We consider a market in which an expert must exert costly but unobservable effort to identify the service that meets the consumer's need. In our model, experts offer competing contracts and the consumer may gather multiple opinions. We explore the incentives that a competitive sampling of prices...

We explore how allowing votes to be traded separately of shares may affect the efficiency of corporate control contests. Our basic set-up and the nature of the questions continue the work of <xref ref-type="bibr" rid="bib15">Grossman and Hart (1980)</xref>, <xref ref-type="bibr" rid="bib17">Harris and Raviv (1988)</xref>, and Blair, Golbe and Gerard (1989). We consider three...

We consider a market in which an expert must exert costly but unobservable effort to identify the service that meets the consumer's need. In our model, experts offer competing contracts and the consumer may gather multiple opinions. We explore the incentives that a competitive sampling of prices...

The model features a dynamic market in steady state in which prices ar e determined in first-price auctions. It combines competition over ti me, familiar from the pairwise meeting models, with instantaneous bid ding competition. It inquires how different properties of the model d etermine the...

For a market with a finite number of agents, pairwise matching, and bargaining, it is shown that, even when the market is frictionless, the equilibrium is not necessarily competitive. It depends on the amount of information agents use. If their behavior is conditioned only on the sets of agents...

We study the behavioural foundation of interdependent preferences, where the outcomes of others affect the welfare of the decision maker. These preferences are taken as given, not derived from more primitive ones. Our aim is to establish an axiomatic foundation providing the link between...

"My own behaviour baffles me. For I find myself not doing what I really want to do but doing what I really loathe." Saint PaulWhat behaviour can be explained using the hypothesis that the agent faces temptation but is otherwise a "standard rational agent"? In earlier work, <xref ref-type="bibr" rid="R8">Gul and Pesendorfer...</xref>

Evidence from both psychology and economics indicates that individuals give statements that appear to overestimate their ability compared to that of others. We test three theories that predict such relative overconfidence. The first theory argues that overconfidence can be generated by Bayesian...