Heterogeneous beliefs and the effect of replicatable options on asset prices

We present two ways in which trading in a replicatable optioncan affect the price process of the underlying asset. In thefirst situation, trading an option that each investor viewsas pay off redundant breaks a non-fully revealing equilibriumthat exists when the option market is absent. The second situationinvolves a market that is dynamically complete without options,but in which introducing an option market allows self-confirmingconjectures of additional uncertainty about the future priceof the underlying asset. Heterogeneous beliefs play importantthough different roles in both situations.     

The Economic Impact of AIDS Treatment: Labor Supply in Western Kenya

Using longitudinal survey data collected in collaboration with a treatment program, this paper estimates the economic impacts of antiretroviral treatment. The responses in two outcomes are studied: (1) labor supply of treated adult AIDS patients; and (2) labor supply of individuals in patients' households. Within six months after treatment initiation, there is a 20 percent increase in the likelihood of the patient participating in the labor force and a 35 percent increase in weekly hours worked. Young boys in treated patients' households work significantly less after treatment initiation, while girls and adult household members do not change their labor supply.     

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Land use in a circular city

This paper is concerned with optimal allocation of urban land to transportation. It attempts to extend the work of Solow and Vickrey, who posed this problem in an operationally one-dimensional long narrow city, to a two-dimensional circular city with a network of radial and circumferential roads. An interesting new problem arises, namely that travelers now have a choice of routes. Rules for optimal resource allocation are developed and analyzed. Assuming travel costs to be a strictly convex function of traffic density, it is shown that there is no travel through the center of an optimal city.