We propose a framework to study the optimal liquidation strategy in a limit order book for large-tick stocks, with the spread equal to one tick. All order book events (market orders, limit orders and cancellations) occur according to independent Poisson processes, with parameters depending on...

We investigate the endogenous pool formation of three patents and the associated welfare effect in a framework à la Lerner and Tirole (2004), by using the notion of equilibrium binding agreements (Ray and Vohra 1997). We show that, when three-patent combination is synergistic, the complete pool...