This paper is a study on the returns to education in Lao, a country that has been largely neglected by the published literature. The authors found that the private rates of returns to education have risen significantly with economic transition. In particular, returns for young workers are...

The simultaneous impact of public expenditures and foreign direct investment (FDI) on economic growth is studied. To the best of the authors' knowledge, this is the first study that takes into account the interaction between FDI and public expenditures in determining the economic growth rate....

The purpose of this paper is to estimate the household saving functions based on cross-section data which contain fruitful informations of individual observations. The paper also attempts to test various theories of saving behaviors empirically such as life-cycle saving hypothesis, or permanent...

Many goods have network externalities. When the number of agents possessing such goods is small, the agents may not gain sufficient utility from the goods. Agents then have an incentive to delay their purchasing decisions. Such delays have negative effects on the agents' utility, so equilibrium...

We experimentally study the effect of a third-person enforcement on a one-shot prisoner’s dilemma game played by two persons, with whom the third person plays repeated prisoner’s dilemma games. We find that when the third person can observe these two persons’ play, the possibility of the...