This paper studies the welfare effects of the relative price variability arising from inflation. When agents interact … in anonymous markets, with customers buying from new suppliers each period, relative price variability benefits customers … informativeness of prices makes demand less price-elastic, thereby increasing markups. Both effects can be quantitatively significant …

This study explores empirically the price dynamics within two distinct market institutions - a double oral auction …

Inventories and price changes are correlated. The inverse relation is most obvious in housing where inventories build …

-independent models of fairness. Our results have implications for price discrimination, labor markets, and dynamic pricing …

in pre-rational expectations macroeconomic theory. Here we show that electoral cycles in taxes, government spending and …

theory, strengthening the link between matching theories and earlier human capital analyses …

between agricultural productivity, research and information. The first chapter of this part is concerned with the "theory" of …