When judges have discretion over fines and prison terms, sentencing exhibits a tendency" toward efficiency: fines are larger, and prison terms shorter, for offenders with greater ability to" pay. Sentencing guidelines place fairly rigid upper and lower limits on fines and prison terms" and may...

Existing studies of the impact of conviction on income and employment do not consider life cycle issues. We postulate that conviction reduces access to career jobs offering stable, long-term employment. Instead, conviction relegates offenders to spot market jobs, which may have higher pay at the...

Discrimination is notoriously difficult to document. Convincing tests for discrimination require good measures of the legitimate determinants of the outcome of interest, for example wages and productivity. While few contexts provide data adequate to the task of measuring discrimination, copious...

Recent literature notes that when quality is produced with fixed costs, a high quality firm can undercut its rival's prices and may find it profitable to invest more in quality as market size grows large. As a result, a market can remain concentrated even as it grows large. When quality is...

Free entry into markets with decreasing average costs and differentiated products can result in an inefficient number of firms and suboptimal product variety. Because new firms and products draw their customers in part from existing products, concentration can affect incentives to enter as well...

Markets are generally thought to avoid problems, such as tyranny of the majority, that arise when allocation is accomplished through collective processes. Yet, with fixed costs, differentiated product markets deliver only products desired by substantial constituencies. When consumers share...

A necessary condition for justifying a policy such as publicly provided or subsidized low-income housing is that it has a real effect on recipients' outcomes. In this paper, we examine one aspect of the real effect of public or subsidized housing -- does it increase the housing stock? If...

The world's population is living longer but retiring earlier, and vast numbers of adults now spend as much as 1/3 of their lifetimes relying on public and private retirement benefits. Consequently, labor economists are interested in the forces driving retirement behavior, seeking to understand...

We study the tendency to connect to the Internet, and the online and offline shopping behavior of connected persons, to draw inferences about whether the Internet is a substitute or a complement for cities. We document that larger markets have more locally-targeted online content and that...

While some litigants frequently file cases, very few opposing pairs of litigants appear together frequently. Thus, there is little opportunity for litigants to develop trust or reputation. Lawyers, on the other hand, face each other frequently and participate in a community of lawyers that...