Adrian Masters

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Thirty-seven patients with dyspnea, clinical chronic obstructive pulmonary disease and abnormal pulmonary function tests demonstrating an obstructive airways pattern underwent six-foot posteroanterior chest radiography, radionuclide ventriculography and sphygmomanometer-monitored arterial pressure response during a bedside Valsalva maneuver. Patients could(More)
We study bilateral exchange, both direct trade and indirect trade that happens through chains of intermediaries or middlemen. We develop a model of this activity and present applications. This illustrates how, and how many, intermediaries get involved, and how the terms of trade are determined. We show how bargaining with one intermediary depends on(More)
A credit-card acceptance decision by retailers is embedded into a simple model of precautionary demand for money. The model gives a new explanation for how the use of credit-cards can differ so widely across countries. Retailers’ propensity to accept cards reduces the need for buyers to hold cash as the chance of a stock-out (of cash) is reduced. When(More)
Competitive search entails both commitment to and advertising of pay-o¤ relevant aspects of market participants. This paper considers incrementally the implications of each in a labor market where both workers and …rms invest prior to market entry. A wide range of institutional arrangements are addressed within the same general framework. When the(More)