Credit-rationing model similar to Stiglitz and Weiss [1981] is combined with the information externality model of Lang and Nakamura [1993] to examine the properties of mortgage markets characterized by both adverse selection and information externalities. In a credit-rationing model, additional...

The past few years have witnessed the increasing ubiquity ofuser-generated content on seller reputation and product condition inInternet based used-good markets. Recent theoretical models of tradingand sorting in used-good markets provide testable predictions to use toexamine the presence of...

This paper analyzes optimal pricing for information goods underincomplete information, when both unlimited-usage (fixed-fee) pricingand usage-based pricing are feasible and administering usage-basedpricing may involve transaction costs. It is shown that offeringfixed-fee pricing in addition to a...

The first chapter “Investment Patterns in Singapore’s Central Provident Fund System” investigates how plan participants in a national defined contribution system invest their pension accumulations. I find that only a small fraction of participants elects to invest in outside investment...

This paper investigates the effect of the introduction of exchange-traded funds (ETFs) on the liquidity of individual stocks. Prior analytical studies suggest that uninformed investors strictly prefer trading ETFs to trading individual stocks in order to avoid trading against informed investors....

This paper studies the incentives for transparency under different forms of corporate governance in a context of product market competition. This paper endogenizes the governance and financial structure of firms and determines a strategic decision on the degree of transparency in a context of...

This Paper studies the incentives for transparency under different forms of corporate governance in a context of product market competition. This Paper endogenizes the governance and financial structure of firms and determines a strategic decision on the degree of transparency in a context of...

University of Minnesota Ph.D. dissertation. July 2010. Major: Economics. Advisors: Patrick Bajari and Robert Town. 1 computer file (PDF): x, 136 pages, appendices A.

This dissertation includes two essays on adverse selection and moral hazard problems in reinsurance markets. The first essay builds a competitive principal-agent model that considers adverse selection and moral hazard jointly, and characterizes graphically various forms of separating Nash...