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The Insurance is the Lemon: Failing to Index Contracts

Benjamin Hebert , Barney Hartman-Glaser   Jan 07,2019

We model the widespread failure of contracts to share risk using available indices. A borrower and lender can share risk... Read More

A Theory of Participation in OTC and Centralized Markets

Jerome Dugast, Pierre-Olivier Weill , Semih Uslu   Jul 09,2019

Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we consider a... Read More

Demand Disagreement

Christian Heyerdahl-Larsen, Philipp Illeditsch   Dec 13,2019

We develop an overlapping generations model with disagreement about the cross-sectional distribution of investors’ preferences and beliefs. This disagreement implies... Read More

Screening and Adverse Selection in Frictional Markets

Benjamin Lester,Ali Shourideh,Venky Venkateswaran, Ariel Zetlin-Jones   Jul 06,2018

We incorporate a search-theoretic model of imperfect competition into an otherwise standard model of asymmetric information with unrestricted contracts.... Read More