I consider the efficiency of liability rules when courts obtain imperfect information about precautionary behavior. I ask what tort rules are consistent with socially efficient precautions, what informational requirements the evidence about the parties' behavior must satisfy, what decision rules...

As in many other countries, government policy in the UK has the objective of raising the participation rate of young people in higher education, while also increasing the share of the costs of higher education borne by students themselves. A rationale for the latter element comes from evidence...

From a unique data-set identifying the school attended prior to university for a full cohort of UK university students, we examine the determinants of final degree classification. We exploit the detailed school-level information and focus on the influence of school characteristics, such as...

We exploit individual-level administrative data for whole populations of UK university students for the leaving cohorts of 1985-1993 to investigate the determinants of graduate occupational earnings. Among other results, we find that there are significant differences in the occupational earnings...

We exploit individual-level administrative data for whole populations of UK university students for the leaving cohorts of 1985-1993 (together with that of 1998) to investigate the influence of degree performance on graduate occupational earnings. We find that there is a significant premium...

We study learning in perfect competition. A representative price-taking firm sells a good whose quality is unknown to some buyers. The uninformed buyers use the price to infer information about quality. Even though the firm is a price-taker, information is disseminated though the price. It is...

We analyze the complementarity between legal incentives (the threat of being held liable for damages) and normative incentives (the fear of social disapproval or stigma) in situations where instances of misbehavior are not perfectly observable. There may be multiple equilibria within a given...

Using a unique, hand-collected data set on hedging activities of 150 US oil and gas producers, we study the determinants of hedging strategy choice. We also examine the economic effects of hedging strategy on firms’ risk, value and performance. We model hedging strategy choice as a multi-state...