In this paper, the authors examine the economics of crime deterrence from an evolutionary perspective. A bimatrix game is used to model the interaction between populations of property owners and (potential) criminals, given exogenous levels of public policing and criminal sanctions. A crucial...

The costs of inflation are assessed using an endogenous growth macroeconomic model in which money reduces the time-costs of transacting. Inflation reduces growth in the model, which supports recent empirical evidence. Although simulations show time-costs to be small, inflation raises these costs...

In the 1970s, herring stocks in the Northeast Atlantic were nearly fished to extinction. This collapse is usually attributed to technological advances. We investigate the empirical impact of technological shocks on herring stocks. We show evidence that the power block was the principal factor in...

Economists are well aware of the importance of marginal versus average measures of energy efficiency. Yet in the energy literature, there is no consensus on the appropriate method for defining and measuring energy efficiency. This paper sets out the shadow value of energy as a proper and...

Do progressive marginal income tax rates discourage self-employment? We assume risk neutrality to construct an implicit surtax on stochastic income relative to steady income, arising from a convex tax schedule. It is computed as part of a structural probit model with earnings equations and a tax...