In September of 1998, the Judicial Conference of the United States abandoned as unsuccessful the attempt—the sixth since 1978—to regulate the dates at which law students are hired as clerks by Federal appellate judges. The market promptly resumed the unraveling of appointment dates that had...

In September of 1998, the Judicial Conference of the United States abandoned as unsuccessful the attempt - the sixth since 1978 - to regulate the dates at which law students are hired as clerks by Federal appellate judges. The market promptly resumed the unraveling of appointment dates that had...

Economics

We consider auctions with price externality where all bidders derive utility from the winning price, such as charity auctions. In addition to the benefit to the winning bidder, all bidders obtain a benefit that is increasing in the winning price. Theory makes two predictions in such settings:...