We introduce the results of a non-parametric estimate of the wage-Phillips Curve into a simplified version of the model by Flaschel and Krolzig (2006). The resulting non-linearity in the wage inflation-employment relation translates into a non-linearity in the reduced form of the model, namely the wage-price spiral. A dynamical analysis is then provided, both in wage-led and profit-led effectiv...

Six pigeons were studied in a token economy in which tokens could be produced and exchanged for food on one side of an experimental chamber and for water on the opposite side of the chamber. Responses on one key produced tokens according to a token-production fixed ratio (FR) schedule. Responses on a second key produced an exchange period during which tokens were exchanged for water or food. In...

“Strategy-proofness” is one of the axioms that are most frequently used in the recent literature on social choice theory. It requires that by misrepresenting his preferences, no agent can manipulate the outcome of the social choice rule in his favor. The stronger requirement of “group strategy-proofness” is also often employed to obtain clear characterization results of social choice rules. Gro...

We empirically investigate how hosts on Airbnb, a popular peer-to-peer website for fee-based sharing of under-utilized space, adjust their prices once their offering gets a visible star rating for the first time. We use data for over 14,000 offerings from Airbnb which we collected for New York City. Our findings indicate that hosts whose offerings achieve star rating visibility significantly in...

Introduction What is new about new media? Its development and use is more influenced by economic factors than the old media. And the new media is more central to the new economy. Indeed, an ever more popular theme in the scientific literature, government policy documents and the popular press, is that technologically advanced economies are in the process of moving beyond industrial capitalism t...

1 Computational Transport Phenomena Laboratory (CTPL), Division of Physical Sciences and Engineering (PSE), King Abdullah University of Science and Technology (KAUST), Thuwal 23955-6900, Saudi Arabia 2 Department of Mathematical Sciences, Clemson University, Clemson, SC 29634-0975, USA 3 Schulich School of Engineering, University of Calgary, 2500 University Drive NW, Calgary, AB, Canada T2N 1N4...

Escape (termination of a meal) and token-based differential reinforcement of alternative behavior were used as reinforcement to increase acceptance of food. Using a changing criterion design, the number of bites accepted and consumed was gradually increased to 15 bites per meal. These data suggest that, in some cases, escape may be a potent reinforcer for food acceptance.

The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However, the size of the estimated growth rate of total factor productivity depends on an assumption about the factor-augmenting properties of technological...

The transition to New Economy and knowledge-based economy in the 1990s and early 21st century created an atmosphere that entrepreneurs and SMEs became crucial engines of economic growth. It was conjectured that such trends were brought about various changes in global business environment. These changes include technological changes, increased globalization, employment flexibility, consumer dive...

INTRODUCTION ............................................................................. 219 Back to School ........................................................................... 219 A New Economy ....................................................................... 220 A New Framework .................................................................... 220 Some Caveats ..................