Model uncertainty has become a central focus of policy discussion surrounding the determinants of economic growth. Over 140 regressors have been employed in growth empirics due to the proliferation of several new growth theories in the past two decades. Recently Bayesian model averaging (BMA)...

This paper provides new evidence on wage premiums for men in relation to marriage and cohabitation. Using data from the National Longitudinal Survey of Youth 1979, the paper shows that even after accounting for selection there is a cohabitation wage premium, albeit smaller than the marriage...

This paper incorporates uncertainty into the growth function of the Schaefer model for the optimal management of a biological resource. There is a critical value for the biological stock, and it is optimal to do no harvesting if the biological stock is below that critical value and to exert...