What is the appropriate lump-sum compensation for loss of work income in personal injury cases? Since generally future work income is not known with certainty, compensation for its loss must be based on statistical considerations. Typically, courts have based awards on mean or median work...

Courts typically base compensation for loss of income in personal injury cases on either mean or median work income. Yet, quantatively, mean and median incomes are typically very different. For example, in the US median income is 65 percent of mean income. In this paper we use economic theory to...

Courts typically base compensation for loss of income in personal injury cases on either mean or median work income. Yet, quantatively, mean and median incomes are typically very different. For example, in the US median income is 65 percent of mean income. In this paper we use economic theory to...

We study how demand uncertainty affects risk-neutral firms' number of export destinations when uncertainty is resolved after firms choose their export destinations and output. We show that firms' ability to allocate their output across destinations in response to destination-specific shock...

The traditional criticism notwithstanding, we show that social mobility can, in principle, explain political income redistributions. Nonetheless, the social-mobility argument for redistribution is not satisfactory, as actual transition probabilities are not consistent with order-preserving...

We study how demand uncertainty affects risk-neutral firms. number of export destinations when uncertainty is resolved after firms choose their export destinations and output. We show that firms’ ability to allocate their output across destinations in response to destination-specific shock...