We argue that the complex interactions of competitive heterogeneous firms lead to a statistical equilibrium distribution of firms? profit rates, which turns out to be an exponential power (or Subbotin) distribution. Moreover, we construct a diffusion process that has the Subbotin distribution as...

Let X1, X2, . . . be i.i.d. with finite mean (formula). For (formula) we consider the stopping times Tc (formula) with overshoot (formula). For (formula) we give a bound for (formula) in the spirit of Lorden's well-known inequality for f = 0

In the standard models for optimal multiple stopping problems it is assumed that between two exercises there is always a time period of deterministic length $\delta$, the so called refraction period. This prevents the optimal exercise times from bunching up together on top of the optimal...