This paper considers the estimation of dynamic structural models where the decision variables are censored. We present and discuss several econometric issues and estimation methods under alternative stochastic structure of the unobservables, different potential sources of censoring, and...

This paper derives the decision to found a nonprofit firm as the equilibrium outcome of a multistage game among individuals who would like a public good to be provided. The model predicts that if individuals will voluntarily contribute towards provision of the public good, then it is in the...

Our major claim is that when people behave strategically,it is wrong to interpret the betting rates they announce as their subjective probabilities of the different events. Instead, these rates should be understood as the prices at which subjects are willing to trade certain goods (simple...

This paper discusses two ways in which decision makers facing sequential choices can make themselves invulnerable to Dutch books.

We illustrate by means of a dynamic research and development race that, while at some points in the race, social incentives and private incentives may coincide, at other points they may diverge-- too many researchers remain that race.