substantial cross-sectional variation in the speed of price of price discovery when measured in “real time.” This heterogeneity …, however, essentially disappears when measured in “trade time.” Consistent with previous work work, I find that trade time is … the hypothesis of Kyle and Obizhaeva (2016b) that “information flows take place in the same business time as trading.” …

The notion that time is relative has been widely accepted by physicists since Albert Einstein formulated his theory of … theory, the time value of money concept. I show that, to avoid arbitrage, relativistic time concepts call for an adjustment … relativistic time concepts. In this paper, I show how a relativistic approach towards time influences the core principle of finance …

We employ the convex time budget approach in a laboratory experiment to measure individual discount rates for time … discounting in favor of constant discount rates and because of the long time horizon, the average discount rate of 1.9% is much …

This study jointly examines agents’ time dependence—period effects within instantaneous utility—and time preference …—behavior on discounting future utility. The study considers the start- and end-of-period effects for time dependence and … exponential and hyperbolic discounting for time preference. It provides identification arguments and sufficient conditions for …

We introduce a new class of time-varying parameter vector autoregressions (TVP-VARs) where the identified structural …

their account of the relationship between norms and time. Williams offers the prospect of a non-Kantian liberalism that …