This study analyzes a new set of data on the decisions of conventional arbitrators. The main goal is to draw inferences about the extent to which conventional arbitration decisions are fashioned as mechanical compromises of the parties' final offers, without reference to the exogenous facts...

By globalization we mean an external shock; specifically an increased world demand for various goods (or bads) including the products and services which are illegal. We analyse the effects of these shocks on growth and capital stocks by utilizing two different models. The first examines an...

It is widely argued that declining fertility slows the pace of economic growth in industrialized countries through its negative effect on labor supply. There are, however, theoretical arguments suggesting that the effect of falling fertility on effective labor supply can be offset by associated...