Individuals are born into families that differ in size and managerial skill endowment. Each member of a family has the option to (i) work as a manager in the family firm; (ii) work as a manger in a non-family firm; or (iii) supply non-managerial labor for a wage. We consider two alternative...

We study college enrollment and completion decisions in the presence of risk in individuals' returns to college. Although the human capital acquired through education is irreversible (i.e., it cannot be decumulated or sold off), college education comes with two inherent options: (i) college...

We study the integration process of the North and South Korean economies. Our model incorporates elements that are necessary for explaining closely-related transition experiences (i.e., the growth miracles of East Asia and the post-communist transitions of Eastern Europe). We calibrate the model...