"Despite the recent misfortunes of many dotcoms, e-commerce will have major and lasting effects on economic activity. But the rise and fall in the valuations of the first wave of e-commerce companies show that vague promises of distant profits are insufficient. Only business models based on...

Despite the recent misfortunes of many dotcoms, e-commerce will have major and lasting effects on economic activity. But the rise and fall in the valuations of the first wave of e-commerce companies show that vague promises of distant profits are insufficient. Only business models based on sound...

We analyze credit market equilibrium when banks screen loan applicants. When banks have a convex cost function of screening, a pure strategy equilibrium exists where banks optimally set interest rates at the same level as their competitors. This result complements Broecker's (1990) analysis,...

It is received financial wisdom that when there is free entry by speculators, it is impossible to generate net profits on publicly available information. In this paper we study a version of the standard Kyle (85) model with endogenous information acquisition and we find that equilibria exist...

In the light of the exponential growth of the Internet and World Wide Web, this paper describes, in some detail, existing agents and multiagents applications in the context of e-commerce, and suggests a research agenda for economists in response to these changes in technology and lifestyle....