Research support from the Sol Snider Center for Entrepreneurship at the Wharton School, University of Pennsylvania and the Division of Research, Harvard Business School is gratefully acknowledged. We have benefited from the comments of seminar participants at the Dallas ORSA/TIMS Meeting; Graduate School of Business, University of Chicago; Sloan School of Management, MIT; Anderson School of Man...

This paper measures the welfare cost of bank capital requirements and finds that it is surprisingly large. I present a simple framework which embeds the role of liquidity creating banks in an otherwise standard general equilibrium growth model. A capital requirement plays a role, as it limits the moral hazard on the part of banks that arises due to the presence of a deposit insurance scheme. Ho...

We model the availability of information about product attributes in Internet-based markets, focusing on a phenomenon that we term as information deficit (availability of less than perfect information about product attributes) and its impact on the equilibrium strategies of sellers and buyers in electronic markets. We create a model of a market for a differentiated product and investigate how b...

Watson (1967) has shown that the synonym Lepismodes iniquilinus Newman has priority over Tliermobia domestica (Packard), but to avoid confusion in the present context the junior synonym as used previously is retained throughout this paper. The ability of Tliermobia to take up water from subsaturated atmospheres down to 45% relative humidity (R.H.) at 21 C. has been demonstrated in an earlier pa...