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DTSTAMP:20260803T142311
DTSTART;TZID=America/Detroit:20260916T160000
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SUMMARY:Workshop / Seminar:Optimal Contract\, Delegated Investment\, and Information Acquisition
DESCRIPTION:We study a model of delegated investment within a noisy rational expectations equilibrium framework. Portfolio managers can acquire costly private information about asset payoffs but incur portfolio management costs\, and are compensated by investors to make investment decisions on their behalf. We show that the optimal contract features a benchmark component that mitigates the agency frictions arising from portfolio management costs. The precision of managers' private information is determined endogenously in market equilibrium\, with private and public information acting as substitutes. As portfolio management costs increase\, both the performance-based and benchmark components of the optimal contract become more sensitive to investment outcomes\, while fewer private signals are incorporated into prices\, reducing market informational efficiency. We further show that when a social planner places sufficient weight on the welfare of direct investors and liquidity providers\, the socially optimal equilibrium achieves greater price informational efficiency than the decentralized equilibrium. The talk will focus on the interaction between optimal contracting\, information acquisition\, and market efficiency\, together with the economic intuition underlying these results.
UID:149582-21906724@events.umich.edu
URL:https://events.umich.edu/event/149582
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:Mathematics
LOCATION:East Hall - 1360
CONTACT:
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DTSTAMP:20260913T104936
DTSTART;TZID=America/Detroit:20260916T160000
DTEND;TZID=America/Detroit:20260916T170000
SUMMARY:Workshop / Seminar:Student AIM Seminar: An Informal Discussion on the Evolving Role of AI in Mathematics: Perspectives on PDEs and Beyond
DESCRIPTION:With recent headlines highlighting AI-assisted progress on the Navier-Stokes problem\, questions about AI's capabilities – and how we attribute human vs. machine contributions – are more pressing than ever. Join us for an informal Q&A and open conversation with Professor Zaher Hani and our AI consultant Gokul Nair as we navigate this rapidly shifting landscape. Though it will take some time for the mathematical community to become familiarized with the results from last week\, we invite you to bring questions about the foundational results that led to the recent breakthroughs as well as the broader impacts of AI on PDEs and mathematics as a whole.
UID:152053-21912770@events.umich.edu
URL:https://events.umich.edu/event/152053
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:Applied Mathematics,Generative Ai,Mathematics
LOCATION:East Hall - 3088
CONTACT:
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