This paper demonstrates that both consumer utility and event organizer profits increase when tournaments played at neutral sites sell tickets via options, which are exercisable only if the desired team reaches a given round of the tournament, and advanced selling; rather than just utilizing an...

The paper investigates the role of the real exchange rate in international risk sharing relationships. The real exchange rate introduces a wedge between real marginal utilities of consumption in different countries and this wedge plays a prominent role in a number of new theories of...

We revisit the "puzzle" in open economy studies that evidence of international risk-sharing is hardly seen despite the completeness of the financial market. We reassess both risk-pooling via state-contingent bonds, and uncovered interest parity - both were believed to be different, and...