We report results from a novel experiment where participants invest an endowment across multiple options, with investment in one option disrupting (reducing) the value of another option. While expected payoff maximization predicts the comparative statics of aggregate investment well, it does not...

This paper uses a laboratory experiment to probe the proposition that property emerges anarchically out of social custom. We test the hypothesis that whalers in the 18th and 19th century developed rules of conduct that minimized the sum of the transaction and production costs of capturing their...

Previous work suggests that research and development (R&D) tax credits increase R&D expenditure. We exploit the staggered adoption of state-level R&D tax credits in the United States to examine their effect on innovation itself. In particular, we consider ten commonly-studied patent...

This paper extends a canonical, game-theoretic framework to examine the relationship between product differentiation and relaxed competition. In its theory, firms compete over an infinite-horizon and discount the future so that relaxed competition is feasible in equilibrium. However, firms face...

Most emergency medical services (EMS) systems send patients to the closest hospitals. This long-standing principle, while maximizing patient welfare in usual times, can lead to hospital overloading and negative patient outcomes during unusual EMS demand shifts caused by events such as the...

This article uses a laboratory experiment to probe the proposition that property emerges anarchically out of social custom. We test the hypothesis that whalers in the 18th and 19th centuries developed rules of conduct that minimized the sum of the transaction and production costs of capturing...

This paper uses a laboratory experiment to probe the proposition that property emerges anarchically out of social custom. We test the hypothesis that whalers in the 18th and 19th century developed rules of conduct that minimized the sum of the transaction and production costs of capturing their...

We analyze the first model of a group contest with players that are heterogeneous in their risk preferences. In our model, individuals' preferences are represented by a utility function exhibiting a generalized form of constant absolute risk aversion, allowing us to consider any combination of...