Elon Tusk @srs@schelling.pt
Joint work with my colleagues from @goetheuni and @HPI_DE.
Related work: E.g.: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2541114, https://arxiv.org/abs/1407.5305
Result 2: Not so much otherwise (e.g. concave price impact and partial implementation shortfall). Then we might not even have an equilibrium. It also matters how much insts. can re-organize their portfolio responding to shocks.
Result 1: Things are rel. stable if price impact is convex or if institutions need to fully absorb their implementation shortfall. Then there is a lattice of equilibria and the social optimum is also a strong equilibrium; iterative processes converge there well.
Research Question: How does the microstructure of the market (specifically, price impact) affect the structure & convergence to equilibria in the fire sales game?
Central phenomenon: Sales by one institution trigger price depreciations, violating other institutions' leverage constraints, who then need to sell in turn. This leads to a cascade. Low prices may further incentivize runs on an asset.
Model: Institutions each hold a portfolio of different assets. The asset × institution relation forms a network of overlapping portfolios. Institutions strategically sell their assets, maximizing equity and satisfying a leverage constraint. Equilibria are static (no timing).
Upcoming working paper: Leverage constraints can create systemic risk b/c institutions have to sell when prices drop. We show: Equilibrium structure & convergence depends on the shape of price impact. 🧵
When was Lufthansa's economy menu reduced to literally a small bottle of water? Is this covid opportunism?
RT @BroductManager
*heart palpitating after 4th cold brew*
yes haha.. this $3000 mattress is a total game changer for my sleep
RT @metam0nkey
i agree with all of this, but even the file metaphor has been shredded to bits - most people interact with applications on mobile/web, where your files are totally hidden from you, and vendor lock-in is incredibly common
before making new metaphors we should revive existing ones https://twitter.com/adamtowerz/status/1443505907208392707
He's missing the point here, though: it doesn't matter who someone is or what else he did. How about: we can't let Google kick *anyone* off their platform without reasonable due process?
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RT @ggreenwald
Break up Big Tech monopolies like Google and, in the meantime, use the alternative platforms that guarantee free discourse.
Ron Paul was elected to the Congress 12 times, crusaded against the Drug War, civil liberties assaults and im…
https://twitter.com/ggreenwald/status/1443663481413246981
RT @GyroStable
But it’s important to remember that an innovative idea is only as good as its execution.
Curious what we have worked on? Check a sneak peak of our now implemented (!) work that is based around a set of primary and secondary markets:
RT @GyroStable
Happy to see our ideas from @GyroStable spread across the wider ecosystem! That’s the point of sharing ideas openly.
Gyro’s ambition has been to make DeFi stronger by creating a next-gen SC. This necessarily involves complex designs to balance a space of countless SC trade-offs.
No hastags = normal tweet.
1 hashtag = sarcastic tweet.
> 1 hashtag = omfg, def an ad, completely useless, block them, their followers, and their family.
One issue is that people really only need one dose at a time, so individual quantities will be very small, making the whole op a bit inefficient. OTOH there should be comparatively large willingness to pay, so it's prob fine.
🤔 Texas abortion pill darknet black market 🤔
Wow. This was by far my most successful tweet yet. I take from this that I should def be tweeting more about politics right?? What could possibly go wrong?!
Day after the election in Germany. Suicide ("Selbstmord") is trending on Twitter.
The problem with larger-than-life public figures is: they're just not.
https://youtu.be/uI5ZsEy8ASg
