviews the theory of imperfectly competitive financial markets, with special attention to recent contributions and rapidly growing areas of research. We highlight the methodological advances that have led to a unified analytic framework for static, dynamic, centralized, and decentralized markets. Accounting for imperfect competition has not only reshaped our understanding of financial market data but also underscored the importance of market structure, motivated novel policy tools and objectives, and opened new avenues for market design. We identify areas where new models and techniques could enable further progress on equilibrium and market design analyses for markets with large players.