In this article, we address the long-run associations between childhood shocks and health in late adulthood. Applying a life-course approach and data from SHARE, we estimate direct and indirect relations of shocks like relocation, dispossession, or hunger and health outcomes after 50 years of...

This questionnaire survey of fund managers in USA, Germany, and Switzerland documents a distinctly positive influence of bonus payments on investment behavior on both sides of the Atlantic. Higher bonus payments are significantly related to higher working effort but not to risk-taking. They also...

In a world characterized by global competitive market conditions, technological improvements initially localized in one sector of one country cause real income changes at home and abroad, sometimes in paradoxical fashion. A foreign technological advance in the production of a commodity not...

This article illustrates how the information component determining long-horizon US stock market returns can be related to a demographic variable, MY the ratio of middle-aged to young adults. In fact, MY can be seen as the major determinants of a slowly evolving time-varying mean of the...

Many European countries still provide their citizens with social insurance programs of unprecedented generosity. A cultural critique of the welfare state contends that generous social insurance has detrimental effects on work norms. This article revisits the model of endogenous work ethic...

This paper reviews the U.S. welfare reform efforts over the 1990s and the effects of these reforms to date. Seven lessonsʺ of potential interest to European observers are discussed, with particular attention to the conclusions of more recent research. Such research indicates, for example, that...