Concerns for reputation can promote cooperative behaviour. Individuals that behave cooperatively stand to benefit if they gain in influence, status or are more likely to be chosen as interaction partners by others. Most theoretical and empirical models of cooperation predict that image score will increase with cooperative contributions. Individuals are therefore expected to make higher contribu...

This paper identifies in the mutual fund industry a novel form of product differentiation — financial product differentiation over the state space. On the one hand, it is a well-documented fact that investors chase past performances of the mutual funds. On the other hand, the mutual funds’ performances are determined not only by fund managers’ abilities, but also by stochastic noise factors. In...

We explore the effects of the quantity of information on the tendency to contribute to crowdfunding campaigns. Using the crowdfunding platform Kickstarter, we analyze the campaign descriptions and the performance of over 70,000 projects. We look empirically at the effect of information quantity (word count) on funding success (as measure by amount raised and number of backers). Within this empi...

Pension funds are remarkable institutions. Charged with the welfare of plan beneficiaries and retirees, they carry a heavy burden of responsibility. And yet, unlike many government institutions, they have considerable discretion in fulfilling their goals and objectives. Even if their independence is circumscribed by statutory requirements, their autonomy is a distinctive aspect of Anglo-America...

This paper puts the gains from trade and the environmental costs of trade on the same theoretical and empirical footing in order to provide a more complete measure of trade’s welfare effects. To undertake this analysis, the paper describes a model of trade and the environment, compiles new data on the CO2 emissions from intranational and international shipping, and estimates the model’s key par...

The purpose of this research is to find out the role nadzir in developing waqf assets for general welfare. management productive welfare that conducted by Nadzir Univesitas Islam Malang Foundation. Universitas Foundation received 2 bilion Rupiahs funds from Kementerian Agama acted as waqif. fund are Anggaran Belanja dan Pendapatan Negara Perubahan with pilot program management. In order run rol...

In a stochastic economy with overlapping generations, fiscal policy affects the allocation of aggregate risks. The paper shows how to compute the welfare effects of marginal policy changes that shift risk across cohorts, in general and for an application to social security equity investments. I estimate the relevant correlations between macroeconomic shocks and equity returns from 1874-1996 U.S...