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In this paper we propose a simple binary mean field game, where N agents may decide whether to trade or not a share of a risky asset in a liquid market. The asset's returns are endogenously determined taking into account demand and transaction costs. Agents' utility depends on the aggregate...
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In the presence of scientific uncertainty many actions may end up in a catastrophic event. Many argue that in such cases the precautionary principle should be adopted. Unfortunately this principle is not clear-cut. The main purpose of this paper is to set up a model, which allows establishing...
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