Equilibrium, Equilibration, Information and Multiple Markets: From Basic Science to Institutional Design

Abstract

[Introduction] Prices exhibit subtle coordination features among multiple markets, reflecting \nopportunity costs and fostering specialization throughout the economy. Furthermore, it is \nwidely believed that prices can adjust rapidly, and possibly almost immediately while \ncarrying information about worldly events from insiders to non-insiders who can use it. \nBy receiving the information contained in prices the otherwise uninformed can adjust to \nthose events. Not only do prices appropriately reflect opportunity cost within properly \nsupportive institutions, they carry all available, relevant information known throughout \nthe economy.

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