In the United States, more than two-thirds of decedents with multichild families divide their estates exactly equally among their children. In contrast, intra vivos gifts are usually unequal. These findings challenge the validity of existing theories regarding the determination of...

This paper examines how the advice that lawyers provide to their clients affects the disclosure of evidence and the outcome of adjudication, and how the adjudicator should allocate the burden of proof in light of these effects. Despite lawyers' expertise in assessing the evidence, their advice...

We study "investment tournaments," a class of decisionproblems involving gradual allocation of investment among severalalternatives whose values are subject to shocks. The decision maker'spayoff is determined by the final values of the alternatives. An important example of such tournaments is...

Technical supplement to the paper forthcoming in Rand Journal of Economics.