Wine is an experience good and also (at least under certain circumstances and to a certain extent) a conspicuous consumption good. As such, wine buyers should be willing to pay a premium for regional reputation to avoid risk and to send signals about their wealth and social status. At the same...

Categorization is essential to everyday cognition, aiding in the organization and comprehension of information and salient stimuli. In many cases, we partake in the process of "lumping" and "splitting," where similar items are lumped together, while dissimilar items are split apart in an...

Categorization is essential to everyday cognition, aiding in the organization and comprehension of information and salient stimuli. In many cases, we partake in the process of "lumping" and "splitting," where similar items are lumped together, while dissimilar items are split apart in an...

Recently, Jans, Wall and Hariharan demonstrated that "there may exist an incentive for a welfare-maximizing government that normally prefers free trade to maintain a protectionist reputation by imposing a voluntary export restraint, VER." We show in the context of their model, which postulates a...