We model equilibrium spot and futures oil prices in a general equilibrium production economy. In our model production of the consumption good requires two inputs: the consumption good and a commodity, e.g., Oil. Oil is produced by wells whose flow rate is costly to adjust. Investment in new Oil...

We model equilibrium spot and futures oil prices in a general equilibrium production economy. In our model production of the consumption good requires two inputs: the consumption good and a commodity, e.g., Oil. Oil is produced by wells whose flow rate is costly to adjust. Investment in new Oil...

The role of investment rationing by one party to discipline reporting of private information by another is well recognized. Formally, adverse selection models succinctly capture this effect via the crisp information rents vs. efficiency tradeoff. This paper takes a different slant to investment...

It has long been recognized that competitive considerations play a central role in corporate voluntary disclosure practices. Yet, the ways in which competition and disclosure interact are sensitive to various factors, including both the nature of information and the nature of competitive...