Previous research on repeated-play decisions has focused on choices with fungible outcomes. We investigated the perceived fungibility of outcomes over repeated plays of risky prospects in several situations, as well as the relationship between perceived fungibility and preferences for taking risks in those situations. Perceived fungibility varied substantially across participants and situations...

This paper tries to assess to which extent fungibility in sectoral foreign development assistance is something donors should be concerned about. This is done in three steps. First, country specific estimates of the degree of fungibility are obtained. These are then incorporated in a well established empirical aid-growth equation. Third, arguing that the aid-growth relation may not be the releva...

Secondary markets for spectrum trading have been considered an important solution for generating spectrum opportunities in an environment where scarcity is the rule. Nonetheless, an important factor when envisioning a successful spectrum trading environment is to consider how comparable an available frequency is to the frequency an spectrum user prefers. With this aim, we consider the fungibili...

Where Has All the Money Gone? Foreign Aid and the Quest for Growth This paper examines fungibility as a possible explanation for the "missing link" between foreign aid and economic growth. The composition of aid plays a crucial role in determining the composition of government spending and, consequently, the magnitude of fungibility and its impact on growth. Embedding fungibility as an equilibr...

Where Has All the Money Gone? Foreign Aid and the Quest for Growth This paper examines fungibility as a possible explanation for the "missing link" between foreign aid and economic growth. The composition of aid plays a crucial role in determining the composition of government spending and, consequently, the magnitude of fungibility and its impact on growth. Embedding fungibility as an equilibr...

In this appendix, we present the details of the neoclassical model of regulation described in the text (Acemoglu and Finkelstein, 2008). Our approach is based on four simplifying assumptions. The …rst is that hospitals maximize pro…ts. Clearly, non-pro…t or public hospitals have other objectives as well, but starting with the pro…t-maximizing case is a useful benchmark. It is also consistent wi...

The fungibility of money, along with its function as a medium of exchange, gives monetary transactions pride of place in neoclassical theories of economics. However, a growing number of laboratory studies and anecdotal field evidence (appealing to theories of mental accounting) have shown that consumers’ willingness to spend an additional unit of wealth depends upon the sources and categories o...