We investigate the consistency and stability of individual risk preferences by slightly manipulating the cognitive resources of subjects through sleepiness. Participants are recruited and randomly assigned to an experiment session at a preferred time of day relative to their diurnal preference...

Corporate sponsorship plays an important role in the entertainment business. The question becomes: what influences the value of a sponsorship contract? Empirical analysis of this question is relatively limited because of a lack of complete data on contract values. This is especially true in...

We use telephone survey data on charter boat anglers to estimate demand models to value snapper-grouper and king mackerel bag limits in the North Carolina for-hire fishery. The telephone survey presents respondents with hypothetical situations about higher charter fees and lower snapper-grouper...

Following Rosen [1981], superstar effects (earnings convex in quality and a few firms reaping a large share of market earnings) occur with imperfect substitution between sellers, low (and possibly declining) marginal cost of output, and marginal cost falling as quality increases. However,...

The existing superstar model (Rosen 1981) does not require imperfect substitutes and explains the convexity of total earnings with respect to talent due to higher output for those with the most talent. We develop a model that explains why per unit earnings (wages or prices) would increase at an...

It has been argued the draft may enable the military to attract more able individuals than a volunteer military and thus increase welfare. We find this may be the case if a volunteer military simply takes the least able individuals. Ignoring the deadweight loss from taxation, when the military...

The validity of existing empirical tests of the Pollution Haven Hypothesis (PHH) is constantly under scrutiny due to two shortcomings. First, the issues of unobserved heterogeneity and measurement error in environmental regulation are typically ignored due to the lack of a credible, traditional...

We consider the possibility a draft increases the likelihood individuals will invest in human capital in the military. This possibility exists because those drafted have less time to reap the return from human capital investment. A draft is more likely to increase human capital investment in the...

Oyer (2007, 2008) considered the turnover of economics professors early in their careers. He found professors are more likely to move down from higher ranked schools than up from lower ranked schools. An asymmetric information model suggests this phenomenon is explained by imperfect screening at...

Spence (1974a) considered a variant of his signaling model in which there are two types of jobs, and in which signaling can increase wealth by improving the allocation of individuals to jobs. Using results in signaling games since Spence’s work---the Riley outcome (Riley, 1979), the intuitive...