This paper employs a flexible dependent hazard rate model to examine the transition to work, job durations and subsequent transitions into and out of the welfare system for all the individuals who participated on a vocational rehabilitation program in Norway during 1995-2002. The effect of being...

We consider the effects of vertical integration on the performance of long-term and spot markets when spot prices are uncertain and agents are risk averse. We find that vertical integration impairs market performance by increasing the gap between contract and (expected) spot prices. This holds...

We analyse retailer and household behaviour on the Norwegian electricity market, based on detailed information on prices and other market characteristics. We find that there exists a competitive market segment where a number of retailers compete fiercely for customers, with small margins on all...

Discounting in the presence of catastrophic risk is a hotly debated issue, in particular with respect to climate change. Many scientists and laymen concerned with potentially catastrophic impacts feel that if an increase in the discount rate drastically increases the likelihood of catastrophic...

Recent contributions show that climate agreements with broad participation can be implemented as weakly renegotiation-proof equilibria in simple models of greenhouse gas abatement where each country has a binary choice between cooperating (i.e., abate emissions) or defecting (no abatement). Here...

When the state fails to supply basic security and protection of property, violent entrepreneurs not only seize the opportunity of plundering, but some also enter the protection business and provide protection against plunderers. This uncoordinated division of labor is advantageous for the entire...

Surprisingly, relatively little is known about the relationship between education and completed fertility in low fertility countries and especially the trend in this relationship over time. An inverse relationship is expected, but the topic has been left largely unexplored for at least a...

We examine optimal harvest policies in a multi-cohort, multi-gear bioeconomic model of North-East Arctic cod (Gadus morhua) which includes cannibalism and contains broader ecosystem effects. By controlling the selectivity of the different Fishing equipment, we can partially target different age...

People with an uncertain health condition might face a double worry. They fear to get disabled, and if they are disabled, that they will receive a low pension. To keep their health they should work less. To improve their disability pension they should work more. This paper demonstrates that the...

There are currently about 300,000 individuals receiving disability pension in Norway. A key question regarding the evolvement of the number of disabled workers is if the growth is related to the growth in the generosity of the pension system. This paper presents statistics on disability...