The paper presents a continuous-time dynamic model of a neighborhood in racial transition as triggered by a fee-motivated real estate broker. Racial transition occurs in an initially all-white neighborhood when the broker steers white sellers towards black buyers. Racial transition leads to a...

Members of different social groups often hold widely divergent public beliefs regarding the nature of the world in which they live. We develop a model that can accommodate such public disagreement, and use it to explore questions concerning the aggregation of distributed information and the...

This paper analyses the effects of education signals for Ethnic Germans and Germans without a migration background ('Native Germans'). We base our analysis on a sorting model with productivity enhancing effects of education. We compare whether the signalling value differs between the migrants...

This paper presents several related economic models that explore the relationships between imperfect information, racial income disparities, and segregation. The use of race as a signal arises here, as in models of statistical discrimination, from imperfect information about the return to...

We develop a growth model that features the endogenous two-tier innovations of information carrier technology and production technology. Information carrier technology promotes production technology innovation and thus economic growth through improving the preservation and dissemination of...

This paper proposes a principal-agent framework to study the optimal transfer of longevity risk between a reinsurer and a hedger under information asymmetry. Most hedgers in the real world have rather small portfolios which are hard to be accurately estimated by the reinsurer. Using indemnity...