W. Bentley MacLeod
Columbia University
174 Papers
1.7K Citations
W. Bentley MacLeod is an academic researcher from Columbia University. The author has contributed to research in topics: Wage & Investment (macroeconomics). The author has an hindex of 39, co-authored 170 publications. Previous affiliations of W. Bentley MacLeod include Queen's University & University of Southern California.
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Papers
Contracting in the shadow of the law
TL;DR: In this article, it is shown that American standard form construction contracts can be viewed as an efficient mechanism for implementing building projects given existing legal rules, and that a central feature of these contracts is the inclusion of governance covenants that shape the scope of authority and regulate the bargaining power of parties.
Understanding Doctor Decision Making: The Case of Depression Treatment
TL;DR: It is shown that among skilled doctors, using a broader portfolio of drugs predicts better patient outcomes, except in cases where doctors' decisions violate loose professional guidelines.
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Diagnosing Expertise: Human Capital, Decision Making, and Performance among Physicians.
Janet Currie,W. Bentley MacLeod +1 more
TL;DR: In this article, the authors examine expertise in medicine and develop a model that allows for two dimensions of physician performance: decision making and procedural skill, and they show that poor diagnosticians can be identified using administrative data and that improving decision making improves birth outcomes by reducing C-section rates at the bottom of the risk distribution and increasing them at the top of the distribution.
Efficiency and Renegotiation in Repeated Games
James Bergin,W. Bentley MacLeod +1 more
TL;DR: In this paper, a general framework for the discussion of renegotiation in repeated games, providing a new concept of "renegotiation-proof" equilibrium, and show how the framework clarifies and unifies existing work.
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Decision, Contract, and Emotion: Some Economics for a Complex and Confusing World
TL;DR: In this paper, the authors show that if Leonard J. Savage's (1972) small world assumption is relaxed, one can construct a theory of bounded rationality that incorporates some of the insights from recent work in cognitive psychology.