In this note we compare the laissez-faire steady-state solution in the Howitt and Aghion (1998) model to the social optimum. The analysis offers several new insights in comparison to the welfare analysis in Aghion and Howitt (1992). We find various new distortions between private and optimal...

"In the knowledge economy, teams play a central role in decisions made within and across organisations. The reason why teams with diverse compositions are often used is arguably their ability to develop solutions that none of their members could have produced alone. Systems design, strategy...

Preferences and beliefs about different age groups shape social, political, and economic outcomes. This paper provides strong evidence of "youngism", which refers to systematic bias in social preferences and unfavorable stereotypes against young adults. Among nationally representative samples...

Recommended readings (Machine generated): 20. Kenneth J. Arrow (1969), 'Values and Collective Decision-Making', in Peter Laslett and W.G. Runciman (eds), Philosophy, Politics and Society: Third Series, Oxford, UK: Basil Blackwell, 215-32 -- 21. Amartya Sen (1995), 'Rationality and Social...

From Black’s Advice and Arrow’s Theorem to the Gibbard-Satterthewaite Result -- The Impact of Forcing Preference Rankings When Indifference Exists -- Connections and Implications of the Ostrogorski Paradox for Spatial Voting Models -- Maximal Domains for Maskin Monotone Pareto Optimal and...