compromise in project selection and equilibrium effort. Imposing deadlines for presenting counteroffers is beneficial, while …

We compare the performance of markets and tournaments as allocative mechanisms in an economy with borrowing constraints … different qualities). With perfect capital markets both mechanisms achieve the efficient allocation, though markets generate … constraints are present, however, tournaments dominate markets in terms of aggregate output and, for sufficiently powerful …

We study bargaining at the end of high-stakes poker tournaments, in which participants often negotiate a division of … the prize money rather than bear the risk of playing the game until the end. This setting is ideal for studying bargaining …: the stakes are substantial, there are no restrictions on the negotiations or the terms of a deal, outside options are …

members have perfectly aligned interests the group may inefficiently delay decisions. When deadlines are far away, uninformed … group members freeride on each others' efforts to acquire information. When deadlines draw close, informed group members …

How do firms' sales interact across markets? Are foreign and domestic sales complements or substitutes? Using a large … firms' demand on foreign markets to instrument yearly variations in exports. We use alternatively as instruments product …

We experimentally examine the effects of flexible and fixed prices in markets for experience goods in which demand is … driven by trust. With flexible prices, we observe low prices and high quality in competitive (oligopolistic) markets, and … high prices coupled with low quality in non-competitive (monopolistic) markets. We then introduce a regulated intermediate …

-functioning. However, an important role of centralized markets is matching heterogeneous products, such as fish, to buyers of these …Centralized markets with large numbers of buyers and sellers are generally thought of as being competitive and well …

. Exams dominate markets in terms of matching efficiency. Whether aggregate consumption is greater under exams than under …This paper examines the properties of exams and markets as alternative allocation devices under borrowing constraints … markets depends on the power of the exam technology; for a sufficiently powerful test, exams dominate markets in terms of …

This Paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces …