P information is usually thought to reinforce existing sales trends by encouraging customers to flock to mainstream products with broad appeal. We suggest a countervailing market force: popularity information may benefit niche products with narrow appeal disproportionately, because the same level of popularity implies higher quality for narrow-appeal products than for broad-appeal products. We ...

A fund’s performance is usually compared to the performance of an index or other funds. If a fund trails the benchmark, the fund manager is often replaced. We argue that this may lead to excessive risk-taking if fund managers differ in ability and have the opportunity to take excessive risk. To match the benchmark, fund managers may increase the risk of their portfolio even if this decreases th...

When people observe competitions, they are often drawn to figures that are seen as disadvantaged or unlikely to prevail. The present research tested the scope and limits of people's support for underdogs. The first two studies demonstrated, in the context of Olympic matches (Study 1) and the Israeli-Palestinian conflict (Study 2), that observers' support for a competitor increased when framing ...

Sec. 16.1 What this part does. 16.2 Definitions. 16.3 When these procedures become available. 16.4 Summary of procedures below. 16.5 How the Board operates. 16.6 Who represents the parties. 16.7 The first steps in the appeal process: The notice of appeal and the Board’s response. 16.8 The next step in the appeal process: Preparation of an appeal file and written argument. 16.9 How the Board wil...

An information transaction entails the purchase of information. Formally, it consists of an information structure together with a price. We develop an index of the appeal of information transactions, which is derived as a dual to the agent’s preferences for information. The index of information transactions has a simple analytic characterization in terms of the relative entropy from priors to p...