We derive a model in which a standard international capital asset pricing (ICAPM) model is nested within an ICAPM model with market imperfections. In the latter model an idiosyncratic stochastic factor affects the return of risky assets (over a risk-free rate) on top of the systematic component...

We ask individuals for their reservation price of a specified lotteryand deduce their Arrow-Pratt measure of risk aversion.This allows direct testing of common hypotheses on risk attitudes inthree datasets. We find that risk aversion indeed fallswith income and wealth. Entrepreneurs are less...

In this paper we estimate, for the 1989-93 period in Belgium, the effect of vocational classroom training on therate of transition out of unemployment. We show that rationing of the demand for training increases theunemployment duration of non-participants, an effect neglected in programme...

This paper studies the effect of urban trees on house prices in Amsterdam by utilizing a detailed data set of trees that were cut-down near the house. By using exogenous reasons the tree was cut-down such as disease or storm, unobserved heterogeneity can be dealt with, and a causal effect...

We combine data from the Amsterdam secondary-school match with register data and survey data to estimate the effects of not being assigned to one's first-ranked school on academic outcomes and on a wide range of other outcomes. For identification we use that secondaryschool assignment in...

Regions vary strongly according to the participation of firms in R&Dactivity.By linking data on R&D activity at thefirm level with GIS based data on economic, and other locationfeatures of zoneswe are able to investigate the impactof local factors on R&D involvement for various types of...

Institutional barriers to entry were removed to a considerable extent in 1996 in the Dutch retail sector. Three years before that the regulator decided to not take legal actions anymore against entrants violating institutional requirements. In the current analysis we investigate the effects of...