Dear all,

Please note that, because of the strike of public transports, the talk of Peter Tankov here below will take place

*On March 8, 2023 at 15.00,** Aula Dottorato, First Floor,* Dipart. Matematica, Università di Milano, Via Saldini 50, Milano.

Best regards,

Emanuela

---------- Forwarded message --------- Da: Emanuela Rosazza Gianin emanuela.rosazza1@unimib.it Date: ven 3 mar 2023 alle ore 16:55 Subject: De Finetti Risk Seminar - March 8, 2023 To: random random@fields.dm.unipi.it

On behalf of the Scientific Committee of the "B. de Finetti Risk Seminars, Milano Lectures on the Mathematical Theory of Economics and Finance”, we are glad to invite you to participate at the following Lecture:

Peter Tankov ENSAE Paris, France

Title: Decarbonization dynamics of a large financial market: a mean-field game approach

Abstract: We build a model of a financial market where a large number of firms determine their emission strategies under climate transition risk in the presence of both green-minded and neutral investors. The firms maximize a criterion depending on their financial performance (determined by the equilibrium share price), and their environmental performance. The interaction between the firms takes place through the stochastic discount factor, determined in equilibrium by the investors' preferences. We formalize the problem in the setting of mean-field games and prove the existence and uniqueness of a Nash equilibrium for firms. We then present a convergent numerical algorithm for computing this equilibrium and illustrate the impact of climate transition risk and the presence of green-minded investors on the market decarbonization dynamics and share prices in a variety of settings.

LOCATION: The seminar will be held on *March 8, *2023 at *18.00,* Aula Di Rappresentanza, Dipart. Matematica, Università di Milano, Via Saldini 50, Milano.

Scientific Committee

Prof. Simone Cerreia-Voglio (Univ. Bocconi) Prof. Marco Frittelli (Univ. degli Studi di Milano) Prof. Fabio Maccheroni (Univ. Bocconi) Prof. Marco Maggis (Univ. degli Studi di Milano) Prof. Massimo Marinacci (Univ. Bocconi) Prof. Emanuela Rosazza Gianin (Univ. Milano-Bicocca)

****************************************** Emanuela Rosazza Gianin Dipartimento di Statistica e Metodi Quantitativi Università di Milano-Bicocca Edificio U7 – 4° Piano Via Bicocca degli Arcimboldi, 8 20126 Milano

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

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