This paper studies the granular characteristic (or macro effects of micro shocks) of China’s economy a lá Gabaix (2011) by exploiting the Chinese Industrial Enterprises datasets from 1998 to 2014. We find that China’s economy is granular: (1) the distribution of sales revenues of the top...

Perceived fairness may affect people’s willingness to pay (WTP). In this study, an online survey with random experiments reveals that perceived fairness has a significant positive impact on consumers’ WTP for cleaner raw water (WTP1) and their WTP for tap water meeting higher water quality...