We develop a dynamic portfolio-choice model with illiquid alternative assets to analyze conditions under which the "Endowment Model," used by some large institutional investors such as university endowments, does or does not work. The alternative asset has a lock-up, but can be voluntarily...

How can charities solicit high-capacity donors to provide the funds for matching grants and leadership gifts? In conjunction with one of Texas A&M University's fundraising organizations, we conducted a field experiment to study whether high-income donors respond to non-personal solicitations, as...

This paper examines a model in which advertisers bid for "sponsored-link" positions on a search engine. The value advertisers derive from each position is endogenized as coming from sales to a population of consumers who make rational inferences about firm qualities and search optimally....

Economists are skeptical about the economic benefits of hosting "mega-events" such as the Olympic Games or the World Cup, since such activities have considerable cost and seem to yield few tangible benefits. These doubts are rarely shared by policy-makers and the population, who are typically...

"A long-standing question in social science is to what extent differences in management cause differences in firm performance. To investigate this we ran a management field experiment on large Indian textile firms. We provided free consulting on modern management practices to a randomly chosen...

We estimate the rate of total factor productivity growth in Indian manufacturing industry for the period 1973-1992, and compare the results to those obtained by Young for the East Asian Tigers. We then interpret our results in light of Krugman's hypothesis that, because the Asian Miracle was...