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Tourism and Economic Development : Evidence from Mexico's Coastline

Faber, Benjamin - 2016

Tourism is a fast-growing services sector in developing countries. This paper combines a rich collection of Mexican … consequences of tourism both locally and in the aggregate. We find that tourism causes large and significant local economic gains … regions, so that the national gains from trade in tourism are mainly driven by a classical market integration effect …

Persistent link: https://www.econbiz.de/10012989735

Work and Leisure in the U.S. And Europe : Why so Different?

Alesina, Alberto F.; Glaeser, Edward L.; Sacerdote, Bruce - 2021

Americans average 25.1 working hours per person in working age per week, but the Germans average 18.6 hours. The average American works 46.2 weeks per year, while the French average 40 weeks per year. Why do western Europeans work so much less than Americans? Recent work argues that these...

Persistent link: https://www.econbiz.de/10013231444

Individual Preferences, Monetary Gambles and the Equity Premium

Barberis, Nicholas - 2009

We argue that narrow framing, whereby an agent who is offered a new gamble evaluates that gamble in isolation, separately from other risks she already faces, may be a more important feature of decision-making under risk than previously realized. To demonstrate this, we present evidence on...

Persistent link: https://www.econbiz.de/10012767726

Measuring the Output and Prices of the Lottery Sector : An Application of Implicit Expected Utility Theory

Yu, Kam - 2008

Using implicit expected utility theory, a money metric of utility derived from playing a lottery game is developed. Output of the lottery sector can be defined as the difference in utility with and without the game. Using a kinked parametric functional form, outputs of the Canadian Lotto 6/49...

Persistent link: https://www.econbiz.de/10012771827

Governance, Risk Management, and Risk-Taking in Banks

Stulz, René M. - 2014

This paper examines how governance and risk management affect risk-taking in banks. It distinguishes between good risks, which are risks that have an ex ante private reward for the bank on a stand-alone basis, and bad risks, which do not have such a reward. A well-governed bank takes the amount...

Persistent link: https://www.econbiz.de/10013051309

Leverage and Beliefs : Personal Experience and Risk Taking in Margin Lending

Koudijs, Peter - 2014

What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went...

Persistent link: https://www.econbiz.de/10013057407

Less of a Luxury : The Rise of Recreation Since 1888

Costa, Dora L. - 2022

I show that recreation has become much more egalitarian over the last hundred years by estimating recreational expenditure elasticities in 1888-1890, 1917-1919, 1935-1936, 1972-1973, and 1991. I find that expenditure elasticities have fallen from around two at the beginning of the century to...

Persistent link: https://www.econbiz.de/10014158057

Financing Outdoor Recreation

Banzhaf, H. Spencer; Smith, V. Kerry - 2022

The National Park Service and other agencies have argued that our recreation lands face a crisis of deferred maintenance. This paper evaluates two proposals for funding public lands, increasing gate fees and taxing recreational gear. It analyzes the joint welfare effects of such taxes and the...

Persistent link: https://www.econbiz.de/10013294774

Wintertime for Deceptive Advertising?

Zinman, Jonathan - 2012

Casual empiricism suggests that deceptive advertising about product quality is prevalent, and several classes of theories explore its causes and consequences. We provide some unusually sharp empirical evidence on the extent, mechanics, and dynamics of deceptive advertising. Ski resorts...

Persistent link: https://www.econbiz.de/10013110933

Heterogeneous Impact Dynamics of a Rural Business Development Program in Nicaragua

Carter, Michael - 2016

We study the impacts of a rural development program designed to boost the income of the smallfarm sector in Nicaragua. Exploiting the random assignment of treatment, we find statistically and economically significant impacts on gross farm income and investment in productive farm capital. Using...

Persistent link: https://www.econbiz.de/10012983428

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