Using a unique sample of new Ph.D. economists in 1987 and 1997, we examine how job seekers and their employers alter their search strategies in strong versus weak markets. The 1987 academic market was strong while the 1997 market was much weaker. A multimarket theory of optimal search suggests...

"A vibrant literature has emerged that suggests willingness to pay and willingness to accept measures of value are quite different for inexperienced consumers but that value differences erode with market experience. One potential shortcoming of this literature is that market experience is...

While empirical economics has made important strides over the past half century, there is a recent attack that threatens the foundations of the empirical approach in economics: external validity. Certain dogmatic arguments are not new, yet in some circles the generalizability question is beyond...

The traditional approach in experimental economics is to use a between-subject design: the analyst places each unit in treatment or control simultaneously and recovers treatment effects via differencing conditional expectations. Within-subject designs represent a significant departure from this...