We study an economy where agents are heterogeneous in terms of observablewealth and unobservable talent. Adverse selection forces creditors to ask forcollateral. We study the two-way interaction between rationing in the creditmarket and the wages offered in the labor market. Both pooling and...

We study market inefficiencies and policy remedies when agents choose their occupations, and entrepreneurialtalent is subject to private information. Untalented entrepreneurs depress the returns to entrepreneurshipbecause of adverse selection. The severity of this problem depends on the outside...

We analyze a simple and tractable model of occupational choice in the presence of credit marketimperfections. We examine the effect of parameters governing technology and transaction costs, andhistory, in terms of the initial wealth distribution, in determining the long-term wealth...

The main contribution of this paper to current philosophical and sociological studies on modelling is to analyse modelling as an object-oriented interdisciplinary activity and thus to bring new insights into the wide, heterogeneous discourse on tools, forms and organisation of interdisciplinary...

This paper is motivated by the lack of any obvious relationship betweenaggregate poverty and unemployment in Great Britain. We derive aframework based on individuals’ risks of unemployment and poverty,and how these vary over the economic cycle. Analysing the BritishHousehold Panel Survey for...

We examine whether unemployment early in an individual’scareer influences her later employment prospects. We use six yearsof the LFS to create pseudo-cohorts and exploit cross-cohortvariation in unemployment at school-leaving age to identify this.We find heterogeneous responses: for the...

Poverty Street draws on evidence from twelve of the most disadvantagedneighbourhoods in England and Wales, using Census data from 1971, localadministrative data from 1998 onwards, and over 400 interviews conducted in 1999 and2001.The neighbourhoods have multiple problems - unemployment three...

Given the emphasis in recent welfare economics, political philosophy andsocial policy on the concept of opportunity, the need to find a way ofdifferentiating between outcomes that are the result of choice and outcomesthat are the results of constraint has become pressing. But all approaches...

As unemployment falls it is often the most disadvantaged unemployed whoget left behind. To identify what works to improve the job prospects of thisgroup, Helen Evans has looked at Bootstrap Enterprises in Hackney, anexample of a community-based employment project working for 22 years withthis...