Based on a model introduced by Kaminsky, Luks, and Nelson (1984), we consider a zero-sum allocation game called the Gladiator Game, where two teams of gladiators engage in a sequence of one-to-one fights in which the probability of winning is a function of the gladiators' strengths. Each team's...

Mandelbrot (1960) proposed using the so-called Pareto-Lévy class of distributions as a framework for representing income distributions. We argue in this paper that the Pareto-Lévy distribution is an interesting candidate for representing income distribution because its parameters are easy to...

While several plots of the aggregate age distribution suggest that firm age is exponentially distributed, we find some departures from the exponential benchmark. At the lower tail, we find that very young establishments are more numerous than expected, but they face high exit hazards. At the...