Tepper School of Business

 

 

 

 

 

45-871 Trade and Investment Strategy (draft for 2021/22)

 

Robert A. Miller  ramiller@cmu.edu

 

 

 

 

 

 

 

 

 

Syllabus

Assignment 1

Assignment 2

Take Home Exam

Strategic Play - Draft

 

SCHEDULE

 

 

Monday October 26:              

Wednesday October 28:        

 

Monday November 2:            

Wednesday November 4:      

 

Monday November 9:            

Wednesday November 11:    

 

Monday November 16:          

Wednesday November 18:    

 

Monday November 30:          

Wednesday December 2:       

 

Monday December 7:            

Wednesday December 9:       

 

           

 

LECTURE

 

 

1 Texas CD Auctions

2 Auction Formats

 

3 Revenue Equivalence

4 Procurement Contracts

 

5 Limit Order Markets

6 Liquidity and Market Dynamics

 

7 Arbitrage Pricing

8 Price Discovery

 

9 Lifecycle Consumption Smoothing

10 Uncertainty and Risk

 

11 Portfolio Investment

12 Governance

 

 

BREAKOUT SESSIONS

 

 

Discussion Questions on Texas CD Auctions

Discussion Questions on Auction Formats

 

Discussion Questions on Revenue Equivalence

Private Value Auctions for Multiple Units

 

Discussion Questions on Procurement Contracts

 

 

Discussion Questions on Limit Order Markets

Discussion Questions on Liquidity and Market Dynamics

 

Discussion Questions on Liquidity and Market Dynamics

Discussion Questions on Arbitrage Pricing

 

 

 

SUPPLEMENTARY MATERIAL

 

 

Bidding Frictions in Ascending Auctions

Auction game (right click to save)

 

First Price Sealed bid Auction Game (right click to save)

English Auction Game (right click to save)

 

Winning by Default: Why is There so Little Competition in Government Procurement?

 

 

Landing game (right click to save)

 

 

Recycling game (right click to save)

Estimating the Gains from Trade in Limit Order Markets

 

 

Currency game (right click to save)