In a stochastic volatility model, the no-free-lunch assumption does not induce a unique arbitrage price because of market incompleteness. In this paper, we consider a contingent claim on the primitive asset, traded in zero net supply. Given a system of Arrow-Debreu state prices, we provide...

This paper discusses the implication of recent results on the structure of gender wage gaps in transition economies for the literature on gender segregation. Differences in employment rates of low-wage women driven by initial transition policies may be responsible for different wage penalties to...

Predators may either learn to avoid aposematic prey or may avoid it because of an innate bias. Learned as well as innate avoidance has been observed in birds, but the existing evidence is based on experiments with rather few unrelated model species. We compared the origin of avoidance in...