We use a calibrated dynamic general equilibrium economy with heterogeneous beliefs to study the effects of a short--selling constraint on stock prices, stock price volatility, and interest rates. We find large stock price and volatility effects from heterogeneous beliefs, without introducing...

We discuss the market for commercial spots on network television and estimate the relationship between ratings and advertisement revenue. Then we discuss the model of viewer choice and scheduling strategies suggested by the model and we compute best response schedules and Nash equilibria of the...

This paper examines the effects of imperfect competition in unregulated electricity markets from a general equilibrium perspective, and demonstrates that horizontal market power can explain both the large peak-period price spikes observed recently in California and elsewhere, and the marked...