Agricultural Decisions after Relaxing Credit and Risk Constraints
in The Quarterly Journal of Economics
May 2014; p ublished online February 2014 .
Journal Article. Subjects: Economic Development; Design of Experiments; Production and Organizations; Agricultural Economics; Intertemporal Choice and Growth; Insurance. 19024 words.
The investment decisions of small-scale farmers in developing countries are conditioned by their financial environment. Binding credit market constraints and incomplete insurance can limit...
Anomalies
in The Review of Financial Studies
November 2009; p ublished online April 2009 .
Journal Article. Subjects: Production and Organizations; Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; Economics; Corporate Governance. 14635 words.
We take a simple q-theory model and ask how well it can explain external financing anomalies, both qualitatively and quantitatively. Our central insight is that optimal investment is an...
Asset Prices with Heterogeneity in Preferences and Beliefs
in The Review of Financial Studies
February 2014; p ublished online August 2013 .
Journal Article. Subjects: Economics; General Equilibrium and Disequilibrium; Financial Markets; Intertemporal Choice and Growth. 28001 words.
In this paper, we study asset prices in a dynamic, continuous-time, and general-equilibrium endowment economy in which agents have “catching up with the Joneses” utility functions and...
A behavioral model of simultaneous borrowing and saving
in Oxford Economic Papers
October 2016; p ublished online May 2016 .
Journal Article. Subjects: Intertemporal Choice and Growth; Banking; Economic Development. 3304 words.
Why do individuals borrow and save at the same time? This paper proposes a new explanation in settings where savings are not secure. A sophisticated hyperbolic discounter who foresees an...
Bequest Intentions of Forest Landowners: Theory and Empirical Evidence
in American Journal of Agricultural Economics
November 2002; p ublished online November 2002 .
Journal Article. Subjects: Welfare Economics; Intertemporal Choice and Growth; Renewable Resources and Conservation. 0 words.
This article studies in an overlapping generations forest economy the conditions under which money and/or timber bequests occur across generations, assuming the usual case of one-sided...
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British infrastructure policy and the gradual return of the state
in Oxford Review of Economic Policy
January 2013; p ublished online November 2013 .
Journal Article. Subjects: Regulation and Industrial Policy; Intertemporal Choice and Growth; National Government Expenditures and Related Policies; Economic Development. 10374 words.
The state of British infrastructure is the source of almost continuous study and criticism. There is now a host of new demands in water, energy, transport and communications which require a...
Business Creation and the Stock Market
in The Review of Economic Studies
April 2004; p ublished online April 2004 .
Journal Article. Subjects: Intertemporal Choice and Growth; Investment Banking; Business and Management; Corporate Governance. 11594 words.
We claim that the stock market encourages business creation, innovation, and growth by allowing the recycling of “informed capital”. Due to incentive and information problems, start-ups...
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Changing Time Attitudes in Intertemporal Analysis
in American Journal of Agricultural Economics
November 1996; p ublished online November 1996 .
Journal Article. Subjects: Intertemporal Choice and Growth; Agricultural Economics. 0 words.
Intertemporal analysis is extended by generalizing the time weight function of an investor's utility function to account for changes in time attitudes. The resulting measures of decreasing,...
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Commitment Contracts
in The Review of Economic Studies
January 2018; p ublished online July 2017 .
Journal Article. Subjects: Information, Knowledge, and Uncertainy; Intertemporal Choice and Growth. 15433 words.
Abstract
We analyse a consumption-saving problem in which time-inconsistent preferences generate demand for commitment, but uncertainty about future...
Corporate Investment and Stock Market Listing: A Puzzle?
in The Review of Financial Studies
February 2015; p ublished online October 2014 .
Journal Article. Subjects: Production and Organizations; Intertemporal Choice and Growth; Corporate Governance; Mergers and Acquisitions. 21895 words.
We investigate whether short-termism distorts the investment decisions of stock market-listed firms. To do so, we compare the investment behavior of observably similar public and private...
Corporate Real Estate Holdings and the Cross-Section of Stock Returns
in The Review of Financial Studies
June 2010; p ublished online March 2010 .
