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Delayed-response strategies in repeated games with observation lags
(Elsevier BV, 2014)
We extend the folk theorem of repeated games to two settings in which players' information about others' play arrives with stochastic lags. In our first model, signals are almost-perfect if and when they do arrive, that ...
X-CAPM: An Extrapolative Capital Asset Pricing Model
(National Bureau of Economic Research, 2013)
Survey evidence suggests that many investors form beliefs about future stock market returns by extrapolating past returns. Such beliefs are hard to reconcile with existing models of the aggregate stock market. We study a ...
Expectations of Returns and Expected Returns
(Oxford University Press (OUP), 2014)
We analyze time series of investor expectations of future stock market returns from six data sources between 1963 and 2011. The six measures of expectations are highly positively correlated with each other, as well as with ...
Market Culture: How Rules Governing Exploding Offers Affect Market Performance
(American Economic Association, 2009)
Many markets encounter difficulty maintaining a thick marketplace because they experience transactions made at dispersed times. To address such problems, many markets try to establish norms concerning when offers can be ...
The Optimal Taxation of Height: A Case Study of Utilitarian Income Redistribution
(2007)
Should the income tax system include a tax credit for short taxpayers and a tax surcharge for tall ones? This paper shows that the standard Utilitarian framework for tax policy analysis answers this question in the ...
Dynamic Scoring: A Back-of-the-Envelope Guide
(2005)
This paper uses the neoclassical growth model to examine the extent to which a tax cut pays for itself through higher economic growth. The model yields simple expressions for the steady-state feedback effect of a tax cut. ...
The Job Market for New Economists: A Market Design Perspective
(American Economic Association, 2010)
This paper, written by the members of the American Economic Association (AEA) Ad Hoc Committee on the Job Market, provides an overview of the market for new Ph.D. economists. It describes the role of the AEA in the market ...
Organ Allocation Policy and the Decision to Donate
(American Economic Association, 2012-08)
Organ donations from deceased donors provide the majority of transplanted organs in the United States, and one deceased donor can save numerous lives by providing multiple organs. Nevertheless, most Americans are not ...