This paper considers a model of a rating agency with multiple clients. Each client has a separate market (end-user of the rating); the only connection among them is that the underlying qualities of the clients are correlated. In the benchmark case of individual rating, the market for each client...

We consider a two-sided, finite-horizon search and matching model with heterogeneous types and complementarity between types. The quality of the pool of potential partners deteriorates as agents who have found mutually agreeable matches exit the market. When search is costless and all agents...

This paper considers the problem of a monopoly matchmaker that uses a schedule of entrance fees to sort different types of agents on the two sides of a matching market into exclusive meeting places, where agents randomly form pairwise matches. We make the standard assumption that the match value...

China’s emissions continue to rise rapidly in line with its mounting energy consumption, which puts considerable pressure on China to meet its emission reduction commitments. This paper assesses the impacts of CO₂ mitigation measures in China during the period from 2010 to 2050 by using a...

We provide a welfare analysis of the deadline effect in a repeated negotiation game in which costly delay can produce information that improves the quality of the decision. We characterize equilibrium strategies and the evolution of beliefs in continuous time, and study how the length of the...

The rapidly growing online social networks have generated great expectations connected with their potential business values. The aim of this paper is to identify the active valuable nodes that can spread business information to a large fraction of the individuals in large-scale temporal online...

In a financial market where all investors have valuable private information, full rationality requires that investors have an unlimited ability of figuring out the equilibrium model. Instead, I assume that due to a lack of knowledge or experience, some investors do not know the equilibrium model...

Choice experiments and experimental auctions have become popular mechanisms for estimating willingness to pay (WTP). However, these methods have primarily been used for estimating WTP for single units of goods. We analyze the results from experimental auctions and choice experiments in the...

In a frictionless and competitive economy, where high frequency (HF) traders possess no market power, this paper characterizes necessary and sufficient conditions on the price process and information sets for HF traders to earn abnormal trading profits. Two sufficient conditions shown to...

We consider a price discrimination problem in which a seller has a single object for sale to a potential buyer. At the time of contracting, the buyer's private type is his incomplete private information about his value, and the seller can disclose additional private information to the buyer. We...