We find the Small Business Administration's disaster-relief home loan program denies significantly more loans in areas with larger shares of minorities, subprime borrowers, and higher income inequality. We find that risk-insensitive loan pricing -- a feature present in many regulated and...

Firms sometimes nurture long lines, rather than raising prices to eliminate waiting times. We justify this practice by considering the informational role of a queue in a setting in which a firm can also adjust its price to signal its quality to uninformed consumers. When the proportion of...

We consider a model of intermediated trade for a financial asset. Agents' valuation for the asset includes both a private and a common value component. A third party posts a price at which trade can occur, and a buyer and seller simultaneously decide whether to accept or reject the trade. We...

We develop an analytical framework to investigate the competitive implications of personalized pricing technologies (PP). These technologies enable first-degree price discrimination: firms charge different prices to different consumers, based on their willingness to pay. We first show that, even...