This paper specifies a model of a two-stage sequential investment where the stages take time to complete. It presents algebraic solutions for an individual firm's optimal sequential investment with costless suspension, without suspension, in the intermediate case of costly suspension, and for...

Although there has been extensive analysis of the timing of investment, the intensity of investment has received far less attention. This paper analyzes both. For incremental investment, the intensity of investment proceeds as does timing in the fixed intensity new-view models. For lumpy...

This paper specifies a model of urban development under uncertainty when there is a lag between the decision to begin a project and its completion. These lags have three important effects. First, the deterrent effect of uncertainty on development is smaller with lags than without them. Second,...

Private governments are voluntary, exclusive organizations that supplement services provided by the public sector. Examples include business improvement districts and residential community associations. This paper examines equilibrium resource allocation with and without a private government....

Many prior treatments of agglomeration either explicitly or implicitly suppose that all industries agglomerate for the same reasons, with traditional Marshallian (1890) factors affecting all industries similarly. An important instance of this approach is the extrapolation of the agglomeration...

Many prior treatments of agglomeration either explicitly or implicitly suppose that all industries agglomerate for the same reasons, with traditional Marshallian (1890) factors affecting all industries similarly. An important instance of this approach is the extrapolation of the agglomeration...

We study the link between self-employment and some salient aspects of entrepreneurship – namely business creation and innovation – in urban and rural labour markets. In order to do so, we combine individual and firm-level data for Britain aggregated at the Travel-to-Work Area level. We find...

Research on entrepreneurship often uses information on self-employment to proxy for business creation and innovative behaviour. However, little evidence has been collected on the link between these measures. In this paper, we use data from the UK Labour Force Survey (LFS) combined with data from...

We study the link between self-employment and some salient aspects of entrepreneurship – namely business creation and innovation – in urban and rural labour markets. In order to do so, we combine individual and firm-level data for Britain aggregated at the Travel-to-Work Area level. We find...

Research on entrepreneurship often uses information on self-employment to proxy for business creation and innovative behaviour. However, little evidence has been collected on the link between these measures. In this paper, we use data from the UK Labour Force Survey (LFS) combined with data from...