In this paper I calibrate unobserved labor-generated knowledge spillovers within and between six large macroeconomic sectors covering the U.S. civilian economy from 1948 to 1991. Using quality-adjusted data I show that manufacturing and trade & transportation are the main source of knowledge...

This paper presents a dynamic model of labor/leisure, consumption/saving and annuity decisions over the life cycle. Such a dynamic model provides a framework for considering important policy experiments related to the reforms in Social Security. We address the role of labor supply in a life cyle...

The structural parameters of a share-auction model accounting for asymmetry across bidders, as well as supply uncertainty are estimated with a sample of French Treasury auctions. We find evidence of both informational and risk aversion asymmetries between bidders. A counter-factual analysis also...

A firm can merge with one of n potential partners. The owner of each firm has private information about both his firm's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize incentive-efficient mechanisms in two cases. First,...

The Willingness-to-Pay approach is the basic justfication for the use of the Contingent Valuation method to evaluate public mortality risk reduction programs. However, aggregating unweighted willingness-to-pay is a valid method only when individuals have the same marginal value of money, an...

We derive the existence of a Walras equilibrium directly from Nash's theorem on noncooperative games. No price player is involved, nor are generalized games. Instead we use a variant of the ShapleyŠShubik trading-post game.

The special Supplemental Nutrition Program for Women, Infants, and Children (WIC) provides food vouchers, nutritional counseling, and health care referrals to low-income pregnant and breastfeeding women and their young children. This paper uses non-parametric and parametric duration models to...

This paper establishes (i) an extension of Michel's (1990, Theorem 1) necessity result to an abstract reduced-form model, (ii) a generalization of the results of Weitzman (1973) and Ekeland and Scheinkman (1986), and (iii) a new result that is useful particularly in the case of homogeneous...