This paper constructs a theoretical labor market model for China, and utilizes the model to examine the effects of various labor market policies on economic well-being. Two key features of the model are a segmented labor market involving three sectors - state-owned enterprises, private...

There is substantial evidence indicating that stocks with lottery-like payoffs have lower returns. Unlike existing studies that focus on the role of investors’ behavior in accelerating the lottery premium, we propose that investors’ social preference toward corporate social responsibility...

Economists have come to understand that human choices are not only driven by self-interest but also “social preferences” – a person’s concern over resources allocated to other people. Moreover, such preferences may be affected by the environment in which such choices are made, especially...