Double auction dynamics: structural effects of non-binding price controls

Article Abstract:

A simple dynamic model of double auction markets with 'zero intelligence' (ZI) computer traders that accounts for many of the differences between the data and the Walrasian tatonnement prediction is developed. It is shown that the simple ZI model is a powerful tool to gain insights into the dynamics of market institutions.

Price control, Price regulations

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Price uncertainty and consumer welfare in an intertemporal setting

Article Abstract:

The way in which increases in intertemporal price uncertainty affect the welfare of a consumer is examined. On the basis of the examination, it is shown that when saving rates are sensitive to the elasticity of intertemporal substitution (EIS) then there are important counterexamples to the intuitive case.

United States, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Consumer Protection Laws, Consumer protection

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Dynamic asset pricing theory with uncertain time-horizon

Article Abstract:

The problem of pricing and hedging a random cash-flow received at an uncertain time horizon is addressed by using dynamic asset pricing theory.

Cash flow

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