Esteban and Ray (2001) develop a model with an increasing marginal cost of contribution and overturn the Olson hypothesis that large groups are unable to provide themselves with a rival public good. Pecorino and Temimi (2008) consider fixed, but avoidable, participation costs in this framework....

We investigate policy reform in a model in which there are both rent seeking and lobbying activities. These two activities involve similar skills, so a reform which reduces rents will cause a shift into lobbying. Also, lobbying is subject to a free-rider problem, so the marginal return to the...

People often estimate probabilities, such as the likelihood that an insurable risk will materialize or that an Irish person has red hair, by retrieving experiences from memory. We present a model of this process based on two established regularities of selective recall: similarity and...

We investigate the role of information frictions in the US labor market using a new nationally representative panel dataset on individuals' labor market expectations and realizations. We find that expectations about future job offers are, on average, highly predictive of actual outcomes. Despite...

We study social learning between spouses using an experiment in Chennai, India. We vary whether individuals discover information themselves or must instead learn what their spouse discovered via a discussion. Women treat their 'own' and their husband's information the same. In sharp contrast,...

I test, in a field experiment at a flagship state university in the US, whether providing college students salary information can affect their choices of major and classes. I find that undergraduates are substantially misinformed about mean salaries by major. On average, students in my sample...

We investigate the effect of expected short sales and short sales surprises on abnormal securities returns. We then examine the impact of short sales constraints on the informational efficiency of the equity market based on a major hypothesis of Diamond and Verrecchia (1987). We conduct a series...