We study the dynamics of bid-ask spread and trading volume using a multi-period trading model with asymmetric information and oligopolistic market makers. Market makers optimally make offsetting trades in "bid" and "ask" markets by adjusting bid and ask prices/depths to avoid holding...

We examine optimal information disclosure through Bayesian persuasion in a two-player contest. One contestant's valuation is commonly known and the other's is his private information. The contest organiser can precommit to a signal to in uence the uninformed contestant's belief about the...