• Youcheng Lou and Rohit Rahi. Information, Market Power and Welfare. 2021.  [pdf]
    Due to adverse selection, uninformed agents are less willing than the informed to provide liquidity, and engage in greater bid shading when prices are more informative. While increased participation by informed agents leads to perfect competition in the limit, the market remains illiquid to some degree even with free entry of uninformed traders.

Selected Journal Papers

  • Youcheng Lou, Lean Yu, Shouyang Wang and Peng Yi. Privacy preservation in distributed subgradient optimization algorithms. IEEE Transactions on Cybernetics, 48(7): 2154–2165, 2018.  [pdf]
    The classical distributed gradient descent algorithm with homogenous step-sizes is not privacy preserving. Propose a new heterogenous steps-size algorithm to guarantee agents’ privacy as well as the desired optimality of convergent solutions.