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Firms in the same industry can differ in measured productivity by multiples of 3. Griliches (1957) suggests one explanation: the quality of inputs differs across firms. We add labor market history variables such as experience and firm and industry tenure, as well as general human capital...
Persistent link: https://www.econbiz.de/10012461805
Latin American countries are the only Western countries that are poor and that aren't gaining ground on the United States. This paper evaluates why Latin America has not replicated Western economic success. We find that this failure is primarily due to TFP differences. Latin America's TFP gap is...
Persistent link: https://www.econbiz.de/10012467679
Capital equipment - such as computers and industrial machinery - embodies skill-biased technology, in the sense that it is complementary to skilled labor. Most countries import a large share of their capital equipment, and by doing so import skill-biased technology. In this paper we develop a...
Persistent link: https://www.econbiz.de/10012461199
Income disparity across countries has been large and widening over time. We develop a tractable model where factor requirements in production technology do not necessarily match a country's factor input profile. Appropriate assimilation of frontier technologies balances such multi-dimensional...
Persistent link: https://www.econbiz.de/10012480613
Employing a 'factor-content' model that relates sectoral growth to regional factor endowments, we find that 1) U.S. state factor endowments are reasonably strong correlates of cross-state sectoral growth in value-added, with patterns that accord well with intuition; 2) that inter-sectoral...
Persistent link: https://www.econbiz.de/10012473793
We propose a theory linking imperfect information to resource misallocation and hence to aggregate productivity and output. In our setup, firms look to a variety of noisy information sources when making input decisions. We devise a novel empirical strategy that uses a combination of firm-level...
Persistent link: https://www.econbiz.de/10012458327
Focusing on bipolar disorder (BD), we investigate the link between mental health, creativity, and wealth. Analyzing … population data for Denmark, we find that people with BD are more likely to be musicians, but less likely to hold other creative … compared with the bottom decile. Yet, wealth differences only explain a small portion of the link between BD and creativity …
Persistent link: https://www.econbiz.de/10012660100
relationship follows from established theories of developmental creativity, and our empirical analysis is based on survey data …
Persistent link: https://www.econbiz.de/10012461217
Though fundamental to innovation and essential to many industries and occupations, individual creativity has received … effects of competition on individuals' creative production. Using a sample of commercial logo design competitions, and a novel …, content-based measure of originality, I find that intensifying competition induces agents to produce original, untested ideas …
Persistent link: https://www.econbiz.de/10012480710
We evaluate the performance of limited partners' (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period,...
Persistent link: https://www.econbiz.de/10012459869