Population aging is a problem common to many countries: an increasing proportion of retired people, a decreasing proportion of working age, and resultant downward pressure on national product per capita. We explore longer-run aspects of immigration as a policy instrument in this context. We...

Local polynomial regression is extremely popular in applied settings. Recent developments in shape constrained nonparametric regression allow practitioners to impose constraints on local polynomial estimators thereby ensuring that the resulting estimates are consistent with underlying theory....

This paper addresses the following question: How much information do the kernel function and the bandwidth provide for nonparametric kernel estimation? The question is addressed by showing that kernel estimation of a cumulative distribution function (CDF) is an information transmission procedure...

We study unilateral trade liberalization in the model with variable markups. First, we show that the e¤ect of falling per unit trade costs depends on the use of the outside good assumption: in its presence trade liberalization reduces welfare at home, and raises it otherwise. Second, we derive...

We extend the study of efficiency‐wage environments via laboratory experiments in three ways. First, we introduce exogenous shocks that increase the opportunity for rejection of the gift‐exchange outcome. These additional tests emerge since we carefully derive a series of theoretical...

We use the SEC’s 2007 decision that eliminates the reconciliation requirement for foreign listed private issuers (FPIs) reporting under IFRS as a natural experiment to examine whether IFRS and US GAAP produce accounting information of comparable quality. We conduct statistical analyses using a...

This paper uses data from a controlled laboratory environment to study the impact of transparency (i.e., complete information versus incomplete information) and repeated interactions on the level of trust and trustworthiness in an investment game setting. The key findings of the study are that...

In this paper we investigate the relationship between within-period preferences and the degree of intertemporal substitution. We first present a theoretical discussion which argues that the form of within-period preferences and the way these differ across consumers may have important...

The paper reports the results of 39 laboratory duopoly markets for which pricing institution and participant experience are treatments. Cournot (C) duopolies (quantity precommitment and a price determined to clear the market) are contrasted with Kreps-Scheinkman (KS) duopolies (quantity...

Prior experimental studies provide evidence that the levels of trust and reciprocity are highly susceptible to individuals’ preferences towards payoffs, prior experience, capacity to learn more about personal characteristics of each other and social distance. The objective of this study is to...