We provide direct estimates of how agents trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We exploit a unique feature of housing markets in the U.K. and Singapore, where residential property ownership takes the form of either...

We propose a new approach to imposing economic constraints on time-series forecasts of the equity premium. Economic constraints are used to modify the posterior distribution of the parameters of the predictive return regression in a way that better allows the model to learn from the data. We...

Knickerbocker (1973) introduced ‘oligopolistic reaction’ to explain why firms follow rivals into foreign markets. We develop a model that incorporates central features of Knickerbocker's story-oligopoly, uncertainty, and risk aversion-to establish the conditions required to generate...

Using plant-level data for the Irish manufacturing sector over the period 1983-98, we study the coagglomeration of domestic plants and foreign multinationals in Ireland. To this end we make use of the index developed by Ellison and Glaeser (1997) and find coagglomeration to be important for a...

This study examines the impact locational spillovers have on firm performance. Based on a uniquely created dataset consisting of high-technology start-ups publicly listed in Germany, this paper tests the proposition of locational spillovers positively affecting firm performance, as measured by...

We investigate the geographic concentration and agglomeration of production activity in the UK at the four-digit industry level using a variety of measures. We relate these to comparable patterns in the US and France and find several similarities. We find that conditioning on industrial...

We survey the recent empirical literature on structural models of market entry and spatial competition in oligopoly retail industries. We start with the description of a framework that encompasses various models that have been estimated in empirical applications. We use this framework to discuss...

How have house prices evolved in the long-run? This paper presents annual house price indices for 14 advanced economies since 1870. Based on extensive data collection, we are able to show for the first time that house prices in most industrial economies stayed constant in real terms from the...