We argue that since there are several impediments to international risk sharing, the welfare gains from full international risk sharing, which have been the object of analysis in the previous literature, are not suggestive. Instead, we study the gains from feasible risk sharing and find that...

I develop a model of strategic entry by candidates for office in runoff elections under aggregate uncertainty. I introduce aggregate uncertainty by making candidates unsure of the distribution of voter preferences in the electorate. The set of three candidate equilibria expands and equilibrium...

Online discount voucher market In the discount voucher market, customers usually face two types of valuation uncertainty, namely, preference uncertainty and consumption state uncertainty. Preference uncertainty is related to the customer's lack of relevant experience with the merchant, whereas...

Subsidized R&D collaboration: The effect of innovation vouchers on innovation activity and performance -- Choking under pressure: The effect of asymmetric contests on effort, stress and performance -- Performance in contests: The role of risk and confidence.

This paper studies the long-run macroeconomic, distributional and welfare effects of tuition policy and student loans. We therefore form a rich model of risky human capital investment based on the seminal work of Heckman, Lochner and Taber (1998). We extend their original model by variable labor...

Many countries are experiencing persistent, weak medium-term growth and limited fiscal space. Against this background, economic policy agendas-in both advanced and developing economies-are focusing increasingly on structural reforms. While there is broad agreement on the economic benefits of...