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We solve the problem of optimal inventory management for a CARA market-maker who faces proportional transaction costs and marking to market. Our model accommodates inventory shocks following an arbitrary compound Poisson process. We show that the no-tradin ...
In this paper, we introduce a model of a financial market as a multiagent repeated game where the players are market makers. We formalize the concept of market making and the parameters of the game. Our main contribution is a framework that combines game t ...
Understanding the land market is crucial when analyzing the spatial dynamics of cities. Spatial models, which are widely used to describe the growth of cities, are underdeveloped in Africa, due in part to the lack of urban data and/or the difficulty of col ...
In the chapter ``When to Introduce Electronic Trading Platforms in Over-the-Counter Markets?'' An equilibrium in a market is determined in which traders have the choice between using an electronic platform with a request-for-quote protocol or calling a dea ...
I study a protectionist anti takeover law introduced in 2014 that covers a subset of all firms in the economy. The law decreased affected firms' likelihood of becoming the target of a merger or acquisition and had a negative impact on shareholder value. Th ...
With nominal wage rigidities, it is crucial to distinguish whether wages are set by workers or firms — whether we have monopoly or monopsony power. This paper provides a model of monopsony power in the labour market and a monopsonistic Phillips Curve. If w ...
Globalization implies profound changes in territories that involve the emergence of major urban renewal projects. It has the effect of increasing competition between metropolises. In order to make a place for themselves in this increasingly competitive glo ...
Modern datacenters need to tackle efficiently the increasing demand for computing resources while minimizing energy usage and monetary costs. Power market operators have recently introduced emerging demand-response programs, in which electricity consumers ...
Despite regulatory efforts to promote all-to-all trading, the post-Dodd-Frank index credit default swap market remains two-tiered. Transaction costs are higher for dealer-to-client than interdealer trades, but the difference is explained by the higher, lar ...
Digital technologies are enabling the transformation of the established market boundaries and business models of the cinema industry, bringing opportunities for a reconfiguration of the conceptual framework of movie content distribution through movie theat ...
