This paper proposes a model of cabdrivers' labor supply, building on Henry S. Farber's (2005, 2008) empirical analyses and Botond Kőszegi and Matthew Rabin's (2006; henceforth “KR”) theory of reference-dependent preferences. Following KR, our model has targets for hours as well as income,...

It is well-known that the discount rate is crucially important for estimating the social cost of carbon, a standard indicator for the seriousness of climate change and desirable level of climate policy. The Ramsey equation for the discount rate has three components: the pure rate of time...

In The Economics of Imperfect Competition, Joan Robinson argued that an increase of the consumers' incomes should make demand less elastic - which, though reasonable about individual demand as an assumption on preferences, suggests a role for income distribution as far as market demand is...

This paper contemplates the robustness of Thirlwall’s Law, a parsimonious expression that relates long run equilibrium growth in any one region to the product of world income growth and the ratio of the income elasticities of demand for exports and imports. Various extensions of the...

We investigate the relationship between calories, food quality and household per capita expenditure using regression and semiparametric methods on a sample of poor households from rural Mexico, where Programa de Apoyo Alimentario (PAL), a targeted nutritional programme, is operating. The...