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We develop a simple insurance model of the secondary market for tickets to account for some of the observed spatial patterns of prices. Beyond ticket markets the model draws attention to the existence of subtle insurance fees in market prices that may be incorrectly attributed to breakdown of...
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Innovation enables monopolists to lower their costs, expand their outputs, and reduce their prices. It is conventional to conclude that social welfare unambiguously increases as a result. Assuming linear demand and marginal cost, this paper shows, however, that innovation raises the opportunity...
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We use data from the NFL over 1920-2004 to examine the relationship between age and managerial performance controlling for other relevant influences. Our results indicate that age enhances performance up to a point at which increasing age predicts diminished performance-a managerial life cycle....
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