This paper posits that the sequencing of topics in introductory economics texts plays a subtle, but potentially key, role in influencing the effective delivery of principles courses. The key criterion for effectiveness is the attainment of economic literacy. The effective role of sequencing is...

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...