Anonymous Exchange Research Articles

Pay what you want pricing: should marketers use it to introduce innovative products?

ABSTRACT The paper examines the suitability of pay-what-you-want (PWYW) pricing in introducing incremental or radical innovative products. Four experimental studies were conducted: three lab-based and one field-based. The results indicated that customers voluntarily made non-zero payments in anonymous exchanges. However, the payout in the lab (willingness to pay) and field (actual payout) studies were invariably lower than the externally provided price anchors. Further, low-price external anchors exerted a stronger influence on consumer payout than high-price external anchors. Message framing (descriptive versus injunctive) and external price anchors were used to nudge consumers toward a higher payout. The study found that customers’ payout was closer to the external price anchor when the anchor reflected what others paid (descriptive framing). In contrast, the payout deviated significantly below the price anchor when the seller suggested it (injunctive framing). Message framing was more effective in high external reference price anchors. Managers should choose high or low reference prices depending upon the deviation in actual payment from the external reference price anchor. Managers should introduce radically innovative products using descriptive framing and high-price anchors.

L’expression de la violence dans la conduite hikikomori

In 1962, when Hanna Arendt proposed the concept of the banality of evil, Pierre Marty and Michel de M’Uzan for their part described operative thought. These two notions were developed in totally unrelated fields: that of war criminals on the one hand and that of patients undergoing consultation for psychosomatic illness on the other. However, they are related in the idea of an elaborative deficiency, an inability to think in the first person singular, in short, a subjective void. In order for this to happen, the developing subject begins to differentiate between his interior and the external real world that he rejects. In this operation of judgment, he learns how to deal with negation, the symbol of which becomes the condition of independence of thought, at the root of the subject. When this process fails, it will be necessary to look outside the libidinal potentialities which have not been constituted within by conforming to ambient values, for example, by the investment of perceptual reality and of the concrete world, as well. Hikikomoris patients fall within this spectrum of disorders, which René Roussillon describes, from a transnosographic perspective, as narcissistic identity suffering. An early division of the ego, established in an insufficiently adjusted primary object relationship, is regularly described as the source of these difficulties. Intellectual and affective processes are separated without further functional communication, as evidenced by language expression. Words do not call for images, they are diluted in abstract generalities or in factual statements, without emotion ever coloring them. The particularity of hikikomoris patients in this range of disorders is that they have cut themselves off from the real outside world, as if to find an interior of their own, at the definitively established border between the two. And if they do attempt a form of subjective affirmation by rejecting the outside world, it is in silence, peacefully, without perceptible hatred. How can we help these singular patients who generally formulate neither desire nor requests (the latter, on the other hand, coming strongly from an exhausted entourage, even desperate in the face of so much immobility that nothing seems able to rectify)? The first task of the therapist is to manage to meet them, sometimes initially at home. When a psychotherapy framework can be set up, adjusted as closely as possible to the constraints and resistance of the patient, it will be a question of helping him to restore meaning to his words, to embody a language that seems disaffected, free of emotion. The laborious work of linking words and affects risks exposing the therapist to the expression of unbridled verbal violence, against “shrinks” and all those who disturb, before the culture and current affairs of the world can offer themselves as mediation that channels this raw instinctual emergence. The confinement to home is usually punctuated by a large consumption of videos, anonymous exchanges on social media, and a thirst for a wide range of information. This matter, cultural in the broad sense, plays a decisive role in the psychic economy of the hikikomori patient. It replaces exteriority and tensions are relieved through words, as they are instinctually reinvested. The aim of the therapeutic process is to accompany the transformation of this violence into an addressed, subjectivizing aggressiveness, the beginning of a libidinal link opposing the effects of intra-psychic cleavage.

