We construct a model whereby stock exchanges take a new role as an information intermediary, notably absent in their roles. We show that exchanges differentiate themselves at subgame perfect equilibrium and will not race to the top or to the bottom.

We construct a model whereby stock exchanges take a new role as an information intermediary, notably absent in their roles. We show that exchanges differentiate themselves at subgame perfect equilibrium and will not race to the top or the bottom.

We study the contractual interaction between the fathers of a prospective groom and a prospective bride in a traditional society. Based on his valuation of the groom, the bride's father approaches the groom's father with an offer of marriage. The groom's father does not know the quality of the...

Recently, Batabyal (2005) has analyzed a game model of dowry determination in which a mediator plays a key role. Batabyal's analysis shows that the equilibrium dowry offers from the bride and the groom optimally trade off the desire to make an assertive offer with the likelihood that this offer...

In this paper, we analyze a discrete-time Markov chain theoretic model of the provision of guided tours to tourists by a private firm. Specifically, we first determine the equilibrium probability distribution of the number of tourists in the guided tour providing firm's waiting room just before...

In this paper, we analyze a discrete-time Markov chain theoretic model of the provision of guided tours to tourists by a private firm. Specifically, we first determine the equilibrium probability distribution of the number of tourists in the guided tour providing firm's waiting room just before...

Recently, Batabyal (2005) has analyzed a game model of dowry determination in which a mediator plays a key role. Batabyal's analysis shows that the equilibrium dowry offers from the bride and the groom optimally trade off the desire to make an assertive offer with the likelihood that this offer...

We construct a model of exchange rate target zones that allows the stochastic process, with a closed-form general solution, to include the possibility of lagged response of fundamentals.

We present a model that allows us to compare the effects that frictions involved in immigration and international outsourcing have on the skilled-unskilled wage inequality. We show that, for any given level of contractual friction in the production of intermediate goods, the wedge between the...