ework will give significant advantages. For the moment almost all the research on liquidity, other than that carried out by econophysicists such as Bouchaud, Potters, Mezard, Wyart, French, Farmer, and others, has been carried out against the traditional models of Debreu, Arrow, et al, and I am obliged t

ns offered. Looking more broadly, speed of trading, and narrowness of spread are not the only benefits required from a liquid market. As is seen in Bouchaud et al's paper, high speed does not guarantee the ability to trade a large volume. Similarly, a narrow spread does not mean good value if the upper