This paper examines search with active learning and correlated information. We first develop a simple model to show how correlation affects the decision to acquire information. A unique data set on fishing site choice by mid-Atlantic clam fishermen is used to test the model predictions. Results...

We develop a stylized dynamic model of highway policing in which a non-racist police officer exhibits a cognitive bias: relative overconfidence. The officer is given incentives to arrest criminals but faces a per stop cost which increases when the racial mix of her stops differs from that of the...

We study incentives for information sharing (about uncertain future demand for final output) among firms in imperfectly competitive markets for farm output. Information sharing generally leads to increases in expected total welfare but may reduce expected firm profits. Even when expected firm...

This paper examines search with active learning and correlated information. We first develop a simple model to show how correlation affects the decision to acquire information. A unique data set on fishing site choice by mid-Atlantic clam fishermen is used to test the model predictions. Results...

We analyze the spatial distribution of genetically modified (GM) and organic crops. Because some organic crops will likely be contaminated by GM crops, not all of the non-GM crops can be sold as organic. Therefore, the choice of producing organic crops will depend on the surrounding crops. When...

Traditional moneylenders monitor farmers to ensure that their investment is not diverted. Modern farming contracts offered by supermarkets in developing countries often entail a loan component, and monitoring arises as well. However, unlike moneylenders, supermarkets do care about the attributes...