A wide range of macroeconomic and microeconomic theories are surveyed with particular regard to their prediction on the cyclicality of real wages. After appropriate removal of the non-stationary components of the time series involved, econometric tests are undertaken which show that Australian...

This paper provides an empirical estimate of the degree of international capital mobility in Thailand. A model of interest rate determination which allows for imperfectly mobile capital and the impact of both domestic and international influences on the domestic rate is developed and estimated...

For games of contracting under perturbed best response dynamics, varying the perturbations along two dimensions (uniform vs. logit, directed vs. undirected) gives four possibilities. Three of these select differing major bargaining solutions as stochastically stable. The fourth possibility...

A successful organization - or Broadway production - needs the right team. A potential issue is that an existing synergy between complementary agents (or assets) can reduce the marginal return of effort, creating a disincentive to invest. While agents always prefer to be in a team of...

This study uses a novel application of priming to provide experimental evidence that aspirations and social comparisons may be influenced by non factual sources. A textual narrative eliciting social comparison is shown to dramatically alter material aspirations. This is despite the narrative not...