Real-world labor markets are characterized by highly heterogeneous outcomes relative to observable heterogeneity in worker and employer attributes. Micro-foundation explorations of the possible sources of this outcome heterogeneity are diicult due to analytical intractability and data measurement problems. This study uses an agent-based computational economics model of a labor market to underta...

As you may be aware, the subject of fair value accounting has been discussed in the United States for well over a decade. Advocates of fair value accounting believe that fair value is the most relevant measure for financial reporting. Others, however, believe that historical cost provides a more useful measure because it more clearly represents the economics of business performance and because ...

We study a model in which a "statistician" takes an action on behalf of an agent, based on a random sample involving other people. The statistician follows a penalized regression procedure: the action that he takes is the dependent variable’s estimated value given the agent’s disclosed personal characteristics. We ask the following question: Is truth-telling an optimal disclosure strategy for t...

This paper presents the results of an experiment on the economics of endogenous information acquisition. The experiment consists of a series of auctions where subjects compete for an object with private but unknown value. The information regarding the value of the object is costly. The experiment tests a theoretical model of bidding equilibrium and analyzes the effects of variations in the para...

The relationship between Austrian economics and behavioral economics is a complex and multifaceted one. On the one hand, behavioral economics rejects the positive claims of modern, standard neoclassical economics and yet accepts its normative standards. Thus behavioral economics is itself a hybrid; it is part psychological economics and part neoclassical economics. Furthermore, many behavioral ...

Input-output economics has become a popular tool to analyse the international fragmentation of value chains, especially now that several multi-regional tables that cover large parts of the global economy have become available. It has been argued that these tables, when analysed with the help of the input-output economics toolbox, can provide better insights about global value chains than can be...

We examine within a life-cycle set-up the simultaneous choice of health care and retirement (together with consumption), when health care contributes to both a reduction in mortality and in morbidity. Health tends to impact on retirement via morbidity, determining the disutility of work, and through longevity, determining the need to accumulate retirement wealth. In contrast, the age of retirem...

In this paper we explore the discourses of ecology, environmental economics, new environmental pragmatism and social ecological economics as they relate to the value of ecosystems and biodiversity. Conceptualizing biodiversity and ecosystems as goods and services that can be represented by monetary values in policy processes is an economic discourse being increasingly championed by ecologists a...