Among U.S. middle-class households, the marginal propensity to consume is either invariant to household wealth or a U-shaped function thereof. In contrast, precautionary savings models predict that wealth reduces the marginal propensity to consume. We bridge this gap between theory and data with...

Abstract: This paper develops an econometric model of industry dynamics for concentrated markets that can be estimated very quickly from market-level data on demand shifters and the number of producers. We show that the model has an essentially unique symmetric Markov-perfect equilibrium that...

Purpose – The research goal is to develop, analyze, and evaluate an instrument measuring perceptions and preferences of garment design characteristics, and to evaluate interpretability of results for ease of use by scientists and industry practitioners. Design/methodology/approach – This...

Mass customisation, defined as the mass production of individually customised goods and services, aims at providing products and services that are more suited to the needs or desires of today’s fragmented consumer markets. Mass customisers should identify how needs or desires of the fragmented...

Major shifts in employment between industries and between firms within industries usually accompany recessions. Although this observation suggests that exogenous changes in the optimal allocation of labor are an important source of aggregate employment fluctuations, the macroeconomi significance...

We provide a simple explanation for the observation that the variance of job destruction is greater than the variance: job creation is costlier at the margin than job destruction.