This article contributes to the debate on efficacy of traditional forms education versus vocational training. The effects technical (leading an engineering degree or diploma) and training in performance Indian firms are analysed using regression models based Cobb–Douglas production function, enhanced incorporate Instrumental variable approach is used establish direction causality. It found that...

Experimental work in economics prompted the development of theories of other-regarding behavior. In this paper we reanalyze two classic public goods experiments and focus on the nature individuals’ responses to others’ behavior in order to help distinguish alternative motives of giving, including altruism, warm glow, reciprocity and inequality aversion. Analysis that allows for asymmetric feedb...

Sports leagues constitute one of the few examples of legally operating cartels. In this paper I examine how gate revenue sharing may serve to coordinate talent investments within these cartels. I show that sharing revenues has the potential to raise cartel profits, because it decreases the incentive to invest in playing talent. Leagues consisting of teams with heterogeneous local markets should...

This paper investigates the behaviour in repeated decision situations. The experimental study shows that subjects show low or no riskaversion, but put very high value on the opportunity to sell the lottery in every stage of the decision problem. There is evidence that risk attitudes depend on whether they are measured by comparing the certainty equivalent and the expected value of a lottery or ...

How do workers make wage comparisons? Both an experimental study and an analysis of 16,000 British employees are reported. Satisfaction and well-being levels are shown to depend on more than simple relative pay. They depend upon the ordinal rank of an individual’s wage within a comparison group. ‘Rank’ itself thus seems to matter to human beings. Moreover, consistent with psychological theory, ...

We derive an analytical solution for the wage from an alternating-offer wage bargaining game à la Hall and Milgrom (2008) under a plausible parameter restriction. This solution is simple, micro-founded and permits a transparent analysis of the driving forces of wages. We argue that it can be used in a wide range of economic models incorporating the search and matching theory of unemployment to ...

The development of the financial system is shown, both historically and in contemporary data, to be adversely affected by inequality in the distribution of land. To accommodate these empirical findings, a theory is developed that highlights the incentives of landowners to oppose competition in the financial sector. The theory provides an explanation for the co-incident development of the financ...

This paper analyzes the net impacts of college football games on the sales tax revenues and taxable sales of four mid-sized cities in Texas. The paper addresses the question in the title, but also asks whether state policy makers might be justified in encouraging schools in their state to play one another based on the local economic impact those games will have. In general, our evidence suggest...

Our proposed local vector autoregressive (LVAR) model has timevarying parameters that allow it to be safely used in both stationary and non-stationary situations. The estimation is conducted over an interval of local homogeneity where the parameters are approximately constant. The local interval is identified in a sequential testing procedure. Numerical analysis and real data application are co...

I propose a novel method of estimating the potential level of U.S. GDP in real time. The proposed wage-based measure of economic potential remains virtually unchanged when new data are released. The distance between current and potential output – the output gap – satisfies Okun’s law and outperforms many other measures of slack in forecasting inflation. Thus, I provide a robust statistical tool...