Who is wealthy? This paper presents empirical estimates of household movements into and out of the top percents of the wealth distribution over individual life cycles. There are life-cycle motives and precautionary motives for wealth accumulation. The opportunities to accumulate wealth create...

In this paper we investigate whether markets with heterogeneous network externalities can belocked-in by old technologies even if superior technologies are available. Heterogeneous networkexternalities are present when some consumers care more about the size of the market share of agood than...

This discussion paper resulted in a publication in 'Industry and Innovation', 2011, 18(3), 317-334.<P> This article presents a model of sequential decisions about investments in environmentally dirty and clean technologies, which extends the path-dependence framework of Arthur (1989). This allows...</p>

Prior research suggests that start-up costs and taxes negatively influence entry into entrepreneurship. Yet, no distinction is made regarding the type of entrepreneurship, particularly innovative versus non-innovative entrepreneurship. Start-up costs, being one-off costs, may reduce the entry of...

We apply theories of capital market failure to ana1yzeoptima1 financing of risky higher education. In the market solution,students can only finance their education through debt. There isunderinvestment in human capita1, because some students with socia1lyprofitable investments in human capita1...

This paper resulted in a publication in <A HREF="http://www.sciencedirect.com/science/article/pii/S0191261514000356"><I>Transportation Research Part B: Methodological</I></A> 64, 1-23.<P> This paper analyses optimal coarse tolling of congestion under heterogeneous preferences, and especially the welfare and distributional effects. With coarse tolling, the toll equals a fixed value...</p></i></a>

This discussion paper resulted in a publication in the <A href="http://www.sciencedirect.com/science/article/pii/S0094119013000594"><I>Journal of Urban Economics</I></A>, 2014, 13-27.<P> This paper analyzes efficient pricing at a congested airport dominated by a single firm. Unlike much of the previous literature, we combine a dynamic (bottleneck) model of congestion and a vertical...</p></i></a>

This paper has a twofold objective. First, we develop a new method to assess the monetary valuefor individuals of external effects. The method makes use of an ordinal index of life satisfaction asscored by individual respondents who are subjected in varying intensity to the external effect....