The paper extends the theory of trade unions. In past studies, the union members derive utility exclusively from the consumption of goods produced in markets. We consider the case where the union insider is a member of a household which derives utility both from market produced goods and from a...

The good health of an individual is a combination of uncontrollable factors that includes genetics and random events and controllable factors through the regulation of activities such as smoking, drinking, eating, exercise and other informed choices. Since the work of Grossman (1972) a...

The good health of an individual is a combination of uncontrollable factors that includes genetics and random events and controllable factors through the regulation of activities such as smoking and drinking. Since the work of Grossman (1972) a significant relationship between health and...

We consider whether the introduction of the psychological concept of loss aversion into agents' preferences could generate a macroeconomic model in which changes in the money supply can have real, persistent effects. It is demonstrated that the macroeconomic implications of loss aversion depend...

This paper compares a form of endogenous preferences introduced by Uzawa with additive preferences by simulating the optimal consumption response for a small open economy to permanent and temporary shocks to the world rate of interest. Uzawa preferences, by endogenising the rate of time...

This paper develops a model of the trade cycle based on the ideas if Nicholas Kaldor. The model is shown to generate an endogenous cycle in which the economy recovers from recession automatically even elthough the money wage is fixed.out technology.

By simulating a model of the optimal level of saving in a small open economy, this paper calculates the levels of optimal national saving, investment and the current account balance for five Asian countries, Hong Kong, Japan, Singapore, Malaysia and Philippines, for the period from 1997 to 2050....