In the following paper we analyze the strategic competition between fast and slow traders. The model of Kyle (1985) is adapted to analyze the effect of speed in such a model. A High Frequency Trader (HFT) is defined as a trader that has the ability to react to information faster than other...

This paper analyses strategic market allocation by two auctioneers holding substitutes. It characterizes both the cooperative and competitive outcomes. Under cooperation or competition with close substitutes, bidders are allocated according to the expected total surplus each generates. This...

This paper analyses strategic market allocation by two auc- tioneers holding substitutes. It characterizes both the cooperative and com- petitive outcomes. Under cooperation or competition with close substitutes, bidders are allocated according to the expected total surplus each generates. This...

We analyze non-cooperative Ramp;D investment by two firms that already hold patents that they can assert against each other with probabilistic success. The market structure results from stochastic innovation and patent litigation. Depending on the level of infringement fees, we highlight...