Valuation of the benefits from the preservation of water resources is often of interest to policy makers and funding institutions. In developing countries, valuation studies are potentially useful for designing funding policies when inequality is a concern. To fulfil this goal, however,...

When asset markets are incomplete there are almost always many Pareto improving policy interventions. Remarkably, these interventions do not involve adding any new markets. Focusing on tax policy, I create a framework for proving the existence of Pareto improving taxes, for computing them, and...

Rational beliefs (in the form of WAMS measures) are expectations which though consistent with empirical observations, may deviate from the true underlying probability measure under which data is generated.We provide results on, as well as a decomposition of, WAMS measures and use this to...

Rational beliefs (in the form of WAMS measures) are expectations which though consistent with empirical observations, may deviate from the true underlying probability measure under which data is generated.We provide results on, as well as a decomposition of, WAMS measures and use this to...

This paper provides a general approach in the framework of a complete markets stochastic overlapping generations model to assess whether debt Ponzi schemes are feasible and Pareto-improving. We derive conditions in terms of bond interest rates of different maturities which can be used to assess...

We exploit the 1980 earthquake in southern Italy and the subsequent relief from mandatory military service granted to all males in the regions hit by the seism to estimate the strength of endogenous social interactions in schooling achievements. Preliminary results point to a significant and...

This paper provides evidence on the the impact of child labor on child schooling.The limited evidence that does exist on this issue makes little or no attempt to control for the endogeneity of child labour hours in the estimation.Such endogeneity can arise because of the reverse causation of...

Since the pioneering work of Tiebout (1956), economists have recognized that the quality of public services, especially schools, influence house prices. Many empirical studies have attempted to discern the extent to which the quality of public education affects house prices. Initially,...

This paper investigates the process by which a cohort of males accumulate human capital via formal education and labor market participation. I use all available annual waves of the 1979 youth cohort of the National Longitudinal Survey of Labor Market Experience (NLSY79) to estimate a dynamic...

We develop an economic growth model in which both the R&D resources to develop new product applications and the market structure of consumption goods manufacturing are determined endogenously. There exists uncertainty with respect to the development date of an inaugural product, although higher...