"The Tiebout model is one of our most important theories of local government. It is also one of the most controversial. Current debate over the Tiebout model revolves around the apparent disparity between results of macro- and micro-level empirical studies. While macro-level evidence shows...

We investigate the motives for cooperation in the one-shot Prisoner’s Dilemma (PD). A prior study finds that cooperation rates in one-shot PD games can be ranked empirically by the social surplus from cooperation. That study employs symmetric payoffs from cooperation in simultaneous PD games....

We decompose the excess market return into speculation and non-speculation components. The former is negative and predicted by market sentiment. The latter is positive and not predicted by sentiment. The speculation component explains roughly 30% of the variation in the excess market return. In...