The paper presents a multi-product two-country overlapping generations model of trade and innovation. The authors show that for a low level of innovation (imitation) in the South, firms in the North innovate at a level which guarantees a long-term technological gap between the North and the...

This paper develops behavioral and deterministic overlapping generations models to explain and simulate changes in the proportion of secular and religious people. Under the behavioral approach, the role of the church is to generate an externality associated with the investment in enhancing the...

This short paper proposes a simple method of calibrating for the non-monetary costs associated with using different payment plans. These non-monetary costs often lead consumers to choose a flat-rate subscription plan rather than paying separately for each unit of consumption, despite the fact...

We develop methods for calculating profit-maximizing and socially optimal rates of partial refunds on customers' no-shows and cancellations. We demonstrate how partial refunds can be used to screen consumers according to their different probabilities of cancellation and no-shows. Finally, we...

This paper investigates the market consequences of alliance formation among stock exchanges. These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges. We sort out the...

This paper reviews recent developments in online and mobile banking in the United States that provide bank account holders with low-cost interfaces to manage account-to-account electronic money transfers. The paper analyzes the emerging decentralized market in which A2A money transfers are...