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Foucault And Kadan-Limit Order Book As A Market For Liquidity

We devel op a dynamic model of anorder-drivenmarket populated bydiscretionary liquidity traders. These traders must trade,yet can choose the type of order and are fully strategic in their decision. Traders differ by their impatience: less patient traders are likely to demand liquidity,more patient traders are more likely to provide it.Three equilibrium patterns are obtained the […]

تاریخ : مارس 23rd, 0887