During the Civil War the Arkansas legislature funded their expenditures primarily through interest-bearing warrants and war bonds. After these issues were made legal tender in November 1861, the discount attributed to them disappeared immediately and they began to circulate widely. In mid-1862...

We examine conditions under which group consumption is likely to involve informal and tacit reciprocity agreements rather than formal contracts and the price system. Our model shows that informal reciprocity agreements are more likely to be used when transaction costs of formal agreements are...

This paper explains why so many real life phenomena generate regression towards the mean or mean reversion results. We start our analysis by revisiting Galton's original paper on the height of children and the height of parents. We then show that the regression towards the mean result also holds...

We examine how charitable giving is influenced by who in the household is primarily responsible for giving decisions. Looking first at single-person households, we find men and women to have significantly different tastes for giving, setting up a potential conflict for married couples. We find...

Antecol (2000) finds that culture plays a role in explaining inter-ethnic variation in the gender gap in labor force participation rates (LFPR). However, Antecol (2000) was unable to determine what the components of culture, such as differences in preferences regarding family structure and...