Aggregate Implications of Micro Asset Market Segmentation · All figures

Figure 1. Segmentation frictions

There are many markets \(m\in[0,1]\). Traders at each market bear fraction \(\lambda_m\) of the expense of their trades and share the remaining fraction \(1-\lambda_m\) of the expense with all other traders through a family portfolio.

Figure 1. Segmentation frictions

In the paper: Figure 1. Segmentation frictions.