{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,31]],"date-time":"2025-10-31T19:05:18Z","timestamp":1761937518329,"version":"build-2065373602"},"reference-count":17,"publisher":"World Scientific Pub Co Pte Ltd","issue":"02","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Int. Game Theory Rev."],"published-print":{"date-parts":[[2005,6]]},"abstract":"<jats:p> The impossibility of speculative trade result (Milgrom and Stokey, 1982) provokes the questions why traders care about their private information, if they cannot profit from it and how the aggregate information can then be reflected in REE prices. This paper answers these questions by analyzing a speculative market as a game, which has the advantage of making the equilibrium strategies explicit. We introduce the new equilibrium selection concept of best reply resistance, which singles out those equilibria that remain an equilibrium even if opponent(s) deviate to a best reply. In the unique best reply resistant equilibrium of the two-player game trade at the REE price occurs each time both traders receive contradicting private information. <\/jats:p>","DOI":"10.1142\/s0219198905000466","type":"journal-article","created":{"date-parts":[[2005,6,27]],"date-time":"2005-06-27T14:50:50Z","timestamp":1119883850000},"page":"151-170","source":"Crossref","is-referenced-by-count":2,"title":["A STRATEGIC ANALYSIS OF SPECULATIVE TRADE IN A TWO-SIDED ASSET MARKET WITH INFORMATION DIVERSITY"],"prefix":"10.1142","volume":"07","author":[{"given":"BETTINA","family":"ROCKENBACH","sequence":"first","affiliation":[{"name":"University of Erfurt, Nordh\u00e4user Str. 63, D-99089 Erfurt, Germany"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"219","published-online":{"date-parts":[[2011,11,20]]},"reference":[{"key":"rf1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/1.1.3"},{"key":"rf2","doi-asserted-by":"publisher","DOI":"10.1214\/aos\/1176343654"},{"key":"rf3","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(91)90179-O"},{"key":"rf4","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-642-96978-2"},{"key":"rf5","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1993.tb04706.x"},{"key":"rf6","doi-asserted-by":"publisher","DOI":"10.1257\/jep.6.4.53"},{"key":"rf7","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(82)90099-0"},{"key":"rf8","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1992.tb03985.x"},{"key":"rf9","doi-asserted-by":"publisher","DOI":"10.2307\/1913210"},{"key":"rf10","doi-asserted-by":"publisher","DOI":"10.2307\/2297551"},{"key":"rf11","doi-asserted-by":"publisher","DOI":"10.2307\/1914160"},{"key":"rf12","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(82)90046-1"},{"key":"rf13","unstructured":"R.\u00a0Nagel, Games and Human Behavior, Essays in Honor of Amnon Rapoport, eds. D.\u00a0Budescu and R.\u00a0Zwick (Lawrence Erlbaum Associates, New Jersey, 1998)\u00a0pp. 105\u2013142."},{"volume-title":"Market Microstructure Theory","year":"1995","author":"O'Hara M.","key":"rf14"},{"volume-title":"Theory of Games and Economic Behavior","year":"1944","author":"von Neumann J.","key":"rf15"},{"key":"rf16","first-page":"192","volume":"1","author":"Perets H.","journal-title":"International Game Theory Review"},{"key":"rf17","doi-asserted-by":"publisher","DOI":"10.1080\/01621459.1983.10477988"}],"container-title":["International Game Theory Review"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.worldscientific.com\/doi\/pdf\/10.1142\/S0219198905000466","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2019,8,7]],"date-time":"2019-08-07T13:22:37Z","timestamp":1565184157000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.worldscientific.com\/doi\/abs\/10.1142\/S0219198905000466"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2005,6]]},"references-count":17,"journal-issue":{"issue":"02","published-online":{"date-parts":[[2011,11,20]]},"published-print":{"date-parts":[[2005,6]]}},"alternative-id":["10.1142\/S0219198905000466"],"URL":"https:\/\/doi.org\/10.1142\/s0219198905000466","relation":{},"ISSN":["0219-1989","1793-6675"],"issn-type":[{"type":"print","value":"0219-1989"},{"type":"electronic","value":"1793-6675"}],"subject":[],"published":{"date-parts":[[2005,6]]}}}