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We provide a new and more complete analysis of the origins of the Dust Bowl of the 1930s, one of the most severe environmental crises in North America in the twentieth century. Severe drought and wind erosion hit the Great Plains in 1930 and lasted through 1940. There were similar droughts in the 1950s and 1970s, but no comparable level of wind erosion. We(More)
Stochastic extensions to Petri nets have received growing attention during the past decade as a model for evaluating the performance, dependability, and performability of computer hardware, software, and networks. Their formal structure permits solution by analytic means in many cases. When this is not possible, they can facilitate the automatic generation(More)
Democracies often fail to aggregate information, while speculative markets excel at this task. We consider a new form of governance, wherein voters would say what we want, but speculators would say how to get it. Elected representatives would oversee the after-the-fact measurement of national welfare, while market speculators would say which policies they(More)
Population aging is unprecedented, without parallel in human history, and the 21st century will witness even more rapid aging than did the century just past. Improvements in public health and medicine are having a profound effect on population demographics worldwide. By 2017, there will be more people over the age of 65 than under age 5, and by 2050, two(More)
a. Measurement efforts to reduce the uncertainty concerning the attributes of heterogeneous goods may simply redistribute wealth and result in social waste. Individuals bearing the cost of such distributional measurement have incentives to develop buying and selling practices that limit such measurement. We examine, both theoretically and empirically, the(More)
Of those eligible, about 40% do not vote in presidential elections. When asked, about a quarter of those nonvoters will lie to the survey takers and claim that they did. Increases in education are associated with higher voting rates and lower rates of lying overall, but with increased rates of lying conditional on not voting. This paper proposes a model of(More)
  • ROBERT T. DEACON, JON SONSTELIE, Yoram Barzel, Tom Borcherding, Ross Eckert, Ted Frech +3 others
  • 2007
With price controls and rationing by waiting, rational consumers increase the quantity boughtperpurchase. This individually rational response is socially wasteful and the cost of making it is a deadweight loss. This cost plus the value of time spent in queues may exceed the total rent transferred from suppliers to consumers by price controls; i.e., the(More)
BACKGROUND Clinical decision support systems (CDSS) are important tools to improve health care outcomes and reduce preventable medical adverse events. However, the effectiveness and success of CDSS depend on their implementation context and usability in complex health care settings. As a result, usability design and validation, especially in real world(More)
When a ruling elite is unable to commit to future growth-promoting policies, it may cede political power to a broader segment of the public, as in North and Weingast (1989). Alternatively, as we show in this paper, commitment may be achieved by moving in the opposite direction: installing a single authoritarian ruler who favors growth-promoting policies.(More)