The paper measures the cost of business cycles by asking what proportion of consumption representative households, whose head is currently employed, would be prepared to give up to avoid the risk of unemployment. Previous estimates by Lucas suggested that the costs of macroeconomic fluctuations...

We investigate how fairness concerns influence individual behaviour in social dilemmas. Using a Sequential Prisoner's Dilemma experiment we analyse the extent to which co-operation is conditional on first-mover co-operation, repetition, economic incentives, subject pool (United Kingdom vs....