The unification of the East and West German states in 1990 initiated the integration of two distinct innovation systems. In this process, the poorly functioning socialist system of East Germany adopted the formal institutions and organization of West Germany, a western-style market economy. We...

The high proportion of motorized vehicles is leading to significant functional problems, especially in the centers of major cities. At the same time, dependence on fossil fuels is no longer just a climate problem, but also a problem of world peace. Simultaneously, new forms of mobility are...

Modern life offers nearly unbridled access to information; it is the harnessing of this information to guide decision-making that presents a challenge. We study how one individual may try to shape the way another person interprets objective information by proposing a causal explanation (or...

Departures from full-information rational expectation models give rise to stock price wealth effects which introduce inefficient cyclical fluctuations in the economy. Waves of optimism/pessimism affect beliefs and asset prices which influence aggregate demand through expectation-driven wealth...

I measure statistical differences in personality characteristics (personality traits, attitudes, and values) between individuals with an ethnic minority vs. ethnic majority background. This analysis might inform research on explanations of discrimination, as some researchers have proposed that...

This paper argues that the price-dividend ratio variability is explained in a large proportion by shocks affecting the subjective distribution of capital gain expectations: sentimental discount rate shocks affecting average beliefs explain at least 30% and disagreement shocks up to 20% of the...

Policy choices often entail trade-offs between workers and consumers. I assess how foreign competition changes the consumer welfare and domestic employment effects of a merger. I construct a model accounting for demand responses, endogenous product portfolios, and employment. I apply this model...

In many societies, parents prefer sons over daughters, but the well-being effects of child gender, especially in later life, are less studied. Using the latest two waves of the China Health and Retirement Longitudinal Study (CHARLS), this paper evaluates the impacts of having daughters on older...

We examine economic mobility in India while accounting for misclassification to better understand the welfare e§ects of the rise in inequality. To proceed, we extend recently developed methods on the partial identification of transition matrices. Allowing for modest misclassification, we find...