This paper evaluates the impact of the Federal Sentencing Guidelines on inter-judge sentencing disparity, which is defined as the differences in average nominal prison sentence lengths for comparable caseloads assigned to different judges. This disparity is measured as the dispersion of a random...

This paper examines the employment and earnings of people convicted of committing serious crimes, focusing on the effects of serving any time in prison and of the length of time served on long-term labor market outcomes. Regression analyses control directly for some of the most important factors...

This paper examines the employment and earnings of people convicted of committing serious crimes, focusing on the effects of serving any time in prison and of the length of time served on long-term labor market outcomes. Regression analyses control directly for some of the most important factors...

This paper evaluates the impact of the Federal Sentencing Guidelines on interjudge sentencing disparity, which is defined as the differences in average nominal prison sentence lengths for comparable caseloads assigned to different judges. This disparity is measured as the dispersion of a random...

We analyze the information content of stock recommendations by a sell-side equity analyst when investors are uncertain about the analyst's incentives. In our model, an analyst can either be "unbiased", having incentives that are congruent with those of the investor, or "biased, having...

We develop a model of common agency with complete information and general preferences with non-transferable utility, and prove that the principales'Nash equilibrium in truthful strategies implements an efficient action.