This paper studies the spatial relationship between traditional banking services (Banks) and alternative financial service providers (AFSPs). The main objective is to test the so-called spatial void hypothesis that AFSPs tend to locate in markets where traditional banking services are...

Standard approaches to studying industrial agglomeration have been in terms of scalar measures of agglomeration within each industry. But such measures often fail to distinguish spatial scales of agglomeration. In a previ- ous paper, Mori and Smith (2014) proposed a pair of quantitative measures...

Farmers are business managers and as such they must understand the law or they are likely to fall foul of it. This especially applies to contract law, with which they deal constantly. Contract law is made up of the common law – as the courts have decided it – and statute law- as...

This paper employs the benchmark heterogeneous-agent model used in macroeconomics to examine drivers of the rise in wealth inequality in the U.S. over the last thirty years. Several plausible candidates are formulated, calibrated to data, and examined through the lens of the model. There is one...

This paper uses the information contained in the joint dynamics of households' labor earnings and consumption-choice decisions to quantify the nature and amount of income risk that households face. We accomplish this task by estimating a structural consumption-savings model using data from the...

This paper analyzes price tradeoffs between residential quality and location factors in the Beijing housing market. Unlike most housing markets, location factors completely dominate housing prices in this market. The main reason for this appears to be the physical size of central Beijing, where...