Michal Kowalik

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Eye tracking technologies offer sophisticated methods for capturing humans' gaze direction but their popularity in multimedia and computer graphics systems is still low. One of the main reasons for this are the high cost of commercial eye trackers that comes to 25,000 euros. Interestingly, this price seems to stem from the costs incurred in research rather(More)
Can banks maintain their advantage as liquidity providers when they are exposed to a financial crisis? While banks honored their promised credit lines drawn by firms during the 2007-09 crisis, this provision of liquidity by banks was only possible because of explicit, large support from the government and government-sponsored agencies. At the onset of the(More)
This paper analyzes the role of expected labor income in entrepreneurial borrowing. We claim that poorer individuals are safer borrowers than richer ones, because they value more the relationship with the bank. Hence, default probabilities are positively related to the level of income without the loan. We study the dynamics of a monopolistic bank granting(More)
We study trade between an informed seller and an uninformed buyer who have existing inventories of assets similar to those being traded. We show that these inventories may lead to prices that increase even absent changes in fundamentals (a " run-up "), but may also make trade impossible (a " freeze ") and hamper information dissemination. Competition may(More)
We analyze under what conditions credit markets are efficient in providing loans to entrepreneurs who can start a new project after previous failure. An entrepreneur of uncertain talent chooses the riskiness of her project. If banks cannot perfectly observe the risk of previous projects, two equilibria may coexist: (1) an inefficient equilibrium in which(More)
This paper analyzes the role of expected income in entrepreneurial borrowing. We claim that poorer individuals are safer borrowers because they place more value on the relationship with the bank. We study the dynamics of a monopolistic bank granting loans and taking deposits from overlapping generations of entrepreneurs with different levels of expected(More)
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