Annual Conference

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Investment Finance

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May 2016

We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset management market: if investors can find managers more easily, mo...
Keywords: Asset Pricing, market efficiency, Asset Management, search, Information
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Senior Fellows/Fellows

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Senior Fellows/Fellows

We model bargaining in over-the-counter network markets over the terms and prices of contracts. Of concern is whether bilateral non-cooperative bargaining is suÿcient to achieve eÿciency in this multilateral setting. For example, will market participants as-sign insolvency-based seniority in a soc...
Keywords: Over-the-counter, network, contracting, bargaining, eÿciency, game theory
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Observing rapid structural transformation accompanied by a continual process of rural to urban migration in many developing countries, we construct a micro founded dynamic framework to explore how important education-based migration is, as opposed to work-based migration, for economic development, u...
Keywords: Rural-Urban Migration, economic development
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Annual Conference

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Economic Transformation of Asia

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May 2015

Observing rapid structural transformation accompanied by a continual process of rural to urban migration in many developing countries, we construct a micro founded dynamic framework to explore how important education-based migration is, as opposed to work-based migration, for economic development, u...
Keywords: Educational choice, Rural-Urban Migration, urbanization and development
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Senior Fellows/Fellows

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Senior Fellows/Fellows

This paper casts within a unified economic framework some key challenges for the global economic order: de-globalization; the rising impracticability of global cooperation; and the increasingly confrontational nature of Great Power competition. In these, economics hasbeen weaponised in the service o...
Keywords: epic fail, globalization, Great Powers, Third Nations, world order, zero sum
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