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Multidimensional Uncertainty and Herd Behavior in Financial Markets
The authors study the relationship between asset prices and herd behavior, which occurs when traders follow the trend in past trades. When traders have private information on only a single dimensionExpand
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Student Loans: Do College Students Borrow Too Much--Or Not Enough?
Total student loan debt rose to over $800 billion in June 2010, overtaking total credit card debt outstanding for the first time. By the time this article sees print, the continually updated StudentExpand
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The Missing "One-Offs": The Hidden Supply of High-Achieving, Low-Income Students
We show that the vast majority of low-income high achievers do not apply to any selective college. This is despite the fact that selective institutions typically cost them less, owing to generousExpand
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Strategic Jump Bidding in English Auctions
This paper solves for equilibria of sequential bid (or English) auctions with affiliated values when jump bidding strategies may be employed to intimidate one's opponents. In these equilibria, jumpExpand
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Herding over the career
Abstract We develop a model of decision-making when managers have private information about their abilities. With no private information about ability, managers ‘herd’. However, with sufficientExpand
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The Market for Evaluations
Recent developments in computer networks have driven the cost of distributing information virtually to zero, creating extraordinary opportunities for sharing product evaluations. The authors presentExpand
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Identifying Investor Sentiment from Price Paths: The Case of Football Betting
We examine the hypothesis that sentimental bettors can affect the path of prices in football betting markets. We hypothesize that sentimental traders follow the advice of false experts, believeExpand
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Second-Price Auctions with Asymmetric Payoffs: An Experimental Investigation
A series of two-player, second-price common-value auctions are reported. In symmetric auctions, bidders suffer from a winner's curse. In asymmetric auctions in which one bidder has a private valueExpand
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Cost Should Be No Barrier: An Evaluation of the First Year of Harvard's Financial Aid Initiative
This paper evaluates the first year of Harvard's Financial Aid Initiative, which increased aid and recruiting for students from low income backgrounds. Using rich data from the Census andExpand
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