Dear all,

you are all invited to participate to the following seminar on Tuesday 23th of January 2023 at 16:00 in Aula Seminari Demografica 2062 at University of Milano Bicocca (via degli Arcimboldi 8, Milano - building U7, 2nd floor):

Speaker: 
Alessandro Doldi (University of Florence)
 
Titolo: Collective Arbitrage and the Value of Cooperation

Abstract:
The paper aims at extending the classical Arbitrage Pricing Theory to a scenario where N agents engage in financial market investments and are permitted to collaborate through exchanges. Within this framework, we introduce the concepts of Collective Arbitrage and Collective Super-replication. Subsequently, we establish versions of the fundamental theorem of asset pricing and the pricing-hedging duality tailored to this cooperative setting. Illustrative examples demonstrate the advantages of our proposed approach. The novel notions of Collective Arbitrage and Collective Super-replication highlight the pivotal role of cooperation and the multidimensional aspect. Notably, when there is only a single agent involved, the theory reduces to the classical one.


Best wishes,

Emanuela

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Emanuela Rosazza Gianin
Dipartimento di Statistica e Metodi Quantitativi 
Università di Milano-Bicocca
Via Bicocca degli Arcimboldi, 8
20126 Milano

Tel. 02 64483208
e-mail: emanuela.rosazza1@unimib.it

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