Information and Competitive Price Systems

TL;DR: In this paper, the authors used mean and semiparametric methods to analyze the explanatory value of some of these variables and determined which variables have higher explanatory value as well as their differential impact throughout the distribution of returns.

TL;DR: McDermott as discussed by the authors rejects the argument that an individual, in receiving benefits from a political community, thus incurs a "fair-play obligation" to contribute to the provision of these benefits.

Abstract: Federal Reserve System, Washington, DC 20551, USA Received January 1980 In models describing sequential search as an optimal mode of behavior for buyers seeking the lowest price, it is often implicitly assumed that price dispersion actually exists..To evaluate the existence of equilibrium price distributions under sequential search, this paper presents two variants of a model of monopolistic competition. It is shown that under reasonable assumptions in a linite market, Nash competitive behavior is not consistent with price dispersion in equilibrium. However, in a continuous atomistic market, a price distribution can arise as a mapping from the distribution over search costs among consumers.

TL;DR: In this article, the role of futures markets as a place where information is exchanged and where people who collect and analyse information about future states of the world can earn a return on their investment in information gathering is explained.

TL;DR: In this article, a general theory of the rate of interest was proposed, and the subjective and objective factors of the propensity to consume and the multiplier were considered, as well as the psychological and business incentives to invest.