Mandatory vs. Discretionary Spending:  The Status Quo Effect

Do mandatory spending programs such as Medicare improve efficiency? We analyze a model with two parties allocating a fixed budget to a public good and private transfers each period over […]


A Mechanism for Eliciting Second-Order Beliefs and the Inclination to Choose

This paper describes a direct revelation mechanism for eliciting decision makers’ introspective beliefs on sets of subjective prior or posterior probabilities. The proposed scheme constitutes a revealed-preference procedure for measuring […]