Abstract It has been repeatedly assumed that Heinz Lettau found the Obukhov length in 1949 independently of 1946. However, it was not characteristic scale, L , but ratio height and ( z / ), stability parameter, he analyzed. Whether described parameter is investigated herein. Regardless speculation about this, significant contributions made by application merit this term being called Obukhov–Let...

A speculator can take advantage of a procurement auction by acquiring items for sale before the auction. The accumulated market power then be exercised in and may lead to large enough gain cover acquisition costs. I show that speculation always generates positive expected profit second-price auctions but could unprofitable first-price auctions. In case where is profitable auctions, it more This...

Using data on 50 million home sales from the last U.S. housing cycle, we document that much of variation in volume came rise and fall speculation. Cities with larger speculative booms have price booms, sharper increases unsold listings as market turns, more severe busts. We present a model which predictable endogenously attract short-term buyers than long-term buyers. Short-term amplify by sell...