the empirical density of credit card interest rates has become much more disperse since 1983.

increases outside options for children and thereby effectively increases their rights. This in turn decreases the benefit of child-rearing to parents and lowers fertility.

account for 90 percent of the predicted change from 1880 to 1950.

We characterize an environment in which agents have private information and trade in decentralized markets. First, we show that all the useful information is learned in the long run. Second, we show that agents with private information receive rents, and the value of information is positive....