11 research outputs found
Repeated games with asymmetric information and random price fluctuations at finance markets : the case of countable state space
No full textThis paper is concerned with multistage bidding models introduced by De Meyer and Moussa Saley (2002) to analyze the evolution of the price system at finance markets with asymmetric information. The zero-sum repeated games with incomplete information are considered modeling the bidding with countable sets of possible prices and admissible bids. It is shown that, if the liquidation price of a share has a finite variance, then the sequence of values of n-step games is bounded and converges to the value of the game with infinite number of steps. We construct explicitly the optimal strategies for this game. The optimal strategy of Player 1 (the insider) generates a symmetric random walk of posterior mathematical expectations of liquidation price with absorption. The expected duration of this random walk is equal to the initial variance of liquidation price. The guaranteed total gain of Player 1 (the value of the game) is equal to this expected duration multiplied with the fixed gain per step.Multistage bidding, asymmetric information, repeated games, optimal strategy.
Repeated games with asymmetric information and random price fluctuations at finance markets
No full textMultistage bidding, Transaction prices, Repeated games with asymmetric information, Random walk,
Repeated games with asymmetric information modeling financial markets with two risky assets
No full textWe consider multistage bidding models where two types of risky assets (shares) are traded
between two agents that have different information on the liquidation prices of traded
assets. These prices are random integer variables that are determined by the initial
chance move according to a probability distribution p over the
two-dimensional integer lattice that is known to both players. Player 1 is informed on the
prices of both types of shares, but Player 2 is not. The bids may take any integer values.
The model of n-stage bidding is reduced to a zero-sum repeated game with
lack of information on one side. We show that, if liquidation prices of shares have finite
variances, then the sequence of values of n-step games is bounded. This makes it
reasonable to consider the bidding of unlimited duration that is reduced to the infinite
game G∞(p). We give the solutions for these
games. Optimal strategies of Player 1 generate random walks of transaction prices. But
unlike the case of one-type assets, the symmetry of these random walks is broken at the
final stages of the game
Repeated games with asymmetric information and random price fluctuations at finance markets : the case of countable state space
No full textURL des Documents de travail : http://ces.univ-paris1.fr/cesdp/CESFramDP2009.htmClassification JEL : C73, D82, D44.Documents de travail du Centre d'Economie de la Sorbonne 2009.40 - ISSN : 1955-611XThis paper is concerned with multistage bidding models introduced by De Meyer and Moussa Saley (2002) to analyze the evolution of the price system at finance markets with asymmetric information. The zero-sum repeated games with incomplete information are considered modeling the bidding with countable sets of possible prices and admissible bids. It is shown that, if the liquidation price of a share has a finite variance, then the sequence of values of n-step games is bounded and converges to the value of the game with infinite number of steps. We construct explicitly the optimal strategies for this game. The optimal strategy of Player 1 (the insider) generates a symmetric random walk of posterior mathematical expectations of liquidation price with absorption. The expected duration of this random walk is equal to the initial variance of liquidation price. The guaranteed total gain of Player 1 (the value of the game) is equal to this expected duration multiplied with the fixed gain per step.Cet article s'intéresse aux modèles d'enchères multipériodes introduit par De Meyer et Moussa Saley (2002) pour analyser l'évolution du système des prix sur les marchés financiers avec information asymmetrique. Des jeux répétés à somme nulle et information incomplète sont utiliser pour modéliser les offres avec des ensembles dénombrables de prix possibles et d'offres admissibles. Cet article montre que si la valeur de liquidation d'un actif a une variance finie, alors la suite des valeurs du jeux en n étapes est bornée et converge vers la valeur du jeu infiniment répété. Les stratégies optimales sont construites explicitement pour ce dernier jeu. La stratégie optimale du joueur informé génère une marche aléatoire symétrique absorbée représentant les espérances conditionnelles successives de la valeur de liquidation. Le temps moyen avant absorption de cette marche aléatoire est égal à la variance initiale de cette valeur de liquidation. La valeur de ce jeu est égal à cette durée moyenne multipliée par un gain fixe par étape
Repeated games with asymmetric information and random price fluctuations at finance markets : the case of countable state space.
