Market making with asymmetric information and inventory risk

The Market for "Lemons": Quality Uncertainty and the Market Mechanism

George A. Akerlof · The Quarterly Journal of Economics · 1970 · 22.6K citations

Social Sciences, Economics, Microeconomics +8

Continuous Auctions and Insider Trading

Albert S. Kyle · Econometrica · 1985 · 10K citations

Business, Economics, Auction Theory +12

Bid, ask and transaction prices in a specialist market with heterogeneously informed traders

Lawrence R. Glosten, Paul Milgrom · Journal of Financial Economics · 1985 · 6.4K citations

Social Sciences, Economics, Auction Theory +7

On the Impossibility of Informationally Efficient Markets

Sanford J. Grossman · RePEc: Research Papers in Economics · 1980 · 5.3K citations

Social Sciences, Economics, Information Theory +9

On the Impossibility of Informationally Efficient Markets

Joseph E. Stiglitz, Sanford J. Grossman · Columbia Academic Commons (Columbia University) · 1980 · 3.7K citations · Full text

Social Sciences, Economics, Information Theory +9