We study the effect of dynamic and investment externalities in a one-sector growth model. In our model, two agents interact strategically in the utilization of capital for consumption, savings, and investment in technical progress. We consider two types of investment choices: complements and...

We study the effect of dynamic and investment externalities in a one-sector growth model. In our model, two agents interact strategically in the utilization of capital for consumption, savings, and investment in technical progress. We consider two types of investment choices: complements and...

We study the effect of an asymmetric environment on risk sharing. In our model, entrepreneurs consider undertaking risky projects in the real sector as well as selling part of their projects to investors. To capture the idea of an asymmetric environment, the returns on the alternative risk-free...

We study the effect of environmental risk on the extraction of a common resource. Using a dynamic and non-cooperative game in which an environmental event impacts the renewability and the quality of the resource, we show that the anticipation of such an event has an ambiguous effect on...

We study the effect of an asymmetric environment on risk sharing. In our model, entrepreneurs consider undertaking risky projects in the real sector as well as selling part of their projects to investors. To capture the idea of an asymmetric environment, the returns on the alternative risk-free...

This paper analyzes the black-white racial gap in US house values in 1998 and 2004 when US house prices experienced considerable appreciation. Un- like previous studies which estimated the racial gap at the mean values, we estimate the entire distribution of the racial di erences in housing...

Dynamic pricing strategies are likely an important consideration of Singapore condominium developers because of the durability of condominiums, price transparency, and the long sales period. While we do not observe any systematic relationship between the new sale prices and time of purchase, we...

This paper decomposes the black-white gap in homeownership propensity into an endowment component and a residual component across its distribution. We document evidence that supports the view that the racial gap differs across its distribution and that studies that only examine the gap at the...

This paper examines the white–black house value gap across the entire value distribution. Instead of using standard conditional mean analysis and decomposition methods (via OLS regression), we estimate and decompose the changes in the white–black house value gap from 1997 to 2005 using...