A key advantage of online advertising over offline is that online advertising can, with sufficient data, be far more accurately targeted than traditional advertising. But how much data is enough? The empirical literature tends to suggest that there are indeed economies of scale in using data for...

This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...

This paper shows that having access to a fast Internet connection is an important determinant of capitalization effects in property markets. Our empirical strategy combines a boundary discontinuity design with controls for time-invariant effects and arbitrary macro-economic shocks at a very...

This paper shows that having access to a fast Internet connection is an important determinant of capitalization effects in property markets. Our empirical strategy combines a boundary discontinuity design with controls for time-invariant effects and arbitrary macro-economic shocks at a very...

A basic assumption in the economic literature is the one of diminishing marginal returns to labour. However, theoretical studies on knowledge and labour specialization assume that an increase in the knowledge investment embodied in the human capital of workers raises the marginal product of...

This paper shows that having access to a fast Internet connection is an important determinant of capitalization effects in property markets. We combine microdata on property prices in England between 1995 and 2010 with local availability of Internet broadband connections. Rich variation in...

Diminishing Returns at Work focuses on working hours - in the past and in the present, in America and in Britain. John Pencavel illustrates the proportional relationship between hours of work and outcomes such as production and health. Increases in hours of work are shown to result in smaller...

"The book concerns working hours - in the past and in the present, in America and in Britain. The focus is on the relation between hours of work and outcomes such as production and health. Proportional increases in hours of work are shown to result in smaller proportional increases in production...

The key idea of this model is that firms are the result of an evolutionary process. Based on demand and supply considerations the evolutionary model presented here derives explicitly Gibrat’s law of proportionate effects as the result of the competition between products. Applying a...

A previous article investigated the semantic distinction between the analytical and the synthetic, and applied it to microeconomics; in the present one, the fundamental propositions of this field come to terms with the epistemological distinction between the a priori and the a posteriori (or...

This study clarifies the law of diminishing returns when improving the conservation level of residential buildings by using case studies simulation. It explores the effect of different climates on the decision of selecting the insulation type and thickness. It shows the importance of using the...