First-year university students' self-regulated learning during the COVID-19 pandemic: a qualitative longitudinal study

When the COVID-19 pandemic began, many universities switched to fully online teaching. This unexpected switching to online teaching was challenging for both teachers and students, and restrictions that were put in place because of pandemic made this challenge even greater. However, new ways of teaching might also open new opportunities for students’ learning. The research question driving our study was as follows: how do students regulate their learning and specifically their choice of resources and peer learning in university mathematics classes that are fully taught online as offered during the COVID-19 pandemic? We report on a longitudinal, qualitative study in which students recorded a brief audio diary twice a week over one whole semester (14 weeks). We focused on three students who completed 70 interviews in total and finished the semester with varying degrees of success. The results show how the students structured their studying (e.g., the roles that deadlines or synchronous teaching events played). They illustrate the strengths and limitations of digital materials provided by the lecturer and the use of complementary media. Further, the pandemic uncovered the double-edged role of simple, often anonymous exchanges (e.g., via Discord servers), with few binding forces for either side, and the significance of stable learning partnerships for students’ success. Our research highlights aspects that should be focal points when comparing traditional instruction and online instruction during the pandemic from a self-regulatory perspective. Practical implications refer to how these aspects can be combined sensibly in fully online courses, but also in blended learning contexts.

A Secure and Anonymous Communicate Scheme over the Internet of Things

Anonymous exchange of data has a strong demand in many scenarios. With the development of IoT and wireless networks, plenty of smart devices are interconnected through wireless technologies such as 5G and Wi-Fi, making it possible to use them for information exchanging. The authors find a P2P network model for secure and anonymous communication, which is a typical Crowds system and the operating mechanism meets the characteristics of limited-resources of IoT devices. Based on this network model, the authors design a lightweight communication scheme for the remote-control system in this work, using two kinds ofVirtual-Spaces to achieve the purpose of identity announced and data exchanged. The authors implemented a prototype system of the scheme and tested it over theFreenet, proving that the scheme can effectively resist the impact of flow analysis on the anonymity of communication while ensuring communication data security. By analyzing the scheme’s performance, the author believes that the scheme is practical and is suitable for scenarios that are not time-sensitive but require high anonymity.

Do religious and market-based institutions promote cooperation in Hadza hunter-gatherers?

ABSTRACT Humans’ willingness to bear costs to benefit others is an evolutionary puzzle. Cultural group selection proposes a possible answer to this puzzle—cooperative norms and institutions proliferate due to group-level benefits. For instance, belief in knowledgeable, moralizing deities is theorized to decrease selfishness and favoritism through threat of supernatural punishment. Similarly, norms of fairness and cooperation are theorized to have coevolved with engagement in markets, which necessitate anonymous exchanges. We investigate these theories among the Tanzanian Hadza who, until recently, have had minimal exposure to markets or major world religions. Engagement with Western tourists, village markets, and Christian missionaries is increasingly leading researchers to ask how such interactions have affected cooperative behavior. We interviewed 172 Hadza from 15 camps varying in market proximity, and measured cooperative decision-making using economic games. We find that exposure to missionaries is associated with increased belief in a knowledgeable and punitive deity, with mixed evidence that these beliefs, in turn, affect game play. In contrast, we find some evidence that those living in market-adjacent regions exhibit less in-group favoritism when cooperating. These results support the claim that market-norms, and to some degree religious beliefs, facilitate greater cooperation and fairness in social interactions.

PeTroShare: Blockchain-Managed, Logistics-Aware, Privacy-Friendly, Comparative, and Efficient Petroleum Transportation.

Crude oil is one of the critically needed resources. It is the main pillar supporting almost everything we rely on in daily life. Unfortunately, due to many factors, crude oil costs too much. Transportation is one of the critical factors that affect such costs. Due to many environmental risks attached to the transportation process, many countries added very high tariffs to cover any hazards during the transportation, loading, and unloading process. Logistics concerns and political conflicts are the other key factors that can massively impact the transportation cost. This paper presents an Industry 4.0-compliant PeTroShare (PTS), a blockchain-powered trustworthy, logistics-friendly, and cost-efficient crude oil trading platform. PTS is a novel ride-sharing platform that enables an anonymous exchange of crude oil between oil producers and customers, focusing mainly on the product quality, not the source of origin. In our scenario, floating crude oil tankers will hold the cargo to an intermediate position in the open ocean. PTS will match the product availability based on the location and the needed quality of the customer requests. Consequently, the time and distance travelled are minimized. Our simulation results show that enabling the anonymous sharing of crude oil products can significantly enhance system efficiency and cost-effectiveness.

