Thomas Philippon, Cecilia Parlatore Apr 26,2022
We develop a tractable framework to study the optimal design of stress scenarios. A principal wants to manage the unknown risk... Read More
Kose John,Thomas Rivera, Fahad Saleh May 24,2022
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
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
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
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
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
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
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
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
Why do individuals interpret the same information differently? We propose that individuals follow Bayes' Rule when forming posteriors with one exception:... Read More