ECONOMICS IS A SOCIAL SCIENCE THAT DESCRIBES HOW society produces and consumes goods and services. It is concerned with both efficiency (getting the most out of a fixed amount of resources) and distribution (who gains and who loses). The use of free markets as a mechanism of promoting efficiency has been touted by the majority of economists since the time of Adam Smith. His theory was that in f...

Allowing for correlated squared returns across two consecutive periods, portfolio theory for two periods is developed. This correlation makes it necessary to work with non-Gaussian models. The two-period conic portfolio problem is formulated and implemented. This development leads to a mean ask price frontier, where the latter employs concave distortions. The modeling permits access to skewness...

We show that the dispersion of private valuation reduces market liquidity and allocative e ciency of a dynamic OTC market. In this decentralized market, traders have time varying and heterogeneous private value over the asset and dealers act as competing mechanism designers. We characterize the optimal liquidity provision with endogenous valuation, outside options and type distributions. Depend...

The theory of pricing to acceptability developed for incomplete markets is applied to marking one’s own default risk. It is observed in agreement with Heckman (2004), that assets and liabilities are not to be valued in …nancial reporting at the same magnitude. Liabilities are to be marked at the ask prices of two price economies that are above the asset mark at the bid prices for such economies...

We provide a novel intuition for why manufacturers restrict their retailers' ability to resell brand products online. Our approach builds on models of salience-driven attention according which price disparities across distribution channels guide consumer's toward prices and lower her appreciation quality. Absent vertical restraints, therefore, one two salience distortions—a quality or participa...

date is as one of the important items of the agricultural production in iran as iran's share of global production was 14.1% in 2012 and rank of production increased to second in the world too. in recent years, price uncertainty in date market has increased due to changes in government policies on date prices pattern, from a guaranteed buying pattern to negotiated price pattern. according to the...

Five experiments were designed to evaluate the effectiveness of "high-variability" lexical training in improving the ability of normal-hearing subjects to perceive noise-vocoded speech that had been spectrally shifted to simulate tonotopic misalignment. Two approaches to training were implemented. One training approach required subjects to recognize isolated words, while the other training appr...