This paper seeks to measure the extent to which entrepreneurs adjust their beliefs in the light of new information, instead of relying on past experience to guide their decision making. We build a model in which entrepreneurs continually receive valuable but noisy market signals about the true...

This paper investigates the links between individual and household distributions of earnings. Using a sample of 1991 data from the UK, considerable complexity is uncovered in the structure of the household earnings distribution. This is due to heterogeneity of earners and positive "clustering"...

In terms of its ability to hold the attention of the viewer and to require an engagement with hundreds of characters and numerous complex institutions and organisations in over 60 hours of real‐time television, David Simon and Ed Burns’ television drama, <italic>The Wire</italic>, offers the prospect of a...

This paper argues that time-series regression analysis is of only very limited use for understanding the determinants of income inequality. The argument is based on a combination of results from the time series econometrics literature and several characteristics of inequality itself, principally...

The theory of hysteresis in the earnings function is tested by investigating its existence across a variety of occupations. Hysteresis signals are detected for professionals and executives, but not for manual construction workers or for the self-employed, so lending support to the theory.