This paper examines the implications of the asymmetries in the tax treatment of corporate profits and losses for the theory of the competitive firm under uncertainty. It is shown that the tax asymmetry introduces a curvature into the firm's target function which affects its behavior in the short...

Courts typically base compensation for loss of income in personal injury cases on either mean or median work income. Yet, quantatively, mean and median incomes are typically very different. For example, in the US median income is 65 percent of mean income. In this paper we use economic theory to...

Courts typically base compensation for loss of income in personal injury cases on either mean or median work income. Yet, quantatively, mean and median incomes are typically very different. For example, in the US median income is 65 percent of mean income. In this paper we use economic theory to...

We explore the relation between variability in the rate of return to human capital and investment in education in the context of migration. Specifically, we show that if migration is a possibility, such variability in the rate of return to human capital can induce residents of developing...

In this paper we attempt to ascertain the impact on parents' desired fertility of a number of changes likely to increase the returns to the rural-to-urban migration of children. We assume that the demand for children as assets depends upon the extent to which they raise the mean per capita...

In this paper we examine the effect of migratory opportunities for children on fertility when the decision by the child whether and how much to remit is endogenous to the analysis. We differentiate between two classes of motivations to remit and four changes that are likely to increase the...

D.P. 37. Migrants and Markets: In recent research, the question "Why do migrants fare as they do?" has largely been answered through an inspection of the vector of migrants' characteristics. The main theme of the current paper is that special features characterize the interaction (the nature of...