Consider team production with two people. Each person is characterized by a prior distribution that he will do Right or Wrong. After the outcome of the project is observed, these probabilities are updated. When output depends on the weakest link in production, following project failure the...

The prevailing paradigm presumes that manufacturing guilds in medieval England monopolized markets for durable goods. The sources of the monopolies are said to have been the charters of towns, charters of guilds, parliamentary statutes, and judicial precedents.This essay examines those sources,...

Public investment can cause the preferences of the decisive voter in one period to differ from preferences of the decisive voter in an earlier period. Forward-looking voters may therefore vote against a policy that would increase the incomes of all persons. The effect may arise when increased...