This paper introduces a general framework for market models, named Market Model Approach, through the concept of admissible sets of for-ward swap rates spanning a given tenor structure. We relate this concept to results in graph theory by showing that a set is admissible if and only if the...

In a novel experimental design with nearly 10,000 adults and children, we study how adults in two societies characterized by very different levels of income inequality, Shanghai (China) and Norway, make real distributive choices involving children. We document a large cross-societal difference...