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Trading Networks with Bilateral Contracts [article]

Tamás Fleiner, Zsuzsanna Jankó, Akihisa Tamura, Alexander Teytelboym
2018 arXiv   pre-print
We show that any trading network with bilateral contracts has a trail-stable outcome whenever firms' choice functions satisfy the full substitutability condition.  ...  We consider a model of matching in trading networks in which firms can enter into bilateral contracts.  ...  In our model, firms have heterogeneous preferences over sets of bilateral contracts with other firms.  ... 
arXiv:1510.01210v3 fatcat:docd3sqkanffzdm7hvmyw34g34

Trading Networks with Bilateral Contracts

Alexander Teytelboym
2014 Social Science Research Network  
We study production networks in which firms match and sign bilateral contracts. A firm acts either as a buyer or a seller in any particular contract.  ...  We define a new stability concept, called trail stability, and show that any network of bilateral contracts has a trail-stable outcome whenever agents' preferences satisfy full substitutability [3, 4,  ...  When contracts specify trades and prices, we also show that trail-stable competitive equilibrium outcomes exist in networked markets even when agents' utility functions are not quasilinear.  ... 
doi:10.2139/ssrn.2457092 fatcat:pmtfdmvwlvfc3k6wbggfwko75y

Trading networks with bilateral contracts

Tamas Fleiner, Zsuzsanna Janko, Akihisa Tamura, Alexander Teytelboym
2015 Proceedings of the The Third Conference on Auctions, Market Mechanisms and Their Applications  
We study production networks in which firms match and sign bilateral contracts. A firm acts either as a buyer or a seller in any particular contract.  ...  We define a new stability concept, called trail stability, and show that any network of bilateral contracts has a trail-stable outcome whenever agents' preferences satisfy full substitutability [3, 4,  ...  When contracts specify trades and prices, we also show that trail-stable competitive equilibrium outcomes exist in networked markets even when agents' utility functions are not quasilinear.  ... 
doi:10.4108/eai.8-8-2015.2260329 dblp:journals/sg/FleinerJTT16 fatcat:5kiobrbkzjesnbdskz7mrg4f3m

Nodal prices and transmission rights: A critical appraisal

Shmuel S. Oren, Pablo T. Spiller, Pravin Varaiya, Felix Wu
1995 Electricity Journal  
The application of nodal prices for pricing transmission services in networks with parallel path flows can have perverse consequences due to the interaction of power flows.  ...  in a sea of bilateral trades.  ...  Trading starts with generators and buyers enter-ing into bilateral transfer agreements.  ... 
doi:10.1016/1040-6190(95)90198-1 fatcat:f5oucmg2ynck3bve4q23mo3fh4

Market Structure, Counterparty Risk, and Systemic Risk

Dale W. R. Rosenthal
2011 Social Science Research Network  
Networks modeling bilaterally-cleared and centrally-cleared derivatives markets are shown to yield economically different price impact, volatility and contagion after an initial bankruptcy.  ...  In distress, bilateral markets amplify systemic risk and volatility versus centralized markets and are more subject to crises with real effects: contagion, unemployment, reduced tax revenue, higher transactions  ...  A star network with n contracts represents a market with a central counterparty; a complete network with n(n − 1)/2 contracts represents a bilateral OTC market.  ... 
doi:10.2139/ssrn.1571552 fatcat:pmfphhrmljdklgag6ngm5tkhyi

Interconnectedness in the CDS Market

Mila Getmansky Sherman, Giulio Girardi, Craig M. Lewis
2014 Social Science Research Network  
In this paper we study the structure of the CDS market using explicit connections based on the total number of CDS transactions, notional value of CDS transactions, and network diagrams.  ...  The main objective is to provide statistics that characterize the CDS market, the degree of counterparty concentration, the size of different contracts as well as underlying contractual features, and a  ...  For example, if the same counterparties have entered into offsetting positions on contracts with the same economic terms, a compression trade cancels these contracts and creates a new contract with the  ... 
doi:10.2139/ssrn.2458149 fatcat:hu2nq4fi45d3fd6ud53zfone4e

The Comparison of Multilateral, Bilateral and Global Alliance Cooperation of Airline Operations

Vladimir Begera
2015 Naše More (Dubrovnik)  
It goes into details about trade cooperation air carriers resulting in new multilateral and bilateral agreements at various levels of competence.  ...  Bilateral trade agreements are based on closer cooperation between two air carriers, is another type of contract called so SPA -Special Prorate Agreements.  ...  These contracts are known as bilateral air services agreements.  ... 
doi:10.17818/nm/2015/si28 fatcat:qymk7stzona5leigwvkulmk4ta

A Transmission Congestion Cost Allocation Method in Bilateral Trading Electricity Market

