{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,9,11]],"date-time":"2025-09-11T20:49:05Z","timestamp":1757623745729,"version":"3.44.0"},"reference-count":50,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2025,10,1]],"date-time":"2025-10-01T00:00:00Z","timestamp":1759276800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/tdm\/userlicense\/1.0\/"},{"start":{"date-parts":[[2025,10,1]],"date-time":"2025-10-01T00:00:00Z","timestamp":1759276800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/legal\/tdmrep-license"},{"start":{"date-parts":[[2025,6,4]],"date-time":"2025-06-04T00:00:00Z","timestamp":1748995200000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100000269","name":"UK Research and Innovation Economic and Social Research Council","doi-asserted-by":"publisher","award":["ES\/V004425\/1"],"award-info":[{"award-number":["ES\/V004425\/1"]}],"id":[{"id":"10.13039\/501100000269","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["elsevier.com","sciencedirect.com"],"crossmark-restriction":true},"short-container-title":["Games and Economic Behavior"],"published-print":{"date-parts":[[2025,10]]},"DOI":"10.1016\/j.geb.2025.05.007","type":"journal-article","created":{"date-parts":[[2025,5,30]],"date-time":"2025-05-30T15:48:41Z","timestamp":1748620121000},"page":"1-9","update-policy":"https:\/\/doi.org\/10.1016\/elsevier_cm_policy","source":"Crossref","is-referenced-by-count":0,"special_numbering":"C","title":["No trade under verifiable information"],"prefix":"10.1016","volume":"153","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-4286-7449","authenticated-orcid":false,"given":"Spyros","family":"Galanis","sequence":"first","affiliation":[]}],"member":"78","reference":[{"year":"2018","series-title":"Blockchain economics","author":"Abadi","key":"10.1016\/j.geb.2025.05.007_br0010"},{"issue":"2","key":"10.1016\/j.geb.2025.05.007_br0020","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1145\/2465769.2465777","article-title":"Efficient market making via convex optimization, and a connection to online learning","volume":"1","author":"Abernethy","year":"2013","journal-title":"ACM Trans. Econ. Comput."},{"key":"10.1016\/j.geb.2025.05.007_br0030","series-title":"Conference on Learning Theory","first-page":"27.1","article-title":"A characterization of scoring rules for linear properties","author":"Abernethy","year":"2012"},{"key":"10.1016\/j.geb.2025.05.007_br0040","unstructured":"Athey, S., Parashkevov, I., Sarukkai, V., Xia, J., 2016. Bitcoin pricing, adoption, and usage: theory and evidence. Mimeo."},{"key":"10.1016\/j.geb.2025.05.007_br0050","doi-asserted-by":"crossref","first-page":"1236","DOI":"10.1214\/aos\/1176343654","article-title":"Agreeing to disagree","volume":"4","author":"Aumann","year":"1976","journal-title":"Ann. Stat."},{"issue":"5","key":"10.1016\/j.geb.2025.05.007_br0060","doi-asserted-by":"crossref","first-page":"1662","DOI":"10.1093\/rfs\/hhy095","article-title":"The blockchain folk theorem","volume":"32","author":"Biais","year":"2019","journal-title":"Rev. Financ. Stud."},{"issue":"2","key":"10.1016\/j.geb.2025.05.007_br0070","doi-asserted-by":"crossref","first-page":"213","DOI":"10.1257\/jep.29.2.213","article-title":"Bitcoin: economics, technology, and governance","volume":"29","author":"B\u00f6hme","year":"2015","journal-title":"J. Econ. Perspect."