We discuss a class of markets for durable goods where efficiency (or approximate efficiency) is obtained despite the presence of information asymmetries. In the model, the number of times a good has changed hands (the vintage of the good) is an accurate signal of its quality, each consumer...

This paper proposes a model of decision under ambiguity deemed lt;igt;vector expected utilitylt;/igt;, or VEU. In this model, an uncertain prospect, or Savage act, is assessed according to (a) a lt;igt;baseline expected-utility evaluationlt;/igt;, and (b) an lt;igt;adjustmentlt;/igt; that...

We propose an overlapping-generations model in which established researchers evaluate the research of new researchers. All researchers are differentially endowed with equally desirable research characteristics and belong to two groups, M or F, which have identical ex-ante productivity...

Technological advances and genomic sequencing opened the road to personalized medicine: specialized therapies targeted to patients displaying specific molecular alterations. For instance, targeted therapies are now available for 50% of lung cancer patients--with some alterations affecting less...