This paper studies the existence of single-price price equilibrium from a given initial distribution of money holdings in a search-theoretic model of money where agents have no time preference. The model is similar to the authors' recent models of search economies with no constraints on money...

This paper presents a model of an economy in which traders use social capital to reduce transaction costs. A key assumption is that there are two types of social capital: “village” capital relies on personal networks and repeat play to guarantee contracts; “market” capital relies on...

Der Verlust an Biodiversität gilt als eines der zentralen Umweltprobleme. Um die Bedeutung der Biodiversität aufzuzeigen, wird heute in Wissenschaft und Praxis meist der Wert einzelner Arten oder Ökosysteme bestimmt. Die zugrundeliegende Überlegung ist, dass eine Art oder ein Ökosystem...

Loss of biodiversity is regarded as one of the key problems affecting the environment. In order to demonstrate the significance of biodiversity, the value of individual species or ecosystems today is generally determined in science and practice. The underlying thought is that a species or...

The Value-at-Risk (VAR) measure is based on only the second moment of a rates of return distribution. It is an insufficient risk performance measure, since it ignores both the higher moments of the pricing distributions, like skewness and kurtosis, and all the fractional moments resulting from...

Portfolio diversification may not always lower the portfolio risk, but may actually increase it. It depends on the long memory and distributional stability characteristics of the underlying rates of return. This disturbing result is based on the theoretical Fama- Samuelson proposition of...