Interhousehold Transfers of Goods and Services and Reported Well-Being Among Polish Households

Analyses of data from 600 households in the province of Lubin, Poland, five years after the economic transformation indicated the transfers of goods and services between households to be quite prevalent, with households with high levels of resources giving goods and services and those with low levels of resources receiving goods and services. The receipt of such transfers does not improve the living conditions of the receiving households relative to those who do not receive help; in fact, those receiving help report lower levels of satisfaction than those not receiving assistance.     

Competition in Financial Innovation

This paper examines the incentives offered by frictionless markets to innovate asset‐backed securities by owners who maximize the assets' values. Assuming identical preferences across investors with heterogeneous risk‐sharing needs, we characterize economies in which competition provides insufficient incentives to innovate so that, in equilibrium, financial markets are incomplete in all (pure strategy) equilibria, even when innovation is essentially costless. Thus, value maximization does not generally result in complete markets.     

Amphibians in an urban environment: a case study from a central European city (Wrocław,Poland)

Urban Ecosystems - In 2016, we studied the occurrence of amphibians in 231 selected ponds in the city of Wroc?aw (Lower Silesia, Poland) and confirmed the occurrence of 10 species: Bombina...     

Price Inference in Small Markets

This paper investigates the effects of market size on the ability of price to aggregate traders' private information. To account for heterogeneity in correlation of trader values, a Gaussian model of double auction is introduced that departs from the standard information structure based on a common (fundamental) shock. The paper shows that markets are informationally efficient only if correlations of values coincide across all bidder pairs. As a result, with heterogeneously interdependent values, price informativeness may not increase monotonically with market size. As a necessary and sufficient condition for the monotonicity, price informativeness increases with the number of traders if the implied reduction in (the absolute value of) an average correlation statistic of an information structure is sufficiently small.