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Alternative assets are gaining increasing importance in investors' portfolios. One of their defining characteristic is their poor liquidity, which often translates into an inherent smoothing process of the returns. For asset allocation purposes, this feature has to be seriously addressed as it...
Persistent link: https://www.econbiz.de/10010706658
Primary healthcare institutions (PHIs) in China have experienced a sizable decline in medical services in recent years. Despite the large regional disparities in China, there is a lack of evidence on the differential patterns of medical services offered by PHIs, especially from a spatial...
Persistent link: https://www.econbiz.de/10014377235
Persistent link: https://www.econbiz.de/10009870991
Two competitors with different abilities engage in a winner-take-all race; should we handicap the advantaged competitor in order to reduce the expected completion time of the race? I show that if the discouragement effect is strong, i.e., both competitors are discouraged from exerting effort when...
Persistent link: https://www.econbiz.de/10014214306
Under limited commitment that prevents agents from pledging their future non-financial wealth, agents with incorrect beliefs always survive by holding on to their non-financial wealth. Friedman (1953)'s market selection hypothesis suggests that their financial wealth trends towards zero in the...
Persistent link: https://www.econbiz.de/10012971122
How can low consumer spending cause an inefficient recession or recovery? We propose a real theory of aggregate demand shortages that does not rely on nominal rigidities. In our theory, an economy can be demand constrained when, i) productivity in the consumption goods sector can be improved or...
Persistent link: https://www.econbiz.de/10013226009
We extend the basic Schumpeterian endogenous growth model by allowing incumbents to undertake innovations to improve their products, while entrants engage in more "radical" innovations to replace incumbents. Our model provides a tractable framework for the analysis of growth driven by both entry...
Persistent link: https://www.econbiz.de/10013137600
We extend the basic Schumpeterian endogenous growth model by allowing incumbents to undertake innovations to improve their products, while entrants engage in more “radical” innovations to replace incumbents. Our model provides a tractable framework for the analysis of growth driven by both...
Persistent link: https://www.econbiz.de/10013137809
Persistent link: https://www.econbiz.de/10014340847
Primary healthcare institutions (PHIs) in China have experienced a sizable decline in medical services in recent years. Despite the large regional disparities in China, there is a lack of evidence on the differential patterns of medical services offered by PHIs, especially from a spatial...
Persistent link: https://www.econbiz.de/10014346209