• Publications
  • Influence
Risk Taking by Mutual Funds as a Response to Incentives
This paper examines the agency conflict between mutual fund investors and mutual fund companies. Investors would like the fund company to use its judgement to maximize risk-adjusted fund returns. AExpand
  • 1,925
  • 282
  • PDF
Geographic Concentration in U.S. Manufacturing Industries: A Dartboard Approach
This paper discusses the prevalence of Silicon Valley‐style localizations of individual manufacturing industries in the United States. A model in which localized industry‐specific spillovers, naturalExpand
  • 1,633
  • 188
  • PDF
Learning, Local Interaction, and Coordination
This paper discusses the dynamic implications of learning in a large population coordination game, focusing on the structure of the matching process that describes how players meet. As in M. Kandori,Expand
  • 1,141
  • 107
What Causes Industry Agglomeration? Evidence from Coagglomeration Patterns
Many industries are geographically concentrated. Many mechanisms that could account for such agglomeration have been proposed. We note that these theories make different predictions about which pairsExpand
  • 1,083
  • 99
  • PDF
Career Concerns of Mutual Fund Managers
This paper examines the labor market for mutual fund managers and managers' responses to the implicit incentives created by their career concerns. We find that managerial turnover is sensitie to aExpand
  • 996
  • 93
  • PDF
Are some mutual fund managers better than others
We examine whether mutual fund performance is related to characteristics of fund managers that may indicate ability, knowledge, or effort. In particular, we study the relationship between performanceExpand
  • 925
  • 88
Basins of Attraction, Long-Run Stochastic Stability, and the Speed of Step-by-Step Evolution
The paper examines the behaviour of "evolutionary" models with ɛ-noise like those which have been used recently to discuss the evolution of social conventions. The paper is built around two mainExpand
  • 408
  • 61
  • PDF
Cooperation in the Prisoner's Dilemma with Anonymous Random Matching
The paper considers the repeated prisoner's dilemma in a large-population random-matching setting where players are unable to recognize their opponents. Despite the informational restrictionsExpand
  • 512
  • 55
  • PDF
Position Auctions with Consumer Search
This paper examines a model in which advertisers bid for "sponsored-link" positions on a search engine. The value advertisers derive from each position is endogenized as coming from sales to aExpand
  • 404
  • 52
  • PDF
Word-of-Mouth Communication and Social Learning
This paper studies the way that word-of-mouth communication aggregates the information of individual agents. We find that the structure of the communication process determines whether all agents endExpand
  • 874
  • 51
  • PDF