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leading UK university, we present evidence on the effects of class size on students' test scores. We observe the same student …-linear class size effects controlling for unobserved heterogeneity of both individual students and faculty. We find that -- (i) at … smallest and largest ranges of class sizes and zero over a wide range of intermediate class sizes; (iii) students at the top of …
Persistent link: https://www.econbiz.de/10008577807
focused research efforts and clearer career incentives. …
Persistent link: https://www.econbiz.de/10004979475
Since Max Weber, there has been an active debate on the impact of religion on people’s economic attitudes. Much of the existing evidence, however, is based on cross-country studies in which this impact is confounded by differences in other institutional factors. We use the World Values Surveys...
Persistent link: https://www.econbiz.de/10005123509
work after school and college students must work to pay for much of their educational expense. There is a chasm of values …
Persistent link: https://www.econbiz.de/10005123790
This Paper investigates the relationship between risk and productive activity and the degree of financial intermediation in a model with moral hazard. Entreprenuers can simultaneously get credit from two types of competing institutions: ‘financial intermediaries’ and ‘local lenders’. The...
Persistent link: https://www.econbiz.de/10005123992
How and why does distant political and economic history shape the functioning of current institutions? This paper argues that individual values and convictions about the scope of application of norms of good conduct provide the "missing link". Evidence from a variety of sources points to two...
Persistent link: https://www.econbiz.de/10005067364
The most fundamental solution concepts in Game Theory – Nash equilibrium, backward induction, and iterated elimination of dominated strategies – are based on the assumption that people are capable of predicting others' actions. These concepts require people to be able to view the game from...
Persistent link: https://www.econbiz.de/10005497744
After fifty years of catching up to the US level of productivity, since 1995 Europe has been falling behind. The growth rate in output per hour over 1995-2003 in Europe was just half that in the United States, and this annual growth shortfall caused the level of European productivity to fall...
Persistent link: https://www.econbiz.de/10005497810
I study the constrained efficient allocations of a simple model of risk sharing and capital flows across countries assuming that each country cannot commit to fully repay its contract obligations. In the model, the degree of risk sharing and the amount of investment are interdependent. It is...
Persistent link: https://www.econbiz.de/10005504378
The inheritance of contemporary financial economics invites us to consider financial stability as integral to a liberal market setting. The crisis however demonstrated that financial markets may prove highly dysfunctional in the absence of adequate mechanisms of regulation and governance. This...
Persistent link: https://www.econbiz.de/10008784732