We develop a dynamic, stochastic multi-sectoral, equilibrium model that allows for worker turnover, job turnover and career mobility. This serves to bridge the reallocation and job career literatures. Our model makes a number of predictions: a positive correlation between job turnover rates and...

We analyse property crime in an economy composed of a large number of heterogeneous individuals who need to protect themselves. The crime equilibrium is modeled as a free-access equilibrium in which the match between criminals and victims equates the average returns to crime. The supply and...

We propose a Capital Asset Pricing Model where investors exhibit prospect preferences. In equilibrium, we find that agents seek an optimal trade-off between expected returns, variance, and skewness. All assets in the economy are then priced by a three-factor model, which augments the security...