Dear colleagues,

 
          LTI@UniTO (www.carloalberto.org/lti)
              and Collegio Carlo Alberto are pleased to invite you to
              the following webinar in Finance:


        

        
        “Equilibrium
            Bid-Price Dispersion”
        Speaker:
            Albert Menkveld (VU Amsterdam), https://albertjmenkveld.com/about/

              
        Abstract:
            If bidding in a common-value auction is costly and if
            bidders do not know how many others are also bidding, all
            equilibria are in mixed strategies. Participation is
            probabilistic and bid prices are dispersed. The symmetric
            equilibrium is unique and yields simple analytic
            expressions. We use them to, for example, show that bid
            prices exhibit negative skewness. The expressions are
            further used to estimate the model based on bidding on an
            S&P500 security. We find that the number of bidders
            declined over time, making liquidity supply fragile.
        You can
              join the webinar via zoom at the following link:

https://us02web.zoom.us/j/81439851376?pwd=YUFsWXFvNldTaEMrTW55VE5kaXJiQT09

Meeting ID: 814 3985 1376 Passcode: 753282

Best regards,

Luca Regis

-- 
Luca Regis
Associate Professor
Department of Economics and Statistics (ESOMAS)
University of Torino
sites.google.com/view/lucaregis
Office: +39 011 670 6065
www.carloalberto.org/lti