Pribble investigates the barter economies that developed in many of the labor camps established under the Khmer Rouge in Cambodia. When the Khmer Rouge abolished currency and markets in 1975, starving Cambodians created underground exchanges in labor camps throughout the country, bartering...

We study the behaviour of prices and quantities in a model of bilateral trade with coordination frictions, capacity constraints, and risk aversion in small and large markets. The equilibrium markup over the expected return to the asset depends on the ratio of buyers to sellers and the level of...

Under uncertainty, regret is a function depending on both the realized outcome and forgone outcome on a state. This paper studies a general and simple model that only regret-based decisions are assumed without other restrictions such as additive separability, the existence of objective...

Protection of common natural resources is one of the foremost challenges facing our society. Since Garrett Hardin published his immensely influential The Tragedy of the Commons, theorists have contemplated the best way to save common-pool resources—national parks, fisheries, heritage sites,...