Resource misallocation can lower aggregate total factor productivity (TFP). We use micro data on manufacturing establishments to quantify the extent of this misallocation in China and India compared to the U.S. in recent years. Compared to the U.S., we measure sizable gaps in marginal products...

Only a minority of high-achieving, low-income students apply to colleges in the same way that other high-achieving students do: applying to several selective colleges whose curriculum is designed for students with a level of achievement like their own. This is despite the fact that selective...

One of the most studied issues in the economics of sports is the nature of the demand for attendance at sporting events. With few exceptions, the standard result is that the coefficient on price in the attendance demand equation is either positive or, if negative, so small that at current prices...

In January 2007, President Bush issued an Executive Order changing the procedures for undertaking benefit-cost analyses of proposed regulations. These changes have been hailed by some as dramatic improvements while criticized by others as representing the politicization of the evaluation...

We examine the effect of race on market outcomes by selling iPods through local online classified advertisements throughout the United States in a year-long field experiment. Each ad features a photograph of the product being held by a dark- or light-skinned (“black” or “white”) hand....

Time until completion of a baccalaureate degree has increased markedly over the last three decades. Between 1972 and 1992, average time to degree increased by more than one-quarter of a year, the completion rate among college attendees dropped from 51.1% to 45.3% and, among those receiving...

We consider the many-to-many two-sided matching problem under a stringent domain restriction on preferences called the max-min criterion. We show that, even under this restriction, there is no stable mechanism that is weakly Pareto efficient, strategy-proof, or monotonic (i.e. respects...

This essay considers whether the organizational arrangements established by the Constitution of the United States remain effective in promoting “life, liberty and the pursuit of happiness,” which are the purposes of government according to Jefferson's Declaration of Independence. I conclude...

The recent episode of rising consumer bankruptcy and increasing foreclosure rates has sparked a lively debate about how to best tackle the crisis in the U.S. housing market. This paper contributes to the debate by providing an explicit model of the interactions of households' decisions to...

This article proposes a simple framework for understanding diversity of linkages between corporate governance (CG) and organizational architecture (OA). It distinguishes discreet modes of their linkage by different combinatorial patterns between three basic assets: managers’ human assets...