We study a Ramsey problem in in¯nite and continuous time and space. The problem is discounted both temporally and spatially. Capital flows to loca- tions with higher marginal return. We show that the problem amounts to optimal control of parabolic partial differential equations (PDEs). We rely...

Controversy remains over the degree of hypothetical bias in contingent valutation method (CVM) estimates of values for public goods, especially for public goods with significant passive-use values. This paper uses an 'indifferent voter' approach to calibrate stated WTP for a proposed public good...

Between 1880 and 1939, Burma, Malaya and Thailand received inflows of migrants from India and China comparable in size to European immigration in the New World. This article examines the forces that lay behind this migration to Southeast Asia and asks if experience there bears out Lewis'...

We develop a general equilibrium vintage capital model with embodied energy- saving technological progress and an explicit energy market to study the impact of investment subsidies on investment and output. Energy and capital are assumed to be complementary in the production process. New...

This paper analyses the extent of inequality amongst the major states of India over nearly two decades. It reviews various theoretical propositions for possible convergence and divergence and argues that while the evidence from the more developed countries supports the case of convergence the...

This work extends the strand of literature that examines the relation between the term structure of interest rates and macroeconomic variables. The yield curve is summarized by few latent factors (level, slope, and curvature) which are obtained through Kalman filtering. In this paper, we address...