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Trading Networks with Bilateral Contracts
[article]
2018
arXiv
pre-print
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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
2014
Social Science Research Network
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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
2015
Proceedings of the The Third Conference on Auctions, Market Mechanisms and Their Applications
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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
1995
Electricity Journal
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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
2011
Social Science Research Network
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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
2014
Social Science Research Network
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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
2015
Naše More (Dubrovnik)
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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
2017
Energy and Power Engineering
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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
2019
2019 IEEE Globecom Workshops (GC Wkshps)
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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
2017
Social Science Research Network
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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]
2019
arXiv
pre-print
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2017 pre-print arXiv:1705.07155v1 fatcat:zx2iziwxd5aohppnt3nbsvk5yi
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?
2017
Journal of Economic Interaction and Coordination
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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]
2004
Lecture Notes in Computer Science
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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
2020
Applied Energy
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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
2010
European Economic Review
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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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