Refunds are modeled as a competitive market response to asymmetric information. Firms have private information on their choice of product quality, and compete by offering pricerefund contracts. Consumers who care about quality draw inferences about the quality offered by the various firms from...

A dynamic model of intergovernmental competition for a large plant is presented, when local productivity is uncertain. One firm determines the location of its plant in each period by conducting an auction, soliciting bids from local governments. Equilibrium subsidies from the local governments...

From Africa through North America to Asia, anthropologists have found societies with formalized age-group systems. In these societies, social and economic relations between individuals are regulated by well-established rules governing transitions through the lifecycle. In this paper we detail...