Two pairs of two participants each interact repeatedly in two structurally independent but informationally linked Prisonerś Dilemma games. Neither pair receives feedback about past choices by their own partner but is fully informed about the choices by the other pair. Considering this as a...

I study how a firm manages its reputation by investing in the quality of its product and censoring bad news. Without censorship, the threat of bad news provides strong incentives for investment. I highlight two discontinuities in the firm's maximum equilibrium payoff the introduction of...

Oratorical talent and the ability to forge unity and bipartisanship have been touted as important qualifications for our next president. Many assert these traits are necessary to lead us out of our current quagmires, e.g. recession, war, and the crisis in health care. This article examines the...

This paper aims at contributing to the research agenda on the sources of price stickiness, showing that the adoption of nominal price rigidity may be an optimal firms' reaction to the consumers' behavior, even if firms have no adjustment costs. With regular broadly accepted assumptions on...

This paper develops a theory of the onset of financial crises by solving for the optimal trading strategies of speculators in financial markets, in a model where each speculator tries to coordinate her trades with the market's by observing the decisions of other speculators, while simultaneously...