’s income. Incentive contracts of sufficient yet modest convexity are shown to result in an indeterminate general equilibrium …

Empirical evidence suggests a positive association between income levels and growth rates on the one hand, and …

This paper analyzes the effect of school vouchers on student sorting--defined as a flight to private schools by high-income … sorting. However, random selection together with the absence of topping up can preclude sorting by income, although there is …

individual income data and assume that agents have to consume their endowment. I find that the model does not pass the Hansen and … Jagannathan test even for very volatile idiosyncratic income data. …

were associated with a significant decline in bank lending that led to a permanent reduction in real county income of about …