Before making purchase decisions, consumers often search for information on product attributes.In this paper, we incorporate a key feature of consumer search behavior---namely, search intensity---into a stochastic dynamic model. Specifically, motivated by industry evidence, we model search...

We propose a term structure of forward rates driven by a kernel-correlated Levy random field under the HJM framework. The kernel-correlated Levy random field is composed of a kernel-correlated Gaussian random field and a centered Poisson random measure. We shall give a criterion to preclude...