In the past two decades, litigation in many U.S. stateshas triggered educational reform movements designed to reducethe inequalities in educational expenditures across school districts.This paper uses a panel data set across all the states from 1970–1990to examine the role of litigation and...

Purchasing a home involves a large and localized investment that leaves many families exposed to volatile house prices and at risk of losing their home equity. Price movements are typically not synchronized across cities, suggesting the potential for efficiency gains through risk sharing across...

Traditional economic theory assumes rational individuals with stable preferences who, given an array of options and probabilities, maximize their expected utility. However, experimental research finds that individuals make systematic “mistakes” when attempting to maximize their expected...