Self-esteem and perceived social support among Sarahah users

Sarahah is an online application that allows the anonymous exchange of messages. Lately, the application gained extensive fame among Internet users in Egypt. This study aimed to assess self-esteem and perceived social support among Sarahah users and explore the correlates with the application use. Two focus group discussions were held to explore the opinions of Internet users about Sarahah application. Then, we created an online questionnaire, using a Google form, to assess the participants’ socio-demographic characteristics, self-esteem using the Rosenberg Self-Esteem Scale, social support using the Multidimensional Scale of Perceived Social Support, and patterns of Sarahah use. Of the 524 respondents to the questionnaire, 28.8% were Sarahah users. Knowing the opinions of others and entertainment were the primary drives behind the application use; 49% and 43% respectively. Low self-esteem (OR 1.6, 95% CI: 1.1–2.5, p = 0.028), age ≤ 25 years (OR 2.4, 95% CI: 1.1–5.2, p = 0.025), and being single (OR 3.4, 95% CI: 1.5–7.5, p = 0.003) associated with Sarahah use after adjustment for age, sex, education, occupation, and social status. Perceived social support did not show significant differences between Sarahah users and non-users. Sarahah users have lower self-esteem than non-users. Future studies investigating other psychological deficits related to Sarahah use are needed.

The force of relationships: the influence of personal networks on the market for force

ABSTRACTSince the 1990s, military support and security services in hostile environments have been increasingly traded on the market for force. Surprisingly, how exchange is organised on the market for force remains predominantly focused on the neoclassical model, which assumes anonymous exchange, and sellers compete through price and quality of product for customers. However, the model seems to be incomplete as it describes some empirical patterns, yet not others. Why are service backgrounds clustered together and why do specific nationalities dominate the market in the Iraq and Afghanistan war? Why are they not distributed evenly as price and quality competition would suggest? The argument here is that social factors need to be taken in to account, i.e. personal relationships. The logic being that sellers and customers trade through existing relationships, and familiarity is the dealmaker, rather than price. The article takes on the challenge to develop a sociological conceptualisation of the market able to integrate both logics. Finally, the approach is put to the test on the labour market for Western security operators. The results demonstrate that personal relationships play a significant role to explain exchange on the market for force, yet co-existence with the neoclassical logic.

TRUST, LANDSCAPE, AND ECONOMIC DEVELOPMENT

1. INTRODUCTIONThis paper examines the effect of trust on economic development. There is a growing literature that argues that trust is one of the main determinants of current economic development. According to these studies, a prerequisite for the success of market economies is to depart from closed group interactions and to expand transactions to anonymous others. In this context, trust facilitates the extension of anonymous exchange. Trust is also likely to improve the functioning of institutions as it minimizes the need for external enforcement of contractual agreements. This decreases the cost of transactions. On the other hand, lack of trust is associated with suspicion and fear of fraud. This increases the cost of transactions. Thus, generalized trust and trustworthiness are considered essential for successful economic performance. Accordingly, trust is expected to have a positive association with economic development.Nevertheless, the literature cannot determine easily the causal effect of trust on economic development. The key difficulty in estimating a causal effect of trust, as a component of culture, is that it is endogenous to economic development. Some studies, such as Inglehart and Baker (2000), argue that the modernization theory stresses that economic development has predictable effects on culture and social life. Other studies argue that industrialization produces pervasive social and cultural consequences. Therefore, to identify a causal effect from a cultural variable such as trust to economic development, we have to find some exogenous source of variation in trust. In other words, when we estimate the effect of trust on economic development, we have to use instrumental variables.The purpose of this paper is to identify new instruments for trust. The instruments used are the geographic characteristics pertinent to the topography of the terrain in a country. Specifically, the mean elevation and the terrain ruggedness are used as instrumental variables for trust. Elevation and terrain ruggedness reflect natural barriers that impede different groups of people from communicating and interacting with each other. These inconsistent landscapes can hinder the feeling of trust and possibly exacerbate a sense of alienation and suspicion towards others who are kept at a distance by the uneven topographic features of the terrain. Rugged terrain also hinders trade between communities. This does not allow the members of these communities an opportunity for interaction and communication that permits trust to flourish. Rugged terrains are also costly to traverse, which does not facilitate mobility and travel from one area to another. This serves as an impediment to communication between different groups of people who are separated from each other by the irregular features of the terrain.There are several studies that investigated the effect of trust on economic development and long run economic growth. For instance, Knack and Keefer (1997) investigate whether social capital has an economic payoff by exploring the relationship between interpersonal trust and economic performance. In their empirical analysis, they focus on the role of trust as the most important indicator of social capital. The results show a statistically significant effect of trust on growth. Zak and Knack (2001) extend their analysis by adding other countries to the sample. The authors also conclude that trust has a significant effect on aggregate economic activity. Guiso et al. (2009) address the question of whether cultural biases affect economic exchange using data on bilateral trust between European countries. The authors attempt to explain why the perception of trustworthiness differs so greatly across Europe, and explore the economic consequences of these perceptions on trade, foreign direct investment, and foreign portfolio investment. The authors find that trust is affected by cultural aspects of the trusting and the trusted country, such as their history of conflict, and religious, genetic and somatic similarities. …

