A Proposal to Extend Expected Utility in a Quantum Probabilistic Framework....
Expected utility theory (EUT) is widely used in economic theory. However, its subjective probability formulation, first elaborated by Savage, is linked to Ellsberg-like paradoxes and ambiguity...
View ArticleBayesian Semi-parametric Realized-CARE Models for Tail Risk Forecasting...
A new model framework called Realized Conditional Autoregressive Expectile (Realized-CARE) is proposed, through incorporating a measurement equation into the conventional CARE model, in a manner...
View ArticleUnderstanding the Impacts of Dark Pools on Price Discovery....
This paper investigates the impact of dark pools on price discovery (the efficiency of prices on stock exchanges to aggregate information). Assets are traded in either an exchange or a dark pool, with...
View ArticleA Generalized Population Dynamics Model of a City and an Algorithm for...
Measures of wealth and production have been found to scale superlinearly with the population of a city. Therefore, it makes economic sense for humans to congregate together in dense settlements. A...
View ArticleThe prevalence of chaotic dynamics in games with many players....
We study adaptive learning in a typical p-player game. The payoffs of the games are randomly generated and then held fixed. The strategies of the players evolve through time as the players learn. The...
View ArticleSecuring the Future, Volume 2: Implementing Your Firm's Succession Plan, 2nd...
Is your firm poised for long-term success and viability? Do you even know what that looks like for your firm?read more...
View ArticleSecuring the Future, Volume 1: Building Your Firm's Succession Plan, 2nd Edition
Is your firm poised for long-term success and viability? Do you even know what that looks like for your firm?read more...
View ArticleClimate Change and Growth Risks -- by Ravi Bansal, Marcelo Ochoa, Dana Kiku
To study the welfare implications of rising temperature we propose a temperature-augmented long-run risks model that accounts for the interaction between temperature, economic growth and risk. The...
View ArticleFiring Costs, Misallocation, and Aggregate Productivity -- by Jose-Maria...
We assess the quantitative impact of firing costs on aggregate total factor productivity (TFP) in a dynamic general-equilibrium framework where the distribution of establishment-level productivity is...
View ArticleRecent Trends in U.S. Top Income Shares in Tax Record Data Using More...
Access to IRS personal income tax records improves researchers' ability to track U.S. income and inequality, especially at the very top of the distribution (Piketty and Saez 2003). However, rather than...
View ArticleTo Work for Yourself, for Others, or Not At All? How Disability Benefits...
The U.S. Department of Veterans Affairs Disability Compensation (DC) program provides disability benefits to nearly one in five military veterans in the US and its annual expenditures exceed $60...
View ArticleLabor Drops: Experimental Evidence on the Return to Additional Labor in...
The majority of enterprises in developing countries have no paid workers. Is this optimal, or the result of frictions in labor markets? We conduct an experiment providing wage subsidies to randomly...
View ArticleCurrency Wars or Efficient Spillovers? A General Theory of International...
In an interconnected world, national economic policies regularly lead to large international spillover effects, which frequently trigger calls for international policy cooperation. However, the premise...
View ArticleThe Effect of Education on Overall Fertility -- by Philip DeCicca, Harry...
Fertility rates have long been falling in many developed countries while educational attainment in these countries has risen. We attempt to reconcile these two trends with a novel application of a...
View ArticleThe Impacts of Neighborhoods on Intergenerational Mobility II: County-Level...
We estimate the causal effect of each county in the U.S. on children's earnings and other outcomes in adulthood using a fixed effects model that is identified by analyzing families who move across...
View ArticleThe Impacts of Neighborhoods on Intergenerational Mobility I: Childhood...
We show that the neighborhoods in which children grow up play a significant role in determining their earnings, college attendance rates, and fertility and marriage rates by studying more than 7...
View ArticleGrowth and Childbearing in the Short- and Long-Run -- by Shoumitro...
Despite being key to theories of economic growth and the demographic transition, evidence on how fertility responds to aggregate income change is mixed. We analyze economic growth and fertility change...
View ArticleInequality in Human Capital and Endogenous Credit Constraints -- by Rong Hai,...
This paper investigates the determinants of inequality in human capital with an emphasis on the role of the credit constraints. We develop and estimate a model in which individuals face uninsured human...
View ArticleMeasuring Instructor Effectiveness in Higher Education -- by Pieter De...
Instructors are a chief input into the higher education production process, yet we know very little about their role in promoting student success. This is in contrast to elementary and secondary...
View ArticleReal Estate Bubbles and Urban Development -- by Edward L. Glaeser
Why are real estate bubbles so common? Can these bubbles actually do some good? Real estate booms have regularly occurred throughout the world leaving painful busts and financial crises in their wake....
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