Linear programming is an important method for computing solutions to private information problems. The method is applicable for arbitrary specifications of the preferences and technology. Unfortunately, as the cardinality of underlying sets increases the programs quickly become too large to...

This paper decomposes price into its 2 major constituents, namely markup (Mkp) and marginal cost (MC) with which a Markov-switching VAR with fixed transition probabilities is estimated. Since the proposed pair of variables has not been extensively analysed, a theoretical model that derives...

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...

Die Bedeutung von kleinen und mittleren Unternehmen für eine Marktwirtschaft steht außer Zweifel. Neben wettbewerbs- und angebotspolitischen Funktionen ist der arbeitsmarktpolitische Stellenwert vor allem junger innovativer Unternehmen hervorzuheben. Während Großunternehmen in den letzten...