Previous research suggests that a decline in transactions costs leads to improved economic efficiency. In this paper,weshowthatsuchadeclinewillintroduceincreasinglyuninformedconsu...
Most markets compromise the economist’s ideal of matching the marginal benefits to consumers with the marginal cost of supply for incremental purchases because individual buyers...
Online payments in business-to-consumer electronic commerce are mainly made with credit cards. Fraud and chargebacks are a significant issue for merchants and payment card brands, ...
Abstract. In this paper we study the computational problem of arbitrage in a frictional market with a finite number of bonds and finite and discrete times to maturity. Types of f...