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We model individual careers in sports and games from initial entry to eventual exit or success as a discrete-choice, finite-horizon optimization problem. We apply this model to the international game of chess and study cross-country differences in the relative success of players. While we find...
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We compare the performance of liability rules for managing environmental disasters when third parties are harmed and cannot always be compensated. A firm can invest in safety to reduce the likelihood of accidents. The firm's investment is unobservable to authorities. Externality and asymmetric...
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that could protect surplus (“security”). But the joint achievement of security and prosperity had to escape a paradox … conflict when defense capability is fixed, but may allow for security and prosperity when defense capability is endogenous …. Some economic shocks and military innovations deliver security and prosperity while others force societies back into a trap …
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