Those general perceptions of the macroeconomic environment that are specifically related to the stability properties of the system may be referred to as regime perceptions. Such perceptions affect economic behavior, and hence determine actual stability properties or regime realizations. A fixed...

We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices and widespread bank insolvency. The banks and investors...

We investigate the limiting behavior of trader wealth and prices in a simple prediction market with a finite set of participants having heterogeneous beliefs. Traders bet repeatedly on the outcome of a binary event with fixed Bernoulli success probability. A class of strategies, including...

Meritocratic systems are commonly understood as those that assign tasks to individuals who can best perform them. But future performance cannot be known prior to assignment, and must be inferred from other traits. We consider a model in which performance depends on two attributes --- ability and...

This paper considers finitely repeated games played by procedurally rational players, who sample their available alternatives and use realized payoffs as a basis for strategy selection. The corresponding solution concept is that of (payoff) sampling equilibrium, which is a distribution over...

This paper uses an experimental field approach to investigate the pro-social preferences and behavior of social services providers and the behavior of potential beneficiaries in Bogota, Colombia. Field experiments were conducted using games including a newly designed Distributive Dictator Game...

The Covid-19 pandemic accelerated certain trends that were already incipient in the content and delivery of higher education, including open-access resource creation and asynchronous or livestreamed instruction. In this chapter, we focus on instruction in microeconomics, and describe three...

This paper uses an Empirical Bayes approach to estimate the conditional mean function of a Poisson regression model, evaluated at counterfactual values of time-invariant unobserved covariates. The application that motivates and illustrates the methods developed herein is the use of deadly force...

We examine probabilistic forecasts for battleground states in the 2020 US presidential election, using daily data from two sources over seven months: a model published by the Economist, and prices from the PredictIt exchange. We find systematic differences in accuracy over time, with markets...

Across the world, the COVID-19 pandemic has been most devastating to already-vulnerable populations. At the same time, it has brought our interconnectedness into sharp focus. Policies chosen in one jurisdiction affect conditions in others, and even regions isolated from each other are linked...