Primary healthcare institutions (PHIs) in China have experienced a sizable decline in medical services in recent years. Despite the large regional disparities in China, there is a lack of evidence on the differential patterns of medical services offered by PHIs, especially from a spatial...

We introduce a general decision tree framework to value an option to invest/divest in a project, focusing on the model risk inherent in the assumptions made by standard real option valuation methods. We examine how real option values depend on the dynamics of project value and investment costs,...

This paper examines how transparency on climate risk affects asset values in the housing market in aggregate. I argue that information frictions on climate risk may lead to a risk aversion premium for the entire market, resulting in a potential “market for lemon”. However, this can be...

A decentralized exchange (DEX) records every transaction on a blockchain, so it is much slower than a centralised exchange (CEX) which is only linked to a blockchain via a wallet, so no trades are recorded directly on the chain. While all CEXs use a traditional limit order book, most DEXs use a...

For liquidity providers in the rapidly-growing crypto options market as well as potential institutional investors in crypto options, we test the joint efficiency of the bitcoin options and perpetual futures markets, and likewise for ether, and identify the frequency and magnitude of arbitrage...