Recent empirical studies suggest that social networks, according to which communication takes place, have a significant impact on traders’ financial decisions. Motivated by this evidence, we propose an asset pricing model in which agents communicate information according to a social network. In the proposed model, agents initially have imperfect and diverse information about the asset payoff st...

Although asset policies and programs are seldom linked to wider theoretical debates in social welfare, this paper contends that an understanding of these debates contextualizes asset interventions and clarifies underlying values and ideological beliefs. Contrasting different normative perspectives in contemporary social welfare theory, the paper suggests that developmentalism offers a congenial...

as long as the government in the concept of urban management plays the role of “direct provider” instead of “facilitator” to improve the life’s welfare level and provide a situation for poor societies and particularly informal settlements, its sole result is the increase in the number of open mouths that their dependence on government enlarges per day. therefore the investigation of different g...

In the past two decades poverty focused policy has changed remarkably in the South. This can be summarized as a shift from residual welfare poverty-alleviation strategies, commonly associated with ‘safety nets’, to social protection poverty-reduction policies. The latter in principle has a far broader mandate incorporating risk prevention and mitigation strategies, as well as the perennially ne...

The Bitcoin ecosystem has grown tremendously in recent years. While the main sectors of growth and venture capital funding have been infrastructure for the Bitcoin ecosystem itself as well as financial services, there is also a more recent evolution in sectors beyond financial services. We classify the venture-capital backed start up ecosystem accordingly and present its evolution over time. Th...

Throughout the 1990s and the early 2000s, the Social Security Administration’s publication Income of the Population 55 or Older has reported a decline in the proportion of the elderly receiving asset income and a corresponding rise in the proportion of the elderly receiving all of their income from Social Security. The decrease in receipt of asset income is puzzling because greater numbers of p...

We present a model incorporating both social and economic components, and analyze their interaction. The notion of a social asset, an attribute that has value only because of the social institutions governing society, is introduced. In the basic model, agents match on the basis of income and unproductive attributes. An attribute has value in some equilibrium social institutions (matching patter...

This paper studies the consequences of opening asset markets more often for the properties of asset prices and social welfare. For all reasonable parameter values, increasing trading hours lowers average asset prices, increases unconditional asset price volatility at a given point in time, and decreases unconditional asset price volatility when averaged over the period of time that includes the...