Evidence production at trial, the accumulation of patents in a technological race, and lobbying are contests that often involve strategic choices over a discrete set of options. The literature has primarily focused on games with continuous effort choices. We fill this gap by studying a...

Sunk opportunity costs can causally affect subsequent behavior. Turning down initial temptations might make it easier for people to stay committed in the longer term to a personal goal. We discuss several competing explanations for this enhanced commitment effect – including that resisting...

Who should own firm assets, the collection of investors or a distinct legal entity? In a partnership, individual investors own firm assets and retain the right to unilaterally withdraw their capital at will. If, instead, firm assets are owned by a distinct legal entity (the corporation),...