The Microeconomics of Market Making

The Cost of Transacting

1968 • 1,909 citations

Optimal dealer pricing under transactions and return uncertainty

1981 • 1,424 citations

Dealership market

1980 • 998 citations

Transaction Costs, Order Placement Strategy, and Existence of the Bid-Ask Spread

1981 • 394 citations

Building blocks

1987 • 110 citations

Characterization of optimal plans for stochastic dynamic programs

1982 • 75 citations

Bidding Theory and the Treasury Bill Auction: Does Price Discrimination Increase Bill Prices?

1966 • 66 citations

A Formal Dynamic Model of Market Making

1979 • 29 citations

Competitive Price Adjustment without Market Clearing

1981 • 29 citations

The Securities Industry under Negotiated Brokerage Commissions: Changes in the Structure and Performance of New York Stock Exchange Member Firms

1980 • 28 citations

Continuous Versus Intermittent Trading on Auction Markets

1979 • 20 citations

Optimal dynamic behavior of a market maker in choosing bid and asked prices

1982 • 10 citations