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This paper presents an equilibrium model in a pure exchange economy when investors have three possible sources of heterogeneity. Investors may differ in their beliefs, in their level of risk aversion, and in their time preference rate. The authors study th ...
Coordination of decentralized supply chains using contract design is a problem that has been widely addressed in the literature. We consider a divergent supply chain including a supplier and several retailers producing fashion products with short sale seas ...
In the context of integrated transportation and other urban engineering infrastructure systems, there are many examples of markets, where consumers exhibit price-taking behaviour. While this behaviour is ubiquitous, the underlying mechanism can be captured ...
We use a dynamic cash management model in which firms face competitive pressure to show that product market competition increases the cash holdings as well as the size and frequency of equity issues of financially constrained firms. We test these predictio ...
While mortgage rates reached historic lows during 2012, the spread between primary and secondary rates rose to very high levels. This trend reflected a number of factors that potentially affected mortgage originator costs and profits and restrained the pas ...
In the context of integrated transportation and other urban engineering infrastructure systems, there are many examples of markets, where consumers exhibit price-taking behaviour. While this behaviour is ubiquitous, the underlying mechanism can be captured ...
In recent decades, the European postal industry has undergone profound reforms, which aim to promote competition while simultaneously maintaining a high level of universal services for consumers. It is often put forth that market opening and the emergence ...
This article describes how prices are treated in economic theory. Section 17.2 begins by introducing the concepts of ‘rational preference’ and ‘utility function’, which are standard building blocks of models that attempt to explain choice behaviour. Sectio ...
We study the effect of energy-storage systems in dynamic real-time electricity markets. We consider that demand and renewable generation are stochastic, that real-time production is affected by ramping constraints, and that market players seek to selfishly ...
We study the effect of energy-storage systems in dynamic real-time electricity markets. We consider that demand and renewable generation are stochastic, that real-time production is affected by ramping constraints, and that market players seek to selfishly ...