This paper exploers the causes of economic disparities across countries in a vintage-capital model that endogenizes education and technology adoption decisions. The implications of differences in the costs of adopting new technologies and in the quality of schools for differences in income per...

This paper investigates how mass medium (sender) provides information to readers or viewers (receivers) who have diverse interests. The problem of the sender comes from the fact that there is a constraint on how much information can be delivered. It is shown that the sender can optimally provide...

Subjective uncertainty is characterized by ambiguity if the decision maker has an imprecise knowledge of the probabilities of payoff relevant events. In such an instance, the decision maker's beliefs are better represented by a set of probability functions than by a unique probability function....

Interactions between economic development and financial development are studied by looking at the roles of financial institutions in selecting R&D projects (including for both imitation and innovation). Financial development is regarded as the evolution of the financing regimes. The...