10 lines
1.0 KiB
Markdown
10 lines
1.0 KiB
Markdown
# Market
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A market is defined as the sum total of all the buyers and sellers with regards to the buying and selling of assets. The purpose of a market is to do [price discovery](price-formation.md) to determine [market-value](market-value.md) of goods and services.
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The business of creating markets is known as [market making](market-maker.md). The business of [gambling](gambling.md) is not market making as no goods or services are exchanged.
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## References
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1. Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
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1. Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
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1. Fama, Eugene F. "Efficient capital markets: A review of theory and empirical work." The journal of Finance 25, no. 2 (1970): 383-417.
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1. Fama, Eugene F., and Kenneth R. French. "Size, value, and momentum in international stock returns." Journal of financial economics 105, no. 3 (2012): 457-472. |