We specify a demand function for longevity, or quantity of life, along with corresponding demand functions for indicators of quality of life and a value-of-health and life extension function. We show that the demand for health must be derived in conjunction with that for longevity and the...

We focus on the effect of state versus private ownership on the rates of firm-specific productivity growth and cost decline by developing a model of endogenous, firm-specific productivity growth and testing its implications against panel data on 23 international airlines of varying levels of...

Leamer and McManus applied Extreme Bound Analysis (EBA) in an empirical study of the deterrent effects of capital punishment and other penalties. Their analysis has questioned the validity of the deterrence hypothesis. The thrust of our paper is twofold: first, by applying EBA to well-known...

The analytic innovation is treating life's end as uncertain, and life expectancy as partly the product of individuals' efforts to self-protect against mortality and morbidity risks. The demand for self-protection is modeled in a stochastic, life-cycle framework under alternative insurance...

The 19th century economist Thomas Robert Malthus hypothesized that the long-run supply of labor is completely elastic at a fixed wage-income evel because population growth tends to outstrip real output growth. Dynamic equilibrium with constant income and population is achieved through...

The worldwide problem with pay-as-you-go, defined-benefits social security systems is not just financial. Through a dynamic, overlapping-generations model where forming a family and bearing and educating children are choice variables, we show that social security taxes and benefits generate...