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 ****************************************** 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 ******************************************