Many people object to the creation of a market for kidneys on the grounds that such reform would hurt those patients unable to afford the market price of a kidney and that donors do not understand the risks they’re taking when donating. In this paper, we propose a mechanism, the kidney...

What if it could be possible to convince a completely non-neoclassical economist of the importance of Central Bank independence? The profession currently favors arguments in favor of Central Bank independence that are based on the seminal work by Barro and Gordon (1983 a,b), a model with...

Consider a two player game that is to be played once. The players receive information that they use to help them predict the choices made by each other. A decision rule for each player captures how each player uses the information received in making their choices. Priors in this context are...

Numeraire choice is often deemed a problem of purely analytical convenience. In this paper I show that there is more to numeraire selection than meets the eye for the formulation of monetary policy in countries with weak fiscal institutions. I show how (a) improper numeraire choice can...

In this paper I show that, just as with Nash Equilibrium, there are sparse conditions, not involving common knowledge of rationality, that lead to (correlated) rationalizability. The basic observation is that, if the actual world belongs to a set of states where the set Z of action profiles is...

Suppose we know the utility function of a risk averse decision maker who values a risky prospect X at a price CE. Based on this information alone I develop upper bounds for the tails of the probabilistic belief about X of the decision maker. I also illustrate how to use these expected utility...

In this paper I prove a theorem that establishes bounds on the marginal rate of substitution between losing $x and winning $y, starting from wealth level $w for a risk averse individual that rejects a small stake gamble for a range of initial wealth levels. I am then able to prove a theorem that...