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Investment in New Activities and the Welfare Cost of Uncertainty
Aizenman, Joshua - 2022
Recent literature has highlighted the importance of new activities in development and growth. It was shown that trade distortions such as tariffs are associated with first-order costs stemming from the induced drop in the formation of new activities. This paper demonstrates that uncertainty may...
Persistent link: https://www.econbiz.de/10013324467
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New Activities, the Welfare Cost of Uncertainty and Investment Policies
Aizenman, Joshua - 2008
This paper studies the effect of policy uncertainty on the formation of new activities in Romer's (1994) type of an economy, where productivity of labor increases with the number of capital goods. Adding a new capital good requires a capital specific set-up cost, invested prior to using the...
Persistent link: https://www.econbiz.de/10012774962
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Technology (and Policy) Shocks in Models of Endogenous Growth
Jones, Larry; Manuelli, Rody; Stacchetti, Ennio - 2021
Is there a trade-off between fluctuations and growth? The empirical evidence is mixed, with some studies (Kormendi and Meguire (1985)) finding a positive relationship, while others (Ramey and Ramey (1995)) finding the a negative one. Our objective in this paper is to understand how fundamental...
Persistent link: https://www.econbiz.de/10013232431
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Asset bubbles, entrepreneurial risks, and economic growth
Hori, Takeo; Im, Ryonghun - In: Journal of economic theory 210 (2023), pp. 1-39
Persistent link: https://www.econbiz.de/10014422620
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Risks to the Returns to Medical Innovation : The Case of Myriad Genetics
Clemens, Jeffrey P. - 2015
discuss the implications of the risks we analyze for the total volume of medical innovation and for its organization across …
Persistent link: https://www.econbiz.de/10013017486
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Technological Revolutions and Stock Prices
Pastor, Lubos - 2014
We develop a general equilibrium model in which stock prices of innovative firms exhibit quot;bubblesquot; during technological revolutions. In the model, the average productivity of a new technology is uncertain and subject to learning. During technological revolutions, the nature of this...
Persistent link: https://www.econbiz.de/10012752458
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Technological Innovation and Labor Income Risk
Kogan, Leonid; Papanikolaou, Dimitris; Schmidt, Lawrence; … - 2022
Using administrative data from the United States, we document novel stylized facts regarding technological innovation … and the riskiness of labor income. Higher rates of industry innovation are associated with significant increases in labor … earnings for top workers. Decomposing this result, we find that own firm innovation is associated with a modest increase in the …
Persistent link: https://www.econbiz.de/10013298228
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Intergenerational risk-sharing and risk-taking of a pension fund
Gollier, Christian - In: Journal of public economics 92 (2008) 5/6, pp. 1463-1485
Persistent link: https://www.econbiz.de/10003718235
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Endogenous groups and dynamic selection in mechanism design
Madeira, Gabriel de Abreu; Townsend, Robert M. - In: Journal of economic theory 142 (2008) 1, pp. 259-293
Persistent link: https://www.econbiz.de/10003766380
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Search and knightian uncertainty
Nishimura, Kiyohiko; Ozaki, Hiroyuki - In: Journal of economic theory 119 (2004) 2, pp. 299-333
Persistent link: https://www.econbiz.de/10002505863