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We examine the equilibrium interaction between a market for price information (controlled by a gatekeeper) and the homogenous product market it serves. The gatekeeper charges fees to …rms that advertise prices on its Internet site and to consumers who access the list of advertised prices. Gatekeeper pro…ts are maximized in an equilibrium where (a) the(More)
When viewed as taxes, lotteries are routinely criticized as being both inequitable and inefficient. But is this an entirely fair comparison? Frequently lotteries are used in lieu of voluntary contributions by private charities and governments when taxes are not feasible. When heterogeneous individuals with quasi-linear preferences participate in lotteries(More)
This study develops theory and uses a door-to-door fund-raising field experiment to explore the economics of charity. We approached nearly 5000 households, randomly divided into four experimental treatments, to shed light on key issues on the demand side of charitable fund-raising. Empirical results are in line with our theory: in gross terms, the lotteries(More)
We reexamine the major tenets of the informational theory of legislative rules, focusing on the informational efficiency of rules with varying degrees of restrictiveness. When committees are heterogeneous, full efficiency is attainable under the unrestrictive open rule as well as the somewhat restrictive modiÞed rule. In contrast, the restrictive closed(More)
We provide a uni…ed treatment of alternative models of information acquisition/transmission that have been advanced to rationalize price dispersion in online and o-ine markets for homogeneous products. These di¤erent frameworks— which include sequential search, …xed sample search, and clearinghouse models— reveal that reductions in (or the elimination of)(More)
Timing is crucial in situations ranging from currency attacks, to product introductions, to starting a revolution. These settings share the feature that payoffs depend critically on the timing of a few other key players—and their moves are uncertain. To capture this, we introduce the notion of clock games and experimentally test them. Each player's clock(More)