Selling internationally requires products that resonate with an international customer base and therefore an approach to markets that is in keeping with diverse cultures (i.e., relational capital). As emphasized by international business studies, this relational capital is in turn related to the...

This study investigates the interaction of the use of modern contraceptives, fertility, education, and long-run growth. It develops an economic model that takes into account that sexual intercourse is utility enhancing and that birth control by modern contraceptives is more efficient and more...

This paper compares Denmark’s growth performance to that of the other 18 non-Eurozone OECD economies during 2008-12. Denmark is the only country with a fixed exchange rate regime; the other 18 countries all have flexible exchange rates, mostly as part of an inflation-targeting framework. At the...

We employ a model of leverage-induced explosive behavior in financial markets to develop a measure of financial market instability. Specifically, we derive a quantitative condition for how large levered investors can become relative to the whole market before the demand curve for securities...

Fossil-fuel-related carbon dioxide emissions have risen dramatically since 1800. We identify the long-run drivers of CO2 emissions for a sample of twelve developed economies using an extended Kaya decomposition. By considering biomass and carbon-free energy sources along with fossil fuels we are...

This study presents a novel theory on the interaction of social norms, fertility, education, and their joint impact on long-run economic development. The theory takes into account that sexual intercourse is utility enhancing and that the use of modern contraceptives potentially conflicts with...

We consider a class of three-player queuing games where players independently choose when to arrive at a bottleneck facility that serves only one at a time. Players are impatient for service but cannot arrive before the facility opens and they dislike time spent in queue. We derive the...

The paper – written in Danish – argues that the Danish system of land taxation has distortionary and welfare reducing effects. Low tax rates applied on land used for agricultural purposes compared to tax rates for urban use distorts the allocation of land with the result that cities become...

The average year-end size premium is significant only when the beginning-of-year aggregate (median) book-to-market is high (top 10% to 20% in historical terms). This helps to explain why empirical research based on different time periods finds conflicting results regarding the existence of the...

We show the generic finiteness of the number of probability distributions on outcomes induced by Nash equilibria for two-person game forms such that either (i) one of the players has no more than two strategies or (ii) both of the players have three strategies, and (iii) for outcome game forms...