Loss aversion is a core concept in prospect theory that refers to people's asymmetric attitudes with respect to gains and losses. More specifically, losses loom larger than gains. With the capability of loss aversion to explain economic phenomena, some of which are puzzling under expected...

This study explores the relationship between inequality and structural transformation by constructing a theoretical model, developing analytical frameworks, and implementing a case study. The general equilibrium model we develop demonstrates that inequality exhibits an inverted U shape as...

This study aims to examine the impact of infrastructure on firm performance in nine CAREC countries: Afghanistan, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, and Uzbekistan. Empirical analysis is based on the enterprise survey for 2009, 2013, and 2019....

Infrastructure is often seen as a critical factor in economic development. However, impact assessment for infrastructure projects is a challenge due to a number of methodological issues. Both developing economies and countries in transition could benefit from such studies to better inform their...

Given that India’s urban areas contribute to nearly two-thirds of its gross domestic product, even though they account for only 31% of the country’s population, they have been rightly called the engines of India’s growth. In this paper, I answer the following questions: What are the...