Chaojun Wang
Institution
University of Pennsylvania
PhD Year
2017
wangchaojun1988@gmail.com
FTG Membership
Member
Website
https://finance.wharton.upenn.edu/~wangchj/
Featured Work
Nov 14, 2022
The Limits of Multi-Dealer Platforms
On many important multi-dealer platforms, customers mostly request quotes from very few dealers. I build a model of multi-dealer platforms where dealers strategically choose to respond or ignore a request. If the customer contacts more dealers, every dealer responds with a lower probability and offers a stochastically worse price when responding. These two negative effects overturn the customer's benefit from potentially receiving more quotes, worsening...
