high frequency price movements in the stock market. In fact, we know of no framework that can satisfactorily account for …

a large empirical literature from the 1950's and 60's, that it is necessary to distinguish the response of price to an … two models that can potentially explain these findings. Both break the link between price and marginal cost, thereby … second is driven by firms pricing to limit non-price competition within their market …

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 …

and relative price informativeness in dynamic environments with rich heterogeneity across investors (regarding signals … and non-stationary asset payoffs. We implement our methodology empirically, finding stock-specific measures of price … informativeness for U.S. stocks. We find a right-skewed distribution of price informativeness, measured in the form of the Kalman gain …

transitory neutral technology shocks. When calibrated to the capital price observations, the model does well at accounting for …

belonging to both merging parties, as well as (one or more) \common insurers" with which price and network status is negotiated …) experience price increases of 7-10 percent relative to control hospitals, while hospitals gaining system members out …-of-state exhibit no statistically significant changes in price. The former group are likelier to share common customers and insurers …

. This evidence is consistent with more efficient price discovery at the individual security level. A common conjecture by …