conflict when defense capability is fixed, but may allow for security and prosperity when defense capability is endogenous … of conflict and stagnation. We illustrate the model by analyzing the rise of civilization in Sumeria and Egypt, the first …

We study the effect of wealth on labor supply using the randomized assignment of monetary prizes in a large sample of …

We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery … intuitive ways. Standard lifecycle models predict wealth effects far too large to match our causal estimates under common …

are inherently more talented or more able but that, even in relatively egalitarian Sweden, wealth begets wealth. We …Wealth is highly correlated between parents and their children; however, little is known about the extent to which … these relationships are genetic or determined by environmental factors. We use administrative data on the net wealth of a …

market participation and financial wealth. Among participants, the average financial wealth elasticity of the risky share is … aversion. Furthermore, the financial wealth elasticity of the risky share itself is heterogeneous across investors and varies … strongly with characteristics. The elasticity decreases with financial wealth and human capital, and increases with habit, real …

We propose a model of cycles of distrust and conflict. Overlapping generations of agents from two groups sequentially … a sequence of bad actions originated. Assuming that both sides are not extremists, spirals of distrust and conflict get … this mechanism can be useful in interpreting cycles of ethnic conflict and international war, and how it also emerges in …

interest of Credit Rating Agencies (CRAs). We model both the CRA conflict of understating credit risk to attract more business …, and the issuer conflict of purchasing only the most favorable ratings (issuer shopping), and examine the effectiveness of …

We examine the mechanics of deterrence and intervention when fear is a motive for conflict. We contrast results … distinguish predatory and preemptive incentives as determinants of conflict. We show that while weapons have an unambiguous …

this goal conflict, this paper develops two hypotheses. First, in times of financial-sector stress, political pressure is …