This paper examines the extent to which agglomeration of the hospital service industry enhances the productivity of producing health care. Specifically, we use a large set of private insurance claims from the FAIR Health database to show that an increasing spatial concentration of hospital...

The enforcement of social norms is considered as a main motivation for third-party intervention. We provide direct evidence for this theory in a cross-country experimental trust game with a sender, a receiver, and a third party who can punish or reward the receiver at own cost. As a novelty we...

Motivated by the need to model time-dependent behavior, this paper studies additive subordination, which we show is a useful technique for constructing time-inhomogeneous Markov processes with analytical tractability. This technique is a natural generalization of Bochner's subordination, which...