We postulate that the causes of the problem of invasive alien species are primarily economic and as such, require economic solutions. Invasive alien species are of increasing concern for four reasons. First, introductions are increasing sharply, while mechanisms for excluding or eradicating...

The paper compares the optimal financial contracts of a firm which has private information over its expost revenues when the finance can be provided by a single or by two groups investors. Costly monitoring can be carried out only by one group of investors. When they are the only investors we...

Empirically, the covariance between stock returns varies with their volatility. We seek a robust theoretical explanation of this. With minimal assumptions, we model stochastic properties of equilibrium returns which result from the interaction between inter-temporal traders and noisy,...

With preference rigidities we find Pareto optima of an exchange economy, some of which involve unconsumed endowments. We show that such Pareto Optima can only be attained as market equilibria if there is a top dog in the initial endowment distribution who is richer than the other individuals....

The paper compares the optimal financial contracts of a firm which has private information over its expost revenues when the finance can be provided by either a single or two groups of investors. When they are the only investors we use a financial contract with non-contractible monitoring, in...