We consider two types of consumers, educated and uneducated, with each preferring a different variety of goods. A decisive set of persons can impose compulsory education on all. We find conditions under which educated persons will want to impose compulsory education, and conditions under which...

A growing literature has brought to our attention the importance of information transmission and aggregation for economic and political behavior. Many recent studies of cascades point to the possibility of information cascades in economies with local learning and information transmission....

Two fields of thought evolved simultaneously, but scholars in one ignored the evolution of the other. The first was the theory of monopoly, whose broad nineteenth-century definition narrowed considerably during the twentieth century. Concepts contained in its original incarnation attained...

We measure values of time and reliability from 1998 data on actual behavior of commuters on State Route 91 in Orange Country, California, where they choose between a free and a variably-tolled route. For each route at each time of day and for each day of the week, the distribution of travel...