You Can Bluff but You Should Not Spoof

IF 0.4 Q4 ETHICS
G. Hersch
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引用次数: 4

Abstract

Spoofing is the act of placing orders to buy or sell a financial contract without the intention to have those orders fulfilled in order to create the impression that there is a large demand for that contract at that price. In this article, I deny the view that spoofing in financial markets should be viewed as morally permissible analogously to the way bluffing is permissible in poker. I argue for the pro tanto moral impermissibility of spoofing and make the case that spoofing is disanalogous from bluffing in at least one important regard—speculative trading serves an important economic role, whereas poker does not.
你可以虚张声势,但不应该虚张声势
欺骗是指下订单买卖金融合同,而无意履行这些订单,从而给人留下以该价格对该合同有大量需求的印象。在这篇文章中,我否认了这样一种观点,即金融市场中的欺骗应该被视为道德上允许的,就像扑克中允许虚张声势一样。我认为欺骗在道德上是不允许的,并证明欺骗至少在一个重要方面与虚张声势是不一样的——投机交易起着重要的经济作用,而扑克则不然。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.00
自引率
0.00%
发文量
10
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