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...

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...

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 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...

We have developed an agent-based computational model, extension of an analytical model1 that studies the structure of coalitions of B-to-C web sites, when Internet buyers incur search costs for finding the good that matches their preferences, and coalitions of sites reduce this cost through...

This paper provides formulae for computing perturbation method approximations of unconditional variances of variables in nonlinear DSGE models. Spurious higher order terms that creep into multi-step ahead forecasts can produce explosive time paths frustrating traditional approaches to estimating...

This paper characterizes the optimal long-run rate of inflation, consistent with an occasionally binding zero lower bound on nominal interest rates, in a stochastic New Keynesian sticky-price model calibrated to the U.S. economy. This may serve to inform discussions on the design of an...