In order to work properly and productively markets need a reliable pricing mechanism.
FORBES: The Gold Standard Is Coming
But that would require a commonly agreed pricing mechanism and confidence that power producers were not trading on the basis of inside information.
ECONOMIST: Is there life after Enron in Europe's power markets?
You shouldn't create a pricing mechanism where only the biggest firms can pay for it, and by doing it that way, you really are creating two tiers.
FORBES: Intelligent Investing
They are an essential part of the market pricing and allocation mechanism.
FORBES: Synthetic CDOs: Where's The Love?
The idea that significant arbitrage opportunities are unlikely to exist (and certainly do not persist) is precisely the mechanism behind the Black-Scholes option-pricing model that Mr. Derman admires as a financial model behaving pretty well.
WSJ: Book Review: Models Behaving Badly
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