In many sectors of the economy, governments either provide various services at no cost or at highly subsidized prices. Examples are the health, education and general government sectors. The System of National Accounts 1993 recommends valuing these nonmarket outputs at their costs of production...

Statistical offices try to match item models when measuring inflation between two periods. However, for product areas with a high turnover of differentiated models, the use of hedonic indexes is more appropriate since they include the prices and quantities of unmatched new and old models. The...

This note considers two properties of common agency models - pure strategy equilibria with simple competition are robust and equilibria in mechanisms can be reproduced as equilibria with simple competition provided an appropriate no-externalities assumption holds. This note provides counter...

Consider a decentralized, dynamic market with an infinite horizon in which both buyers and sellers have private information concerning their values for the indivisible traded good. Time is discrete, each period has length ä, and each unit of time a large number of new buyers and sellers enter...

We study the steady-state of a market with inflowing cohorts of buyers and sellers who are randomly matched pairwise and bargain under private information. Two bargaining protocols are considered: take-it-or-leave-it offering and the double auction. There are frictions due to costly search and...

Consider a decentralized, dynamic market with an infinite horizon and participation costs in which both buyers and sellers have private information concerning their values for the indivisible traded good. Time is discrete, each period has length δ, and each unit of time continuums of new buyers...

This paper provides a directed search model designed to explain the residual part of wage variation left over after the impact of education and other observable worker characteristics has been removed. Workers have private information about their characteristics at the time they apply for jobs....

This paper analyzes Bayesian normal form games in which players write contracts that condition their actions on the contracts of the other players. These contracts are required to be representable in a formal language. This is accomplished by constructing contracts which are definable functions...

We study the propensity of disabled persons to engage in volunteer activity with the Participation and Activity Limitation Survey (PALS) -- a unique Canadian dataset which provides extensive information on disabled persons as well as volunteering behaviour. Our principal focus is on the effects...

In this paper I estimate the magnitude of earnings losses faced by workers who are displaced when over the age of 50. This is potentially complicated by the self-selection of older individuals out of the labour force and into activities such as retirement, preventing observation of their...