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This study characterizes optimal policy in an endogenous growth model where heterogeneous individuals choose between entering the workforce as unskilled labor or pursuing education to become skilled. …
Discussion paper
We turn the zero-profit condition that is typically used to determine the number of firms into a game of entry/exit. We assume that identical firms compete in Cournot fashion, and when market …
Discussion paper
Chasing and the house money effect are well-known phenomena in dynamic environments of risky activities such as investment decisions or gambling. Recent studies suggest that such behavior emerges …
Discussion paper