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We study voting over higher education finance in an economy with risk averse households who are heterogeneous in income …
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We provide an explanation for why committees may behave over-cautiously. A committee of experts makes a decision on a proposed innovation on behalf of 'society'. Each expert's signal about the innovation's quality is generated by the available evidence and the best practices of the experts'...
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The common use of majority rule in group decision making is puzzling. In theory, it inequitably favors the proposer …
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enhance welfare. The paper offers a new theory to explain why stress tests are generally welfare enhancing. We also offer a …
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