This paper explores works which contribute to explaining market dynamics and volatility by employing models of rational but diverse beliefs. The first part gives a complete exposition of Noisy Rational Expectations (i.e. REE) Asset Pricing Theory where diversity of beliefs arises from diverse...

In the 1980s scholars began applying Positive Political Theory (PPT) to study public law. This chapter summarizes that body of research and its relationship to other schools of legal thought. Like Law and Economics, PPT of Law uses sequential game theory to examine how rules and procedures shape...

We propose the clock-proxy auction as a practical means for auctioning many related items. A clock auction phase is followed by a last-and-final proxy round. The approach combines the simple and transparent price discovery of the clock auction with the efficiency of the proxy auction. Linear...

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...

This paper deals with two related subjects. The first is the failure of economic analysis to trigger elimination of welfare-reducing public policies affecting the older mass media technologies, such as broadcasting. The second is some speculation about policy issues that may continue or arise in...

We investigate the consequences of demographic change for business cycle analysis. We find that changes in the age composition of the labor force account for a significant fraction of the variation in business cycle volatility observed in the U.S. and other G7 economies. During the postwar...

In 2006, sports economics celebrated its fiftieth birthday. This essay reviews Simon Rottenberg’s seminal 1956 article and a handful of articles appearing over the next fifteen years that established the conceptual foundation for the field. A common thread among these papers is that all were...

In a regime of free foreign exchange markets and free capital movements the reserve (hard) currencies are likely to substitute for the local soft currency in agents’ portfolia that include currency as an asset. This argument implies a process of cumulative circular causation with currency...

Apparent ignorance of more than a century of economic history now threatens the competitive constitution of the Internet under the guise of “net neutrality.” Net neutrality is a slogan that stands for the proposition that the Internet and physical means of access to it should be available to...