We analyze time-costly decision-making in committees by privately informed individuals, such as juries, panels, boards, etc. In the spirit of the Coase Conjecture, we show that the decision is "almost instantaneous" when individuals entertain identical objectives. Delay can only be understood as...

We analyze time-costly decision-making in committees by privately informed individuals, such as juries, panels, boards, etc. In the spirit of the Coase Conjecture, we show that the decision is "almost instantaneous" when individuals entertain identical objectives. Delay can only be understood as...

There are two varieties of timing games in economics: wars of attrition, in which having more predecessors helps, and pre-emption games, in which having more predecessors hurts. This paper introduces and explores a spanning class with rank-order payoffs that subsumes both varieties as special...

There are two varieties of timing games in economics: wars of attrition, in which having more predecessors helps, and pre-emption games, in which having more predecessors hurts. This paper introduces and explores a spanning class with rank-order payoffs that subsumes both varieties as special...

In many democratic countries, the timing of elections is flexible. We explore this potentially valuable option using insights from option pricing in finance. The paper offers three main contributions on this problem. First, we derive a rationally-based mean-reverting political support process...

This paper produces a comprehensive theory of the value of Bayesian information and its static demand. Our key insight is to assume 'natural units' corresponding to the sample size of conditionally i.i.d. signals -- focusing on the smooth nearby model of the precision of an observation of a...

the efficient equilibrium to an operations research question.

We study the design of optimal incentives in a two-player dynamic contest. Two players continuously spend costly effort to attain a score lead, which is also affected by noise. The first player to reach a predetermined score difference (finish line) wins a prize. We focus on the choice of the...