This paper reports on an experiment designed to examine individual and market outcomes with a mixture of rational and non-rational traders. Using values elicited via auctions, we measure a specific form of irrationality: the tendency to overweight high payoff, low probability events, or...

We measure the correlations between two cities’ real GDP growth rates (a measure of business cycle correlations) to capture the degree of segmentation across China’s provincial and regional borders. This type of segmentation can be caused by local protectionism as well as other...

This paper examines whether reforms have created a substantial commercial sector with market characteristics in China's financial system. Many studies conclude that the operation of China's capital markets lacks market features, resulting in fragmentation. Yet, this lack of integration coincides...

Whether natural resources boost or deter economic development remains an open question in the literature. Papyrakis and Gerlagh (2007) found a significant negative association between economic growth and resource abundance at a U.S.-state level. They demonstrated that resource abundance crowds...

Significant differences exist in terms of use and demand of urban public space in different districts and communities. In this study, PSPL survey was made in about one year to investigate the type and occurring time of outdoor activities and the visitors' demand difference of Round-City-Park in...