The American Economic Review, Volume 95

agent aggregate asset assume assumption Atlantic auction average bank beliefs CALIFORNIA capital cash changes choice choose condition consider constraint consumption contract costs countries cycle demand depends Economic effect equal equation equilibrium estimates evidence example exists expected experiment export Figure firm flows function given groups growth higher holds implies important incentive income increase indicates individual interest investment Journal less LIBRARIES lower marginal match measure ment Note observed offers optimal panel payoff percent period play political positive possible preferences probability problem production profits Proposition reduce relative reported Review rule SAN DIEGO securities share shocks significant standard strategic subjects Table teams theory tion trade United UNIVERSITY utility variable voting wage weight workers