Carlo Campajola

Beyond Supra-Competitive Outcomes: Collusive Behaviour in Deep Reinforcement Learning for Optimal Execution Games

In this paper, we extend earlier findings of supra-competitive outcomes in optimal-execution games by identifying a learned punitive mechanism that deters deviations and provides behavioural evidence of collusion. We investigate this mechanism in a two-player, finite-horizon Almgren-Chriss liquidation game. Independent...