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A Simple Speculative OilTrader
Three Traders with Differing Beliefs
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15-Day market accept action spaces agents assume assumption Axiomatic Approaches bilateral core Christian DUSTMANN common knowledge competitive equilibrium competitive price continuation payoffs convergence decentralized trade efficient outcome ergodic European University Institute expected payoff F(hJT F(hjx F(hjx-l Fabio CANOVA Figure finite time horizon forward contracts forward market forward positions forward price function futures market gains from trade given HAMMOND Harstad idle player individually rational inequalities integer John MICKLEWRIGHT Lemma Louis PHLIPS market equilibrium market institution market participants Markov chain Markov perfect equilibrium matching technology Model ECO Nash bargaining node number of deals number of players offer Pareto efficient payoff relevant history Point Geometry print ECO probability 1/2 Proof Proposition quantities RB/x reject reservation price risk aversion RS/x RSJx satisfy Section sells Series ECO spot market spot price expectations Stephen MARTIN stochastic game strategic bargaining strategies subgame perfect subgame perfect equilibrium three player unique WALDMANN zero