},{"issue":"3","key":"10.1016\/j.geb.2025.05.007_br0080","doi-asserted-by":"crossref","first-page":"409","DOI":"10.1007\/s001820050117","article-title":"How to make sense of the common prior assumption under incomplete information","volume":"28","author":"Bonanno","year":"1999","journal-title":"Int. J. Game Theory"},{"year":"2001","series-title":"Asset Pricing Under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding","author":"Brunnermeier","key":"10.1016\/j.geb.2025.05.007_br0090"},{"issue":"4","key":"10.1016\/j.geb.2025.05.007_br0100","doi-asserted-by":"crossref","first-page":"1825","DOI":"10.1111\/j.1540-6261.2005.00781.x","article-title":"Predatory trading","volume":"60","author":"Brunnermeier","year":"2005","journal-title":"J. Finance"},{"year":"2018","series-title":"The economic limits of bitcoin and the blockchain","author":"Budish","key":"10.1016\/j.geb.2025.05.007_br0110"},{"key":"10.1016\/j.geb.2025.05.007_br0120","doi-asserted-by":"crossref","unstructured":"Cai, F., 2003. Was there front running during the ltcm crisis? Available at SSRN 385560.","DOI":"10.2139\/ssrn.385560"},{"key":"10.1016\/j.geb.2025.05.007_br0130","series-title":"Proceedings of the 1st ACM Conference on Advances in Financial Technologies","first-page":"124","article-title":"An axiomatic approach to block rewards","author":"Chen","year":"2019"},{"author":"Chen","key":"10.1016\/j.geb.2025.05.007_br0140"},{"key":"10.1016\/j.geb.2025.05.007_br0150","series-title":"Proceedings of the 9th ACM Conference on Electronic Commerce","first-page":"200","article-title":"Non-myopic strategies in prediction markets","author":"Dimitrov","year":"2008"},{"issue":"1","key":"10.1016\/j.geb.2025.05.007_br0160","doi-asserted-by":"crossref","first-page":"91","DOI":"10.1016\/j.jfineco.2019.03.004","article-title":"From mining to markets: the evolution of bitcoin transaction fees","volume":"134","author":"Easley","year":"2019","journal-title":"J. Financ. Econ."},{"issue":"2","key":"10.1016\/j.geb.2025.05.007_br0170","doi-asserted-by":"crossref","first-page":"127","DOI":"10.1006\/jeth.1999.2592","article-title":"Characterizing common priors in the form of posteriors","volume":"91","author":"Feinberg","year":"2000","journal-title":"J. Econ. Theory"},{"author":"Frongillo","key":"10.1016\/j.geb.2025.05.007_br0180"},{"issue":"1","key":"10.1016\/j.geb.2025.05.007_br0190","doi-asserted-by":"crossref","first-page":"41","DOI":"10.1007\/s00199-011-0683-x","article-title":"Unawareness of theorems","volume":"52","author":"Galanis","year":"2013","journal-title":"Econ. Theory"},{"key":"10.1016\/j.geb.2025.05.007_br0200","doi-asserted-by":"crossref","first-page":"598","DOI":"10.1016\/j.geb.2018.03.001","article-title":"Speculation under unawareness","volume":"109","author":"Galanis","year":"2018","journal-title":"Games Econ. Behav."},{"issue":"6","key":"10.1016\/j.geb.2025.05.007_br0210","doi-asserted-by":"crossref","first-page":"3423","DOI":"10.1093\/restud\/rdae009","article-title":"Information aggregation under ambiguity: theory and experimental evidence","volume":"91","author":"Galanis","year":"2024","journal-title":"Rev. Econ. Stud."},{"key":"10.1016\/j.geb.2025.05.007_br0220","doi-asserted-by":"crossref","first-page":"613","DOI":"10.1515\/bejte-2018-0193","article-title":"Updating awareness and information aggregation","volume":"21","author":"Galanis","year":"2021","journal-title":"B.E. J. Theor. Econ."},{"key":"10.1016\/j.geb.2025.05.007_br0230","doi-asserted-by":"crossref","unstructured":"Galanis, S., Mikhalishchev, S., 2025. Information aggregation with costly information acquisition. Mimeo.","DOI":"10.1145\/3670865.3673502"},{"key":"10.1016\/j.geb.2025.05.007_br0240","unstructured":"Garratt, R., Monnet, C., 2022. An impossibility theorem on truthful reporting in fully decentralized systems. Available at SSRN 4017963."},{"year":"1989","series-title":"Game theory without partitions, and applications to speculation and consensus","author":"Geanakoplos","key":"10.1016\/j.geb.2025.05.007_br0250"},{"issue":"4","key":"10.1016\/j.geb.2025.05.007_br0260","doi-asserted-by":"crossref","first-page":"53","DOI":"10.1257\/jep.6.4.53","article-title":"Common knowledge","volume":"6","author":"Geanakoplos","year":"1992","journal-title":"J. Econ. Perspect."