This paper offers a dynamic model of opaque over-the-counter markets. A seller searches for an attractive price by visiting multiple buyers, one at a time. The buyers do not observe contacts, quotes, or trades elsewhere in the market. A repeat contact with a buyer reveals the seller's reduced...

Market models that have worked well for years can suddenly fail dramatically, such as during the financial crisis of the late-2000s. For example, models that assigned credit ratings to mortgage-backed securities (MBS) predicted relative default rates well for decades. It was only in the...

Bundesgesundheitsminister Rösler hat für 2011 eine umfassende Pflegereform sowohl der Leistungsseite als auch der Einnahmenstruktur angekündigt. Die Autoren dieses Beitrags machen den Vorschlag, die umlagefinanzierte Pflegeversicherung um eine kapitalgedeckte Säule zu ergänzen.