Market booms are often followed by dramatic falls. To explain this requires an asymmetry in the underlying shocks. A straightforward model of technological progress generates asymmetries that are also the source of growth cycles. Assuming a representative consumer, we show that the stock market...

What can economists learn from dynamic partial control of chemical reactors? Both chemical reactors and the economy involve many variables that are difficult to fully predict or control. Thus, this paper suggests the use of partial control, which involves indentifying only the key variables that...

Industrial incidents causing injury and fatality generate substantial costs to publicly traded firms. Risks associated with these potential incidents are not limited to only those companies that might be directly involved. Theoretically, stock markets are designed to self-regulate safety...