We examine the 1965 change from an open-bidding to a draft system for new players in Japan's professional baseball leagues. Our theoretical analysis, which incorporates two factors commonly observed in professional sports, imperfect information on new recruits and outlier, highly skilled...

Many commentators have attributed the success of Federal Reserve monetary policy during the 1920s to the active use of open market operations to sterilize gold flows and to stabilize aggregate demand. We find, however, that the discount window was "open" during this period, thereby enabling...

Objectives- To develop a full taxonomy of potential benefits of HIV testing of hospital patients. To determine whether voluntary, routine testing of hospital patients for HIV is warranted under a cost-benefit criterion. To inform healthcare workers, hospital patients, and decision makers...