This paper considers the modeling strategies that have been used to incorporate time in revealed and stated preference methods for valuing environmental resources. After reviewing a subset of the economic models for describing time as an input to household production; time in creating habits and...

This paper examines the use of switching costs by long lived strategic buyers to manage dynamic competition between rival suppliers. The analysis reveals how buyers may employ switching costs to their advantage. We show, ironically, when switching costs are high a buyer may induce suppliers to...

This paper analyzes the robustness of the estimate of a positive productivity shock on hours to the presence of a possible unit root in hours. Estimations in levels or in first differences provide opposite conclusions. We rely on an agnostic procedure in which the researcher does not have to...

The purpose of the paper is to study the incentive and distributional consequences of income taxation in a dynamic model. The framework is estimated under a set of different identifying assumptions using parametric, non-parametric, and semi-parametric techniques. Based on the estimation results,...

The transitional dynamics for both a developed and a less developed country are derived when North-South trade leads to technological diffusion through reverse engineering of intermediate goods in a quality ladder model of endogenous growth. Domestic technological progress occurs via innovation...

We examine oligopolistic markets with both intrabrand and interbrand competition. We characterize equilibrium contracts involving a royalty (or wholesale price) and a fee when each upstream firm contracts with multiple downstream firms. Royalties control competition between own downstream firms...

The structures of production and organization differ across rural and urban sectors. In agriculture, family members engage in joint production and collective decision making, while in industry they participate in wage employment in the labor market. In this paper we present a model that...

Richer countries are safer, healthier places to live. They pollute less and enjoy a higher standard of living. Evaluating the indirect, non-market effects of education requires detailed, microeconomic analyses of education's causal role in people's behavior. Thep purpose of this paper is to...

This paper argues that dollarization can be beneficial for countries where credit-market frictions and non-credible stabilization policies are large distortions on economic activity and welfare. A dynamic general-equilibrium model with these features is proposed for the case of a small open...

We develop a dynamic general equilibrium model of capital accumulation where credit is intermediated by banks operating in a Cournot oligopoly. The number of banks affects capital accumulation through two channels. First, it affects the quantity of credit available to entrepreneurs. Second, it...