Publications

Hypothesized that later occurrences in a series of events tend to evoke counterfactual alternatives more strongly and, hence, tend to be blamed more for ensuing negative outcomes than do earlier occurrences. In Study 1, Ss played the role of…

The thesis of this article is that reactions to misfortunes are often biased by the counterfactual fallacy: the tendency to view events that can easily be imagined otherwise as events that ought not to have been. Drawing upon a diverse set of…

Manufacturing is undergoing a revolution. The mass production model is being replaced by a vision of a flexible multiproduct firm that emphasizes quality and speedy response to market conditions while utilizing technologically advanced equipment…

A laboratory experiment examines factors affecting evaluations of proposed extensions varying in similarity from a core brand that has or has not already been extended into other product categories. Specifically, the perceived quality of the core…

We establish conditions under which cooperation will evolve in conflict situations modelled as tournaments of iterated Prisoner’s Dilemma games. Though no strategies that are less than half of the population turn out to be stable even in the…

The experiment reported here concerns an evaluator’s judgment of the quality of another person’s performance level subsequent to that performer’s own self-evaluative remarks. Specifically, we explore the attributional consequences of biased…

This paper investigates organizational mortality in the early American telephone industry, in which thousands of companies proliferated and failed under conditions of technological change. Drawing on the theory of community ecology, it is…

This is an overview of general equilibrium theory with financial markets,emphasizing the theory of valuation of securities.

Abstract not available.

This paper develops a model of vintage human capital in which each technology requires vintage specific skills. A stationary competitive equilibrium is defined, shown to exist, and be Pareto optimal. The stationary equilibrium is characterized…

In the last decade, there has been a resurgence of interest in problems of cooperation, stimulated largely by Axelrod’s work. Using an innovative tournament approach, Axelrod found that a simple strategy, Tit-for-Tat (TFT), was most successful in…

This article analyzes the volume of trade in a multiperiod noisy rational expectations model. When traders receive private signals at the first trading date and are allowed a second round of trade, two type of equilibria exist. In the first,…

Building on previous research, this article proposes that choice behavior under preference uncertainty may be easier to explain by assuming that consumers select the alternative supported by the best reasons. This approach provides an explanation…

Discount dividend-reinvestment and stock-purchase plans allow shareholders to capture part of the underwriting fees incurred in new stock offerings and save sponsoring firms some of the usual underwriting costs. We tested the degree to which…