There is no consensus yet on the correct way to write the social utility function in the presence of paternalistic altruism. This note shows that the specification of the central planner objective is crucial for optimal capital accumulation and growth. When paternalistic altruism enters the...

This paper illustrates both analytically and empirically that stochastic long-memory in economic growth arises due to the presence of a long-memory in population growth. Specifically, we show that the long-run conditional mean and variances of economic growth are functions of stochastic...

An important concern of experimenters is that instructorsʹ nonverbal cues might change subject behavior. We let a professional actor try to produce this bias on purpose, finding only weak evidence for an "instructor demand effect", and only for female subjects.

The trolley problem is a moral dilemmas in which human lives are in danger and some, but not all, can be saved by direct intervention of a decision-maker. This article discusses three weaknesses of microeconomics with respect to individual conduct in the trolley problem: (i) it cannot make...

We use a novel time-frequency approach to estimate wavelet-based correlation and retention coefficients of the well-known Feldstein-Horioka (1980) puzzle for a cross-section of 39 countries over the period 1960-2012. Our approach reveals many interesting issues in the connection between...

A revised model of the preference function is presented incorporating utility maximizing acts of material self-sacrifice. This model incorporates neoclassical and behavioral arguments, allowing for the stylized fact that economic agents are motivated by both material and non-material incentives....

Econometric analysis can be mobilized by the regulator to set cost-oriented prices. Indeed, the regulator can influence the market structure to lower these rates. Our work is to estimate,econometrically, the effect of variables related to market structure and competition on mobile termination...

It is generally held that median does not use all sample observations. However, median may be expressed as a weighted arithmetic mean of all sample observations. Some Monte Carlo studies have been conducted to show that the method works perfectly well.

A revised model of the preference function is presented incorporating utility maximizing acts of material self-sacrifice. This model incorporates neoclassical and behavioral arguments, allowing for the stylized fact that economic agents are motivated by both material and non-material incentives....

This note raises the issue of whether asymmetry in estimated monetary-policy rules for the U.S. can be a spurious result due to model specification, rather than a robust feature of the estimated rules themselves. I estimate standard - linear - Taylor rules, and test for conditional symmetry...