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Flow Trading
Budish, Eric B.; Cramton, Peter C.; Kyle, Albert S.; … - National Bureau of Economic Research - 2023
We introduce and analyze a new market design for trading financial assets. The design allows traders to directly trade any user-defined linear combination of assets. Orders for such portfolios are expressed as downward-sloping piecewise-linear demand curves with quantities as flows...
Persistent link: https://www.econbiz.de/10014250116
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Inference of Bidders' Risk Attitudes in Ascending Auctions with Endogenous Entry
Fang, Hanming - 2013
Bidders' risk attitudes have key implications for choices of revenue-maximizing auction formats. In ascending auctions … entry costs but contains exogenous variations of potential competition and auction characteristics. In the first scenario … equilibrium entry probabilities vary with observed auction characteristics and potential competition. We also show identification …
Persistent link: https://www.econbiz.de/10012459225
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Information Favoritism and Scoring Bias in Contests
Deng, Shanglyu; Fang, Hanming; Fu, Qiang; Wu, Zenan - National Bureau of Economic Research - 2023
Two potentially asymmetric players compete for a prize of common value, which is initially unknown, by exerting efforts. A designer has two instruments for contest design. First, she decides whether and how to disclose an informative signal of the prize value to players. Second, she sets the...
Persistent link: https://www.econbiz.de/10014247957
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Information-Based Pricing in Specialized Lending
Blickle, Kristian; He, Zhiguo; Huang, Jing; Parlatore, … - National Bureau of Economic Research - 2024
We study specialized lending in a credit market competition model with private information. Two banks, equipped with similar data processing systems, possess "general" signals regarding the borrower's quality. However, the specialized bank gains an additional advantage through further...
Persistent link: https://www.econbiz.de/10014486246
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Bayesian Persuasion with Lie Detection
Ederer, Florian; Min, Weicheng - National Bureau of Economic Research - 2022
How does lie detection constrain the potential for one person to persuade another to change her action? We consider a model of Bayesian persuasion in which the Receiver can detect lies with positive probability. We show that the Sender lies more when the lie detection probability increases. As...
Persistent link: https://www.econbiz.de/10013210093
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Public Information as a Source of Disagreement Among Shareholders
Bouton, Laurent; Llorente-Saguer, Aniol; Macé, Antonin; … - National Bureau of Economic Research - 2022
We study how beliefs about firm value respond to public information stemming from either public announcements or shareholder meetings. We focus on settings with homogeneous shareholders (i.e., agents with common preferences and opinions), where information is about which course of action is best...
Persistent link: https://www.econbiz.de/10013477249
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Last Minute Bidding and the Rules for Ending Second-Price Auctions : Theory and Evidence from a Natural Experiment on the Internet
Roth, Alvin E. - 2000
passed without a bid. The strategic differences in the auction rules are reflected in the auction data by significantly more … about ending the auction playing an important role …
Persistent link: https://www.econbiz.de/10012471021
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Information and Competition in U.S. Forest Service Timber Auctions
Athey, Susan - 1999
timber auctions, the Forest Service publicly announces its estimates of the tract characteristics before the auction, and …
Persistent link: https://www.econbiz.de/10012471603
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Empirical Perspectives on Auctions
Hortaçsu, Ali; Perrigne, Isabelle - National Bureau of Economic Research - 2021
The empirical analysis of auction data has become a thriving field of research over the past thirty years. Relying on …
Persistent link: https://www.econbiz.de/10012696420
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On Frequent Batch Auctions for Stocks
Jagannathan, Ravi - 2019
I show that frequent batch auctions for stocks have the potential to reduce the severity of stock price crashes when they occur. For a given sequence of orders from a continuous electronic limit order book market, matching orders using one second apart batch auctions results in nearly the same...
Persistent link: https://www.econbiz.de/10012480285