Skill shortages are a drain on society. They hamper economic opportunities for individuals, slow growth for firms, and impede labor productivity in aggregate. Therefore, the ability to understand and predict skill shortages in advance is critical for policy-makers and educators to help alleviate...

We consider a canonical asset pricing model, where agents with quadratic preferences are allowed to retrade a limited set of securities over multiple periods, after which these securities expire, and agents consume their liquidation values. A key assumption in this model is that agents have...