Collaborative Research on the Microstructure of Financial   Markets
{'Code': '04050100', 'Directorate': {'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Lynn A. Pollnow'}
An important feature of traditional economic theory is the                      extreme degree to which the institutional structure of markets                  is simplified, and often not considered as an integral part of                  the market mechanism.  This approach is never entirely                          appropriate.  When individuals or firms perceive a way in which                 the efficiency of the trading process can be improved, they may                 be able to realize a profit by establishing an institution or                   market which makes this improvement.  The exclusion of the                      processes which determines market structure is a serious                        deficiency of conventional analysis for at least for two reasons.               First, to adequately understand the functioning and evolution of                markets requires the explicit modeling of institutional features.               Secondly, welfare questions concerning the efficiency of resource               allocation in market economies cannot be addressed nearly as                    convincingly if market structure is not accounted for explicitly.               The purpose of this project is to investigate the endogeneity and               operation of financial markets and institutions and the                         implications for the efficient allocation of resources.
{'FirstName': 'H. Franklin', 'LastName': 'Allen', 'EmailAddress': None, 'StartDate': '06/01/1988', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'University of Pennsylvania', 'CityName': 'Philadelphia', 'ZipCode': '191046205', 'PhoneNumber': '2158987293', 'StreetAddress': 'Research Services', 'CountryName': 'United States', 'StateName': 'Pennsylvania', 'StateCode': 'PA'}
{'Code': '1320', 'Text': 'ECONOMICS'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1988&All=true', 'xml': '8813719.xml'}