The extend to which common-pool resources are used and managed sustainably depends highly on incentives. Incentives influence the behaviour of individuals with respect to natural resource management and are determined by institutional arrangements comprising of formal and informal rules and...

I ask whether differences in labor market performance between the US and Europe can be attributed to an interaction between employment protection legislation (EPL) and an acceleration in the rate of capital-embodied technical change associated with the advent of information technologies. I find...

This paper aims at quantifying the economic value of knowledge spillovers by exploring information contained in patent citations. I estimate a market valuation equation for semiconductor firms during the 1980s and early 1990s, and find an average value in the amount of $0.6 to 1.2 million...

This paper examines the effect on economic growth and welfare of the access to external financing which results in technological transfers to a developing country from the rest of the world. We consider a two-sector stochastic growth model and compute optimal accumulation mechanisms in the...

"If we did not have a patent system, it would be irresponsible, on the basis of our present knowledge of its economic consequences, to recommend instituting one. But since we have had a patent system for a long time, it would be irresponsible, on the basis of our present knowledge, to recommend...

This paper integrates the literature of Mortgage Design with that of Rotating Savings and Credit Associations (ROSCAs) to present a novel way of mortgage financing (with a zero interest rate) using cooperatives. This mode of financing dissipates credit (default) risk better than the normal mode...

Dynamic models with inequality constraints pose a challenging prob- lem for two major reasons: Dynamic Programming techniques often necessitate a non established differentiability of the value function, while Euler equation based techniques have problematic or unknown convergence properties....

We introduce a ''new'' algorithm that can be used to solve stochastic dynamic general equilibrium models. This approach exploits the fact that the equations defining equilibrium can be viewed as set of algebraic equations in the neighborhood of the steady-state. Then a recursive scheme, which...