The paper generalizes Blackwell's theorem, according to which the welfare effects of an improvement in information are positive to certain class equilibrium production economies. The consumer preferences in this class of economies exhibit either constant relative risk of constant risk aversion...

The Israeli high tech sector is widely regarded as a hotbed of cutting-edge technologies, and as the growth engine of the Israeli economy in the nineties and beyond. In this paper we present a close-up portrait of innovation in Israel for the past 30 years, with the aid of highly detailed patent...

We remove the aggregate US-wide component in US state level disposable income and consumption and find that state-specific consumption exhibits substantially less excess sensitivity to lagged state-specific disposable income than if the aggregate component is not controlled for. This is evidence...

The paradigm of a direct democracy in which individuals vote direclty on the issues is widely used in the recent political economy literature that explicitly models the interaction between economic and political behavior. Yet, in most existing democracies policy decisions are delegated to...

We asked subjects to self-select into one of two constests, "coin" or "die." The winner in each of the contest is the person with most correct guesses of 20 coin flips or 20 rolls of a die, respectively. Most subjects reported that they belived that most people would go to the "coin" group. They...

The paper questions the methodology of "economics and psychology". It focuses on the case of hyperbolic discounting. Using some experimental results, I argue that the same sort of evidence which rejects the standard constant discount utility functions can just as easily reject hyperbolic...