This paper provides a set-theoretic model of knowledge and unawareness. A new property called Awareness Leads to Knowledge shows that unawareness of theorems not only constrains an agent's knowledge, but also, can impair his reasoning about what other agents know. For example, in contrast to Li...

There is much debate, but surprisingly little evidence, concerning the impact of primarily supply side Welfare to Work programmes in labour markets characterised by weak labour demand. The usual argument is that we might expect Welfare to Work measures to have greater impacts in tight labour...

We develop a measure of core inflation in the UK over the period January 1987 - December 1998, following the work of Bryan, Cecchetti, Wiggins and Roger. Disaggregation is into 85 price categories. Given the high kurtosis of the price change distribution over this period, a trimmed mean is a...

This paper examines the responsiveness of the education and employment choices of young people in Great Britain to the level of wages currently available to them in the labour market. Our results show that among young males in particular, the probability of continued participation in full-time...

We calculate the time series of the speed of convergence for 21 high-income countries over the period: 1953-1996, using low-pass filtered time series of per-capita GDP which are thus isolated from the influence of the short-run business cycle components. The observed patterns contradict the...

I combine two previously separate strands of the bargaining literature to present a bargaining model with both one-sided private information and a majority vote for proposals to go into effect. I use this model to show that the US bankruptcy code produces shorter delays and higher welfare than...

We document and account for two facts regarding the relation between international interest rates and total factor productivity (TFP) in a sample of developing countries. First, there is a negative correlation between both variables at quarterly frequency. Second, the share of agricultural labor...

This paper takes a new look at the effects of mergers on innovation by analysing the relationship between ex-ante technological (and product) relatedness of acquirers and targets and post-merger performances. The analysis is conducted using data on consolidations in the pharmaceutical industry...