This paper examines dynamic voluntary contributions to a large-scale project. In equilibrium, contributions are influenced by the interplay of two opposing incentives. While agents prefer to free ride on others for contributions, they also prefer to encourage others to contribute by increasing...

We examine the practice of affirmative action and consequences of its proscription on the admission and tuition policies of institutions of higher education in a general equilibrium framework. Colleges are differentiated ex ante by endowments and compete for students that differ by race,...