We analyze a psychologically-based model of voter turnout in an election with common value and uncertainty. Our model yields distinctive comparative statics results. First, an increase in the proportion of informed citizens may cause the winning margin for the right candidate to either rise or...

Motivated by the reality that the benefits of diversity on a college campus will be mitigated if interracial interactions are scarce or superficial, previous work has strived to document the amount of interracial friendship interaction and to examine whether policy can influence this amount. In...

Motivated by the reality that the bene?ts of diversity on a college campus will be mitigated if interracial interactions are scarce or super?cial, previous work has strived to document the amount of interracial friendship interaction and to examine whether policy can influence this amount. In...

We use unique longitudinal data to provide direct evidence about interracial friendships at different stages of college and to provide new evidence about some of the reasons for the observed patterns of interaction. We find that, while much sorting exists at all stages of college, black and...

The authors study a dynamic, decentralized lemons market with one-time entry and characterize its set of non-stationary equilibria. This framework offers a theory of how a market suffering from adverse selection recovers over time endogenously; given an initial fraction of lemons, the model...

In this paper we show a model where fiscal responsibility laws, by reducing the ability of politicians to use public resources for personal gains, can lead to an increase in the supply of public goods. We test this conjecture using data from Brazilian municipalities. As a nationwide...

We analyze commitment to employment in an environment in which an infinitely lived firm faces a sequence of finitely lived workers who differ in their ability to produce output. The ability of a worker is initially unknown to both the worker and the firm, and a worker's effort affects the...

Lagos and Wright (2005) introduced an influential model of monetary exchange in which trade alternates between centralized and decentralized markets and money is essential. A limitation of their model and of the literature that follows is that they do not provide a microfoundation for the...

When markets freeze, not only are gains from trade left unrealized, but the process of information production through prices, or price discovery, is disrupted as well. Though this latter effect has received much less attention than the former, it constitutes an important source of inefficiency...

This paper uses a discontinuity on the test score disclosure rules of the National Secondary Education Examination in Brazil to test whether test score disclosure affects student performance, the composition of students in schools, and school observable inputs. We find that test score disclosure...