• A
  • A
  • A
  • АБВ
  • АБВ
  • АБВ
  • A
  • A
  • A
  • A
  • A
Обычная версия сайта
  • RU
  • EN
  • HSE University
  • Publications
  • Book chapter
  • Теоретико-игровая модель биржевых торгов со случайным моментом раскрытия инсайдерской информации
  • RU
  • EN
Расширенный поиск
Высшая школа экономики
Национальный исследовательский университет
Priority areas
  • business informatics
  • economics
  • engineering science
  • humanitarian
  • IT and mathematics
  • law
  • management
  • mathematics
  • sociology
  • state and public administration
by year
  • 2028
  • 2027
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 2001
  • 2000
  • 1999
  • 1998
  • 1997
  • 1996
  • 1995
  • 1994
  • 1993
  • 1992
  • 1991
  • 1990
  • 1989
  • 1988
  • 1987
  • 1986
  • 1985
  • 1984
  • 1983
  • 1982
  • 1981
  • 1980
  • 1979
  • 1978
  • 1977
  • 1976
  • 1975
  • 1974
  • 1973
  • 1972
  • 1971
  • 1970
  • 1969
  • 1968
  • 1967
  • 1966
  • 1965
  • 1964
  • 1963
  • 1958
  • More
Subject
News
September 18, 2026
When Pictures Hinder Understanding: Illustrations May Impede Learning of Abstract Ideas
Illustrations can help remember specific actions but do not always make abstract ideas easier to learn. Researchers from HSE University and Humboldt University compared how people learn from texts with different levels of abstractness. They found that participants remembered illustrations better and performed better on related tasks after reading a multimedia text about yoga asanas than after reading an abstract text about the Nash equilibrium. The findings could help improve the selection of illustrations for educational and informational materials. The study has been published in Learning and Instruction.
September 17, 2026
'I Wish That People Would Place Greater Trust in Science'
When Tatiana Eremicheva chose Fundamental and Computational Linguistics as her field of study, she thought it would be about learning languages. Instead, she discovered it was about helping people. In this interview for the HSE Young Scientists project, she discusses science as a way of understanding the world, billiards as a team-building activity, and why learning to read is not always as easy as it seems.
September 15, 2026
Immunity to Chaos: How Personal Resources Help Us Cope with the Challenges of a Turbulent World
International conflicts, crises and digital overload—the modern world puts our minds to the test every day. Traditional psychology often focuses on the consequences: anxiety, depression, and psychosomatic disorders. But what if we looked at the problem differently—through the lens of the resources that prevent us from breaking down? Psychological immunity is precisely this set of resources. Alena Zolotareva and her group, Psychological Immunity as a Resource for Positive Functioning, are developing an integrative model of this phenomenon, adapting diagnostic tools and preparing for large-scale empirical research. Why do psychologists need to collaborate with medical professionals, and how could their research transform preventive care in clinics and corporations?

 

Have you spotted a typo?
Highlight it, click Ctrl+Enter and send us a message. Thank you for your help!

Publications
  • Books
  • Articles
  • Chapters of books
  • Working papers
  • Report a publication
  • Research at HSE

?

Теоретико-игровая модель биржевых торгов со случайным моментом раскрытия инсайдерской информации

С. 8358–8362.
Sandomirskaia M.

The paper considers a game-theoretical model of bidding with asymmetric information. One player has the inside information on the liquidation price of risky asset. The model is formalized with the repeated game with incomplete information on the side of uninformed player. We consider the case of external stopping of the game at the random moment. Insider's expected profit in the game of random duration if she applies the strategy optimal in infinite-stage game is obtained. This result allows to calculate the loss of insider in case of sudden disclosure of his private information.

