This study re-examines the racial salary gap of National Basketball Association players by constructing a long unbalanced panel covering the 1985-1986 to 2015-2016 seasons. Contrary to the results of previous studies, we find that non-white players are paid equally to white players with similar...

We propose a GMM estimator with optimal instruments for a probit model that includes a continuous endogenous regressor. This GMM estimator incorporates the probit error and the heteroscedasticity of the error term in the first-stage equation in order to construct the optimal instruments. The...

The effect of accepting more immigrants on welfare in the presence of a pay-as-you-go social security system is analyzed qualitatively and quantitatively. First, it is shown that if initially there exist intergenerational government transfers from the young to the old, the government can lead an...

The effect of accepting more immigrants on welfare in the presence of a pay-as-you- go social security system is analyzed qualitatively and quantitatively. First, it is shown that if initially there exist intergenerational government transfers from the young to the old, the government can lead...