A consistent empirical feature of bond yields is that term premia are, on average, positive. That is, investors in long term bonds receive higher returns than investors in similar (i.e.\ same default risk) shorter maturity bonds over the same holding period. The majority of theoretical...

Sustainability has been largely replaced by discounted utilitarianism in contemporary climate-change economics. Our approach rejuvenates sustainability by expanding the conception of the quality of life, along the lines of the UN Human Development Reports, to include not only consumption, but...

I study a directed search model of oligopolistic competition, extended to incorporate general capacity constraints, congestion effects, and pricing based on ex-post realized demand. I show that as long as any one of these ingredients is present, the Bertrand paradox will fail to hold. Hence, I...

This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...

In an experiment using two-bidder first-price sealed bid auctions with symmetric independent private values and 400 participants, we collected information on the female participants' menstrual cycles and the use of hormonal contraceptives. We find that naturally cycling women bid significantly...

Economists do not communicate efficiently and methodologists<p> should expand their bailiwick to deal with this and with similar<p> practical problems. Both the quality of and the professional<p> prestige associated with popular writing should be enhanced. Aca-<p> demic economists need to pay more attention...</p></p></p></p>

The "Harsanyi Doctrine" asserts that differences in individuals' beliefs are to be attributed entirely to differences in information. In its embodiment as a Common Prior assumption it is central to the economics of information and the foundations of game theory. This paper attempts to provide a...