obtained in a complete information setting, where coordination is easy, to those obtained in a setting with strategic risk … deterrent effect under complete information, this does not hold anymore under strategic risk. Rather, we find that increases in …

A large body of research has explored the importance of auction design and information structure for auction outcomes … explore the importance of auction process by testing whether auctioneers can have a systematic difference on auction outcomes …. Much less work has considered the importance of the auction process. For example, in many auctions, auctioneers are present …

Outcome bias occurs when an evaluator considers ex-post outcomes when judging whether a choice was correct, ex-ante. We … formalize this cognitive bias in a simple model of distorted Bayesian updating. We then examine strategy changes made by … professional football coaches. We find they are more likely to revise their strategy after a loss than a win -- even for narrow …

policy strategies, especially at the zero lower bound. Our analysis suggests that sticky-price and sticky-information models … fit standard macroeconomic time series comparably well. However, the model with information rigidity responds differently … strategy are common across the two models: In particular, highly inertial interest rate rules that respond to nominal income or …

the abnormal performance of defensive equity (i.e., low volatility and/or low beta strategies). While defensive strategy …

previous Boston mechanism, a priority matching mechanism, and the case in favor of the change to a strategy-proof mechanism … unassigned students could have been assigned to one of their stated choices with a different strategy under the current mechanism …. This interaction between sophisticated and unsophisticated players identifies a new rationale for strategy-proof mechanisms …

(or uncorrelated) with the asset value, then prices in large markets aggregate all available information. If liquidity … demand is negatively correlated with the asset value, then prices in large markets aggregate all information except that …

option-like payoffs of past losers. An implementable dynamic momentum strategy based on forecasts of momentum's mean and … variance approximately doubles the alpha and Sharpe Ratio of a static momentum strategy, and is not explained by other factors …