Publications

Collusion under imperfect monitoring is explored when firms’ prices are private information and their quantities are public information; an information structure consistent with several recent price-fixing cartels such as those in lysine and…

Milton Friedman argued that the social responsibility of firms is to maximize profits. This paper examines this argument for the economic environment envisioned by Friedman in which citizens can personally give to social causes and can invest in…

We show that institutional shareholders of acquiring companies on average do not lose money around public merger announcements, because they also hold substantial stakes in the targets and make up for the losses from the former with the gains…

We reconsider the identification and estimation of Gorman‐Lancaster‐style hedonic models of demand for differentiated products in the spirit of Sherwin Rosen. We generalize Rosen’s first stage to account for product characteristics that are not…

Marketers have been challenged by proponents of individual (one-to-one) marketing to shift from focusing on market segments to making individually customized offers. Building on current knowledge regarding the construction of customers’…

Do switching costs reduce or intensify price competition if firms charge the same price to old and new consumers? I study 800-number portability to determine whether switching costs intensify price competition under a single price regime. Before…

The connected uniformly hyperstable sets of a finite game are shown to be precisely the essential components of Nash equilibria.

The connected uniformly-hyperstable sets of a finite game are precisely the essential components of Nash equilibria.

Five myths are debunked here. It is not true that: the return investors earn in an actively managed fund measures the skill level of the manager; the average active manager is not skilled and therefore does not add value; if managers are skilled…

We advocate a full-cycle approach to conducting organizational behavior research. Full-cycle research begins with the observation of naturally occurring phenomena and proceeds by traveling back and forth between…

A new game form termed games with incomplete awareness is defined. This game form captures unawareness as to other players’ actions, as well as unawareness of the existence of some players. It also captures interactive unawareness: the awareness…

Collective choice bodies throughout the world use a diverse array of codified rules that determine who may exercise procedural rights, and in what order. This paper analyzes several two-stage decision-making models, focusing on one in which the…

We examine the classic question of how religious diversity in a community affects church membership in a period of high growth and social change. Culling the literature, we develop hypotheses about five possible mechanisms underlying a diversity-…

This article considers how Openness to Experience may mitigate the negative stereotyping of Black people by White perceivers. As expected, White individuals who scored relatively high on Openness to Experience exhibited less prejudice according…

We show that hedonic price indexes may be biased when not all product characteristics are observed. We derive two primary sources of bias. The first source is a classical selection problem that arises due to changes over time in the values of…

Three studies support the hypothesis that observers’ impressions of actors reflect not only what actors do but also what they can easily be imagined doing. Participants in Studies 1 and 2 observed a 10-year-old boy take a math test in a context…

We show that it is impossible to achieve collusion in a duopoly when (1) goods are homogenous and firms compete in quantities, (2) new, imperfect information arrives continuously, without sudden events and (3) firms are able to respond to this…

Although the argument that unconscious inputs are often key determinants of consumer decision making is compelling, it may be overstated, particularly with respect to consumer choice. A comparison of the role of conscious inputs (e.g., the…