The value of the elasticity of substitution between labor and capital (ó) is a "crucial" assumption in the study of factor incomes (e.g., Piketty (2014a), Piketty and Zucman (forthcoming), Karabarbounis and Neiman (2014)) and long-run growth (Solow, 1956). This paper begins by examining the...

We study experimentally the protection of property in five widely distinct countries - Austria, Mexico, Mongolia, South Korea and the United States. Our main results are the correlations between experimental choices with indicators regarding the security of property, trust and the quality of...

This survey reviews the literature on the political economy of financial structure, broadly defined to include the size of capital markets and banking systems as well as the distribution of access to external finance across firms.The theoretical literature on the institutional basis for...

We study experimentally the protection of property in five widely distinct countries - Austria, Mexico, Mongolia, South Korea and the United States. Our main results are that the security of property varies with experimental institutions, and that our subject pools exhibit significantly...

We study experimentally the protection of property in five widely distinct countries - Austria, Mexico, Mongolia, South Korea and the United States. Our main results are that the security of property varies with experimental institutions, and that our subject pools exhibit significantly...

We investigate whether patents that are jointly held by legally independent companies help sustain product-market collusion. We use a simple model of repeated interactions to show that joint patents can serve collusive purposes. Our model generates two testable predictions: when joint patents...