transport industry, based on game theory models. In our setting, consumers choose a transport mode and an operator to travel on …

transport industry, based on game theory models. In our setting, consumers choose a transport mode and an operator to travel on …

The usual formulation of probit models includes, as endogenous variables, both continuous latent variables and binary … observable variables. The solution of simultaneous probit models involving only latent endogenous variables among the explanatory … variables is straightforward, provided the equations are identified. In contrast, simultaneous probit models in which the binary …

This paper develops a framework to test alternative market microstructure models of the bid-ask spread. If, on the one … hand, information-based models result in bid and ask quotes that are non-Markovian, and the other hand, the Markov property …