This paper examines a single, narrow decision - the choice on fourth down in the National Football League between kicking and trying for a first down - as a case study of the standard view that competition in the goods, capital, and labor markets leads firms to make maximizing choices....

This paper presents and implements statistical tests of stock market forecastability and volatility that are immune from the severe statistical problems of earlier tests. Although the null hypothesis of strict market efficiency is rejected, the evidence against the hypothesis is not...

This paper uses the interwar United States as a laboratory for investigating the incentive effects of marginal income tax rates. We examine the impact of the large changes in rates in this period on taxable income using time-series/cross-section analysis of data by small slices of the income...