Prior studies have reported a positive correlation between insider trading and stock price changes. The implication of these studies is that insider (i.e., informed) trades have a differential impact on price discovery than non-insider (i.e., uninformed) trades. Based on these results, various...

This paper experimentally examines behavior in a two-player game of attack and defense of a weakest-link network of targets, in which the attacker’s objective is to successfully attack at least one target and the defender’s objective is diametrically opposed .We apply two benchmark contest...

This paper examines the robustness of alliance formation in a three-player, two-stage game in which each of two players compete against a third player in disjoint sets of contests. Although the players with the common opponent share no common interests, we find that under the lottery contest...

In this paper, I compare economic arguments in U.S. Supreme Court antitrust and EU Court of Justice competition policy decisions on four topics: refusal to deal, predation, vertical contracts, and hor- izontal interfirm relations.

“Wrong-product” delivery - the delivery of a product different from that desired - is a significant, but as yet unexplored problem in supply-chain management research. There are basically two reasons for wrong-product delivery: either the wrong product is mistakenly ordered or the right...

This paper shows (1) that the Spence-Dixit-Vives model of linear demand for differentiated varieties is implied if supplies of substitutes reduce individual consumers' reservation prices as indicated in the paper, (2) that for the micro-foundation-based version SDV demand and endogenous sunk...

This paper considers the problem of testing for multiple structural changes in the persistence of a univariate time series. We propose sup-Wald tests of the null hypothesis that the process has an autoregressive unit root against the alternative hypothesis that the process alternates between...

The welfare cost of anticipated inflation is quantified in a calibrated model of the U.S. economy that exhibits tractable equilibrium dispersion in wealth and earnings. Inflation does not generate large losses in societal welfare, yet its impact varies noticeably across segments of society...

In this paper, the beginnings of a new approach to the theory of aggregation are developed. The basic idea is that aggregation should involve two things: (a) data over which social preferences are defined should be mapped into a smaller-dimensional space, and (b) there should exist an ordering...

The paper studies the two period incomplete markets model where assets are claims on state contingent commodity bundles and there are no bounds on portfolio trading. The important results on the existence of equilibrium in this model assume that there is a finite number of commodities traded in...