Kose John,Thomas Rivera, Fahad Saleh May 24,2022
Working Paper No.00076-00
We study the equilibrium level of staking in a Proof-of-Stake blockchain when investors have different trading horizons. We find that,... Read More
Jian Li. , Zhiguo He Jun 03,2022
Working Paper No.00078-00
The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We... Read More
Garud Iyengar,Jay Sethuraman,Wenjun Wang, Fahad Saleh Jun 30,2022
Working Paper No.00079-00
We examine a supply chain with a single risk-averse manufacturer who purchases from vendors and sells to consumers. Within this... Read More
Joel Hasbrouck,Thomas Rivera, Fahad Saleh Aug 17,2022
Working Paper No.00080-00
We demonstrate that increasing trading fees at a decentralized exchange (DEX) can increase DEX trading volume. This result arises due... Read More
Thierry Foucault,Stefano Lovo, Jean-Edouard Colliard Oct 27,2022
Working Paper No.00081-00
We let “Algorithmic Market-Makers” (AMMs), using Q-learning algorithms, choose prices for a risky asset when their clients are privately informed... Read More
Guillermo Ordonez, Vincent Glode Nov 01,2022
Working Paper No.00082-00
We model firms' allocation of resources between surplus-creating (a.k.a., productive) and surplus-appropriating (a.k.a., rent-seeking) activities. We show that industry-wide technological... Read More
Aydogan Alti, Jonathan Cohn Nov 01,2022
Working Paper No.00083-00
We present a model in which informed experts intermediate in the market for going public by acquiring private firms and... Read More
Kose John,Thomas Rivera, Fahad Saleh Nov 01,2022
Working Paper No.00075-01
We compare the economic implications of scaling blockchains under the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus protocols. We study an... Read More
Alice Hsiaw, Ing-Haw Cheng Nov 14,2022
Working Paper No.00047-01
Why do individuals interpret the same information differently? We propose that individuals follow Bayes' Rule when forming posteriors with one exception:... Read More
Chaojun Wang Nov 14,2022
Working Paper No.00084-00
On many important multi-dealer platforms, customers mostly request quotes from very few dealers. I build a model of multi-dealer platforms... Read More