Tepper School of Business






45-871 Trade and Investment Strategy

Robert A. Miller  ramiller@cmu.edu











Assignment 1

Assignment 2

Assignment 3

Assignment 4

Take Home Exam

Strategic Play - Draft





Monday October 25:              

Wednesday October 27:        


Monday November 1:            

Wednesday November 3:      


Monday November 8:            

Wednesday November 10:    


Monday November 15:          

Wednesday November 17:    


Monday November 22:          

Wednesday November 24:    


Monday November 29:          

Wednesday December 1:       


Monday December 6:

Wednesday December 8:


Monday December 13:          






Texas CD Auctions

Auction Formats


Revenue Equivalence



Limit Order Markets

Liquidity and Market Dynamics


Trading on an LOM Platform

Arbitrage Pricing


Price Discovery

Thanksgiving Break


Uncertainty and Risk

Lifecycle Consumption Smoothing


Portfolio Investment



Games for Grades and Course Review




Discussion Questions on Texas CD Auctions

Discussion Questions on Auction Formats


Discussion Questions on Auction Design






Discussion Questions on Markets for Docking









Discussion Questions on Portfolio Investment




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)


Landing Game (right click to save)

Estimating the Gains from Trade in Limit Order Markets


Recycling Game (right click to save)

Telecommunication  Providers (right click to save)


Currency game (right click to save)