Several policy issues arise in this context. If households are unable or unwilling to move inold age, their consumption behaviour may be constrained by asset illiquidity...

This paper analyzes the problem of deriving the law of supply from plausible restrictions onobserved input-output choices of a competitive firm, when the firm makes random input-outputdecisions. It models such random production behavior in terms of a stochastic supply function,and introduces a...

We present a new approach to estimating health gains from treatments by asking respondentsto directly compare the ‘before’ and ‘after’ treatment health states in the time trade-off (TTO)framework. We found that responses to these direct comparisons were much more likely tocapture a...

The endowment effect, which is well documented in the contingent valuationliterature, alters people’s preferences according to a reference point established in theelicitation question...

Public pension programmes in many OECD countries are in difficulties. With anageing population, and declining participation of working age men in paid work,existing pension arrangements are far too costly in many countries, both now and inthe future. This paper examines the evidence as to...

This paper examines a public choice model of fiscal illusion in the demand for localgovernment goods applied to local government expenditures in Britain. Data for twofiscal years, 1991/92 and 1993/9, are used reflecting two very different local taxregimes – the Community Charge in 1991/92 and...

The paper examines the trend in public sector – private sector wagedifferentials in the 1980s and 1990s, using a variety of econometricmethods...br>

A significant body of experimental evidence documents systematic violations of the transitivityaxiom of expected utility theory in a manner consistent with regret theory. In a recent paper Starmerand Sugden (in press) test a variety of alternative explanations of this evidence, including...

This paper examines whether the evidence from OECD countries is consistent withthe predictions of endogenous growth models that the structure of taxation and publicexpenditure can affect the steady-state growth rate. We find strong support for theBarro (1990) public policy endogenous growth...

In 1996 the Potato Marketing Scheme was abolished ending forty years ofinstitutional control over the British potato market. This paper offers aretrospective analysis of the control mechanisms adopted and develops atheoretical model of supply response that reflects this policy environment....