Chapter 1 Trading Agent -- Chapter 2 Agent Description -- Chapter 3 Trading Process -- Chapter 4 Trading Environment -- Chapter 5 Use of Information -- Chapter 6 Trading Decisions -- Chapter 7 Pricing of Trading -- Chapter 8 Trading Stochastic Equation -- Chapter 9 Trading Network -- Chapter 10...

We apply a new model selection approach that allows for the joint determination of structural breaks and cointegration to examine the term structure of Chinese Renminbi (RMB)-U.S. dollar spot and forward exchange rates during the managed-floating period of 2005-2013. We find that the RMB market...

This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking...

We consider the dynamic pricing problem a monopolistic seller faces when customers arrive in heterogeneous time periods and their purchase decisions are affected by reference prices formed from their past purchase experiences. We illustrate that a new form of price discrimination opportunity...

This paper proposes a general method to extend a standard input-output (IO) table to incorporate firm heterogeneity when portraying the domestic segment of global value chains in a country. We develop a quadratic optimization model to estimate an extended IO table that reports inter-sector...

This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking...

We study a two-period model in which a firm faces the problem of deciding whether to commit to sales volume disclosure under market size uncertainty, when selling a network good to forward-looking customers who time their purchases. If the first-period sales volume is disclosed, the...

This paper explains why platforms such as Amazon and Visa rely predominantly on ad-valorem fees, fees which increase proportionally with transaction prices. It also provides a new explanation for why ad-valorem sales taxes are more desirable than specific taxes. The theory rests on the ability...

The model selection approach has been proposed as an alternative to the popular tests for cointegration such as the residual-based ADF test and the system-based trace test. Using information criteria, we conduct cointegration tests on 165 data sets used in published studies. The empirical...