Abstract We investigate the puzzle of widespread participation in cryptocurrency pump-and-dump manipulation schemes. Unlike stock market manipulators, manipulators openly declare their intentions to pump specific coins, rather than trying deceive investors. Puzzlingly, people join despite negative expected returns. In a simple framework, we demonstrate how overconfidence and gambling preference...

In this note we show that the results developed in Singh and Vives (1984) are sensitive to the duopoly assumption (Rand Journal of Economics 15, 546-554). If there are more than two firms, prices may be higher under price competition than under quantity competition. This will be the case if quality differences are large and goods are complements. If goods are substitutes, high-quality firms may...

ELECTIONS AND ASSET PRICING: THE POLITICALLY SENSITIVE EQUITY OF US MILITARY CONTRACTORS by

In recent years, active filters have been considered and developed for elimation of harmonics in power networks. Comparing with passive, they are smaller and have better compensating characteristics and resistance to line distortions. In this paper, a novel idea based on adaptive filter theory in presented to develop an active filter to eliminate the distortions of an arbitrary signal. Using th...

In contrast with the classical models of frictionless financial markets, market models with proportional transaction costs, even satisfying usual no-arbitrage properties, may admit arbitrage opportunities of the second kind. This means that there are self-financing portfolios with initial endowments laying outside the solvency region but ending inside. Such a phenomenon was discovered by M. Rás...

Focus is here on coalitional games among economic agents plagued by aggregate pollutions of diverse sorts. Defecting players presumably pollute more than others. Then, granted convex preferences and technologies, the core is proven nonempty. In fact, under natural assumptions, a specific, computable core solution comes in terms of shadow prices on the said aggregates. Such prices may, in large ...