Economic impact of direct marketing and contracts: The case of safe vegetable chains in northern Vietnam

The paper investigates the respective impacts on incomes of contractual arrangements, direct sales and spot marketing for “safe vegetable” farmers in northern Vietnam. It is based on a survey of 137 peri-urban vegetable farmers that was analyzed using different econometric methods to correct selection biases. Direct sales and contractual arrangements have a significant positive impact on income compared to spot marketing. Contracts have less impact on income compared to direct sales. It is recommended that policies be formulated to stimulate direct dealings between farmers and consumers, which enhance consumer confidence in terms of quality and translate into higher farmer income than anonymous exchanges or contracts.

Fiscal consequences of scrapping cash

The emergence of a range of digital media of exchange such as debit cards, credit cards, pre-loaded transport tickets, cafeteria passes and telephone coupons means for the first time that money in the form of paper currency and coins is no longer essential. The scrapping of traditional cash would mean the removal of the means of anonymous exchange with implications for the fiscal deficit. On the one hand, it would mean a loss of seigniorage for national governments, with the size of this loss depending on how the cash is removed from circulation. On the other hand, it would reduce tax evasion, which would increase fiscal revenue of national, state and municipal governments. The absence of an anonymous means of exchange also has favourable fiscal implications from reduced spending on law enforcement, legal proceedings, incarceration, and public health from impeding the drug trade: digital media of exchange provide a trail to follow for illicit transactions, hindering activities of buyers and sellers. This paper calculates the size of the fiscal implications of scrapping cash and finds substantial gains for all levels of a nation’s government, even the national government that loses seigniorage. It takes the view of Canada where virtually every adult has an account at a financial institution.

Demand for contract enforcement in a barter environment

Do greater potential gains from trade enhance or erode contracting institutions? In an anonymous exchange environment traders can sign a contract, hence agreeing to interact with the assigned partner, or wait till the next match. Any contract can be endorsed (for a payment) by the enforcement agency, which then observes the interaction with a positive probability known to the traders and punishes any detected infractors. Demand for contract enforcement is the highest amount a proposer of a contract is ready to pay to the agency, in a stationary subgame perfect equilibrium. It may be strictly positive, as we show, even when contracts are broken. Surprisingly, larger potential gains from exchange may dampen the demand, but not always: the demand is boosted under agencies that oversee the interactions frequently.

Charismatic Signalling

The following describes an evolutionary model for religious cooperation called “synchronous-signaling.” The core motivation for synchronous signaling comes from an appreciation that large-scale cooperation requires a widespread predictability in the cooperative responses of anonymous cohort. The model is based on evidence that elements of religious culture - including its music, dance, postures, prayers, and other regimes – reliably automate cooperation. This automation aligns affective, motivational, and intentional dispositions of anonymous exchange partners toward common cooperative goals. The model also explains why old religions are especially effective at securing cooperative outcomes, among unfamiliar partners.

Distributed anonymous data perturbation method for privacy-preserving data mining

Privacy is a critical requirement in distributed data mining. Cryptography-based secure multiparty computation is a main approach for privacy preserving. However, it shows poor performance in large scale distributed systems. Meanwhile, data perturbation techniques are comparatively efficient but are mainly used in centralized privacy-preserving data mining (PPDM). In this paper, we propose a light-weight anonymous data perturbation method for efficient privacy preserving in distributed data mining. We first define the privacy constraints for data perturbation based PPDM in a semi-honest distributed environment. Two protocols are proposed to address these constraints and protect data statistics and the randomization process against collusion attacks: the adaptive privacy-preserving summary protocol and the anonymous exchange protocol. Finally, a distributed data perturbation framework based on these protocols is proposed to realize distributed PPDM. Experiment results show that our approach achieves a high security level and is very efficient in a large scale distributed environment.

