This paper is an investigation of the comparative advantage structure of United States (U.S.) international trade in services. It appears that the U.S. has a strong comparative advantage in knowledge-based services. For this study, the author adopts the Revealed Comparative Advantage (RCA) index...

We model individual careers in sports and games from initial entry to eventual exit or success as a discrete - choice, finite - horizon optimization problem. We apply this model to the international game of chess and study cross - country differences in the relative success of players. While we...

In this paper is the description of the features of socioeconomic system newly emerged in Russia as a result of transition to market economy. The main actors of this system are so called 'clans' containing of the business people affiliated with state officials and sometimes criminal groups....

This short note studies formally the common practice of log-linearizing stochastic economic models. We make precise the conditions under which stability of the original model can be inferred from that of the linearized model. A transformation to recover the stochastic equilibrium of the former...

We study the representative consumer's risk attitude and efficient risk-sharing rules in a singleperiod, single-good economy in which consumers have homogeneous probabilistic beliefs but heterogeneous risk attitudes. We prove that if all consumers have convex absolute risk tolerance, so must the...

Extending the Kim (1989) model of endogenous labor specialization to an overlapping generations model with an endogenous technology choice, we show in this paper that, when the market size and the fixed costs associated with the technologies with labor specialization are small, the growth...

We examine renegotiation in a double moral hazard model when both the principal and the agent are allowed to make a renegotiation offer to a self-interested arbitrator at the renegotiation stage even though the principal proposes an initial contract. Under a belief restriction, any...

We propose a new t^atonnement process called a double-track auction for efficiently allocating multiple heterogeneous indivisible items in two distinct sets S1 and S2 to many buyers who view items in the same set as substitutes but items across the two sets as complements. The auctioneer...

In a model of a two-period exchange economy under uncertainty, we find both upper and lower bounds for the risk free interest rate when the agents' utility functions exhibit constant absolute risk aversion. These bounds are independent of the degree of market incompleteness, and so in particular...