Another way to limit draws in chess

A compromise is that a draw offer should remain valid for some fixed period,
  say ten moves. This will allow the person who has been offered a draw to test
  whether the offer was truly justified, e.g. by trying a daring line which may
  or may not be refuted by the opponent. If it is he can claim the draw on his tenth move, even if his position is losing. The limitation to ten moves avoids the potential problem of people playing on interminably after a draw offer, waiting for their opponents to blunder or overstep the time.

That is John Nunn, here is more.  A draw, of course, is a form of trade, albeit one with some negative social externalities (a quick draw makes chess more boring for the spectators).  If you want to limit trades in some markets, a similar rule could be contemplated.  If you offer to buy a currency at a particular price, you have to keep a similar offer open for one week to some number of other market participants.  Solve for the resulting equilibrium, and see how it matters.


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