This paper examines the effect of the Federal Reserve’s quantitative easing (QE) on the cost of bank loans and documents large heterogeneous effects across different firms. In QE1, the average loan spread is 22.7% lower compared to the non-QE period. This effect falls in QE2 and OT and then...

Given any alpha in [0,1], an alpha-constant-sum game on a finite set of players, N, is a function that assigns a real number to any coalition S (being a subset of the player set N), such that the sum of the worth of the coalition S and the worth of its complementary coalition N\S is alpha times...

Given any α ∈ [0, 1], an α-constant-sum game on a finite set of players, N, is a function that assigns a real number to any coalition S ⊆ N, such that the sum of the worth of the coalition S and the worth of its complementary coalition N\S is α times of the worth of the grand coalition....

In view of the nature of pursuing profit, a selfish coefficient function is employed to describe the degrees of selfishness of players in different coalitions, which is the desired rate of return to the worth of coalitions. This function brings in the concept of individual expected reward to...