According to efficient markets theory, the stock price on a competitive market is the best estimate of the stock’s present value. This is the basic assumption for predictions using experimental markets. The first part of the paper describes the features of such an experimental market,...

Migration from poorer to richer countries can produce a vicious circle from a gap in real wages through a gap in human capital causing a gap in productivity causing a gap in real wages again. This circle can be linked with another one (based on the effective wage theory) connecting the level of...

Purpose of this paper is to analyze the convergence of the consumption structure, both at the empirical and the theoretical levels. The basic empirical result is that the consumption structure converges quite quickly. We feel that the income effect is not sufficient to explain this high speed....