One of the basic principles that allow a smooth operation of the markets is the equilibrium between supply and demand. According to this principle, when demand exceeds supply, the price mechanism will try to bring the system back into equilibrium. When this thinking is applied to the housing...

This paper presents a simulation analysis of several policies, or policy proposals, for improving housing affordability for first home owner-occupiers in Australia: the First Home Owner Grant, housing equity partnerships and deposit loans. The focus is on the impact of these measures for housing...

Since the pioneering work of Tiebout (1956), economists have recognized that the quality of public services, especially schools, influence house prices. Many empirical studies have attempted to discern the extent to which the quality of public education affects house prices. Initially,...

We consider a two-sided, finite-horizon search and matching model with heterogeneous types and complementarity between types. The quality of the pool of potential partners deteriorates as agents who have found mutually agreeable matches exit the market. When search is costless and all agents...

This paper presents a micro-model of knowledge creation and transfer in a small group of people. It is intended to contribute eventually to the development of microfoundations for aggregate models of knowledge externalities used in various literatures, such as those pertaining to endogenous...

We introduce and solve a new class of static portfolio choice problems, where only the best realized alternative matters. A decision maker must simultaneously choose among independent ranked options, and the better alternatives have a lower chance of panning out. Each choice is costly, and just...

In this paper we experimentally investigate decentralized, organizational learning. The main objective is to understand how learning members of an organization cope with the confounding effects of the simultaneous learning of others. We use versions of a simple "success-or-failure" game due to...

A parental seller with market power to some degree in its product market can earn rents. In this context, there is a gain to granting credit for the purchase of the product and thus the establishment of captive finance company for expanding the sales by offering loans to consumers who need...

This paper examines learning by migrating effects on the productivity of migrants who move to the ``megalopolis" from rural areas utilizing the Thailand Labor Force Survey Data. The main contribution of this paper is to develop a simple framework to empirically test for self-selection on the...

Self regulation is a mechanism of quality vigilance that is frequently used in credence good industries. The providers in these markets generally form a Self Regulated Organization (SRO), composed by some members of the industry, whose main job is to convince consumers through an active...