This paper specifies a model of a two-stage sequential investment where the stages take time to complete. It presents algebraic solutions for an individual firm's optimal sequential investment with costless suspension, without suspension, in the intermediate case of costly suspension, and for...

Although there has been extensive analysis of the timing of investment, the intensity of investment has received far less attention. This paper analyzes both. For incremental investment, the intensity of investment proceeds as does timing in the fixed intensity new-view models. For lumpy...

We use traffic data from a series of experiments in the United States and Israel to examine how illegal behavior is deterred by various penalty schemes and whether deterrence varies with age, income, driving record and criminal record. We find that red light running decreases sharply in response...

We use traffic data from a series of experiments in Israel and San Francisco to examine how illegal behavior is deterred by higher fines and whether deterrence varies with personal characteristics such as criminal record, driving record, income, and age. We find that red-light running decreases...