},{"key":"10.1016\/j.geb.2025.05.007_br0270","doi-asserted-by":"crossref","first-page":"192","DOI":"10.1016\/0022-0531(82)90099-0","article-title":"We can't disagree forever","volume":"28","author":"Geanakoplos","year":"1982","journal-title":"J. Econ. Theory"},{"key":"10.1016\/j.geb.2025.05.007_br0280","doi-asserted-by":"crossref","unstructured":"Goel, N., Filos-Ratsikas, A., Faltings, B., 2019. Decentralized oracles via peer-prediction in the presence of lying incentives. Mimeo.","DOI":"10.24963\/ijcai.2020\/18"},{"issue":"2","key":"10.1016\/j.geb.2025.05.007_br0290","doi-asserted-by":"crossref","first-page":"316","DOI":"10.1006\/jeth.2002.2925","article-title":"Characterizing the common prior assumption","volume":"106","author":"Halpern","year":"2002","journal-title":"J. Econ. Theory"},{"issue":"1","key":"10.1016\/j.geb.2025.05.007_br0300","doi-asserted-by":"crossref","first-page":"107","DOI":"10.1023\/A:1022058209073","article-title":"Combinatorial information market design","volume":"5","author":"Hanson","year":"2003","journal-title":"Inf. Syst. Front."},{"issue":"1","key":"10.1016\/j.geb.2025.05.007_br0310","doi-asserted-by":"crossref","first-page":"3","DOI":"10.5750\/jpm.v1i1.417","article-title":"Logarithmic market scoring rules for modular combinatorial information aggregation","volume":"1","author":"Hanson","year":"2007","journal-title":"J. Predict. Mark."},{"key":"10.1016\/j.geb.2025.05.007_br0320","doi-asserted-by":"crossref","first-page":"100","DOI":"10.1016\/j.geb.2012.09.003","article-title":"Unawareness, beliefs, and speculative trade","volume":"77","author":"Heifetz","year":"2013","journal-title":"Games Econ. Behav."},{"year":"2019","series-title":"Proof-of-work's limited adoption problem","author":"Hinzen","key":"10.1016\/j.geb.2025.05.007_br0330"},{"key":"10.1016\/j.geb.2025.05.007_br0340","series-title":"Agent-Mediated Electronic Commerce. Automated Negotiation and Strategy Design for Electronic Markets","first-page":"204","article-title":"Robust incentive-compatible feedback payments","author":"Jurca","year":"2006"},{"year":"2023","series-title":"Intraday momentum trading and liquidity crises","author":"Karam","key":"10.1016\/j.geb.2025.05.007_br0350"},{"issue":"2","key":"10.1016\/j.geb.2025.05.007_br0360","doi-asserted-by":"crossref","first-page":"147","DOI":"10.1007\/s40505-014-0040-x","article-title":"Speculative trade under unawareness: the infinite case","volume":"2","author":"Meier","year":"2014","journal-title":"Econ. Theory Bull."},{"key":"10.1016\/j.geb.2025.05.007_br0370","doi-asserted-by":"crossref","first-page":"17","DOI":"10.1016\/0022-0531(82)90046-1","article-title":"Information, trade, and common knowledge","volume":"26","author":"Milgrom","year":"1982","journal-title":"J. Econ. Theory"},{"issue":"9","key":"10.1016\/j.geb.2025.05.007_br0380","doi-asserted-by":"crossref","first-page":"1359","DOI":"10.1287\/mnsc.1050.0379","article-title":"Eliciting informative feedback: the peer-prediction method","volume":"51","author":"Miller","year":"2005","journal-title":"Manag. Sci."},{"issue":"6","key":"10.1016\/j.geb.2025.05.007_br0390","doi-asserted-by":"crossref","first-page":"1327","DOI":"10.2307\/2951751","article-title":"Trade with heterogeneous prior beliefs and asymmetric information","volume":"62","author":"Morris","year":"1994","journal-title":"Econometrica"},{"key":"10.1016\/j.geb.2025.05.007_br0400","doi-asserted-by":"crossref","first-page":"39","DOI":"10.1016\/S0022-0531(02)00033-9","article-title":"On the duality between prior beliefs and trading demands","volume":"109","author":"Ng","year":"2003","journal-title":"J. Econ. Theory"},{"issue":"6","key":"10.1016\/j.geb.2025.05.007_br0410","doi-asserted-by":"crossref","first-page":"2595","DOI":"10.3982\/ECTA8479","article-title":"Information aggregation in dynamic markets with strategic