In a market with heterogeneous individuals, the fact that a particular group of individuals are the consumers of a particular product already indicates that there exist systematic differences between them and the average person. Simple tools from statistical theory are used here to analyze the...

We study a model of collective decision making in which agents vote on the decision repeatedly until they agree, with the agents receiving no exogenous new information between two voting rounds but incurring a delay cost. Although preference conflict between the agents makes information...

This paper studies how shifts in the distribution of quality on one side of the market affect earnings on the other side in a model of one-to-one matching. A more dispersed distribution of quality hurts the low ability agents on the other side because they are matched to inferior partners....

We examine how no-fault divorce law affects the age at first marriage, when everyone has a different value of marriage. The heterogeneity of individual values implies an unambiguous negative effect on the variance of marriage age. We test this hypothesis with marriage records from 1970 to 1995....