This paper argues that larger cities allow workers to find better occupational matches. We introduce a framework where workers are initially uncertain about the quality of their match with each occupation. They can switch occupations within cities at no cost, whereas moving across cities is...

This paper quantifies the impact of demand uncertainty and time to build on prices, investment and surplus in the world bulk shipping industry. We explore the impact of both construction lags and the lengthening of delivery lags in periods of high investment activity by constructing a dynamic...