An important stochastic turnpike property in optimal growth models asserts that optimal programs of capital accumulation from different initial stocks converge almost surely in a suitable metric. Its proof requires constructing a value-loss process satisfying both uniform boundedness in...

We consider bidders who are simultaneously participating in private value second-price sealed bid auctions in multiple markets. While active in each market, each bidder is associated with a unique home market in which it can potentially serve as a ring center. Pairs of bidders can establish...

The recent proliferation of free trade agreements (FTAs) has resulted in an increasingly complex network of preferential trading relationships. The economics literature has generally examined the formation of FTAs as a function of the participating countries' economic characteristics alone. In...