asset allocations, asset prices and welfare, and to quantify the effects of intermediaries that facilitate trade. Using …

We study the intermediary role of tour operators in the market for package tourism. Intermediaries often arise in order …

. Focusing on the early 19th century, we argue that intermediaries' market power served to overcome information asymmetries and … intermediaries' reputations to guide their investment strategies. The outcome was a two-tier global bond market, which was sustained … by hierarchical relations among intermediaries. This novel theoretical perspective is backed by new archival evidence and …

respond to labour tax rates and government supplied non-employment benefits. We compare aggregate and individual outcomes in … terms of how macroeconomic aggregates respond to some types of government supplied non-employment benefits, but remarkably …

benefits and tax credits among 'comparable' households. We implement this approach by estimating a discrete choice model of …

This paper analyzes optimal re-election bars when incumbents gain socially valuable experience in office. We develop a … two-period model in which the output of a public good depends on an office-holder's effort, ability and experience. When …. Together, these effects outweigh the expected loss of incumbents' acquired experience, which results from their reduced chances …

The standard assumption in economic theory is that preferences do not change as a result of experience with the … as experience is accumulated. This paper tests the effect of experience with a health-care service on preferences for … maternity-ward attributes. In order to explore the effect of experience on preferences, the research sample was decomposed into …

substitution of low education / high experience workers by low experience / high education workers by using US and French microdata … explain the changes in returns to experience. It also accounts for a part of the increase in returns to education between 1980 …: the elasticity of substitution between experience and education, which is found to be less than half. In France, the …

We examine the dynamic role of education and experience as determinants of wages. It is hypothesized that an employee … market experience and increase with initially unobserved ability, since the employer gradually obtains better information on …

rises with experience in the new sector. …