We consider a cross-calibration test of predictions by multiple potential experts in a stochastic environment. This test checks whether each expert is calibrated conditional on the predictions made by other experts. We show that this test is good in the sense that a true expert--one informed of...

Access rights on a transmission network possess high degree of inherent differentiation. On a rail network this is further complicated by the need to meet feasibility constraints in scheduling. Common approaches to access pricing focus on recovery of the network's fixed costs and the prevention...

Venture capital firms have unique capabilities in terms of dealing with high uncertainty, high degrees of information asymmetry, and providing access to a strategic network. This study examines the association between the presence of venture capital and the growth of startups. It explores...

We consider an assemble-to-order system with a high volume of prospective customers arriving per unit time. A companion paper established that with optimal product prices, component production capacity, and sequencing of orders for assembly, the system can be approximated by a diffusion process...

We describe a two-step algorithm for estimating dynamic games under the assumption that behavior is consistent with Markov perfect equilibrium. In the first step, the policy functions and the law of motion for the state variables are estimated. In the second step, the remaining structural...

This paper uses detailed weekly data on sales of hardcover fiction books to evaluate the impact of the New York Times bestseller list on sales and product variety. In order to circumvent the obvious problem of simultaneity of sales and bestseller status, the analysis exploits time lags and...

We study the behavior of prices in Poland following the big-bang market reforms in 1990, using a large, disaggregated data set. Price differences within and across regions are initially large but fall rapidly in the early stages of transition. For most goods, the rapid decline ends within a...