The authors consider the properties of perfectly discriminating contests in which players' abilities are stochastic, but become common knowledge before efforts are expended. Players whose expected ability is lower than that of their rivals may still earn a positive expected payoff from participating in the contest, which may explain why ...Download Now
There are many reasons for raising chickens. People raise chickens for eggs, meat, exhibition, and rare breed preservation, as well as for the enjoyment of raising, caring for, and watching their interesting behavior. Some people raise them to hear a rooster crow to symbolize past days on the farm. There ...Download Now
Using high-frequency data and a carefully constructed 1-1 match sample of control (non-decimal) stocks, the author isolates the effects of decimalization for sample of NYSE-listed common stocks trading in decimals. It's found that both quoted and effective bid-ask spreads and depths have declined significantly in all trade size, as well ...Download Now
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