This paper presents an endogenous growth model in which there is an explicit treatment of the informational asymmetries giving rise to finance constraints in the credit market.

Wage posting models of job search typically assume that firms can commit to paying workers the posted wage. This paper investigates the consequences of relaxing this assumption. Under "downward" commitment firms can commit only to paying at least their advertised wage. We show that wage posting...

We examine the possibilities of extending Sen's taxonomy of fixed-population information assumptions regarding the measurability and interpersonal comparability of individual utilities to social-choice problems where the population may very.

International trade can increase both beneficial and harmful choices available to consumers and to firms. The debate about appropriate technology warned us to pay attention to pre-consumption choices. Later work on sustainable development alerted us to be aqually prudent about post-coosumption...

This paper develops an e±cient method for estimating the discrete mix- tures of normal family based on the continuous empirical characteristic function (CECF). An iterated estimation procedure based on the closed form objective distance function is proposed to improve the estimation effciency....