We develop a multi-period model of stock trading in which investors receive differential information concerning the underlying value of the stock. Investors trade competitively in the market based on their own private information and the information revealed by the market clearing prices as well...

This study uses the 1987-88 U.S. Department of Agriculture Nationwide Food Consumption Survey data to analyze the impacts of income, prices, and selected socioeconomic characteristics on household consumption of fresh fruits. Results suggest that fresh fruits are considered economic necessities,...

In this paper we analyze the optimal policy for a risk averse agent who wants to sell a large block of shares of a risky security in the presence of price impact and transactions costs. Our framework reduces to the standard Merton portfolio problem in the absence of any market frictions. Optimal...