Many public goods may be characterized as having multiple provision points. These goods are provided in discrete rather than continuous quantities and only if specified minimal levels of funding are attained. This chapter describes an experiment that examines allocations to a multiple provision...

We show that observed choices in discounting experiments are consistent with roughly one-half of the subjects using exponential discounting and one-half using quasi-hyperbolic discounting. We characterize the latent data generating process using a mixture model which allows different subjects to...

The concept of present value is a standard and uncontroversial staple of business economists. While there may be some legitimate debate over the choice of interest rate to be used in any application, the idea of present value is not seriously in debate. It may come as a surprise, therefore, to...

This paper investigates whether the decision to issue a management earnings forecast is related to information asymmetry in the market for the firm s stock and whether the forecasts reduce the asymmetry. Theoretical models hold that a portion of the bid-ask spread arises because of asymmetric...