This paper proposes a continuous-time model framework of bargaining, which is analytically tractable even in complex situations like coalitional bargaining. The main ingredients of the model are: (i) players get to make offers according to a random arrival process; (ii) there is a deadline that...

This Article advocates that financial regulators analyze, measure, and take into account the emotional impacts of their policies and procedures. Examples of emotional impacts are investor confidence, process concerns, and overall market or social mood. Investor confidence or trust in securities...

We argue that when discoveries are "sequential" (so that each successive invention builds in an essential way on its predecessors) patent protection is not as useful for encouraging innovation as in a static setting. Indeed, society and even inventors themselves may be better off without such...

We build a model of informal risk-sharing among agents organized in a social network. A connection between individuals serves as collateral that can be used to enforce insurance payments. We characterize incentive compatible risk-sharing arrangements for any network structure, and develop two...

Metacognition is knowledge that can be expressed as confidence judgments about what we know (monitoring) and by strategies for learning what we don’t know (control). Although a substantial literature exists on cognitive processes in animals, little is known about their metacognitive abilities....

A welfarist way of allocating resources consists in 1) equipping individuals with comparable indices of their well-being and 2) applying a unique aggregation rule to individual well-being levels. An equality of opportunity way of allocating resources consists in 1) making the distinction between...

Theories of focal points typically assume that games have inherent labelings or "frames" and then construct models of how players perceive and exploit these frames to identify focal equilibria. This paper asks instead how evolutionary considerations determine which aspects of a frame are likely...