Population aging has significant economic and social costs, and this paper studies its impacts on inequality, both theoretically and empirically. First, we build a two-period overlapping-generation model with an uncertain lifetime and find that population aging has the overall effect of...

There has been a long debate on whether the expected utility model can explain lottery purchase decision under uncertainty. The traditional strand of research, named the effective price approach, following the expected utility approach takes the expected loss of each ticket as the lottery price...

Exploiting tariff variations during the U.S.–China trade war, we find that the U.S. tariff escalation is associated with a relative increase in corporate expenditure on research and development by listed Chinese manufacturing companies. Through a novel approach that infers the degree of...