Autocratic regimes, democratic majorities, private platforms, and religious or professional organizations can achieve social control by managing the flow of information about individuals’ behavior. Bundling agents’ political, organizational, attitudes with their prosocial conduct makes them care behaviors that they otherwise would not. The incorporation graph in score further promotes soft but ...

We provide experimental evidence on coordination within large groups that could proxy the atomistic nature of real-world markets. use a bank run game where two pure-strategy equilibria can be ranked by payoff and risk dominance sequence public announcements introduces stochastic sunspot equilibria. find systematic group size effects theory fails to predict. When payoff-dominant strategy is risk...

This paper considers a two period consumption-saving model in which future income is uncertain. If the future income is also ambiguous, in the sense of having multiple priors, then ambiguity attitudes also a¤ect the saving decision. Unlike one-period decision problems, ambiguity attitude does more than just distort the probabilities of the various priors. It also distorts the relative importanc...

The joint assumptions of quasi-hyperbolic discounting and imperfect capital market lead to non-convexities in selves’ objective functions that may imply discontinuous equilibrium strategies. If this property was early recognized, authors generally take assumptions on parameters that allow to avoid the problem. In contrast to the literature, I choose to give a full characterization of these stra...

7 We present a model of structural change due to non-linear Engel-curves for consumer 8 goods. Goods are sequentially introduced starting out as a luxury with high income 9 elasticity and ending up as a necessity with low income elasticity. Although this leads to 10 rising and falling sectoral employment shares, the model exhibits a steady growth path 11 along which the Kaldor facts are satisfi...

We develop an optimal tax timing model that takes into account asymmetric long-term and shortterm tax rates for positive capital gains and limited tax deductibility of capital losses. In contrast to the existing literature, this model can help explain why many investors not only defer shortterm capital losses to long term but also defer large long-term capital gains and losses. Because the bene...

Can the well-known experimental phenomenon of present-bias in intertemporal choice be confounded with the risks associated with receiving payment? Can measurements of risk preferences be used to represent desires for smoothness in intertemporal payments? In our two 2012 papers in this journal we explored these two questions and found the answer to the first to be yes and the second to be no. We...

Credit card default losses increased dramatically in the 80s and 90s, from 3% to over 5% of outstanding debt. We explore whether technological progress in debt collection is behind this change by developing a new theory featuring costly state verification with signals. We motivate our approach by the predominance of informal bankruptcy in the credit card market, which necessitates the costly in...