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Beliefs govern every choice we make. Much of the time, they lie in the background of our economic models. We often assume that everyone knows everything that has happened in [...]

Government effectiveness in the provision of basic services like education and health directly affects the quality of life of poor people in developing countries. Yet, the quality of such service [...]

Asset returns occupy a special place in the history of economic thought. From John Stuart Mill to Karl Marx, the profession's most influential thinkers have devoted much of their time [...]

It is difficult for patients to perceive the quality of prescription drugs even after they consume them, because they lack medical knowledge and because symptom alleviation depends on comorbidities, diet, [...]

The 2008-09 global financial crisis and ensuing worldwide recession have brought renewed attention to the importance of credit conditions for the macroeconomy. From a theoretical perspective, two broad mechanisms link [...]

In the workhorse competitive labor market model used by economists, knowing whom we work for is irrelevant for understanding the sources of wage risk and wage inequality. Workers carry the [...]

Recent work in neuroscience and neuroeconomics has provided valuable insights into the factors that drive individuals' formation of expectations. These insights can be used by economists to better understand individuals' [...]

The surge in quantitative analysis of insurgency, civil wars, and terrorism can be traced primarily to two main drivers. The first is the availability of detailed data that provide fine-grained, [...]

Anthropogenic air pollution dates at least as far back as ancient Rome, and attempts to regulate it are known to have arisen as early as the 13th century. Although the [...]

Economists have long realized the importance of education for the well-being of individuals and the productivity of society. Over the past few decades, the economic returns to education have risen [...]

Benjamin Handel, an associate professor of economics at the University of California, Berkeley, and Motohiro Yogo, a professor of economics at Princeton, have become co-directors of the Insurance Working Group. [...]