El objetivo de este artículo es mostrar que la crítica que hace Hicks al Tratado del Dinero de Keynes es incorrecta. Para ello, presentamos el modelo de Keynes, mostrando que la igualdad entre la inversión y el ahorro es una condición de equilibrio monetario y no una identidad. Este...

This paper develops a simple model to explain two stylised facts about immigration. First, some countries have a low ratio of migrants in their population, while other wealthy countries have a high number of migrants. In fact such migrants are of the same order of magnitude as their domestic...

A demand for behavioral norms arises when members of a group have individual incentives to take actions that reduce the group's overall welfare (James S. Coleman, 1990). Norms require enforcement with a system of sanctions that penalize deviations from acceptable behavior (George C. Homans,...

This letter addresses the second-degree price discrimination issue when a mo- nopolized product is tied with environmental quality. The monopolist may degrade environmental quality too much when marginal valuations of environmental quality and the good itself are positively related across consumers.

We present results of a household-level survey on behaviors regarding refuses in the home waste-waters network. Interpreting survey results in a panel-data logit results show that most socio-economic and public good-related respondent's characteristics do not play a significant role in...

The folk theorem characterizes the (subgame perfect) Nash equilibrium payoffs of an undiscounted or discounted infinitely repeated game - with fully informed, patient players - as the feasible individually rational payoffs of the one-shot game. To which extent does the result still hold when...

Experimental studies of social dilemmas have shown that while the existence of a sanctioning institution improves cooperation within groups, it also has a detrimental impact on group earnings in the short-run. Could the introduction of pre-play threats to punish have enough of a beneficial...

We develop an economic model of association based on voluntary contributions. Different equilibria corresponding to the different modes of formation of associations are analyzed and the results are compared with existing empirical literature. The main contribution consists in formalizing the...

We run a series of experiments in which subjects have to choose their level of contribution to a pure public good. Our design differs from the standard public good game with respect to the decision procedure. Instead of deciding simultaneously in each round, subjects are randomly ordered in a...

In this paper we study the relationship between the relative size of the U.S. nonprofit sector and population heterogeneity, at the county level, by adopting and extending the model of Alesina, Baquir and Easterly (1999). The relative size of the voluntary sector is assessed as a share of...