Clarification of terms ............................................................................................................ 1 Interpretation of borderline cases .......................................................................................... 2 Legal issues....................................................................................................................... 2 N...

Longitudinal studies of white female headship over the past few decades do not find significant welfare effects but do find a positive relationship between state fixed effects and welfare benefit levels. In other words, although white female headship does not respond to the year-to-year changes in welfare benefit levels, states with the most generous welfare benefits tend to be the states with ...

Animal welfare is a factor which affects public acceptability of animal usage systems and hence sustainability. The concepts of welfare, need, stress, health, pain, emotion and feeling are defined and the relationships amongst these are discussed. The scientific assessment of animal welfare, including animal health, has developed rapidly in recent years and the sophistication of this will impro...

The effects of entry on consumer and total welfare are studied in a model of consumer search. Potential entrants differ in quality, with a higher-quality seller being more likely to offer consumers a high-value product. Contrary to the standard view in economics that more entry benefits consumers, we find that consumer welfare has an inverted-U relationship with entry cost, and free entry is ex...

In this paper, we explore the dynamic properties of an endogenous growth model with finite patent length. We show that there exists a unique equilibrium growth path and that this path exhibits damped oscillations in contrast to the equilibrium path of an endogenous growth model with infinite patent length.We also examine the effects of patent policy on social welfare and show that infinite pate...

We investigate the dynamic general equilibrium effects of introducing a social assistance program to elderly informal sector workers in developing countries. We find that the extension of such “retirement benefits” in environments with lacking private sector risksharing mechanisms results in welfare increases and relatively minor efficiency losses. Our results suggest that welfare gains attribu...

The labor supply and other work incentive effects of welfare programs have long been a central concern in economic research. Work has also been an increasing focus of policy reforms in the U.S., culminating with a number of major policy changes in the 1990s whose intent was to increase employment and earnings levels of welfare recipients and other disadvantaged individuals. This paper reviews t...

This paper advances a highly tractable model with search theoretic foundations for money and neoclassical growth. In the model, manufacturing and commerce are distinct and separate activities. In manufacturing, goods are efficiently produced combining capital and labor. In commerce, goods are exchanged in bilateral meetings. The model is applied to study the effects of inßation on capital accum...

This paper uses a continuous-time, stochastic, dynamic general equilibrium model to provide estimates of the growth and welfare effects of monetary volatility. Its primary concern is to highlight the long-run consequences of different monetary environments in a small open economy. Using UK-relevant data to set key parameter values in the model, we carry out three policy experiments. We find tha...

We develop a structural model to analyze the effects of banning advertising on market equilibria and welfare in junk food markets. We consider the impact on demand and prices, and show how to quantify welfare effects when advertising might lead consumers to take decisions that are inconsistent with their underlying preferences. We use transaction level data on the potato chips market and find t...