We propose a new estimation method for models defined by conditional moment restrictions,that minimizes a distance criterion based on kernel smoothing. Whether the bandwidth parameter is fixed or decreases to zero with the sample size, our approach defines a whole class of estimators. We develop...

Capital-embodied technological change is incorporated into a real business cycle (RBC) model, and some macroeconomic implications associated with errors in measurement are identified. In the model, measuremente errors arise in part because quality change is difficult to observe, and in part...

We develop a model of statistical discrimination in criminal trials. Agents carry publicly observable labels of no economic significance (race, etc.) and choose to commit crimes if their privately observed utility from doing so is high enough. A crime generates noisy evidence, and defendants are...

We study a novel, repeated common pool resource game in which current resource stocks depend on resource extraction in previous periods. Our model shows that for a sufficiently high regrowth rate, there is no commons dilemma: the resource will be preserved indefinitely in equilibrium. Lower...

Our experiments refine and extend the work of Fehr and Tyran (2001), who suggest that money illusion can contribute significantly to nominal inertia in strategically complementary environments. By controlling for strategic uncertainty, visual focal points and cognitive load we find that...

In a novel laboratory asset market, traders buy and sell shares of a monopolist while observing its price and transaction history in real-time. Dividends are based on the profitability of the monopolist, also an experimental subject. Despite dividend uncertainty resulting from both monopolist...

When individuals trade with strangers, there is a temptation to renege on contracts. In the absence of repeated interaction or exogenous enforcement mechanisms, this problem can impede valuable exchange. Historically, individuals have solved this problem by forming institutions that sustain...

Much debate concerning property rights reserves in Canada focuses on socio-economic impacts and the potential for individualized land tenure to support economic development, thereby reducing poverty. Study of existing forms of individual property on reserves is needed to inform these debates. In...

The data from experiments with the Voluntary Contributions Mechanism suggest five stylized facts, including the restart effect. To date, no theory has explained all of these facts simultaneously. We merge our Individual Evolutionary Learning model with a variation of heterogenous other-regarding...