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...

This research examines the stock markets' evaluation of unrecognized nuclear decommissioning costs (NDC) of investor-owned utilities. Current practice is to defer complete recognition of a liability for nuclear decommissioning until the end of the nuclear facility's life. Many in the industry...

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...

A series of laboratory asset markets is conducted to examine the effect of noisy information releases on security prices. The price reaction to a given information release has been hypothesized to be positively related to the degree of uncertainty just prior to the release and negatively related...