Using data on junior golf tournaments, we find evidence that the “hot hand” does exist, and that its prevalence decreases as golfers gain experience. This provides an explanation as to why studies that consider professional athletes conclude that the hot hand does not exist. We also show...

A bidder may increase his bid over the course of an auction when (1) he becomes more certain about his private valuation over time (as he has more time to consider using the item), and (2) there is a positive probability he is unable to return to the auction to submit a bid in a later period.

In competition for access, interest groups provide contributions to a politician and those that provide the highest contributions win access. Groups with access present information that may influence the politician's beliefs about the socially optimal policy. Because equilibrium contributions...