Jiawei Zhao, Jianfeng Lu, Kwok Lun Lo
2017 Energy and Power Engineering  
Abstract Bilateral trading in electricity is one of the typical deregulated power market trading methods and it has its own way to calculate and allocate congestion cost.  ...  2017) A transmission congestion cost allocation method in bilateral trading electricity market. Energy and Power Engineering, 9 (4B). pp. 240-249. ISSN 1949-243X , http://dx.  ...  On April 2005, with the inclusion of the Scottish power network, the whole electricity trading in the UK was re-named into the British Electricity Trading and Transmission Arrangements (BETTA) [3] .  ... 
doi:10.4236/epe.2017.94b029 fatcat:435xeoouxjazbmkvmdeqy4vjum

A Distributed Bilateral Resource Market Mechanism for Future Telecommunications Networks

Nima Afraz, Marco Ruffini
2019 2019 IEEE Globecom Workshops (GC Wkshps)  
The proposed model is based on the smart contract technology and enables transparent and trusted bilateral trades, where trust among the network operators does not exist, and there is no impartial third-party  ...  In this paper, we propose a distributed market mechanism powered by the blockchain technology addressing network ownership models in multiple telecommunications networks use cases.  ...  Then, we model the bilateral trade of network resources in the context of smart contracts and blockchain transactions.  ... 
doi:10.1109/gcwkshps45667.2019.9024612 dblp:conf/globecom/AfrazR19 fatcat:fvzab7vutbeflpfpkadbcr7hxe

Compressing Over-the-Counter Markets

Marco D'Errico, Tarik Roukny
2017 Social Science Research Network  
We show that a tradeoff exists between the amount of notional that can be eliminated from the system and the conservation of original trading relationships.  ...  While around 50% can in general be removed via bilateral compression, more sophisticated multilateral compression approaches are substantially more efficient.  ...  These institutions trade contracts with each other and establish a series of bilateral obligations.  ... 
doi:10.2139/ssrn.2962575 fatcat:p7fko5pjxrdbdgjzaqvlq2ycqq

Compressing Over-the-Counter Markets [article]

Marco D'Errico, Tarik Roukny
2019 arXiv   pre-print
Tightly-knit and concentrated trading structures, as featured by many large over-the-counter markets, are especially susceptible to reductions of notional and reconfigurations of network structure resulting  ...  Using transaction-level data on credit-default-swaps markets, we estimate reduction levels consistent with the historical development observed in these markets since the Global Financial Crisis.  ...  These institutions trade contracts with each other and establish a series of bilateral obligations.  ... 
arXiv:1705.07155v2 fatcat:yxyw44exwva4loygcx4cew5oty

Does a central clearing counterparty reduce liquidity needs?

Hitoshi Hayakawa
2017 Journal of Economic Interaction and Coordination  
This study investigates whether and how central clearing influences the overall liquidity needs in a network of financial obligations.  ...  Utilizing the approach of flow network theory, we show that the effect of adding a central clearing counterparty (CCP) is decomposed into two effects: central routing, and central netting effects.  ...  The target security is traded either with a CCP or bilaterally, while the non-target security is traded bilaterally.  ... 
doi:10.1007/s11403-017-0208-1 fatcat:looont6qevbgfhtialmskdwpsi

An Efficient Automated Negotiation System Using Multi-attributes in the Online Environment [chapter]

Sanghyun Park, Sung-Bong Yang
2004 Lecture Notes in Computer Science  
In this paper we propose an efficient negotiation agent system that guarantees the reciprocity of the attendants in a bilateral negotiation on the ecommerce.  ...  The proposed negotiation agent system exploits incremental learning based on artificial neural networks to generate counter-offers and is trained by the previous offers that have been rejected by the other  ...  The Trading Model In the trading model adopted in this paper, we deal only with bilateral negotiations, because a multilateral negotiation is an extension of a bilateral one.  ... 
doi:10.1007/978-3-540-27834-4_66 fatcat:4r6vefkjuvajnkxtnpz7wgukke

An integrated blockchain-based energy management platform with bilateral trading for microgrid communities

Gijs van Leeuwen, Tarek AlSkaif, Madeleine Gibescu, Wilfried van Sark
2020 Applied Energy  
Physical constraints in the microgrid are respected by formulating an Optimal Power Flow (OPF) problem, which is combined with a bilateral trading mechanism in a single optimization problem.  ...  Results are compared with a baseline scenario.  ...  The bilateral trading mechanism provides households with greater control over their trading, and allows them to indicate preferred trading partners.  ... 
doi:10.1016/j.apenergy.2020.114613 fatcat:732up7m27rfrhdnbbysnfbvjsi

Information, bilateral negotiations, and worker recruitment

Arthur Schram, Jordi Brandts, Klarita Gërxhani
2010 European Economic Review  
The surplus from trade is higher when incomplete contracts can be bilaterally negotiated which can be attributed to the presence of information.  ...  opportunities and bilaterally negotiating with a worker.  ...  The proportion of trade through BN will be higher with incomplete contracts than with complete contracts.  ... 
doi:10.1016/j.euroecorev.2010.03.003 fatcat:pmfkd7rx6bcbzmlhovvkdwtjse
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