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UID:bff578225630cc07ee872c248877d01f
CATEGORIES:Seminars
CREATED:20150105T162329
SUMMARY:Aleksander Berentsen - University of Basel
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Limelight on Dark Markets: Theory and Experimental Evidence on Liquidity an
 d Information\nAbstract:\nThis paper investigates how informational frictio
 ns affect asset liquidity in OTC markets both in theory and in a laboratory
  setting. Subjects, matched pairwise at random, trade divisible commodities
  that have different private values for a divisible asset with a common val
 ue. 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 subje
 cts have private information about the asset’s terminal value. In the hidde
 n action experiment, some subjects can produce fraudulent assets at some co
 st. Finally, we allow subjects to choose their holdings of the liquid asset
 , where the asset can vary in terms of its rate of return and recognizabili
 ty property.\n
DTSTAMP:20260406T133035Z
DTSTART:20140414T173000Z
DTEND:20140414T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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