The "backward bending" supply curve of labor is now accepted as a matter of course by most economists. it has no doubt been perplexing to observe that most commonly employed types of utility functions do not yield such curves under the usual textbook analysis of the problem. Particular...

We prove that the total risk of a portfolio held by an investor with preferences described by a power utility with subsistence or a HARA utility, is a weighted sum of the covariances between the portfolio's return and higher-order powers of that return, shifted by the subsistence level. We show...

Although much is known about labor market dynamics under technology shocks in advanced economies, this is not true for developing economies. This study bridges this gap in the literature by establishing new stylized facts in labor market dynamics. First, the response of hours worked (and...

This paper studies the production techniques employed in economies that reproduce themselves. Special attention is paid to the distinction usually made between those that do not produce a surplus and those that do, which are referred to as first and second class economies, respectively. Based on...