Consider an agent who, before making a choice privately learns information about an uncertain, objective state of the world through a technology of sequential experiments. We consider two cases of learning costs. In the first, the agent discounts future payoffs geometrically. In the second, she...

This paper builds on Lucas (2000) and on Cysne (2003) to derive and order six alternative measures of the welfare costs of inflation (five of which already existing in the literature) for any vector of opportunity costs. The ordering of the functions is carried out for economies with or without...

This paper shows that in economies with several monies the Bailey-Divisia multidimensional consumers surplus formula may emerge as an exact general-equilibrium measure of the welfare costs of infl ation, provided that preferences are quasilinear

Immigration Economics synthesizes the theories, models, and econometric methods used to identify the causes and consequences of international labor flows. Economist George Borjas lays out with clarity and rigor a full spectrum of topics, including migrant worker selection and assimilation, the...

The paper examines the use of choice experiments (CE) to assess the economic value of alternative rail noise reduction interventions on the so-called Brennero railway, Italy. The novelty of this paper is threefold. To our knowledge, this is the first study on the valuation of noise conducted in...

This paper investigates the world economic implications of climate change policy strategies, especially the evaluation of impacts by an implementation of Clean Development Mechanisms, Joint Implementation and Emissions trading with a world integrated assessment model. Of special interest in this...

Using a new comprehensive survey of adults in large U.S. media markets we show that minority and low-skill individuals, who are heavily exposed to shocks to the local economy, typically have stronger preferences for and stronger ex- posure to local news than high-skill and white individuals. At...

In this paper, we explore the relationship between foreign aid fungibility and aggregate welfare. Using panel data from 35 low-income and lower-middle-income countries, we first check the presence of sectoral aid fungibility in our sample and find evidence for it. We then use econometric methods...