informational efficiency of the price system. We show that, when agents have private information about monetary shocks, the cost can …

qualities, but because of them. There is also evidence that genuine medical advances, such as the rise of the germ theory of …

This paper analyzes the importance of household perceptions of house price risk in explaining homeownership choice … rent are strongly correlated with perceptions of house price risk. Households' exposure to housing risk due to financial … response to past (local) house price changes, but renters are much slower to update than owners. Since renters' decisions to …

The well-known option pricing formula of Black and Scholes depends upon the assumption that price fluctuations are log … be more nearly the case in most markets, price fluctuations are in fact symmetrics table or log-symmetric stable. This … generating log-normal price uncertainty. It is then used to derive the value of a short-lived option for certain processes that …