We clarify the conventional claims concerning the most popular damage measures: expectation damages (ED), constant damages (CD), and reliance damages (RD). We strictly examine strategies versus outcomes in equilibrium and make several new investigations. In terms of equilibrium outcomes, we...

The directed search model (Peters, 1984) is static; its dynamic extensions typically restrict strategies, often assuming price or match commitments. We lift such restrictions to study equilibrium when search can be directed over time, without constraints and at no cost. In equilibrium trade...

This paper shows that an incumbent monopolist's incentive confronting a new entrant depends on the degree of product differentiation and the strength of network externality. If products are homogeneous, the incumbent never wants to invite entry regardless of the degree of network externality. On...

The lack of complete information has been considered as a barrier to the optimal regulation. This paper shows that this is true for price regulation, but not for entry regulation. The performance of an entry regulation under asymmetric information can be better than that under complete...

We propose an early warning model for predicting the likelihood of a financial stress event for a given future time, and examine whether credit plays an important role in the model as a non-linear propagator of shocks. This propagation takes the form of a threshold regression in which a regime...

This paper measures how both geographical and cultural proximity of bank branches affect household credit choice and pricing. We examine both types of proximity jointly to separately identify the importance of soft information versus alternative mechanisms. Using a detailed household-level...

We propose an early warning model for predicting the likelihood of a financial stress event for a given future time, and examine whether credit plays an important role in the model as a non-linear propagator of shocks. This propagation takes the form of a threshold regression in which a regime...

Recent trends suggest that domestic demand alone may not be enough to explain the increase in overall demand for Canadian banknotes (Engert et al., 2019). Estimating foreign cash demand is difficult due to data availability issues and confounding factors that simultaneously affect domestic...

This paper develops a travel-based metric to measure Canadians' access to cash from automated banking machines (ABMs) and financial institution branches. Our findings indicate that the average distance Canadians need to travel to reach the nearest ABM is 2.0 km, while the average distance to the...

This paper measures how both geographical and cultural proximity of bank branches affect household credit choice and pricing. We examine both types of proximity jointly to separately identify the importance of soft information versus alternative mechanisms. Using a detailed household-level...