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econ.GN2026
Who Aggregates Information? Screening, Rent, and the Coexistence of CLOB and AMM Prediction Markets
Chengqi Zang, Gabriel P. Andrade, Tomoyuki Nakajima
Prediction-market shares differ from traditional financial products in that, with no information or outside utility, classical delta-neutral Central Limit Order Book~(CLOB) market…
econ.GN2026
A Dynamic Equilibrium Model for Automated Market Makers
Chengqi Zang, Zhenghui Wang, Weitong Zhang
Automated Market Makers (AMMs) are a central component of decentralized exchanges, yet their equilibrium foundations and microeconomic mechanisms remain incompletely understood. Th…