This paper models the relationship between income and self-reported well-being using random-effect techniques applied to panel data from twelve European countries. We cannot distinguish empirically between heterogeneities in the utility function (translating income into utility) and the...

The issue is the real effect of the hospital type on the mortality rate. The statistical results on the mortality rate by hospital type (ownership and system of reimbursement) can lead to tremendous misinterpretations. According to statistical results we could conclude that the incentive created...

We consider an economy where property rights are necessary to ensure sufficient rewards to ex ante investments. Because enforcement of property rights influences the ex post distribution of rents there is room for corruption. We characterize the optimal organization of society and the optimal...