This paper analyzes a class of stochastic endogenous growth models with uninsurable idiosyncratic income risk. The model economy is populated by infinitely-lived households who own and operate their own business, work for a stock company, and participate in stock and bond markets. Households have timeand state-additive log-utility preferences and production functions exhibit constant returns to...

This paper investigates households’ portfolio choice behavior using a structural microeconometric approach obtained by extending the analysis in Fougère, Gouriéroux, Tiomo and Trognon (1997). I assume that households have mean variance expected utility and are forbidden to take short positions in the risky assets. If there are only two such assets, it is possible to derive a closed form solutio...

PURPOSE Although migration decision making is central to understanding later-life migration, the critical step between migration intentions and mobility outcomes has received only limited empirical attention. We address two questions: How often are intended moves actuated? What factors condition the likelihood that mobility intentions will be actuated? DESIGN AND METHODS We employ data from t...

Following decades of stability and comfortable margins, utility companies today face strong pressure from regulatory bodies and competitors. As a response to the market dynamics, many have initiated a transformation from a “provider” to a service company, yet realize that their customer insights that would be necessary to successfully develop and market new services are sparse. We argue that th...

In the UK and many other countries, underground networks are used to deliver a range of services to households and industries. Maintaining and upgrading these networks are major undertakings. In order to avoid unnecessary holes dug in wrong places, prior to invasive works it is normally required that excavators should request and obtain record information from all relevant utilities to identify...

Provision of sanitation and garbage collection services is an important and yet challenging issue in the rapidly growing cities of developing countries, with significant human health and environmental sustainability implications. Although a growing number of studies have investigated the consequences of inadequate delivery of basic urban services in developing countries, few studies have examin...

This paper assesses the quality of various micro level measures of social capital. It begins by examining a simple model of social capital accumulation in which households acquire social capital by devoting resources to forming relationships with other households. Through these relationships households acquire access to social resources which raises utility for any level of consumption. Tests o...

In this study meal sharing is used as a way of quantifying food transfers between households. Traditional food-sharing studies measure the flow of resources between households. Meal sharing, in contrast, measures food consumption acts according to whether one is a host or a guest in the household as well as the movement of people between households in the context of food consumption. Our goal i...

I Neoclassical theory's neglect of the firm is understandable because the allocation of resources within the firm results from presumably rational decisions. These decisions might have been of interest to the developing study of psychology, but they presented no obvious mystery to neoclassical economists. No social organization puzzle seems to be involved, although there lurk behind these manag...

The purpose of this paper is to examine whether salience neighbor comparison information attracts more attention from residents and consequently leads significant energy conservation. An eye-tracking experiment on 54 in a local apartment complex Korea found that the average time increased 277 ms when size was four times larger located far left. However, interviews with subjects suggest seemingl...