In an initial coin offering (ICO), a company (or an open-source project) raises funds by pre-
selling access to a later product or service. We present a model that rationalizes the use of …

Two leading economists develop a theory explaining the demand for and supply of liquid
assets. Why do financial institutions, industrial companies, and households hold low …

We develop a dynamic equilibrium model of asset markets with adverse selection. There
exists a unique equilibrium in which better quality assets trade at higher prices but with a …

Purpose The purpose of this paper is to provide empirical evidence on the motivation of
supporters to contribute resources to reward-based crowdfunding campaigns …

I study a dynamic economy featuring adverse selection in asset markets. Borrowing
constrained entrepreneurs sell past projects to finance new investment, but asymmetric …

We present a model of optimal allocation to liquid and illiquid assets, where illiquidity risk
results from the restriction that an asset cannot be traded for intervals of uncertain duration …

An informer sequentially collects and disseminates information through costly research to
persuade an evaluator to approve an activity. Payoffs and control rights are split between …

This article develops a tractable model with two-dimensional asymmetric information in
asset markets: sellers are privately informed about their asset quality and distress positions …

A Bayesian decision maker is choosing among two alternatives with uncertain payoffs and
an outside option with known payoff. Before deciding which alternative to adopt, the decision …

An entrepreneur borrows from a relationship bank or the market. The bank has a higher cost
of capital but produces private information over time. While the entrepreneur accumulates …