It is generally presumed that stronger legal enforcement of lender rights increases credit access for all borrowers because it expands the set of incentive compatible loan contracts. This result relies on an assumption that the supply of credit is innitely elastic. In contrast, with inelastic...

We study the interaction between nonprice public rationing and prices in the private market. Under a limited budget, the public supplier uses a rationing policy. A private firm may supply the good to those consumers who are rationed by the public system. Consumers have different amounts of...

In this paper we compare the labor market performance of Israeli students who graduated from one of the leading universities, Hebrew University (HU), with those who graduated from a professional undergraduate college, College of Management Academic Studies (COMAS). Our results support a model in...

We review theories of race discrimination in the labor market. Taste-based models can generate wage and unemployment duration differentials when combined with either random or directed search even when strong prejudice is not widespread, but no existing model explains the unemployment rate...

Although mobile payments are increasingly used in some countries, they have not been adopted widely in the United States so far, despite their potential to add value for consumers and streamline the payments system. After describing a few countries’ experiences, we analyze the prospects for...

We consider the estimation and inference about a nonparametrically specified con- ditional quantile process. For estimation, a two-step procedure is proposed. The first step utilizes local linear regressions and maintains quantile monotonicity through sim- ple inequality constraints. The second...

Between 1940 and 1980, the rate of homeownership among African-American households increased by close to 40 percentage points. Most of this increase occurred in central cities. We show that rising black homeownership was facilitated by the filtering of the urban housing stock as white households...

Gul and Pesendorfer [9] model the static behavior of an agent who ranks menus prior to the experience of temptation. This paper models the dy- namic behavior of an agent whose ranking of menus itself is subject to temptation. The representation for the agent?s dynamically inconsistent choice...

This paper uses recall data from a household survey to evaluate the roles of land reforms and demographic changes in explaining changes in land distribution in West Bengal between 1967-2004. The direct role of the land reforms was insignificant relative to household division, migration and land...

This survey discusses decision{theoretic models of agents who seek to constrain and regulate their own future behavior. The common theme is that the decision makers' future utility is affected by unwanted temptations. The wish to eliminate temptations from future option sets creates a preference...