underinvestment on both sides of the market. But when market frictions become negligible, the equilibrium investment levels tend …

-driven behavior, even when this is not an equilibrium. Private signals reduce the power of public signals as sunspot variables. The … in distracting actions from the action that minimizes strategic uncertainty. …

We study spatially differentiated competition between charities by partnering with two foodbanks in two neighboring … spatially differentiated competition is characterized by sorting, crowding-in, and an absence of spillovers: Donors sort …