Journal Article. Subjects: Production and Organizations; Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; Economics; Housing Markets, Production Analysis, and Business Location. 15162 words.
This article explores the link between the composition of firms’ capital and stock returns. I develop a general equilibrium production economy where firms use two factors: real estate and...
Corrective Taxation and Internalities from Food Consumption
in CESifo Economic Studies
March 2018; p ublished online November 2017 .
Journal Article. Subjects: Taxation, Subsidies, and Revenue; Intertemporal Choice and Growth. 6677 words.
Abstract
Corrective taxes have been implemented in a number of countries with the aim of addressing growing concern about the rise in obesity- and diet-related...
Creative chaos? Globalization, agglomeration and the metropolis
in Journal of Economic Geography
November 2012; p ublished online April 2012 .
Journal Article. Subjects: Firm Objectives, Organization, and Behaviour; Housing Markets, Production Analysis, and Business Location; Intertemporal Choice and Growth; Development Planning and Policy. 8769 words.
This article offers a formal macro-economic exposition of a creativity-driven metropolitan-region located within the global context of abundance of capital, demand, information, and...
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Customer Capital
in The Review of Economic Studies
July 2014; p ublished online March 2014 .
Journal Article. Subjects: Information, Knowledge, and Uncertainy; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Intertemporal Choice and Growth; Market Structure, Firm Strategy, and Market Performance. 15250 words.
Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product markets, which require firms to spend resources on customer acquisition,...
Decomposing dynamic profit inefficiency of Belgian dairy farms
in European Review of Agricultural Economics
February 2018; p ublished online September 2017 .
Journal Article. Subjects: Production and Organizations; Intertemporal Choice and Growth; Agricultural Economics. 6150 words.
Abstract
This paper introduces a nonparametric framework for analysing dynamic profit inefficiency and applies this to a sample of Belgian, specialised dairy...
Distributional Comparative Statics
in The Review of Economic Studies
January 2018; p ublished online May 2017 .
Journal Article. Subjects: Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; Information, Knowledge, and Uncertainy; Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Welfare and Poverty. 17192 words.
Abstract
Distributional comparative statics is the study of how individual decisions and equilibrium outcomes vary with changes in the distribution of economic...
The Effect of Introducing a Non-Redundant Derivative on the Volatility of Stock-Market Returns When Agents Differ in Risk Aversion
in The Review of Financial Studies
June 2009; p ublished online December 2007 .
Journal Article. Subjects: Economics; General Equilibrium and Disequilibrium; Intertemporal Choice and Growth. 11516 words.
We study the effect of introducing a nonredundant derivative on the volatilities of the stock market return and the locally risk-free interest rate. Our analysis uses a standard,...
The Effects of Marital Status and Children on Savings and Portfolio Choice
in The Review of Financial Studies
January 2010; p ublished online April 2009 .
Journal Article. Subjects: Economics; Insurance; Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Economics of Health; Demographic Economics. 23993 words.
This paper investigates the impact of demographic shocks on optimal decisions about saving, life insurance, and, most centrally, asset allocation. The analysis indicates that marital-status...
The Effects of Price Risk on Housing Demand: Empirical Evidence from U.S. Markets
in The Review of Financial Studies
November 2010; p ublished online October 2010 .
Journal Article. Subjects: Multiple or Simultaneous Equation Models; Multiple Variables; Household Behaviour and Family Economics; Intertemporal Choice and Growth; Mobility, Unemployment, and Vacancies; Household Analysis. 18059 words.
This article examines how price risk affects housing demand. It identifies two relevant channels: a financial risk effect that reduces demand, and a hedging effect that increases demand...
Endogenous Debt Constraints in Lifecycle Economies
in The Review of Economic Studies
July 2003; p ublished online July 2003 .
Journal Article. Subjects: General Aggregative Models; Intertemporal Choice and Growth; General Equilibrium and Disequilibrium. 11914 words.
We characterize competitive equilibria with perfect foresight in a deterministic, three-period pure-exchange overlapping generations economy with perfect information and no commitment to...
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