In the chapter titled "Imbalance-Based Option Pricing", I develop an equilibrium model of fragmented options markets in which option prices and bid-ask spreads are determined by the nonlinear risk imbalance between dealers and customers. In my model, dealers optimally exploit their market power...

The People's Republic of China (PRC) is thought to be one of the most unequal economies in the world, but very few studies ever touched on the determinants and the evolution of its urban inequality. This paper firstly applies the inequality decomposition method to an urban household sample...