This paper considers the problem of a consumer that cares about her health, which we proxy by deviations from current weight to ideal weight, and derives utility from eating and disutility from performing physical activity while taking into account the uncertainty associated with calorie...

Background - One controversial issue in the larger cap-and-trade debate is the proper use and certification of carbon offsets related to changes in land management. Advocates of an expanded offset supply claim that inclusion of such activities would expand the scope of the program and lower...

Negotiations to restructure sovereign debts are protracted, taking on average almost 8 years to complete. In this paper we construct a new database (the most extensive of its kind covering ninety recent sovereign defaults) and use it to document that these negotiations are also ineffective in...

A game is fully aggregative if payoffs and marginal payoffs depend only on a player's own strategy and a function of the strategy profile which is common to all players. We characterize the form which this function must take in such a game and show that the game will be strategically equivalent...

Pooling data for 1905 to 2000, we find no systematic relationship between top income shares and economic growth in a panel of 12 developed nations observed for between 22 and 85 years. After 1960, however, a one percentage point rise in the top decile’s income share is associated with a...

The conjectures examined are that: (i) advances in the medical knowledge are likely to have comparatively little (resp. considerable) impact on the rate of the growth of gross domestic product per capita (GDPPC) in a poor developing country if economic institutions are weak (resp. adequate);...

Much evidence suggests that people are heterogeneous with regard to their abilities to make rational, forward-looking decisions. This raises the question as to when the rational types are decisive for aggregate outcomes and when the boundedly rational types shape aggregate results. We examine...