Vassar Scholarship

The paper investigates navigability with imperfect information. It shows that the properties of navigability with perfect recall are exactly those captured by Armstrong's axioms from database theory. If the assumption of perfect recall is omitted, then Armstrong's transitivity axiom is...

There are numerous examples of assets with identical payout streams being priced differently. These violations of the law of one price result from two factors. First, investors have heterogeneous asset valuations so that if two groups of investors trade in...

This booklet celebrates the centennial of the award of the first Pulitzer Prize to a female poet, Edna St. Vincent Millay (VC 1917). On April 30, 1923, Millay received a letter informing her that she had won the $1,000 Pulitzer...

I present a model that can transform discounts on closed-end mutual funds into a measure of investor sentiment about the ability of fund managers to beat the market. This measure of sentiment varies positively with capital flows into actively managed...

This chapter provides a selective review of the literature on trust and the law. We highlight the psychological and game theoretic mechanisms underpinning the role of trust in relationships with incomplete contracts. We also discuss evidence on whether behavioral trust...