In this paper, we review the literature on declining business dynamism and its implications in
the United States and propose a unifying theory to analyze the symptoms and the potential …

We study how environmental, social and governance (ESG) investing reshapes information
aggregation by prices. We develop a rational expectations equilibrium model in which …

Auctions often involve the sale of many related goods: Treasury, spectrum, and electricity
auctions are examples. In multi-unit auctions, bids for marginal units may affect payments for …

This article reviews the theory of imperfectly competitive financial markets with special
attention to recent contributions and rapidly growing new areas of research. We survey the …

We develop a framework to theoretically and empirically analyze how investors compete
with each other in financial markets. In the classic view that markets are fiercely competitive …

Most assets are traded in multiple interconnected trading venues. This paper develops an
equilibrium model of decentralized markets that accommodates general market structures …

The paper considers a model of competition among firms that produce a homogeneous
good in a networked environment. A bipartite graph determines which subset of markets a …

This paper studies the effects of the diversification of energy portfolios on the merit order
effect in an oligopolistic energy market. The merit order effect describes the negative impact …

We propose a model of trade in over‐the‐counter (OTC) markets in which each dealer with
private information can engage in bilateral transactions with other dealers, as determined by …

Blockchain-based platforms often rely on token-weighted voting (“τ-weighting”) to efficiently
crowdsource information from their users for a wide range of applications, including content …