This article provides new evidence that fiscal decentralization has supported economic development by incentiving cities to provide more sewage infrastructure. As a result of the 1994 tax reform, Chinese cities retained different shares of their value-added tax (VAT). Exploiting the persistence...

We propose a broad measure of liquidity for the overall financial market by exploiting its connection with the amount of arbitrage capital in the market and the potential impact on price deviations in US Treasurys. When arbitrage capital is abundant, we expect the arbitrage forces to smooth out...

Many online retail channels face high rates of product returns. This poses a new challenge to the sellers' dynamic pricing problem when some returns in good condition can be resold in the selling season. To study the impact of product returns and guide sellers to adjust pricing policies, we...

We study the use of non-monetary incentives based on reciprocity to facilitate capacity sharing between two service providers who have limited and substitutable service capacity. We propose a parsimonious game theory framework, in which two firms dynamically choose whether or not to accept each...

We propose a broad measure of liquidity for the overall financial market by exploiting its connection with the amount of arbitrage capital in the market and the potential impact on price deviations in US Treasurys. When arbitrage capital is abundant, we expect the arbitrage forces to smooth out...

Data envelopment analysis (DEA) has recently become a popular approach in measuring the energy and environment performance at the macro-economy level. A common limitation of several previous studies is that they ignored the undesirable outputs and did not consider the separation of inputs into...