We examine the dissent voting record of the Bank of England Monetary Policy Committee (MPC) in its first decade. Probit estimates indicate the impact of career experience on dissent voting is negligible, whereas the impact of forecast inflation is pronounced. In addition to finding a role for...

The aim of this paper is to explore the links between brand equity, consumer learning and consumer choice processes in general, and considering two recent trends in the market place: store brands and the Internet. We first review the advances that have occurred in brand equity research in...

Stock market reactions to political events demonstrate that the value of some firms is strongly affected by which party controls political power. However, contrary to common perception, event studies do not indicate that the ability to make unlimited political contributions or expenditures...

Many economic, political and social environments can be described as contests in which agents exert costly efforts while competing over the distribution of a scarce resource. These environments have been studied using Tullock contests, all-pay auctions and rankorder tournaments. This survey...

In this paper we consider the problem of a principal with many agents who desires to implement a given action profile. Agents observe the actions taken by their colleagues, and this information can be exploited by the principal. Sufficient conditions for implementation under various...

Models on innovation, for the most part, do not include a comprehensive and end-to-end view. Most innovation policy attention seems to be focused on the capacity to innovate and on input factors such as R&D investment, scientific institutions, human resources and capital. Such inputs frequently...

Private sector corporations in the United States fall short of their potential to increase shareholders'1 wealth in a number of ways. One example is the failure to undertake profitable energy conservation investments. Explanations of this phenomenon include agency and moral hazard problems,...

Laboratory studies have shown that decision-making groups tend to focus on common information at the expense of unique information. In the current study, high level business executives completed a personnel selection task. Access to information about the candidates was not controlled as in a...

This paper models how imperfect memory affects the optimal continuity of policies. We examine the choices of a player (individual or firm) who observes previous actions but cannot remember the rationale for these actions. In a stable environment, the player optimally responds to memory loss with...

This paper explains why seemingly irrational overconfident behavior can persist. Information aggregation is poor in groups in which most individuals herd. By ignoring the herd, the actions of overconfident individuals ("entrepreneurs") convey their private information. However, entrepreneurs...