This paper proposes a joint model of tobacco consumption and mortality over the life-cycle. The decision to smoke is a trade off between current utility derived from smoking and a mortality risk increasing with age. Individuals with a longer potential life expectancy have more incentive to cut...

Height is the result of a complex process of growth that begins at birth and reaches the end in early adulthood.  This paper studies the determinants of height from birth to maturity.  A height production function is specified whose structure allows height to be the result of the accumulation...

Recently, the international community has increased its commitment to prosecute malicious dictators - for example by establishing the International Criminal Court.  This has raised the international community's loss associated with being time-inconsistent (i.e.: granting amnesties ex post), the...

This paper shows that the use of hyperbolic discounting in environmental regulation can have unfortunate consequences. In a three-period model we demonstrate that a planner who `naively` employs hyperbolic discounting and fails to anticipate problems of dynamic inconsistency, can oversee a...

We study noncooperative models with two agents and several voluntarily contributed public goods. We focus on interior equilibria in which neither agent is bound by non negativity constraints, establishing the conditions for existence and uniqueness of the equilibrium. While adding-up and...

This paper employs neurobehavioral and psychological evidence to argue that anger is an emotion arising from significant cognitive processing, one that, in relation to economic decision-making, may be subtly mediated by many factors (including intentions). Anger is an emotion implying a higher...

Consider a two period financial economy with incomplete markets and with agents having von Neumann-Morgenstern utility functions. It is well known that when the economy’s endowments are collinear, its excess demand function will obey the weak axiom when certain mild restrictions are...

Consider a finite data set where each observation consists of a bunde of contingent consumption chosen by an agent from a constraint set of such bundles.  We develop a general procedure for testing the consistency of this data set with a broad class of models of choice under risk and under...