We develop a theoretical model in which technology adoption decisions are based on the information received from others about the quality of a new technology and on their risk attitudes. We test the predictions of this model using a randomized field experiment in Bangladesh. We show that the...

This article examines the relationship between aggregate monthly mutual fund flows (sales, redemptions and net sales) and stock and bond market returns from 1961 through 1996. The sharp growth of mutual funds in recent years has raised concerns about whether mutual fund are responsible for the...

We study the incidence of pollution taxes and their impact on unemployment in an analytical general equilibrium efficiency wage model. We find closed-form solutions for the effect of a pollution tax on unemployment, factor prices, and output prices, and we identify and isolate different channels...