This paper studies the life cycle career choices of several cohorts of law school graduates from the University of Michigan. The model assumes that thses graduates act according to the optimal solution of a dynamic optimization problem in which they sequentially choose among five employment sectors.

We analyze a patent race where the first innovator receives a time-dependent reward while all firms incur costs. When firms are identical, there is a unique, symmetric, mixed-strategy equilibrium that yields zero expected profits for all firms. Furthermore, the expected innovation time is an...

This paper is concerced with the role of externalities and nonconvexities in agglomeration (concentration) of urban population and production. The paper examines whether, indeed, as often asserted, the external aspect of scale economies (diseconomies) deters (enhances) agglomeration.