Pay for Percentile
---- Acknowledgments ----
We thank Fernando Alvarez, Julian Betts, Ann Bartel, Robert Gibbons, Richard Holden, John Kennan, Kevin Lang, Roger Myerson, Kevin Murphy, Canice Prendergast, Phil Reny, Doug Staiger, Chris Taber, and Azeem Shaikh for helpful comments and discussions. We thank Eric Nielsen, Richard Olson, and Armin Rick for excellent research assistance. Neal thanks Lindy and Michael Keiser for research support through a gift to the University of Chicago's Committee on Education. Neal also thanks the Searle Freedom Trust. Our views need not reflect those of the Federal Reserve Bank of Chicago, the Federal Reserve System, or the National Bureau of Economic Research.