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...

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...

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...

In this paper, which is a continuation of the discrete time paper, we develop a theory for continuous time stochastic control problems which, in various ways, are time inconsistent in the sense that they do not admit a Bellman optimality principle. We study these problems within a game theoretic...

In this paper, which is a continuation of a previously published discrete time paper, we study a class of continuous time stochastic control problems which, in various ways, are time inconsistent in the sense that they do not admit a Bellman optimality principle. We study these problems within a...

This paper develops a framework to study general equilibrium implications for an economy in which agents are allowed to have dynamically inconsistent time and risk preferences. This framework accommodates, but is not limited to, the following settings: (1) non-exponential discounting; (2)...