We study a winner-take-all R&D race where firms are privately informed about the uncertain arrival rate of the invention. Due to the interdependent-value nature of the problem, the equilibrium displays a strong herding effect that distinguishes our framework from war-of-attrition models....

We assume that an impatient decision maker (DM) runs variable-size experiments at an increasing, strictly convex cost before choosing an irreversible action. We introduce and solve a tractable continuous time version of this problem --- a control of variance of a diffusion with uncertain mean....

We assume that an impatient decision maker (DM) runs variable-size experiments at an increasing, strictly convex cost before choosing an irreversible action. We introduce and solve a tractable continuous time version of this problem - a control of variance of a diffusion with uncertain mean....

This paper estimates the difference in academic performance of the oldest and youngest students in a given grade. We employ Queensland Department of Education school administration panel data for the population of state school students for the years 2008-2016. Academic performance is measured by...

This paper estimates the difference in academic performance of the oldest and youngest students in a given grade. We employ Queensland Department of Education school administration panel data for the population of state school students for the years 2008-2016. Academic performance is measured by...

The relationship between two alternative approaches, instrumental variables and control function procedures, for estimating the impact of endogenous treatment effects are examined. Although it is well known that the two approaches generate comparable estimates, the relationship between the...