Language: Russian
Full text
Text on another site
Keywords: раскрытие инсайдерской информациибиржевые торгиmultistage biddingdisclosure of inside informationrepeated games with incomplete informationthe simple random walkповторяющиеся игры с неполной информациейпростое случайное блуждание

In book

XII Всероссийское совещание по проблемам управления. ВСПУ-2014. Москва, 16-19 июня 2014 г.: Труды [Электронный ресурс]
М.: Институт проблем управления им. В.А. Трапезникова РАН, 2014.
Similar publications
Эволюция высокочастотной торговли
Iskyandyarov R., Гришина О. А., Вестник Российского экономического университета им. Г.В. Плеханова 2018 № 2 С. 4–10
Present day exchange trade using computer algorithm (or high frequency robots) that can make independent trade decisions and function without man’s involvement is becoming quite usual. Intensive technological upgrading of finance markets fostered the development of high-frequency trade, thus ways of conducting trade transactions were transformed. In line with technology development the speed of transactions ...
Added: February 19, 2023
Распознавание эвристик и обучение в игре «Камень, ножницы, бумага»: экспериментальный подход
Susin I., Chernov G. V., AlterEconomics (ранее - Журнал экономической теории) 2018 № 3 С. 408–419
Классическая теория обучения в повторяющихся играх рассматривает обучение как реакцию на успех или неуспех конкретного выбора в предыдущих периодах игры. Однако на практике возможны и другие правила обучения: например, люди могут подмечать характерные регулярности в поведении оппонента и предсказывать на их основе его дальнейшее поведение. Мы изучаем успешность обучения в соответствии с правилами этого последнего ...
Added: October 26, 2018
Модели биржевых торгов и повторяющиеся игры с неполной информацией: обзор
Kreps V. L., Математическая теория игр и ее приложения 2017 Т. 9 № 3 С. 3–35
With the help of a simplified model of multistage bidding with asymmetrically informed agents De Meyer and Saley demonstrate an idea of endogenous origin of Brownian component in the evolution of prices on stock markets: random price fluctuations may originate from strategic randomization of "insiders". The model is reduced to a repeated game with incomplete ...
Added: October 17, 2017
On Repeated Zero-Sum Games with Incomplete Information and Asymptotically Bounded Values
Sandomirskiy F., Dynamic Games and Applications 2018 Vol. 8 No. 1 P. 180–198
We consider repeated zero-sum games with incomplete information on the side of Player 2 with the total payoff given by the non-normalized sum of stage gains. In the classical examples the value of such an N-stage game is of the order of N or of square root of N, as N tends to infinity. Our aim is to find ...
Added: March 13, 2017
On repeated zero-sum games with incomplete information and asymptotically bounded values
Sandomirskiy F., / NRU Higher School of Economics. Series EC "Economics". 2016. No. 148.
We consider repeated zero-sum games with incomplete information on the side of Player 2 with the total payoff given by the non-normalized sum of stage gains. In the classical examples the value of such an N-stage game is of the order of N or of square root of N, as N tends to infinity. Our ...
Added: September 1, 2016
On repeated zero-sum games with incomplete information and asymptotically bounded values
Sandomirskiy F., / Series arXiv:1509.01727 "Computer Science". 2015.
We consider repeated zero-sum games with incomplete information on the side of Player2 with the total payoff given by the non-normalized sum of stage gains. In the classical examples the value of such N-stage game is of the order of N or square root of N as N tends to infinity.   Our aim is to present a general ...
Added: December 28, 2015
Bidding games with several risky assets and random walks of stock market prices
Kreps V. L., Domansky V. C., Contributions to Game Theory and Management 2014 Vol. 8 P. 21–34
We consider multistage bidding models where several types of risky assets (shares) are traded between two agents that have different information on the liquidation prices of traded assets. These random prices depend on “a state of nature”, that is determined by the initial chance move according to a probability distribution that is known to both ...
Added: December 4, 2015
Repeated bidding games with incomplete information and bounded values: on the exponential speed of convergence
Sandomirskaia M., International Game Theory Review 2017 Vol. 19 No. 1 P. 1650017-1–1650017-7
