This paper examines a market in which an informed agent or insider trades with uninformed agents whose expectations are conditioned on the information revealed by prices. The authors find that insiders can capitalize on their private information, with those receiving favorable (unfavorable)...

The authors consider a one-sector nonclassical model of optimal economic growth, characterized by a convex-concave production function. They provide, in a dynamic-programming context, a characterization of all local (interior) maximum of the miximand of the Bellman equation. These conditions are...