Players in a congestion game may differ from one another in their intrinsic preferences (e.g., the benefit they get from using a specific resource), their contribution to congestion, or both. In many cases of interest, intrinsic preferences and the negative effect of congestion are (additively...

This paper deals with the the evolution of portfolio rules in markets withstationary returns and endogenous prices.

We consider an economy where a finite set of agents can trade on one of two asset markets. Due to endogenous participation the markets may differ in the liquidity they provide. Moreover, traders have idiosyncratic preferences for the markets, e.g. due to differential time preferences for...

We construct a new global commodity-level export dataset to analyze the persistence of export patterns as proxies of productive capabilities across the first and the current waves of globalization. We find that productive capabilities are path-dependent and historical capabilities are powerful...

This paper reviews different literature strands and performs an empirical test to evaluate how capital ownership, particularly its nationality, might affect long-run economic develop- ment. Our results indicate that low and middle-income countries with larger foreign capital stock in 1980 had...

This article mobilizes and integrates both existing and new time series data on real wages, physical heights and age-heaping to examine the long-term trend of living standards and human capital for China during the eighteenth to twentieth centuries. Our findings confirm the existence of a...

Europe in the sixteenth and most of the seventeenth century was engulfed in a wave of Sinophilia. However, by the eighteenth century a dramatic shift in the popular view of China in Europe occurred and Sinophobic writings began to dominate. The primary scholarly argument about the causes behind...

Recently, there has been a growing interest in social capital and in the difficulties related to its measurement. In this paper, we propose to measure social capital by means of principal components analysis. Then, we present the first available international social capital estimates for the...