In 2005, the U.S. Congress legislated that the H-1B visa program create 20,000 annual slots reserved for advanced-degree applicants. Since then, the U.S. Customs and Immigration Service (USCIS) has used visa allocation rules that comply with this legislation. Following a directive in the April...

In 2005, the U.S. Congress legislated that the H-1B visa program create 20,000 annual slots reserved for advanced-degree applicants. Since then, the U.S. Customs and Immigration Service (USCIS) has used visa allocation rules that comply with this legislation. Following a directive in the April...

We use admissions lotteries to estimate the effects of large-scale public preschool in Boston on college-going, college preparation, standardized test scores, and behavioral outcomes. Preschool enrollment boosts college attendance, as well as SAT test-taking and high school graduation. Preschool...

Countries and cities around the world increasingly rely on centralized systems to assign students to schools. Two algorithms, deferred acceptance (DA) and immediate acceptance (IA), are widespread. The latter is often criticized for harming disadvantaged families who fail to get access to...

Many financial markets have recently become subject to new regulations requiring transparency. This paper studies how mandatory transparency affects trading in the corporate bond market. In July 2002, TRACE began requiring the public dissemination of post-trade price and volume information for...

A growing number of school districts use centralized assignment mechanisms to allocate school seats in a manner that reflects student preferences and school priorities. Many of these assignment schemes use lotteries to ration seats when schools are oversubscribed. The resulting random assignment...