We use novel and unique data to study the effect of price changes in the market for luxury and middle class homes. We find that luxury home sales respond less to price changes than the middle-class home sales; in the market for luxury homes, past prices affect current prices; luxury home prices...

This paper sheds a new perspective on models of migration by integrating in a same structure the decisions about education and work; and by incorporating return migration with "brain waste". Brain waste is defined as the depreciation, due to migration, in the human capital acquired in the home...