Market orientation has been cited as a source of competitive advantage that allows the firm to construct offerings superior to those of competitors by the effective collection and dissemination of and reaction to market intelligence. Previous work on market orientation has focused on the effort...

We study equilibrium trading strategies, market liquidity, and price efficiency in an economy in which a fraction of better-informed speculators displays preferences consistent with Kahneman and Tversky’s (1979) Prospect Theory, i.e., loss aversion, risk seeking over losses, and nonlinear and...

This dissertation studies two interesting business cycle issues. The first issue concerns the effectiveness of tax policies in stimulating an economic recovery. The second issue concerns the costs of business cycle fluctuations to an investor who chooses to invest in risky assets. The first...

The consumption capital asset pricing model is the standard economic model used to capture stock market behavior. However, empirical tests have pointed out to its inability to account quantitatively for the high average rate of return and volatility of stocks over time for plausible parameter...

In economic situations people form expectations prior to their decisions. These expectations represent a reference point and exert a strong influence on decision making and preferences. This paper surveys the theory of reference-dependent preferences. I will summarize the theoretical framework...

This paper investigates the dynamics of sequential decision-making in agricultural futures and options markets. Analysis of trading records of 12 traders identified considerable heterogeneity in individual dynamic trading behavior. Using risk measures derived from the deltas and vegas of...

This paper investigates the dynamics of sequential decision-making in agricultural futures andoptions markets using a quantile regression framework. Analysis of trading records of 12 traderssuggests that there is great heterogeneity in individual trading behavior. Traders responddifferently to...

The Maschler-Perles solution is the unique bargaining solution which is superadditive and satisfies the usual covariance properties. We provide two proofs for superadditivity that do not rely on the standard traveling time.

A cephoid is an algebraic ("Minkowski") sum of finitely many prisms in R^n. A cephoidal game is an NTU game the feasible sets of which are cephoids. We provide a version of the Shapley NTU value for such games based on the bargaining solution of Maschler-Perles.

This paper shows that generators exercised increasing market power in the England and Wales wholesale electricity market in the second half of the 1990s despite declining market concentration. It examines whether this was consistent with static, non-cooperative oligopoly models, which are widely...