The assumption of homogenous representative agents with perfect rationality is challenged by recent macroeconomic literature. In this paper, we consider an asymmetric information diffusion process from more-informed to less-informed agents in a standard cobweb-type expectation model. Our main...

We study the relationship between leisure and happiness, controlling both for individual and national variables. Using international survey data from 33 countries in 2007, our results show that certain leisure activities, satisfaction from leisure, and meaning of leisure to individuals all...