We construct and implement a test of rational consumer behavior in a highstakes financial market. In particular, we test whether consumers make systematic mistakes in perceiving their mortality risks. We implement this test using data from secondary life insurance markets where consumers with a...

This paper reviews the history of the practice of quarantines, rediscovering the 19th century 'Sanitarian' movement in Britain that sprang from a recognition that quarantines had failed to stop the spread of diseases and were not cost-effective. To our knowledge, the key figure among the...

This paper reviews the history of the practice of quarantines, rediscovering the 19th century 'Sanitarian' movement in Britain that sprang from a recognition that quarantines had failed to stop the spread of diseases and were not cost-effective. To our knowledge, the key figure among the...