No full textThis paper is concerned with multistage bidding models introduced by De Meyer and Moussa Saley (2002) to analyze the evolution of the price system at finance markets with asymmetric information. The zero-sum repeated games with incomplete information are considered modeling the bidding with countable sets of possible prices and admissible bids. It is shown that, if the liquidation price of a share has a finite variance, then the sequence of values of n-step games is bounded and converges to the value of the game with infinite number of steps. We construct explicitly the optimal strategies for this game. The optimal strategy of Player 1 (the insider) generates a symmetric random walk of posterior mathematical expectations of liquidation price with absorption. The expected duration of this random walk is equal to the initial variance of liquidation price. The guaranteed total gain of Player 1 (the value of the game) is equal to this expected duration multiplied with the fixed gain per step.Multistage bidding, asymmetric information, repeated games, optimal strategy.
Dialogue as a Literary Concept
No full textThis article is devoted to the consideration of the concept of “dialogue” as a literary phenomenon. It provides different options for using the concept of “dialogue” in different contexts, such as dialogue of cultures, timeless dialogue between authors and their texts (intertextuality), as well as the dialogue between the author and the reader through the text of a work of art and the dialogue between the reader and the text. The various meanings of the above term are revealed, for example, interaction and interpenetration of different cultures, a reflection of socio-cultural changes in society and the country by the authors of works, dialogues of characters as an element of artistic speech, and composition of a work. At the same time, it is noted that dialogue as a form of artistic speech performs its functions in each literary genus, and each has its own characteristics. This article is based on the study of opinions on the essence of the dialogue of such famous literary scholars of the past as M. Bakhtin, R. Barth, G. Bloom, as well as the works of modern scientists A. Valipur, V. Domansky, M. Krongauz, and A. Smolina. When writing the article, the cultural-historical, historical-theoretical method, the method of comparative studies, and the method of hermeneutics were used. As a result of the research carried out, a conclusion was made about the versatility and scale of the concept of “dialogue” in literary criticism, as well as the importance and necessity of analyzing dialogue from various angles. This article can be used by students-philologists in preparation for practical classes within the discipline “Theory of Literature”, as well as when writing term papers, final qualification works, and master's theses in literature; language teachers can rely on the material of the article when preparing for literature lessons at school
Theoretical synthesis in cryology in the era of informational revolution
No full textДля большинства естественнонаучных дисциплин в эпоху ин- формационной революции характерно использование новых методологических возможностей: интенсивной систематизации накопленного ранее материала, выработки общей терминологии, единых подходов к описанию объектов и пред- метов исследования. Однако существует ряд особенностей криологии, делающих организацию зна- ний в ней более актуальной, чем в других науках геолого-географического блока. Эти особенности являются следствием преимущественно специфики самого объекта криологии — Криосферы Земли. Выделены три основные особенности, определяющие специфику Криосферы: аномальные термодинамические и электро- магнитные свойства льда, промежуточная интенсивность водородной связи твердого агрегатного состояния H2O и широкая распространенность криогенных условий, процессов и образований. В качестве основного методологического резерва криологии определено по- строение информационного пространства криологической информации — си- стемы понятий, их четкого и непротиворечивого определения. В основе такого информационного пространства должна лежать онтология «Криосфера Земли», обеспечивающая общность терминологии мультидисциплинарной науки, конвер- генцию ее разнородных компонент, систематизацию информации. Результатом систематизации является преобразование данных и знаний в легко извлекаемые и используемые информационные . In the era of informational revolution most of natural sciences tend to employ new methodological tools: intense systematization of previously accumulated material, developing a common terminology, common approaches to the description of objects and subjects of study. However, there are a number of specific features of cryology that make the organization of knowledge in this field more necessary and urgent than in other geological and geographical sciences. These features normally can be explained by the specific character of the object of cryology studies, i.e. Earth’s Cryosphere. We have identified three factors determining the specific nature of Cryosphere, namely the abnormal thermodynamic and electromagnetic properties of the ice, the intermediate intensity of the hydrogen bond of H2O in the state of aggregation and frequent occurrence of cryogenic conditions, processes and structures. The basic methodological base of cryology is determined as the modeling of an informational space of cryological information, i.e. modeling of a system of concepts, their clear and consistent definitions. The core of this information space should be the ontology “Earth’s Cryosphere” which will provide a common terminology for this multidisciplinary science, the convergence of its diverse components and the systematization of the information. The result is the transformation of the data and knowledge into easily retrieved and used information resources
