Many organizations rely on the skills of innovative individuals to create value, including academic and government institutions, think tanks, and knowledge-based firms. Roughly speaking, workers in these fields can be divided into two categories: specialists, who have a deep knowledge of a...

As school districts integrate charter schools for centralized admissions in Denver, New Orleans, Newark and Washington D.C., some charter schools have stayed out of the system. This is counterintuitive as centralized clearinghouses are deemed beneficial to schools as well as students. We provide...

We develop an international financial market model in which domestic and foreign residents differ in their beliefs about the information content in public signals. We determine how informational advantages by domestic (foreign) investors in the interpretation of home (foreign) public signals...

This article studies how investors' differences of opinion affect liquidity and asset prices. We construct a dynamic general-equilibrium economy in which one population of excessively optimistic investors is subject to endogenous funding constraints that prevent default due to ex-ante limited...

When investors disagree, speculation between them alters equilibrium prices in financial markets. Because managers maximize firm value given financial market prices, disagreement alters firms' value-maximizing investment policies. Disagreement therefore impacts aggregate investment, consumption,...

I propose a centralized clearinghouse for college admissions in which students can signal enthusiasm by commitment, like early-decision programs. Furthermore, students can specify financial aid in their preferences and they can be matched with multiple colleges at the same time. This...

Controlled choice over public schools attempts giving options to parents while maintaining diversity, often enforced by setting feasibility constraints with hard upper and lower bounds for each student type. We demonstrate that there might not exist assignments that satisfy standard fairness and...

We study dominant strategy implementable direct mechanisms that minimize the expected surplus from core deviations. Using incentive compatibility conditions, we formulate the core deviation miminimization problem as a calculus of variations problem and then numerically solve it for some...

Controlled choice over public schools attempts giving options to parents while maintaining diversity, often enforced by setting feasibility constraints with hard upper and lower bounds for each student type. We demonstrate that there might not exist assignments that satisfy standard fairness and...