We find that survey evidence on faculty pay-cycle choice strongly contradicts the neoclassical theory of consumer behavior. It is more favorable to the behavioral life-cycle theory of Shefrin and Thaler (1988).

This paper highlights the crucial role of demographic assumptions in models of the intergenerational transmission of wealth inequality. Specifically, we show that Alan Blinder's surprising predictions that bequest and mating practices can sustain but cannot cause wealth inequality are extremely...

Economics is a matter of choice and growth, of interaction and exchange among individuals. Because property rights define the rules of these interactions and the objects of exchange, it is vital to fully understand the institutions and implications of the various property-rights regimes. With...