This essay is intended to begin the elaboration of a theme: the interaction between the observed sizes of firms and their internal decision making procedures. This theme is a major one in the symphony of entrepreneurial activity. The entrepreneur, as the maker and changer of economic and...

Das im Jahre 1951 von KENNETH J. ARROW entwickelte Theorem besagt, daß es unmöglich ist, aus offengelegten individuellen Präferenzen über soziale Zustände eine soziale Wohlfahrtsfunktion abzuleiten, wenn man bestimmte Bedingungen für kollektive Rationalität zugrunde legt. Im folgenden...

"It is well-known that 50% or more of all jobs are obtained through informal channels i.e. connections to family or friends. As well, statistical studies show that observable individual factors account for only about 50% of the very wide variation in earnings. We seek to explain these two facts...

We develop a consistent and comprehensive theoretical framework for assessing whether economic growth is compatible with sustaining well-being over time. The framework focuses on whether a comprehensive measure of wealth - one that accounts for natural capital and human capital as well as...

This paper is a comment on The Historical Origins of 'Open Science': An Essay on Patronage, Reputation and Common Agency Contracting in the Scientific Revolution by Paul A. David which can be found at: "http://ssrn.com/abstract=2209188" http://ssrn.com/abstract=2209188

In September 2011, the US Environmental Protection Agency asked 12 economists how the benefits and costs of regulations should be discounted for projects that affect future generations. This paper summarizes the views of the panel on three topics: the use of the Ramsey formula as an organizing...

We study a model of economic growth in which an exogenously changing population enters in the objective function under total utilitarianism and into the state dynamics as the labor input to the production function. We consider an arbitrary population growth until it reaches a critical level...

Do information differences across U.S. physicians contribute to treatment disparities? This paper uses a unique new dataset to evaluate how changes in physician access to a decision-relevant drug database affect prescribing decisions. Our results indicate that doctors using the reference have a...