We present a search-and-matching model of the housing market where potential buyers' willingness to pay is private information and sellers may become desperate as they are unable to sell. A unique steady state equilibrium exists where desperate sellers offer sizeable price cuts and sell faster....

Time-dependent economic, technological, and social factors can artificially inflate or deflate quantitative measures for career success. Here we develop and test a statistical method for normalizing career success metrics across time dependent factors. In particular, this method addresses the...

Since November 2014, the population's real disposable money income have been steadily on the decline. Data for January – September 2015 point to a rising poverty rate. In 2015, the share of personal income spent on commodities and services hit its record low of the past 16 years. The share of...

Consumers have benefited from decades of technological improvement in electronics, yet the distribution of their welfare gains are unexamined, despite interest in other measures of inequality. In this paper, I examine the welfare gains to different income cohorts from the development of multiple...

We consider a collective choice process where three players make proposals sequentially on how to divide a given quantity of resources. Afterwards, one of the proposals is chosen by majority decision. If no proposal obtains a majority, a proposal is drawn by lot. We establish the existence of...

This paper reports the results from a lab experiment in which subjects playing the manager role can implement either an efficient/inegalitarian allocation or an inefficient/egalitarian allocation of payoffs. The experiment simulates a stylized managerial context by allowing the manager to...

Why are contracts not fully indexed? In a setting in which fully indexed contracts are feasible, we find that when price-level data are gathered with delay, these contracts are not renegotiation-proof. The contracts that replace them entail a lower level of welfare for the parties to that...

If having firm-driven renegotiations of contracts for infrastructure services is a major concern, efficiency should not be the only consideration in selecting an operator. Indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of...

This article explores how deeply held philosophies and environmental risk allocation are "real" values in terms of enivronmental impacts, and as such should be considered under NEPA. If this were the case, this would make the operation of NEPA more transparent and efficient

Employing distribution dynamics analysis, we examine the future spatial dynamics and convergence of the relative house-price-to-income ratio (RHPIR) across 171 major Chinese cities during the 2002-2016 period. We find that the convergence occurs at a slow pace and is heterogeneous across cities...