Decisions about public goods in the real world are frequently made by trustees—individuals responsible for managing pools of contributed funds—rather than by the contributors themselves. We conduct a laboratory experiment to compare contributions made by trustees who play with other trustees...

Decisions about the level and allocation of public goods in the real world are frequently made by representatives or trustees, rather than by the contributors themselves. We design and conduct an experiment to test the difference between contributions made by trustees vis-à-vis contributions...

We build a multi-agent model of endogenous technical change in which heterogeneous investments in patented knowledge generate Pareto-Levy and lognormal distributed returns to investment in research from very weak distributional assumptions. Firms produce a homogenous good and a public stock of...

We present a model in which price dispersion allows the market to remain competitive in the long run amidst increasing returns to scale. The model hinges upon turnover in the productive technology-leading firm, price dispersion resultant of Stigler's logic of rational search, and limited...

We present a model in which price dispersion allows long run increasing returns to scale to emerge from a competitive short run. The model hinges upon turnover in the productive technology-leading firm, price dispersion resultant of Stigler's logic of rational search and limited excludability of...

Models of endogenous growth have not been able to account for the variety of empirically observed distributional properties of the returns to innovation, in part, because of the limitations necessarily imposed on competition to cope with increasing returns to scale. Exponential growth, fat...