On trees and logs

Article Abstract:

The Lucas tree model (LT-Model) that is extended to include heterogeneous agents and multiple goods is critically examined. It is emphasized that except for the assumption of many goods, including log-linear utility, is a standard workhorse in finance, and also when there are intrinsically incomplete financial markets, or institutionally imposed portfolio restrictions.

Equilibrium (Economics)

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Private information revelation in common-value auctions

Article Abstract:

A dictum of auction theory is that all information by sellers if publicly announced can help bidders to estimate asset value and the possibility of private revelation of this information to one or more bidders is decreased. The role of private revelation is more complex than simply generating bidder asymmetry.

Auctions

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Sunspots and predictable asset returns

Article Abstract:

A stylized asset-pricing model is used to show that sunspots may cause asset returns to be predictable, a widely documented feature of many speculative markets. The result shows that sunspots render asset prices excessively volatile.

United States

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