[...]Although our analysis compares outcomes before and afterPRWORA, it should be made clear that because the formalstate plan for welfare reform did not take effect until 1999, weare not really evaluating welfare reform in New York City.Instead, our results primarily reflect the net effect of...

The aim of this paper is to compare empirically the effects of transport cost reductions due to infrastructure investments, emerging under different market structures. To this end, a computable spatial general equilibrium model with costly interregional trade is presented, which is calibrated...

We compare the effect of legal and institutional competition for the design of labor institutions in an environment characterized by holdup problems in human and physical capital. We compare autarky with the two country case, assuming that capital is perfectly mobile and labor immobile. We...

Patent pools in the framework of Lerner and Tirole (2004) may enhance or reduce social welfare. The purpose of this paper is to devise a pool formation mechanism which prevents welfare decreasing pool equilibria to emerge,and which encourages welfare enhancing pool formation. In order to...

We measure the cost of consumption fluctuations using an approach that does not require the specification of preferences and instead uses asset prices. We measure the marginal cost of consumption fluctuations, the per unit benefit of a marginal reduction in consumption fluctuations...

We study how the framework of classical game theory changes when the preferences of the players are described by Prospect Theory instead of Expected Utility Theory. Specifically, we study the influence of framing effect and probability weighting on the existence and specific structure of Nash...