This paper develops a theory of income distribution in a growing economy from a search theoretic foundation. It focuses on a 'turbulent' growth process in which individual payoffs from ongoing advance hinge on search effort but are transient in the sense that each successive growth shock outdoes...

This paper examines interbrand competition between a domestic and a foreign manufacturer who market their products through intermediaries. The contracts manufacturers offer these intermediaries are endogenous. In equilibrium, contracts may specify exclusive territories (ET), depending on the...

Promoters of individual transferable quota (ITQ) management regimes have often held out the prospect that such regimes generally will offer superior performance over alternative fisheries managements systems. My purpose in this paper is to challenge the notion of ITQ superiority in an important...

The paper derives and tests maximum likelihood parameter estimators for symmetrically correlated Weiner processes observed at discrete intervals. Such processes are arise when pricing and determining Value-at-Risk for portfolio derivatives. Cases of driftless and mean-reverting state variables...

By deriving the implied dividend growth rate from earnings growth rates, the method of Donaldson and Kamstra [1996] is extended to provide formal fundamentals valuation fo firms that pay out no dividends. No previous work known to me has succeeded in providing formal fundamentals valuation for...