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How Auctions Work for Wine and Art
interview auctioneers, and even to buy a little wine.' In the meantime I have also had the opportunity (with John Abowd, 1988) to observe and collect data on the auction sale of impressionist andExpand
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Estimating the Effect of Training Programs on Earnings
GOVERNMENTAL post-schooling training programs have become a permanent fixture of the U.S. economy in the last decade. These programs are typically advocated for diverse reasons: (1) to reduceExpand
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Using the Longitudinal Structure of Earnings to Estimate the Effect of Training Programs
In this paper we set out some methods that utilize the longitudinal structure of earnings of trainees and a comparison group to estimate the effectiveness of training for the 1976 cohort of CETAExpand
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Auctions and the Price of Art
This paper contains a review of the burgeoning new research of the last decade that has been designed to shed light on how the art auction system works, what it indicates about price formation, andExpand
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Predicting the Quality and Prices of Bordeaux Wine*
Abstract Bordeaux wines have been made in much the same way for centuries. This article shows that the variability in the quality and prices of Bordeaux vintages is predicted by the weather thatExpand
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Testing for Price Anomalies in Real Estate Auctions
This paper reports on the results of an auction sale of 83 condominium apartment units in New Jersey. At the auction every unit was hammered down, but, unknown to the 2,348 registered bidders, 40% ofExpand
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Measuring the Value of a Statistical Life: Problems and Prospects
Tradeoffs between monetary wealth and fatal safety risks are summarized in the value of a statistical life (VSL), a measure that is widely used for the evaluation of public policies in medicine, theExpand
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Bargaining Theory, Trade Unions, and Industrial Strike Activity
The purpose of this paper is to examine certain received theories of the firm, trade union behavior, and bargaining in order to derive testable implications concerning the conditions under whichExpand
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Bordeaux Wine Vintage Quality and the Weather
We show that the quality of the vintage for red Bordeaux wines, as judged by the prices of mature wines, can be predicted by the weather during the growing season that produced the wines. Expand
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Models of Arbitrator Behavior: Theory and Evidence
This paper analyzes and compares arbitrator behavior under conventional and final-offer arbitration. Simple models of arbitrator behavior are developed under each of these alternative mechanisms.Expand
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