THE NOVI SAD Seminar

 

PROGRAM

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Predavanja možete pratiti i online putem MITEAM stranice Novosadskog seminara:
https://miteam.mi.sanu.ac.rs/asset/3iuT7dhKfDxFv5kh3

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Plan rada Novosadskog seminara za MART 2026

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Ponedeljak, 09.03.2026. u 12:00, svečana sala Ogranka SANU u Novom Sadu, Nikole Pašića 6 i Online
Dragiša Žunić and Emilio Tuosto, Gran Sasso Science Institute
LEVERAGING COMPUTER SCIENCE METHODS TO REPRESENT AND DESIGN MARKET MODELS
In this talk we review the main market designs (market microstructure), discuss their limitations, and identify the underlying causes. In particular, we focus on the centralized limit order book (CLOB) and frequent batch auctions (FBA). Economists have shown that the drawbacks of the CLOB model originate from the combination of (a) sequential processing of orders and (b) a continuous-time assumption [Budish et al.]. Although FBA mitigates some of these drawbacks, it falls short of retaining the quality of price discovery associated with CLOB.
We then propose a new market model inspired by computer science principles; more precisely, we leverage on maximally parallel mechanisms for order processing. Following this approach, we devise a formal model based on a variant of reaction systems [Brodo et al.] and illustrate how it allows for the analysis and comparison of market models. Our approach enables the design of markets whose core behavior can be formally guaranteed. Finally, we discuss how the approach can be generalized to decentralized markets.
Zajednički sastanak Novosadskog seminara MISANU i Seminara Centra za matematiku i statistiku FTN, UNS..

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