Two types of wage reform are analyzed in this study-- bonuses, which were originally paid to workers on an individualized basis out of a fixed enterprise fund, and profit-sharing, which linked worker wages in a more egalitarian fashion to team or enterprise performance. We test for the...

Agricultural development thinking has gone through several stages of fad and fancy, often without an understanding of previous fallacies. Its current doldrums are unfortunate given the unrivaled importance of agricultural development for poverty reduction in most development countries. After...

In this paper, we use longitudinal data on Self-Reported Health Status from the Panel Study of Income Dynamics to estimate a model of the evolution of health over the life-cycle. The model allows for two sources of persistence in health: unobserved heterogeneity, which models an individual’s...

The welfare effects of grain price stabilization depend on the stabilization instrument and the source of instability. If the source is international market price instability, then even an omniscient (perfect forecasting) and omnipotent (zero storage costs) government cannot increase welfare by...

This paper develops a signaling model to investigate a firm's optimal financial response to corporate income taxation under informational asymmetries. The model obtains informationally constrained efficient equilibria in which a firm's debt level and inside equity position jointly serve as a...

This paper analyzes the national social welfare effects of taxation on direct foreign investment (DFI) income from the operations of a multinational enterprise (MNE). This paper is unique as it both treats DFI as endogenous to tax policy and considers rival governments strategic behavior in the...

This paper contributes to the literature on the modeling of survey forecasts using learning variables. We use individual industry data on yen-dollar exchange rate predictions at the two week, three month, and six month horizons supplied by the Japan Center for International Finance. Compared to...

We estimate selection and sorting effects on the evolution of the private return to schooling for college graduates during China’s reform between 1988 and 2002. We find evidence of substantial sorting gains under the traditional system, but gains have diminished and even become negative in the...

We examine the 1965 change from an open-bidding to a draft system for new players in Japan's professional baseball leagues. Our theoretical analysis, which incorporates two factors commonly observed in professional sports, imperfect information on new recruits and outlier, highly skilled...