This paper presents a conceptual framework for understanding the consequences of the widespread adoption of race-neutral alternatives' to conventional racial affirmative action policies in college admissions. A simple model of applicant competition with endogenous effort is utilized to show...

There is growing concern that it is too difficult or costly to substantially improve the academic skills of children who are behind in school once they reach adolescence. But perhaps what we have tried in the past relies on the wrong interventions, failing to account for challenges like the...

We introduce and analyze a model in which agents observe sequences of signals about the state of the world, some of which are ambiguous and open to interpretation. Instead of using Bayes' rule on the whole sequence, our decision makers use Bayes' rule in an iterative way: first to interpret each...

We present a two-armed bandit model of decision making under uncertainty where the expected return to investing in the "risky arm'' increases when choosing that arm and decreases when choosing the "safe'' arm. These dynamics are natural in applications such as human capital development, job...