This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...

This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...

We analyze the linking and versioning strategies of a media firm when facing competition from blogs, search engines and news aggregators. First, we show that when the publisher competes against a blog it is less likely to release a fighting version if this generates signi ficant spillovers for...

We highlight differences in the way multiplicative DEA is being applied and draw attention to the fact that a units-invariant (i.e. scale-invariant) form is available. Moreover, this model avoids the ‘zero weight problem' in DEA (where criteria are effectively ignored)

In India, more than ninety percent of the workforce is informal. In spite of this enormous percentage of informal workers, these workers remain invisible from law and policy circles. One of the reasons for such exclusion and invisibility is the absence of unionism involving informal workers. In...

A new Information Aggregation Mechanism (IAM), developed via laboratory experimental methods, is implemented inside Intel Corporation in a long-running field test. The IAM, incorporating features of pari-mutuel betting, is uniquely designed to collect and quantize as probability distributions...

Federal efforts to reform federal securities class actions now reverberate in state courts and in individual actions. This article explores emerging consequences driven by national litigation trends and the Securities Litigation Uniform Standards Act (SLUSA). I argue that a new dynamic, class...

This paper shows that the relationships between sensitivity to changes in aggregate volatility and expected return on stocks documented by Ang et al. (2006) for the fifteen-year period from 1986 to 2000 have disappeared in the following fifteen-year period. Aggregate volatility betas in the...