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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

Business, Liquidity, and Information Cycles

Bostanci, Gorkem; Ordoñez, Guillermo - National Bureau of Economic Research - 2024

Stock markets play a dual role: help allocate capital by conveying information about firms' fundamentals and provide liquidity by quickly turning stocks into cash. We propose a trading model in which these two roles are endogenously related: more intensive use of stocks for liquidity affects...

Persistent link: https://www.econbiz.de/10014544779

Selection-Neglect in the NFT Bubble

Huang, Dong; Goetzmann, William N. - National Bureau of Economic Research - 2023

Using transaction data from a large non-fungible token (NFT) trading platform, this paper examines how the behavioral bias of selection-neglect interacts with extrapolative beliefs, accelerating the boom and delaying the crash in the recent NFT bubble. We show that the price-volume relationship...

Persistent link: https://www.econbiz.de/10014322885

Mechanism Design Approaches to Blockchain Consensus

Gans, Joshua; Holden, Richard T. - National Bureau of Economic Research - 2022

Blockchain consensus is a state whereby each node in a network agrees on the current state of the blockchain. Existing … unexplored area of blockchain consensus and has the potential to mitigate known trade-offs and enhance scalability …

Persistent link: https://www.econbiz.de/10013334407

How Artificial Intelligence and Machine Learning Can Impact Market Design

Milgrom, Paul R. - 2018

In complex environments, it is challenging to learn enough about the underlying characteristics of transactions so as to design the best institutions to efficiently generate gains from trade. In recent years, Artificial Intelligence has emerged as an important tool that allows market designers...

Persistent link: https://www.econbiz.de/10012453432

The Bidder Exclusion Effect

Coey, Dominic - 2014

We introduce a simple and robust approach to answering two key questions in empirical auction analysis: discriminating … between models of entry and quantifying the revenue gains from improving auction design. The approach builds on Bulow and … and auction formats without requiring instruments or estimation of a complex structural model. We demonstrate the approach …

Persistent link: https://www.econbiz.de/10012458142

Refinancing Frictions, Mortgage Pricing and Redistribution

Berger, David; Milbradt, Konstantin; Tourre, Fabrice; … - National Bureau of Economic Research - 2024

There are large cross-sectional differences in how often US borrowers refinance mortgages. In this paper, we develop an equilibrium mortgage pricing model with heterogeneous borrowers and use it to show that equilibrium forces imply important cross-subsidies from borrowers who rarely refinance...

Persistent link: https://www.econbiz.de/10014468222

Ethics and Illusions : How Ethical Declarations Shape Market Behavior

Barrios, John M.; Bertomeu, Jeremy; Lunawat, Radhika; … - National Bureau of Economic Research - 2024

privately-informed sellers issue a public report prior to a first-price auction. We find that while signing an ethical statement …

Persistent link: https://www.econbiz.de/10014528424

Corporate Social Responsibility

Hong, Harrison G.; Shore, Edward P. - National Bureau of Economic Research - 2022

Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or non-pecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we categorize the literature into seven tests: (1) costs of...

Persistent link: https://www.econbiz.de/10013477263

Asset Pricing with Panel Tree Under Global Split Criteria

Cong, Lin William; Feng, Guanhao; He, Jingyu; He, Xin - National Bureau of Economic Research - 2022

We develop a new class of tree-based models (P-Tree) for analyzing (unbalanced) panel data utilizing global (instead of local) split criteria that incorporate economic guidance to guard against overfitting while preserving interpretability. We grow a P-Tree top-down to split the cross section of...

Persistent link: https://www.econbiz.de/10013477297

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