When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least squares … (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night’s catch …, so this would appear to be a good example of a recursive market. Despite this, data from the Fulton fish market are …

-functioning. However, an important role of centralized markets is matching heterogeneous products, such as fish, to buyers of these … products. The high level of differentiation in the Fulton fish market and the institutional structure at the Fulton market has …

We estimate a dynamic profit-maximization model of a fish wholesaler who can observe consumer characteristics, set … the key features observed in a set of high quality transaction-level data on fish sales collected at the Fulton fish …

This paper investigates spatial variations in product prices using an exhaustive micro dataset on fish transactions …. The data record all transactions between vessels and wholesalers that occur on local fish markets in France during the … year 2007. Spatial disparities in fish prices are sizable, even after fish quality, time, seller and buyer unobserved …

observed in major patent offices. We provide the first panel-based evidence suggesting that fees affect the demand for patents … residential demand for oil or water). The laxity of fee policies adopted by patent offices over the past 25 years therefore …

(EPC). We provide a first empirical evidence showing that the fee elasticity of the demand for priority applications is …

This paper provides evidence that learning about demand is an important driver of firms' dynamics. We present a simple … model with Bayesian learning in which firms are uncertain about their idiosyncratic demand parameter in each of the markets … their beliefs following a new demand shock, the younger they are. To test this learning mechanism, we make use of a specific …

-shock specification, we identify, using sign restrictions, two non-policy shocks, demand and supply, and two policy shocks, monetary and … fiscal. We obtain the following results. (ii) Both supply and demand shocks are important sources of fluctuations; supply … prevails for GDP, while demand prevails for employment and inflation. (ii) Policy matters: Both monetary and fiscal policy …

to the speculative demand for oil as well as shocks to the flow demand and flow supply. The forward-looking element of … find that this surge was caused by fluctuations in the flow demand for oil driven by the global business cycle. There is … evidence, however, that speculative demand shifts played an important role during earlier oil price shock episodes including …