Humor is a unique ability in human beings. Suls [A two-stage model for the appreciation of jokes and cartoons. In P. E. Goldstein & J. H. McGhee (Eds.), The psychology of humour. Theoretical perspectives and empirical issues. New York: Academic Press, 1972, pp. 81-100] proposed a two-stage model of humor: detection and resolution of incongruity. Incongruity is generated when a prediction is not...

This paper extends Frank’s (2006) very simple model to analyze the welfare effects of appreciation and depreciation in a world with borrowing, property taxes, and moving costs. It is shown that appreciation can make homeowners worse off but that even when there is a property tax depreciation can not make homeowners who intend to stay in their house worse off. Our model provides a simple framewo...

The appreciation of art normally includes recognition of the artist’s skills in making it. Most people cannot appreciate computer art in that way, because they know little or nothing about coding. Various suggestions are made about how computer artists and/or curators might design and present computer art in such a way as to make the relevant making-skills more intelligible.

Global current account imbalances, more specifically the large deficit in the United States and the surplus in China and some other Asian economies, continue to attract considerable attention both among policy makers and academics. While the academic literature has focused predominantly on the sustainability of the imbalance and on the exchange-rate consequences of its elimination, many policy ...