时间
2020年10月23日12:30-14:00
地点
经济学院305会议室
主讲人
吴偎立 副教授
主持人
高明 副教授
论文题目
Endogenous Information Acquisition of Multi-Dimensional Information in a Strategic Trading Model
报告摘要
We analyze a strategic trading model with endogenous acquisition of multi-dimensional costly private information under integer constraints on the number of informed traders. We find that integer constraints, coupled with the interactions among different types of informed traders, lead to multiplicity and nonexistence of equilibria in the information market. Multiplicity stems either from information substitutability or from information complementarity, and nonexistence stems from the combined effect of information substitutability and information complementarity. Integer constraints also lead to asymmetric equilibria even when the model setup is symmetric. Under integer constraints, the fixed point theorem is no longer applicable and new methodologies are developed to prove the existence of equilibria as well as to find specific solutions for equilibria.
主讲人介绍
吴偎立博士，现任中央财经大学金融学院应用金融系副教授。他的研究领域是资产定价理论、委托代理理论、实证资产定价和公司金融，迄今在国内外著名学术期刊，包括Journal of Economic Theory、Journal of Futures Markets、《经济学季刊》、《金融研究》等发表论文十余篇。他于北京大学先后取得物理学学士和经济学博士学位。
供稿 | 经济学院学术午餐会
供稿人 | 高明
美编 | 山竹
责编 | 量子、禾雨、予天
