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earners and those on the employment margin. These traits predict different labor market paths: extraversion predicts lower … education and more work experience, while cognitive ability and conscientiousness lead to higher education and high-paying jobs. …
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Can historical institutions affect today's firm innovation? We analyze a historical experiment in 1902, when the … industrial firms in China, we show that firms in locations historically affected by the CMC rules exhibit higher innovation …
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This paper studies the aggregate implications of microeconomic investment irreversibility and idiosyncratic uncertainty in a simple growth model by highlighting real option effects. We endogenize the drift rate of real option by connecting it to the state of the economy. Thereby, we extend the...
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