Stalinism, Post-Stalinism, and Neo-Capitalism: To Be or Not to Be?

IntroductionAccording to Korea historian Andrei Lankov, Korea is no longer a state, the old society is dead, a neo-capitalist revolution is under-way, and the is proceeding to a market-oriented system. This thesis is advanced Lankov's Asia Times Online articles, such as Cracks Korean 'Stalinism' (2004), Welcome to Capitalism, Korean Comrades (2004), and North Korea: Market Forces Have Female Faces (2005), which were republished as a report Asia Policy titled Natural Death of Korean (2006). Lankov's most recent book, of the DMZ (2007), makes similar arguments, as it is a revised compilation of his newspaper columns for the Asia Times Online and Korea Times. The problems concerning Lankov's theory of post-Stalinism begin with his definition of Stalinism. He employs the following criteria: (1) a brutal and repressive regime, (2) a centrally planned (3) a Leninist party, and (4) a system of political thought control.1 Here the modification or exclusion of a few of these criteria is sufficient to disqualify Korea as being a state. Lankov explains that Korea was the closest possible approximation of an ideal and in many regards it was far more than Josef Stalin's Russia itself-until the economic crisis of 1991 to 1995 and the subsequent famine 1996 to 1999, which resulted from the collapse of the Soviet Union and the loss of economic subsidies.2The changes the Korean Lankov says, have transformed the completely and, perhaps, irreversibly.3 Therefore, has to stretch the definitions describing the Korea of 2004 as 'Stalinist,' for even though it continues to be ruled by a repressive and brutal regime, the peculiarities of Stalinism are now disappearing.4 Specifically, the second, third, and fourth criteria that Lankov identifies are the ones that are apparently withering away. While brutality and repressiveness are essential ingredients Lankov's conception of Korean decisive for him are the nationalized-centralized economic structure of the state, the type of party that rules the state, and state monopoly of information. When one studies Lankov's use of the phrase Stalinism, a number of other terms are found synonym with it. These are communism, central economy, and state-managed economy. Lankov equates Stalinism with socialism, of which there are many different schools. His aforesaid reference to a Leninist party also suggests that he sees the contributions of Vladimir Lenin (1870-1924) to classical Marxism -the theory of imperialism and the theory of the revolutionary party-as leading to Stalinism. Similar views can be found the works of well-known anticommunist scholars such as Robert Conquest, Leszek Kolakowski, Martin Malia, Richard Pipes, and Dimitri Volkogonov. Thus, one should not assume that this is an original line of argument or that Lankov is its innovator.Stalinism and Socialism One CountryLankov summarizes his views on Stalinism on the Korea Zone Web site a December 13, 2006, anonymous exchange with the author, who wrote response to Lankov's online article Stalinist Politics vs. Market Place Capitalism. The correspondence provides two conflicting theories of Stalinism. In the first case, the reader defines Stalinism as a nationalist program of socialism one country-not necessarily a totalitarian state regime-whose political and economic policies defend the nation-state system, thus making the final analysis, related to capitalism, which upholds the world division of national states as well:(1) Stalinism must be seen for what it is, namely, a nationalist pseudo-socialist political program based on the theory of socialism one country and not exclusively as a case of a repressive-totalitarian regime. …

An investigation into blood donation intentions among non‐donors

Abstract In broad terms, the donation of blood along with organ and bone marrow donation is considered to be the ultimate act of humanity involving a voluntary and anonymous exchange between two people of a life saving commodity. Yet motivating people to donate blood is a significantly difficult task. The aim of this paper is to use the Theory of Planned Behaviour (TPB) to examine non‐donors on the basis of their likely intention to donate blood in the future and to identify barriers on these more favourable non‐donors. This exploratory research finds that subjective norm, perceived behavioural control and time related barriers are related to intent to donate by current non‐donors. Differences between higher and lower intention donors are also explored. Copyright © 2007 John Wiley & Sons, Ltd.

