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The Present-Minded Professor: Controlling One's Career
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The Role of Obsolescence and Inventory Costs in Providing Commitment
The Tolerance of Injustice
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Transactions Cost and Portfolio Choice in a Discrete-Continuous Time Setting
This paper makes two modest observations concerning a new formulation of the consumption and portfolio choice model of Merton (1971), with transactions costs. Suppose the agent observes his or her current wealth only when making a transaction,…
Viable Allocations of Information in Financial Markets
This paper studies, in the context of a financial market, allocations of information that are consistent with endogenous information acquisition. We focus on whether information is concentrated within a fraction of the market, or is diffuse. The…
When Expectations and Justice Do Not Coincide: Blue-Collar Visions of a Just World
Psychological theories of distributive justice, such as equity, exchange, and relative deprivation, offer a picture of an economic world that is, in its broad outlines, perceived as just. For example, drawing on an extensive and persuasive…
Equilibrium in Incomplete Markets: I. A Basic Model of Generic Existence
Implementing Arrow-Debreu Equilibria By Continuous Trading of Few Long-Lived Securities
Experience Curves: Evidence, Empirical Issues, and Applications
The psychology of intergroup attitudes and behavior
Altruism and Aggression
An Evaluation of Estimation Procedures for New Product Diffusion Models
We compare four procedures for estimating new product diffusion models, viz., ordinary least squares, maximum likelihood estimation, nonlinear least squares, and algebraic estimation. The paper first discusses the advantages and disadvantages of…
An Introductory Theory of Security Markets
Abstract not available.
Aspiration Level Effects: An Empirical Investigation
A sample of 10000 quarterly earnings announcements by publicly held companies listed on the COMPUSTAT and CRSP data bases is examined. Four models from the current accounting literature ar used to generate ‘forecast’ errors for each of these…
Astronauts, Robots, and Organizational Design: Contributions of Organization Theory to Research on the Space Station
This paper offers a research agenda for analyzing organizational problems in permanent organizations in outer space. Substantial opportunities for organizational research exist in the environment of space, where one faces questions about how to…
Asymmetric Information and Labor Contracts: A Survey
This paper surveys models of optimal labor contracts between risk averse workers and privately informed firms. We analyze the inefficiencies resulting from the conflict between the provision of incentives for the firm and risk sharing…
Attitude Organization and the Attitude-Behavior Relationship: A Reply to Dillon and Kumar
This article analyzes Dillon and Kumar’s reanalysis of data previously reported by Fishbein and Ajzen (1974) and subsequently reanalyzed by Bagozzi and Burnkrant (1979). It also performs new analyses of the same data addressing the construct…
Battles for Market Share: Incomplete Information, Aggressive Strategic Pricing and Competitive Dynamics
Abstract not available.
Bias in Small Sample Tests of Stock Price Rationality
This paper demonstrates a severe small sample bias in the use of sample variances to test stock price variance bounds, under the maintained assumption that prices and dividends follow stationary and ergodic stochastic processes. This bias is due…