Policy Tensor

Musings on the Microstructure of the Market for Risk

policytensor
Oct 12, 2018
∙ Paid

Margin Call (2011)

In closing the previous dispatch I offered that we may be missing a theoretical piece of the puzzle. Here I offer some musings on what sort of structure I think we need to get an even better handle on asset prices.

My understanding of the microstructure of the dealer ecosystem suggests to me that we have three kinds of market players in…

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