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The sharing of durable goods in a dynamic ownership economy is attractive, since it has the potential to realize gains from trade via short-term transfers of usage rights. We develop a model in which a set of agents, who are heterogeneous in their likely n ...
With an ever growing population, global energy demand is predicted to keep increasing. Furthermore, the integration of renewable energy sources into the electricity grid (to reduce carbon emission and humanity's dependency on fossil fuels), complicates eff ...
We develop a finite horizon continuous time market model, where risk-averse investors maximize utility from terminal wealth by dynamically investing in a risk-free money market account, a stock, and a defaultable bond, whose prices are determined via equil ...
Using a comprehensive sample of trades from Schedule 13D filings by activist investors, we study how measures of adverse selection respond to informed trading. We find that on days when activists accumulate shares, measures of adverse selection and of stoc ...
Ancillary services constitute the cornerstone of the power grid. They allow for an efficient system operation, provide resilience to uncertainties and establish safeguards against unprecedented events. Their importance is growing due to the rise of grid de ...
The emerging sharing economy is fueled by products that some consumers buy new. This paper introduces an overlapping-generations model to analyze consumers’ consumption choices and the equilibrium in the sharing market. We derive a retailer’s optimal prici ...
A constrained informationally efficient market is defined as one in which the price process arises as the outcome of some equilibrium where agents face restrictions on trade. This paper investigates the case of short sale constraints, a setting which, desp ...
This thesis has two objectives. The first objective is to better understand the value of energy efficiency in buildings and its relationship to secondary market real estate prices. The second objective is to understand the cost of the implied insurance inc ...
The sharing of durable goods in a dynamic ownership economy is attractive, since it has the potential to realize gains from trade via short-term transfers of usage rights. We develop a model in which a set of agents, who are heterogeneous in their likely n ...
The broad objective of this study is to estimate the economic impact of changes in water availability due to climate change in Switzerland with a 2050 time horizon. To do so, the sectoral structure of the computable general equilibrium model GEMINI-E3 is b ...
