Reverse mortgages have been obtained by nearly one million senior households. In the future, the number of eligible households will grow substantially, about 80 percent are homeowners, and many of them have substantial equity in their home. We study state-level variations in rate of originations...

Aiming at the wrong recognition over one century that Giffen goods are special examples of demand law and Giffen goods are rare, this paper strictly proves that the demand curve of any Giffen goods can only slopes lower right and any commodity that complies with the demand law would probably...

This paper proves that there are almost no normal commodities for individual consumers in consumer behavior theory. The income effects of all abnormal commodities are negative and larger than substitution effects. Both income effects and substitution effects are unobservable. All proves on...

The current study points out that the derivation of the aggregate demand curve based on theory of consumer behavior has a fundamental flaw, from which the Giffen product has to be inferior good and has been always regarded as an exception of law of demand is therefore not convincing. The current...

We find that firms that act as product leaders (operational excellence) tend to make less (more) disclosures by offering more (less) no-answers and refusals to questions during earnings conference calls, consistent with product leaders withholding product-related information and operational...

Artificial intelligence (AI) technology has increasingly become part of firm productions, attracting researchers to explore the consequences of AI on firms and labor markets. In this study, by contrast, we investigate an important antecedent of AI innovation—media coverage of labor issues. By...

Travel restrictions are often imposed to limit the spread of infectious diseases. As uniform restrictions can be inefficient and incur unnecessarily high costs, this paper examines the optimal design of restrictions that target specific travel routes. We propose a model with trade-offs between...

We consider a model of network interactions where the outcome of a unit depends on the outcomes of the connected units. We determine the key network link, i.e., the network link whose removal results in the largest reduction in the aggregate outcomes, and provide a measure that quantifies the...

Multinational firms face challenges as geopolitical tensions are rising when stakeholders such as customers, employees and owners may have divergent views on contentious issues. Sharply different attitudes toward the proposed extradition law by the Hong Kong SAR Government in 2019 and related...

The rapid development of nanotechnology boosts the massive production and utilization of various nanoparticles (NPs). However, the NPs escaped into environments form emergent pollutants, which poses a potential threat to marine organisms and ecosystems. Due to their sessile filter feeding...