We analyze bubbles and crashes in a model in which some investors are partially sophisticated. While the expectations of such investors are endogenously determined in equilibrium, these are based on a coarse understanding of the market dynamics. We highlight how such investors may endogenously...

Successive decentralized policy makers must decide whether to implement an affirmative action policy aimed at improving the performance distribution of future generations of a targeted group. Employers do not observe district by district whether workers benefited from affirmative action, but...

In Section 1 of this online appendix, we briefly suggest how our model can also accommodate the case when affirmative action takes the form of a biased promotion process. In Section 2, we present a generalized model in which we allow for strategic behavior by workers (Section 2.1), for...

[This item is a preserved copy. To view the original, visit http://econtheory.org/] This paper considers an auction design framework in which bidders get partial feedback about the distribution of bids submitted in earlier auctions: either bidders are asymmetric but past bids are disclosed in an...