Liquidity, efficiency and bailouts . In illiquid markets asset prices can be below their expected values. What is "liquidity" and where does it come from? What determines the "liquidity discount" to expected asset values? We present a general equilibrium model in which some agents...

Traffic from major hurricane evacuations is known to cause severe gridlocks on evacuation routes. Better prediction of the expected amount of evacuation traffic is needed to improve the decision-making process for the required evacuation routes and possible deployment of special traffic...

This dissertation consists of three essays in financial intermediation. The first essay develops a theory of deposits as a safer means of payment (bank notes or checks) in competing with money (cash). It turns out that banks can lend out the money from deposits for a charge, and this supply of...