This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a middleman mode by which an intermediary holds inventories...

We develop a model to study the impacts of speculative position limits in commodity futures market. In the spirit of Dodd-Frank Act, regulators believe that position limit on speculators would dampen futures price volatility and prevent market manipulation. We show that this is not true due to...

This paper rationalizes the LASSO algorithm based on uncertain fat-tail priors and max-min robust optimization. Our rationalization excludes heuristic learning or restrictive prior assumptions in the original interpretation of LASSO (Tibshirani (1996)). In our setting, economic agents...

We study the impact of investors’ benchmarking concerns on market efficiency and asset pricing. Both separative and integrative learning technologies are examined as investors allocate limited attention across assets. We show that benchmarking can increase the price informativeness of...

Thiophosphate compounds have attracted much attention in coordination chemistry, but their deep adsorption mechanism remains underexplored as flotation collectors. The flotation performance and adsorption mechanism of a novel (dibutoxy-thiophosphorylsulfanyl)-acetic acid (CDDP) chelating...