Young people with little `social or health capital' may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a `rags to rags' sequence. First, diminishing marginal utility could raise the marginal benefit of hazardous consumption and...

A binary public good voting mechanism is designed to test for preferences for income equality and cost/benefit proportionality. The voting design isolates preferences for equality from those for proportionality and controls for alternative external preferences such as altruism, envy, and the...