Top marketing companies do not wait for the perfection of their strategies and product. They always launch their product with imperfections and keep on improving and updating the product with the input from the market. The reason behind this imperfection may be the shortened product life cycle,...

In this paper we survey the theoretical and empirical literature on market liquidity. We organize both literatures around three basic questions: (a) how to measure illiquidity, (b) how illiquidity relates to underlying market imperfections and other asset characteristics, and (c) how illiquidity...

This study proposes a tractable imperfectly competitive economy where traders are socially connected with each other via an information network. We investigate the impact of information linkages on market equilibrium outcomes. In the linear-quadratic-normal framework, we establish the existence...

A switch from a Bismarckian (BIS) earnings-related to a Beveridgean (BRV) flat rate pay-as-you-go (PAYG) pension scheme will raise the variance of personal replacement ratios and, hence, the variance of individual interest-saving elasticities. A monopolistic financial sector can then make...

It is increasingly recognized that labor markets are pervasively imperfectly competitive, that there are rents to the employment relationship for both worker and employer. This chapter considers why it is sensible to think of labor market as imperfectly competitive, reviews estimates on the size...