This study analyzes the relationship between strike activity and output among disaggregated manufacturing industries. A major finding is that in many manufacturing industries, strikes have no discernible effect on industry output. Even when strikes are found to have a statistically significant...

Stimulus-response (SR) and belief-based learning (BBL) models are estimated with experimental data from sender-receiver games and compared using the Davidson and MacKinnon P-test for non-nested hypotheses. Depending on a certain adjustment parameter, the P-test favors the SR model, the BBL model...

Learning and communication play important roles in coordinating activities. Game theory and experiments have made a significant contribution to our understanding and appreciation for the issues surrounding learning and communication in coordination. However, the results of past experimental...

Estimates of the structural parameters of a job separation model derived from the theory of on-the-job search are reported in this paper. Given that each employer pays the same wage to observably equivalent workers but wages are dispersed across employers, the theory implies that an employer's...

Models of job creation and destruction emphasize the endogeneity of the decision to start up or kill off a job. Faced with random and largely idiosyncratic shocks to productivity, firms adopt a reservation strategy for keeping a job in existence. This reservation productivity depends upon the...

Results from the Iowa Political Stock Market are analyzed to ascertain how well markets work as aggregators of information. The authors find that the market worked extremely well, dominating opinion polls in forecasting the outcome of the 1988 presidential election, even though traders in the...

Economic data are frequently generated by stochastic processes that can be modelled as occurring in continuous time. That is, the data are treated as realizations of a random function (functional data). Sometimes an economic theory model specifies the process up to a finite-dimensional...

This paper applies an equilibrium search to study the transition from schooling to work of U.S. high school graduates. We consider the case where there is heterogeneity in firm productivity and the number of firm types is discrete. For this case the estimation problem is non-standard and the...

Discussions of strike activity, and in particular of the costs of strike activity, generally ignore the existence of capital markets. If strikes are costly and if they are predictable, the presence of capital markets limits the losses that can be imposed on firms. This paper examines the effect...