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Giglio, Stefano W; Maggiori, Matteo; Ströbel, Johannes - C.E.P.R. Discussion Papers - 2014

We provide direct estimates of how agents trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We exploit a unique feature of housing markets in the U.K. and Singapore, where residential property ownership takes the form of either...

Persistent link: https://www.econbiz.de/10011083367

Transitional Dynamics to Optimal Sustainable Growth

Musu, Ignazio - C.E.P.R. Discussion Papers - 1996

productivity of environmental services are seen as externalities, which are internalized along an optimal growth path. Optimal …

Persistent link: https://www.econbiz.de/10005788866

Taxing Sin Goods and Subsidizing Health Care

Cremer, Helmuth; De Donder, Philippe; Maldonado, Darío; … - C.E.P.R. Discussion Papers - 2008

We consider a two-period model. In the first period, individuals consume two goods: one is sinful and the other is not. The sin good brings pleasure but has a detrimental effect on second period health and individuals tend to underestimate this effect. In the second period, individuals can...

Persistent link: https://www.econbiz.de/10005504681

Boundedly Rational Dynamic Programming: Some Preliminary Results

Gabaix, Xavier - C.E.P.R. Discussion Papers - 2012

A key open question in economics is the practical, portable modeling of bounded rationality. In this short note, I report on ongoing progress that is more fully developed elsewhere. I present some results from a new model with boundedly rational features in which the decision-maker (DM) builds a...

Persistent link: https://www.econbiz.de/10011083499

Resetting the Urban Network: 117-2012

Michaels, Guy; Rauch, Ferdinand - C.E.P.R. Discussion Papers - 2013

Do locational fundamentals such as coastlines and rivers determine town locations, or can historical events trap towns in unfavorable locations for centuries? We examine the effects on town locations of the collapse of the Western Roman Empire, which temporarily ended urbanization in Britain,...

Persistent link: https://www.econbiz.de/10011083231

Roads and Innovation

Agrawal, Ajay; Galasso, Alberto; Oettl, Alexander - C.E.P.R. Discussion Papers - 2014

We study the interplay between transportation infrastructure, knowledge flows, and innovation. Exploiting historical … transportation infrastructure may spur regional growth above and beyond the more commonly discussed agglomeration economies that are …

Persistent link: https://www.econbiz.de/10011083321

Transportation Costs and the Spatial Organization of Economic Activity

Redding, Stephen J.; Turner, Matthew A - C.E.P.R. Discussion Papers - 2014

economic activity and transportation costs. We develop a multi-region model of economic geography that we use to understand the … general equilibrium implications of transportation infrastructure improvements within and between locations for wages … effects of transportation infrastructure improvements on economic development, paying particular attention to the use of …

Persistent link: https://www.econbiz.de/10011084246

The growth of cities

Duranton, Gilles; Puga, Diego - C.E.P.R. Discussion Papers - 2013

Why do cities grow in population, surface area, and income per person? Which cities grow faster and why? To these questions, the urban growth literature has offered a variety of answers. Within an integrated framework, this chapter reviews key theories with implications for urban growth. It then...

Persistent link: https://www.econbiz.de/10011084574

Urban Growth and Transportation

Duranton, Gilles; Turner, Matthew A - C.E.P.R. Discussion Papers - 2008

We estimate the effects of major roads and public transit on the growth of major cities in the US between 1980 and 2000. We find that a 10% increase in a city’s stock of roads causes about a 2% increase in its population and employment and a small decrease in its share of poor households over...

Persistent link: https://www.econbiz.de/10005792014

Intermediaries, transport costs and interlinked transactions

Lefèvre, Mélanie; Tharakan, Joe - C.E.P.R. Discussion Papers - 2011

Transport costs play a key role in agricultural markets in developing countries and are one of the causes of poverty amongst farmers that are geographically isolated. Another characteristic of agricultural markets is that they often involve interlinked transactions. However, the existing...

Persistent link: https://www.econbiz.de/10009324254