EMediator: A Next Generation Electronic Commerce Server

This paper presents eMediator, an electronic commerce server prototype that demonstrates ways in which algorithmic support and game–theoretic incentive engineering can jointly improve the efficiency of e–commerce. eAuctionHouse, the configurable auction server, includes a variety of generalized combinatorial auctions and exchanges, pricing schemes, bidding languages, mobile agents, and user support for choosing an auction type. We introduce two new logical bidding languages for combinatorial markets: the XOR bidding language and the OR–of–XORs bidding language. Unlike the traditional OR bidding language, these are fully expressive. They therefore enable the use of the Clarke–Groves pricing mechanism for motivating the bidders to bid truthfully. eAuctionHouse also supports supply/demand curve bidding. eCommitter, the leveled commitment contract optimizer, determines the optimal contract price and decommitting penalties for a variety of leveled commitment contracting mechanisms, taking into account that rational agents will decommit strategically in Nash equilibrium. It also determines the optimal decommitting strategies for any given leveled commitment contract. eExchangeHouse, the safe exchange planner, enables unenforced anonymous exchanges by dividing the exchange into chunks and sequencing those chunks to be delivered safely in alternation between the buyer and the seller.

Smelling Like a Market

I REMEMBER SOME MARKETS AS WORLDLY CELEBRATIONS of labor and sociality, their busy exchanges and careful presentation of goods and crafts a feast of abundance, colors, and smells. One of my favorite markets in the United States is Philadelphia's Italian market, which combines the buzz of a major city with the intimate feel of certain regional markets in Latin America, where goods have to do with local production and uses. Of course, there are also less appealing markets, like some in the barrios of Latin American cities, where no effort can dispel a sense of disorder and lack, the stink of abjection. In some markets, one can "smell" fear: one has to be careful not to be robbed by either the vendors or the clients. Others communicate calm, like my local farmer's market, a place for socializing and shopping in an atmosphere of cordial and safe exchange. There are also markets, alien to me, like the New York Stock Exchange, defined by the high-energy movements of betting on the shifting risks of corporate values, transacted in anonymous exchanges. The chain supermarket where I shop, homogenizing and impersonal, also qualifies as a market, as do the West's new temples, the malls, those commodity shrines whose excess, social control, and rarefied air so quickly disorient my senses. The markets of socialist Cuba have an estranging atmosphere all their own, one that smells of desires and social divisions defined by the boundaries of the dollar's circulation. While ordinary stores carry but a limited array of inexpensive local goods sold for Cuban pesos, new supermarkets and malls offer diverse imported goods at inflated state-set prices for U.S. dollars. Markets not only have smells, they are also apparently able to smell. Advocates of the capitalist market tell us that it can smell a successful product, a crisis, or a consumer need. For those who imagine it as an invisible hand that turns selfish individual choices into harmonious collective ends, the market seems to operate as a hidden nervous system: it senses people's desires, monitors their private decisions, and directs their conduct toward the production and consumption of goods that satisfy ever more differentiated needs. For its critics, the capitalist market is an all-too-earthly invention, rather than a benevolent transcendent force, blind to human needs and aimlessly propelled by the short-sighted pursuit of filthy money. Clearly, markets vary immensely in their purposes, organization, state relations, and social norms. Given not only its widely varying historical forms and attributes but also the divergent theories directed at explaining it, is there such a thing as smelling like a market?

The secret ways of scientists

As scientists, we take our way of working for granted. We do not recognise how unusual it really is. But the public sees only the media's interpretations, which evoke a completely false picture of the scientific process. As a consequence of misrepresentations and promises that apparently have not been kept, the public increasingly regards science as a competition for the sake of vanity or money rather than the gruelling quest for answers that it really is. We scientists accumulate data from carefully designed experiments in the laboratory until we gain some new insights into nature. The next steps are the meetings in the group leader's office where the data are carefully scrutinised. The work is subsequently elevated to presentation quality and paraded for inspection at an in‐house seminar. Again, the data are challenged and new aspects or interpretations are discussed. During this process we share our information with colleagues before we can build on it to gain any benefit for ourselves. Finally, we draft, correct and polish a manuscript that we submit to a journal where we believe its publication will bring our work to a …

What's special about the specialist?

Exchange members claim that the professional relationships that evolve on exchange floors yield benefits not easily duplicated by an anonymous exchange mechanism. We show that longstanding relationships between brokers and specialists can mitigate the effects of asymmetric information. Moreover, a specialist who actively attempts to differentiate between informed and uninformed traders can achieve equilibria that Pareto-dominate an equilibrium in which the two types of trades are pooled. Our model also elucidates the role of block trading houses in mitigating information problems in the block market.