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We establish new efficiency results for decentralized markets with quality uncertainty. Buyers encounter a succession of passing trade opportunities and related asset information, allowing them to …
Discussion paper
To resolve several open issues in the forestry and carbon literature, we apply an analytically solvable stand-level model for optimizing the values of wood production and carbon sinks. Nonmonotonic …
Discussion paper
Chasing and the house money effect are well-known phenomena in dynamic environments of risky activities such as investment decisions or gambling. Recent studies suggest that such behavior emerges …
Discussion paper