We present a model in which investors observe the same macroeconomic data but have varying levels of information about the parameters that determine the distribution of the expected returns on investment. During a crisis that increases macroeconomic uncertainty and reduces asset prices, the...

We present a model in which investors observe the same macroeconomic data but have varying levels of information about the parameters that determine the distribution of the expected returns on investment. During a crisis that increases macroeconomic uncertainty and reduces asset prices, the...

We examine how daily retail prices of gasoline stations in Seoul Korea responded to changes in costs from 2009 to 2019. During the sample period we find a substantial shift in the composition of Seoul gas stations and in the pattern of pass-through of wholesale price increase and decrease. In...