This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of … credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the … productivity fall between 2008 and 2009, and persisted for smaller (although not larger) firms. …

its average price was judged to be higher. The same results were obtained when choices were made a day apart, when price …

from a long-term contract supplier and a spot market under spot price uncertainty. Design/methodology/approach: This … vary with the trend of contract prices. If the contract price falls, the total quantity purchased in period 1 will decrease … in the degree of risk aversion. If the contract price increases, the total quantity purchased in period 1 will increase …

; equilibrium allocations under price uncertainty are efficient in this constrained sense. Arrow-Debreu equilibria turn out to be …

, equilibrium allocations under price uncertainty are efficient in this constrained sense. Arrow-Debreu equilibria turn out to be …