Researchers have utilized the fact that many states have term limits (as opposed to being eligible for re-election) for governors to determine how changes in electoral incentives alter state regulatory agency behavior. This paper asks whether these impacts spill over into private sector...

Xiaokai Yang's theory of economic specialization under increasing returns to scale is a formal development of the fundamental Smith-Young theorem on the extent of the market and the social division of labor. In this theory specialization and, thus, the social division of labor is firmly embedded...

This paper analyzes theoretically and empirically how upstream markets are affected by deregulation downstream. Deregulation tends to increase the level of uncertainty in the upstream market. Our theoretical analysis predicts that deregulated firms respond to this increase in uncertainty by...

Despite the potential energy savings and economic benefits associated with compact fluorescent light bulbs (CFL's), their adoption by the residential sector has been limited to date. In this paper, we present a theoretical model that focuses on the agents' ability to perceive the correct cost of...

In this empirical investigation we study the effect of skilled emigration on human capital formation and growth in a sample of developing countries. We find that the migration rate exerts statistically significant effects on both the level and the skill composition of human capital. We also show...