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This paper analyses the market transformations in heritage tourism destinations when excessivetourism demand determines the emergence of a class of excursionists among visitors. Building onthe approach of Keane (1997) and Shapiro (1983), our model highlights some importantdimensions of...
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We study how adverse selection distorts equilibrium investment allocations in a Walrasian credit market with two …-sided heterogeneity. Representative investor and partial equilibrium economies are special cases where investment allocations are … trade and investment allocations below perfect information levels. The degree of heterogeneity between informed agents' type …
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