Equilibrium valuation

Ownership Structure and Business Model of Electronic Business-to-Business Marketplaces As in other multicommunity models, equilibrium in my model exhibits complete stratification: High-income families live in districts that are preferred to (and have higher housing prices than) those where low-income families live. That this must hold regardless of what parents value points to a fundamental identification problem in housing price-based estimates of parental valuations: 8

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For decades, researchers have been puzzled by three sets of empirical results associated with the pricing of initial public o¤erings (IPOs). Besides the well-documented underpricing puzzle and hot-issue market puzzle1, severe long-run underperformance of IPOs is reported recently by Ritter (1991) and Loughran and Ritter (1995), suggesting that market ine¢ciency may be even more pervasive than previously recognized. Thus, the IPO market, albeit small in scale, has become a leading example of anomalies against the e¢cient market hypothesis (Fama 1998)....

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MONEY DEMAND IN DEVELOPING COUNTRIES : A DYNAMIC PANEL APPROACH Regardless of parental valuations, then, families always prefer a high-μ house to one with lower μ . Because willingness-topay for a preferred school is increasing in x, equilibrium is unique, with the ranking of districts by effectiveness is identical to that by the income of the resident family.

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AN ASSESSMENT OF SPATIAL DIFFERENTIATION IN VIETNAM’S SOCIAL-ECONOMIC DEVELOPMENT 1990-2000 There can be multiple equilibria, however, and the allocation of effective schools is not uniquely determined by the model’s parameters. Conventional comparative statics analysis is not meaningful when equilibrium is non-unique, as the parental valuation parameter affects the set of possible equilibria rather than altering a particular equilibrium.

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