Articles

Jess Benhabib, Shenghao Zhu. Age, Luck And Inheritance

We present a mechanism to analytically generate a double Pareto distribution of wealth in a continuous time OLG model with optimizing agents who have bequest motives, are subject to stochastic returns on capital and have uncertain lifespans. We disentangle, roughly, the contribution of inheritance, age and stochastic rates of capital return to wealth inequality, in particular to the Gini coefficient. We investigate the role of the fiscal and redistributive policies for wealth inequality and soci...

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Geoffrey M. Hodgson, Thorbjørn Knudsen. Dismantling Lamarckism: why descriptions of socio-economic evolution as Lamarckian are misleading

This paper addresses the widespread tendency to describe socio-economic evolution as Lamarckian. The difference between Lamarckian and Darwinian replication is clarified. It is shown that a phenotype-genotype distinction must first be established before we can identify Lamarckian transmission. To qualify as Lamarckian inheritance, acquired properties at the phenotypic level must be encoded in a genotype that is passed on to the next generation. Some possible social replicators (or genotypes) are...

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Gilles Saint-Paul. Economic Science and Political Influence

When policymakers and private agents use models, the economists who design the model have an incentive to alter it in order to influence outcomes in a fashion consistent with their own preferences. I discuss some consequences of the existence of such ideological bias. In particular, I analyze the role of measurement infrastructures such as national statistical institutes, the extent to which intellectual competition between different schools of thought may lead to polarization of views over some...

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Jacob K. Goeree, Thomas R. Palfrey, and Brian W. Rogers. Social learning with private and common values

We consider an environment where individuals sequentially chooseamong several actions. The payoff to an individual depends on her action choice,the state of the world, and an idiosyncratic, privately observed preference shock.Under weak conditions, as the number of individuals increases, the sequence ofchoices always reveals the state of the world. This contrasts with the familiar resultfor pure common-value environments where the state is never learned, resultingin herds or informational casc...

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Guido Cozzi, Noemi Mantovan, Robert M. Sauer. Does It Pay to Work for Free? Wage Returns and Gender Differences in the Market for Volunteers

Working as a volunteer is a widespread phenomenon that has both individual and societal benefits. In this paper, we identify the wage returns to working for free by exploiting exogenous variation in rainfall across local area districts in England, Scotland and Wales. Instrumental variables estimates reveal large returns for both men and women. However, the returns are differentially greater for men and account for a substantial proportion of the gender earnings gap. A comparison of OLS and IV ...

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Ofer H. Azar. Behavioral Economics And Socio-Economics Journals: A Citation-Based Ranking

One of the fundamental working hypotheses in academia is that there is a strong positive correlation between the quality of an article and the quality of the journal in which it is published. Indeed, a journal attains high quality and reputation by publishing good articles, leading to this positive correlation. As a result, knowing the quality of the journal is of great importance to many people in academia: authors want to know this in order to choose smartly to which journals to submit their...

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