The objective of this paper is to illustrate the connection existing between the asymptotic value of a certain random series and the absence of asset pricing valuation bubbles in stochastic economies with sequential markets. This series, in turn, is closely related to the one proposed by Cass to...

Abstract Value-added models are being implemented in many states in an attempt to measure the contributions of individual teachers and schools toward students' learning. Scores from these models are increasingly used for high-stakes purposes such as selecting teachers to receive merit pay...