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
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
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
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
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
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
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
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