income. Stratification and sorting often manifest state-dependent preferences in which the marginal utility of income … before location is chosen, the a priori von Neuman-Morgenstern utility function over both choices can take the Friedman …

In theory, we should expect tariffs to be partially offset by a currency appreciation in the tariff-imposing country or …

auctioned stock does not affect their WTP. Our results are thus compatible with a utility model where non-pecuniary benefits of …

This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of … fairness to their consumers. The theory relies on two psychological assumptions. First, customers care about the fairness of … rigid. Embedded in a simple macroeconomic model, our pricing theory produces nonneutral monetary policy, a short …