This paper constructs an equilibrium model of entrepreneurial innovation where individuals differ in their attitude toward uncertainty.Unlike previous models of innovation, the firm-formation process is endogenous.An entrepreneur, who owns residual profits, utilizes an uncertain technology and...

Stiglitz (1977) established three well-known features of monopoly insurance markets subject to adverse selection: (i) at least one market segment is served, despite the informational asymmetry; (ii) there is always some screening of risk classes; and (iii) efficiency is sacrificed to achieve...

Canada's restrictions on the role of private health insurance for publicly insured physician and hospital services are unique among countries with universal, publicly funded health care systems. Pressure is mounting in Canada, however, to loosen these restrictions and create a parallel system of...

An investment bubble is a period of excessive, and predictably unpro…table, investment(DeMarzo, Kaniel and Kremer, 2007, p.737). Such bubbles most often accompany the arrival of some new technology, such as the tech stock boom and bust of the late 1990s and early 2000s. We provide a rational...

Predictive Risk Models which utilize routinely collected data to develop algorithms are used in England to stratify patients according to their hospital admission risk. An individual’s risk score can be used as a basis to select patients for hospital avoidance programmes. This paper presents a...

Many developing countries experience famine. If survival is related to height, the increasingly common practice of using height as a measure of well-being may be misleading. We devise a novel method for disentangling the stunting from the selection effects of famine. Using data from the...

We present results from a survey conducted in December 2011, in order to see if introduction of Demeny voting system will have the desired have effect of addressing gerentocracy. We have identified several facts from the survey that provides a positive answer to this question. We found that...

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