We examine the effect of enforcing minimum quality standards (MQSs) on consumer health. In the late 1800s, the urban … milk supply was regularly skimmed and diluted with water, but consumers could not easily determine its quality because dyes …, caramel, and salt were added. To protect consumers, milk inspectors were tasked with enforcing a well-defined MQS. Using city …

In the mid-19th century, the urban milk supply in the United States was regularly skimmed or diluted with water …, reducing its nutritional value. At the urging of public health experts, cities across the country hired milk inspectors, who … were tasked with collecting and analyzing milk samples with the goal of preventing adulteration and skimming. Using city …

obtained in a complete information setting, where coordination is easy, to those obtained in a setting with strategic risk … deterrent effect under complete information, this does not hold anymore under strategic risk. Rather, we find that increases in …, inequality in military strength can ac- tually facilitate peace and that anticipated peace-keeping interventions may improve …

In July 2005 the Boston School Committee voted to replace the existing Boston school choice mechanism with a deferred … previous Boston mechanism, a priority matching mechanism, and the case in favor of the change to a strategy-proof mechanism … attention to the capacity constraints of different schools, while others appear not to. In particular, we show that many …

A single macroeconomic factor based on growth in the capital share of aggregate income exhibits significant explanatory … estimates that are of the same sign and similar in magnitude. Positive exposure to capital share risk earns a positive risk … premium, commensurate with recent asset pricing models in which redistributive shocks shift the share of income between the …

policy strategies, especially at the zero lower bound. Our analysis suggests that sticky-price and sticky-information models … strategy are common across the two models: In particular, highly inertial interest rate rules that respond to nominal income or …-lower bound. Rules that respond to the level or change in the output gap can perform poorly under those conditions …

poor absolute performance of the most aggressive stocks. In conjunction with the well documented inability of the Fama and … the abnormal performance of defensive equity (i.e., low volatility and/or low beta strategies). While defensive strategy … of value and profitability strategies cannot by explained using defensive equity performance …

We study trading behavior and the properties of prices in informationally complex markets. Our model is based on the … the random variables involved in the model: the value of the traded asset, the signals of strategic traders and …, characterize it analytically, and illustrate its properties in a series of examples. We then use this characterization to study the …

Despite their strong positive average returns across numerous asset classes, momentum strategies can experience … infrequent and persistent strings of negative returns. These momentum crashes are partly forecastable. They occur in "panic … that the low ex-ante expected returns in panic states are consistent with a conditionally high premium attached to the …

This paper extends the methodology developed in Chien, Cole and Lustig (2011 & 2012) (hereafter CCL2011 and CCL2012 … designed to replicate the portfolio behavior seen in the data, fall into two classes. Active traders manage the composition of … their portfolios among a given set of assets in addition to choosing how much to save. Passive traders take their portfolio …