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This article presents a strategic model of liability and litigation under court errors. Our framework allows for endogenous choice of level of care and endogenous likelihood of filing and disputes. We derive sufficient conditions for a unique universally divine mixed-strategy perfect Bayesian...

Research firms disclose a surprisingly large amount of information to the patent office through "targeted" disclosures, that is, disclosures intended to make the patent office aware of potentially patentable information. Conventional wisdom holds that these disclosures are made for defensive...

Using a straight-forward Differences-in-Differences approach, effects of the 1986 Immigration Reform and Control Act and the 1986 and 1987 Omnibus Budget Reconciliation Acts on mortality levels in California are examined. These acts had the effect of legalizing and granting healthcare coverage...

The large-scale unemployment caused by the Great Recession has necessitated unprecedented increases in the duration of unemployment insurance (UI). While it is clear that the weekly payments are beneficial to recipients, workers receiving benefits have less incentive to engage in job search and...

This paper models the disclosure of knowledge as a "threat", useful in ensuring firms keep their commitments. We show that firms holding knowledge are better able to enforce agreements than firms that don’t. In markets requiring innovation to make a product, disclosure is a more powerful...

This article examines the strategic interaction between a defendant and a prosecutor during the plea bargaining process. A four-stage game of incomplete information is developed where the defendant's guilt or innocence is private information but the amount of resources available to the...

The U.S. economy hit bottom in June 2009. Thirty months later, output growth remains sluggish and unemployment still hovers above 8%. A critical question is why. One view attributes the weak recovery, at least in part, to high levels of uncertainty about economic policy. This view entails two...