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White, James - 2019

Home Bias refers to the tendency to invest more heavily in one's domestic equity market than global market-value proportions would suggest. Whether or not home-biased investing makes sense, the fact is that people in pretty much every country do it. This article addresses the question of whether...

Persistent link: https://www.econbiz.de/10012862245

Positively Valued Fiat Money after the Sovereign Disappears : The Case of Somalia

Luther, William J.; White, Lawrence H. - 2016

receivability) are necessary to explain the acceptance of fiat money at a positive value. Following the Somali state’s collapse in … consistent with an extended Kiyotaki-Wright model of fiat money. Although sovereign power may be necessary to launch a fiat money …

Persistent link: https://www.econbiz.de/10014184036

The Stability of Macroeconomic Systems with Bayesian Learners

Bullard, James; Suda, Jacek - 2009

We study abstract macroeconomic systems in which expectations play an important role. Consistent with the recent literature on recursive learning and expectations, we replace the agents in the economy with econometricans. Unlike the recursive learning literature, however, the econometricians in...

Persistent link: https://www.econbiz.de/10014212852

A Sheep in Wolf's Clothing

White, James; Haghani, Victor - 2022

It’s easy to overlook the fact that, in thinking about investment risk, we are implicitly making a choice about the benchmark against which risk is measured. It’s a convention, which we often take for granted, to use our local hard currency as the risk-less benchmark – but this choice,...

Persistent link: https://www.econbiz.de/10014236088

Price Dispersion, Information and Learning

Araujo, Luis F.; Shevchenko, Andrei - 2004

money. Agents' learning evolves from private experiences and we explore how the formation of prices interacts with learning …

Persistent link: https://www.econbiz.de/10014071622

Night Moves : Is the Overnight Drift the Grandmother of All Market Anomalies

Haghani, Victor; Ragulin, Vladimir V; Dewey, Richard - 2022

money. A lot of research in finance is focused on finding deviations to this risk-reward tradeoff, which are called “market …

Persistent link: https://www.econbiz.de/10013405178

To Realize, or Not to Realize? Capital Gains Tax and Portfolio Choice

White, James; Haghani, Victor - 2020

The central question addressed in this note is whether it is better to sell (and re-purchase) appreciated assets now and pay today's long-term capital gains tax rate, or wait to realize gains in the future and pay a likely higher capital gains tax rate. The authors argue that a framework based...

Persistent link: https://www.econbiz.de/10014352082

Comparing Price Manipulation Attacks Across Layer 1 and Layer 2 Decentralized Exchange Platforms

Wang, Cynthia - 2023

As the popularity of decentralized finance (DeFi) increases, Layer 1 (L1) exchange platforms, such as Ethereum, have become more vulnerable to front-running attacks and price manipulation. Evidence of these automated exploits can be found on both Ethereum and Polygon, a novel Layer 2 (L2)...

Persistent link: https://www.econbiz.de/10014256819

Social Norms and Money

Araujo, Luis F. - 2003

, money is usually seen as the only mechanism that can support exchange. In this paper we show that, as long as the population … is finite and agents are sufficiently patient, a social norm establishing gift-exchange can substitute for money. However … exists independent of the population size. We conclude that money is essential as a medium of exchange when the population is …

Persistent link: https://www.econbiz.de/10014087134

Bilateral Matching and Latin Squares

Aliprantis, C. D.; Camera, G.; Puzzello, D. - Krannert School of Management, Purdue University - 2006

We develop a general procedure to construct pairwise meeting processes characterized by two features. First, in each period the process maximizes the number of matches in the population. Second, over time agents meet everybody else exactly once. We call this type of meetings "absolute...

Persistent link: https://www.econbiz.de/10005835356