We study tacit collusion in repeated auctions in which bidders can only observe past winners and not their bids. We adopt a stringent interpretation of tacit collusion as collusion without communication about strategies that we model as a symmetry restriction on repeated game strategies:...

The paper focuses on the problem of pricing and hedging a European contingent claim for an incomplete market model, in which evolution of price processes for a saving account and stocks depends on an observable Markov chain. The pricing function is evaluated using the martingale approach. The...

The paper focuses on the problem of pricing and hedging a European contingent claim for an incomplete market model, in which evolution of price processes for a saving account and stocks depends on an observable Markov chain. The pricing function is evaluated using the martingale approach. The...