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People often draw inferences from sequences of past performance, sometimes perceiving patterns even in random outcomes. This has fueled debates regarding phenomena such as the hot hand and gambler’s …
Discussion paper
We study how labeling of neighborhoods affects the performance and sorting of young residents at the junction of enrolling in high school. Exploiting the release of a much publicized official …
Discussion paper
We establish new efficiency results for decentralized markets with quality uncertainty. Buyers encounter a succession of passing trade opportunities and related asset information, allowing them to …
Discussion paper