We consider the repeated zero-sum bidding game with incomplete information on one side with non-normalized total payoff. De Meyer, Marino (2005) and Domansky, Kreps (2005) investigated a game $G_n$ modeling multistage bidding with asymmetrically informed agents and proved that for this game $V_n$ converges to a finite limit $V_\infty$, i.e., the error term is $O(1)$. ...
Added: November 24, 2015
Repeated games of incomplete information with large sets of states
Sandomirskiy F., International Journal of Game Theory 2014 Vol. 43 No. 4 P. 767–789
The famous theorem of R.Aumann and M.Maschler states that the sequence of values of an N-stage zero-sum game G_N with incomplete information on one side converges as N tends to infinity, and the error term is bounded by a constant divided by square root of N if the set of states K is finite. The ...
Added: October 23, 2015
Вариация мартингалов со значениями в вероятностных мерах и повторяющиеся игры с неполной информацией
Sandomirskiy F., Доклады Российской академии наук. Математика, информатика, процессы управления (ранее - Доклады Академии Наук. Математика) 2012 Т. 447 № 3 С. 274–276
При помощи связи между повторяющимися играми с неполной информацией и задачами о максимальной вариации мерозначных мартингалов исследуется максимальная скорость роста значения повторяющихся игр с числом повторений, в случае, если множестов состояний в игре бесконечно. ...
Added: October 23, 2015
Биржевые торги и электронные аукционы: пути перехода к проведению закупок в электронной форме
Байрашев В. Р., В кн.: Государственные и муниципальные закупки – 2014. Сборник докладов.: М.: Юриспруденция, 2014. С. 397–404.
Обсуждаются биржевые торги и электронные аукционы в аспекте возможностей перехода к проведению закупок в электронной форме ...
Added: January 15, 2015
Ценные бумаги в Гражданском кодексе РФ: изменения правового регулирования
Selivanovskiy A., Сенюк Г. В., Хозяйство и право 2014 № 10 С. 20–36
Presented in the article analysis of novels of the revised edition of the Chapter 7 of the Civil Code of RF from October 1, 2013 in the field of securities’ law shows us that the reform focused on form rather than on substance. The question about genuine belonging of a right on an uncertificated security ...
Added: October 27, 2014
Solution for One-Stage Bidding Game with Incomplete Information
Sandomirskaia M., Domansky V. C., , in: Contributions to game theory and managementIssue 5.: St. Petersburg: Graduate School of Management, St. Petersburg University, 2012. P. 268–285.
We investigate a model of one-stage bidding between two differently informed stockmarket agents for a risky asset (share). The random liquidation price of a share may take two values: the integer positive m with probability p and 0 with probability 1−p. Player 1 (insider) is informed about the price, Player 2 is not. Both players know the probability p. Player 2 knows that Player 1 ...
Added: October 20, 2014
Теоретико-игровая динамическая модель инсайдерских торгов с ненулевым спрэдом
Sandomirskaia M., Управление большими системами: сборник трудов 2014 № 49 С. 207–234
The model of multistage insider trading between two market agents for one-type risky assets is considered. One of the players (insider) has private information about liquidation value of the asset. At each step of the bidding each player simultaneously proposes bid and ask prices for one share with fixed non-zero spread. The uninformed player uses ...
Added: September 15, 2014
  • About
  • About
  • Key Figures & Facts
  • Sustainability at HSE University
  • Faculties & Departments
  • International Partnerships
  • Faculty & Staff
  • HSE Buildings
  • HSE University for Persons with Disabilities
  • Public Enquiries
  • Studies
  • Admissions
  • Programme Catalogue
  • Undergraduate
  • Graduate
  • Exchange Programmes
  • Summer University
  • Summer Schools
  • Semester in Moscow
  • Business Internship
  • Research
  • International Laboratories
  • Research Centres
  • Research Projects
  • Monitoring Studies
  • Conferences & Seminars
  • Academic Jobs
  • Yasin (April) International Academic Conference on Economic and Social Development
  • Media & Resources
  • Publications by staff
  • HSE Journals
  • Publishing House
  • iq.hse.ru: commentary by HSE experts
  • Library
  • Economic & Social Data Archive
  • Video
  • HSE Repository of Socio-Economic Information
  • HSE1993–2026
  • Contacts
  • Copyright
  • Privacy Policy
  • Site Map
Edit