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UID:bff578225630cc07ee872c248877d01f
CATEGORIES:Seminars
CREATED:20150105T162329
SUMMARY:Aleksander Berentsen - University of Basel
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Limelight on Dark Markets: Theory a
 nd Experimental Evidence on Liquidity and Information</strong></p><p style=
 "text-align: justify;">Abstract:</p><p style="text-align: justify;">This pa
 per investigates how informational frictions affect asset liquidity in OTC 
 markets both in theory and in a laboratory setting. Subjects, matched pairw
 ise at random, trade divisible commodities that have different private valu
 es for a divisible asset with a common value. The asset’s role as a medium 
 of exchange can be affected by its lack of "recognizability." The benchmark
  is a two-dimensional OTC bargaining game with complete information. In the
  adverse selection experiments, some subjects have private information abou
 t the asset’s terminal value. In the hidden action experiment, some subject
 s can produce fraudulent assets at some cost. Finally, we allow subjects to
  choose their holdings of the liquid asset, where the asset can vary in ter
 ms of its rate of return and recognizability property.</p>
DTSTAMP:20260406T133351Z
DTSTART:20140414T173000Z
DTEND:20140414T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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