traders","volume":"80","author":"Ostrovsky","year":"2012","journal-title":"Econometrica"},{"key":"10.1016\/j.geb.2025.05.007_br0420","series-title":"International Workshop on Internet and Network Economics","first-page":"314","article-title":"Liquidity-sensitive automated market makers via homogeneous risk measures","author":"Othman","year":"2011"},{"issue":"5695","key":"10.1016\/j.geb.2025.05.007_br0430","doi-asserted-by":"crossref","first-page":"462","DOI":"10.1126\/science.1102081","article-title":"A Bayesian truth serum for subjective data","volume":"306","author":"Prelec","year":"2004","journal-title":"Science"},{"issue":"4","key":"10.1016\/j.geb.2025.05.007_br0440","doi-asserted-by":"crossref","first-page":"48","DOI":"10.1145\/2856102","article-title":"Incentives for effort in crowdsourcing using the peer truth serum","volume":"7","author":"Radanovic","year":"2016","journal-title":"ACM Trans. Intell. Syst. Technol."},{"key":"10.1016\/j.geb.2025.05.007_br0450","doi-asserted-by":"crossref","first-page":"172","DOI":"10.1006\/game.1997.0615","article-title":"Common priors and separation of convex sets","volume":"24","author":"Samet","year":"1998","journal-title":"Games Econ. Behav."},{"key":"10.1016\/j.geb.2025.05.007_br0460","doi-asserted-by":"crossref","first-page":"16","DOI":"10.1016\/j.jmoneco.2019.07.002","article-title":"Some simple bitcoin economics","volume":"106","author":"Schilling","year":"2019","journal-title":"J. Monet. Econ."},{"key":"10.1016\/j.geb.2025.05.007_br0470","doi-asserted-by":"crossref","unstructured":"Schlegel, J.C., Kwa\u015bnicki, M., Mamageishvili, A., 2022. Axioms for constant function market makers. Available at SSRN.","DOI":"10.2139\/ssrn.4290001"},{"key":"10.1016\/j.geb.2025.05.007_br0480","series-title":"Proceedings of the 13th ACM Conference on Electronic Commerce","first-page":"964","article-title":"Peer prediction without a common prior","author":"Witkowski","year":"2012"},{"key":"10.1016\/j.geb.2025.05.007_br0490","series-title":"Twenty-Sixth AAAI Conference on Artificial Intelligence","article-title":"A robust Bayesian truth serum for small populations","author":"Witkowski","year":"2012"},{"issue":"2","key":"10.1016\/j.geb.2025.05.007_br0500","doi-asserted-by":"crossref","first-page":"107","DOI":"10.1257\/0895330041371321","article-title":"Prediction markets","volume":"18","author":"Wolfers","year":"2004","journal-title":"J. Econ. Perspect."}],"container-title":["Games and Economic Behavior"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0899825625000740?httpAccept=text\/xml","content-type":"text\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0899825625000740?httpAccept=text\/plain","content-type":"text\/plain","content-version":"vor","intended-application":"text-mining"}],"deposited":{"date-parts":[[2025,9,9]],"date-time":"2025-09-09T08:29:47Z","timestamp":1757406587000},"score":1,"resource":{"primary":{"URL":"https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S0899825625000740"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,10]]},"references-count":50,"alternative-id":["S0899825625000740"],"URL":"https:\/\/doi.org\/10.1016\/j.geb.2025.05.007","relation":{},"ISSN":["0899-8256"],"issn-type":[{"type":"print","value":"0899-8256"}],"subject":[],"published":{"date-parts":[[2025,10]]},"assertion":[{"value":"Elsevier","name":"publisher","label":"This article is maintained by"},{"value":"No trade under verifiable information","name":"articletitle","label":"Article Title"},{"value":"Games and Economic Behavior","name":"journaltitle","label":"Journal Title"},{"value":"https:\/\/doi.org\/10.1016\/j.geb.2025.05.007","name":"articlelink","label":"CrossRef DOI link to publisher maintained version"},{"value":"article","name":"content_type","label":"Content Type"},{"value":"\u00a9 2025 The Author. Published by Elsevier Inc.","name":"copyright","label":"Copyright"}]}}