We develop a dynamic model of trading and investment with limited aggregate resources to study investment cycles …. Unverifiable idiosyncratic investment opportunities imply market prices to play a role of rent distribution, distorting private … investment incentives from a social point of view. This distortion is price-dependent, leading to two-sided inefficient …

the present value of the returns from an initial investment of [1pound], using the social discount rate, should be equal …

This paper analyzes the timing, pace and efficiency of the on- going job reallocation that results from product and … policies can restore economic efficiency …

percent increase in operating efficiency, achieved primarily by reducing the frequency and duration of reactor outages. At … average wholesale prices the value of this increased efficiency is approximately $2.5 billion annually and implies an annual …

efficiency of collaboration and the credit allocation that arises after the completion of collaborative work. In this paper, we …

Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the … levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by … deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We …

costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset …