This paper provides a model of intergenerational social mobility and economic growth, in which innate ability of workers, and the type of their education and jobs determine the rate of technological progress and social mobility. The innate ability and hence productivity level of an individual is...

This paper studies the intertemporal relationships among population growth, income distribution, inter-generational social mobility, skill composition of the labor force, and household income in an overlapping generations general equilibrium model that aggregates household decisions regarding...

Using techniques from the non-standard analysis, a non-standard analogue of the Aumann-Shapley random order value of non-atomic games is provided. The paper introduces the notion of effectively ergodic family of automorphism groups. It is shown that for a wide class of games, the non-standard...

This paper formulates an overlapping generations model of the world economy with two regions that vary in aging pattern: One region consists of Japan and other OECD countries with high life expectancy, low fertility rate, and high labor productivity, and the other region consists of the...

In this paper the Aumann-Shapley random order approach to values of non-atomic games is reformulated by restricting the set of random orders and the symmetry group to any subgroup of automorphisms that admits an invariant probability measurable group structure. It is shown that with respect to...

This paper formulates a structural dynamic programming model of preschool investment choices of altruistic parents and then empirically estimates the structural parameters of the model using the NLSY79 data. The paper finds that preschool investment significantly boosts cognitive and...