Distance between buyers and sellers can create search and contracting problems: how to find out what goods are available in far away places, and ensure they are actually delivered? Traveling to do business in person is one way of dealing with both, transforming a remote transaction into one that...

According to the Basel financial regulation, the use of external data is indispensable to the implementation of an Advanced Measurement Approach (AMA) for calculating operational risk capital. This paper aims to provide a simple solution to perhaps the most challenging step of building any...