To assess the predictive content of the interest rate term spread for future economic growth, we distinguish short … predictive content of the yield spread for future output growth. For U.S. data we observe good leading indicator properties at …

.’s investment game by introducing an upper bound to what a contributor can be repaid afterwards. By varying this upper bound …

contracting is infeasible. One example is the study by Berg et al. (1995) of the investment game. In this game the person who … receives the investment is the one who may reward the investor. This is a direct reward game. Similar to Dufwenberg et al … investor may only be rewarded by a third person who did not receive his investment. Furthermore we investigate the influence of …

) income distribution dynamics, intergenerational community formation and growth. In a world in which redistributive policies … long run. -- growth ; Community formation ; human capital ; redistribution ; social mobility …