We analyze security price formation in a dynamic setting in which long-lived dealers repeatedly compete for trading with short-lived retail traders. We characterize equilibria in which dealers' dynamic pricing strategies are optimal no matter the private information each dealer may possess....

This paper studies a mechanism design model where the players and the designer are nodes in a communication network. We characterize the communication networks (directed graphs) for which, in any environment (utilities and beliefs), every incentive compatible social choice function is partially...

We consider a Bayesian persuasion problem where the persuader and the decision maker communicate through an imperfect channel that has a fixed and limited number of messages and is subject to exogenous noise. We provide an upper bound on the payoffs the persuader can secure by communicating...