Much of the literature on consumption smoothing and on risk sharing has focused on the ability of the household as a unit to protect its consumption. Little is known about the ability of individual members of the household to keep consumption smooth over time or relative to other members of the...

We analyze a dynamic model of strategic interaction between a professional sport league that organizes a tournament, the teams competing to win it, and the broadcasters paying for the rights to televise it. Teams and broadcasters maximize expected profits, while the league's objective may be...

For cooperative games with transferable utility, convexity has turned out to be an important and widely applicable concept. Convexity can be defined in a number of ways, each having its own specific attractions. Basically, these definitions fall into two categories, namely those based on a...

The design of financial trading systems (FTSs) is a subject of high interest both for the academic environment and for the professional one due to the promises by machine learning methodologies. In this paper we consider the Reinforcement Learning-based policy evaluation approach known as...

Using data on agricultural traders in Madagascar, this paper shows that social network capital has a large effect on firm productivity. Better connected traders have significantly larger sales and value added than less connected traders after controlling for physical and human inputs as well as...

This paper explores the hypothesis that groups' behaviour is greatly influenced by the societal environment in which they operate. It does so by looking at societal norms over three eras in developing countries, and the ways in which these affected behaviour at a micro-level as evidenced by the...

Distributional constraints are important in many market design settings. Prominent examples include the minimum manning requirements at each Army branch in military cadet matching and diversity considerations in school choice, whereby school districts impose constraints on the demographic...

Energy security is the ability of households, businesses, and government to accommodate disruptions in supply in energy markets. This survey considers the economic dimensions of energy security and political and other noneconomic security concerns and discusses policy approaches that could...

I develop a growth model in which R&D resources can be directed either to the discovery of new technologies (inventions) or to the improvement of the quality of machines without altering their underlying technology (innovations). Learning-by-doing is an important determinant of the relative...

In this paper we study a statistical method of implementing quasi-Bayes estimators for nonlinear and nonseparable GMM models, that is motivated by the ideas proposed in the literature that combines simulation with nonparametric regression in the computation of GMM models. We provide formal...