I consider a market where firms compete under costly-state-verification and can commit to disclose information about future profits (e.g., going... Read More
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This paper investigates the strategic foundations for rational expectations equilibrium. In the model, risk-averse traders with two signals—private information and... Read More
We introduce a model to explain the widespread failure to index contracts to aggregate indices, despite the apparent risk-sharing benefits... Read More
In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For... Read More