We examine the 1965 change from an open-bidding to a draft system for new players in Japan's professional baseball leagues. Our theoretical analysis, which incorporates two factors commonly observed in professional sports, imperfect information on new recruits and outlier, highly skilled...

Many commentators have attributed the success of Federal Reserve monetary policy during the 1920s to the active use of open market operations to sterilize gold flows and to stabilize aggregate demand. We find, however, that the discount window was "open" during this period, thereby enabling...

Objectives- To develop a full taxonomy of potential benefits of HIV testing of hospital patients. To determine whether voluntary, routine testing of hospital patients for HIV is warranted under a cost-benefit criterion. To inform healthcare workers, hospital patients, and decision makers...

Land tenure refers to the bundle of rights and responsibilities under which land is held, used, transferred, and succeeded. This essay surveys land tenure arrangements throughout the world since the Roman Empire. Particular attention is paid to how six forms of land tenure emerge, function, and...

Howard Bodenhorn has argued that U.S. financial markets prior to the Civil War were integrated. This finding challenges some of the conventional wisdom about the history of U.S. capital markets. A re-examination of Bodenhorn's work reveals flaws in his methodology that casts doubt on his...