讲座主题：AI-Powered Trading, Algorithmic Collusion, and Price Efficiency

主讲嘉宾：吉岩 香港科技大学金融系

讲座时间：2024年12月23日周一14:00

讲座地点：中央财经大学沙河校区学院11号楼308

嘉宾简介：

吉岩，现任香港科技大学金融系黄立伟商学副教授。他于麻省理工学院获经济学博士学位。其论文发表在Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics，Management Science。吉岩老师的学术研究集中在资产定价、产业组织与宏观金融的交叉领域。他近期的研究重点是探讨不完全竞争的产品和金融市场对资产定价的影响。吉岩教授师德师风优良，负责所在单位金融系PhD项目，坚持立德树人的教育理念，学术研究和育人上取得了丰硕成果。

讲座内容简介：The integration of algorithmic trading with reinforcement learning, known as AI-powered trading, has significantly impacted capital markets. This study employs atheoretical laboratory characterized by information asymmetry and imperfect competition, where informed AI speculators serve as the subjects of our simulation experiments. It explores how AI technology impacts market power, information rents, price informativeness, market liquidity, and mispricing. Our findings show that informed AI speculators can autonomously learn to sustain collusive supra-competitive profits without any form of agreement, communication, intention, or any interactions that might violatetraditional antitrust regulations. AI collusion robustly emerges from two distinct mechanisms: one through price-trigger strategies (“artificial intelligence”) when price efficiency and noise trading risk are both low, and the other through self-confirming bias in learning (“artificial stupidity”) under other conditions.