Mike Fishman1
Lawrence Harris1
Javier Birchenall1
Doug Gale1
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  • David S Bizer, Peter M Demarzo, Mike Fishman, Doug Gale, Mark Gertler, Joe Harrington +2 others
  • 2001
The standard Principal–Agent (PA) model assumes that the principal can control the agent's consumption profile. In an intertemporal setting, however, Rogerson (1985, Econo-metrica 53, 69–76) shows that given the optimal PA contract, the agent has an unmet precautionary demand for savings. Thus the standard PA model is invalid if the agent has access to(More)
We study the e®ect of privately informed traders on measured high frequency price changes and trades in asset markets. We use a standard market microstructure framework where exogenous news is captured by signals that informed agents receive. We show that the entry and exit of informed traders following the arrival of news accounts for high-frequency serial(More)
Stem-cell antigen 1-positive (Sca-1+) cardiac stem cells (CSCs), a vital kind of CSCs in humans, promote cardiac repair in vivo and can differentiate to cardiomyocytes with 5'-azacytizine treatment in vitro. However, the underlying molecular mechanisms are unknown. β-arrestin2 is an important scaffold protein and highly expressed in the heart. To explore(More)
We calculate the harm a birth imposes on others when greenhouse gas emissions are a problem and a cap limits emissions damage. This negative population externality, which equals the corrective Pigovian tax on having a child, is substantial in calibrations. In our base case, the Pigovian tax is 21 percent of a parent's lifetime income in steady state and 5(More)
Secondary Analysis of Diabetes and Psychological Distress in American Indian Women from the California Health Interview Survey (CHIS) Since European settlers arrived to the United States (U.S.), American Indians (AI) have been separate and unequal members of society. After a long history of discrimination, ethnocide, genocide, and distrust, the AI have(More)
The manufacture of automotive frames and subframes is a complex undertaking, requiring many disparate components and subassemblies to be melded into a functional whole. The competitive environment in manufacturing in general, and the automotive industry in particular, require that both capital and labor be employed efficiently. The throughput constraint for(More)
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