We study implications of asymmetries in both preferences and fundamentals for put option demand across investors and the resulting market behavior. A heterogenous-agent model populated by investors with asymmetric preferences alongside standard risk-averse agents rationalizes the size and the...

We run a randomized online experiment to study the impact of trading platform gamification on retail traders' risk taking. We recruit 605 participants from four countries, two-thirds of them reporting self-directed trading experience, to trade a virtual asset on an experimental platform. The...

Exchanges implement intentional trade delays to limit the harmful impact of low-latency trading. Do such "speed bumps" curb investment in fast trading technology? Data is scarce since trading technologies are proprietary. We build an experimental trading platform where participants face speed...

Faster trading improves liquidity in periodic call auction markets, in contrast to continuous-timemarkets. We build a model where high-frequency traders (HFTs) engage in duels to trade onstale quotes. More frequent periodic auctions increase the likelihood that a single HFT arrives inany given...