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...

Generalist CEOs receive higher pay than specialist CEOs. We examine the implications of CEO expertise for the structure of executive compensation. We follow contract theory and predict that information asymmetry induces generalist CEOs to overstate their ability to a larger extent when...

The prior literature on role congruity theory has revolved around demographic-based expectations, emphasizing role incongruity derived from a mismatch between prescriptive expectations of distinct roles. In this paper, we depart from this traditional focus on between-role incongruity and explore...

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 article considers the enforcement insufficiency via a discussion of the evolving cultural phenomena associated with the fundamental systemic weakness of China's institutional problems. It argues that current mainstream legal epistemology incorrectly links China's enforcement problem to...

This Article seeks to capture the significance and dilemmas associated with the intellectual property rights (IPRs) protection in China and to demystify the mysteries of the enforcement problems. It assesses shortcomings of the IPR enforcement and sheds new light on enforcement problems by...

This article considers the harmonizing effect of TRIPS and the global enforcement of IPR through a discussion of legal transplantation and cultural adaptation. Part I examines the harmonizing effect of TRIPS and its implications to the countries at different development levels, particularly...

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...

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...