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Human Capital Formation, Life Expectancy, and the Process of Development

By Matteo Cervellati and Uwe Sunde

American Economic Review, December 2005

We provide a unified theory of the transition in income, life expectancy, education, and population size from a nondeveloped environment to sustained growth. Individuals optimally trade off the time cost of education with its lifetime returns. Initially, ...

www.aeaweb.org/articles?id=10.1257/000282805775014380

The Impact of Outsourcing to China on Hong Kong's Labor Market

By Chang-Tai Hsieh and Keong T. Woo

American Economic Review, December 2005

We measure the impact of China's decision to open its economy in 1980 on outsourcing from Hong Kong and the relative demand for less-skilled workers. We show that the relative demand for skilled workers in Hong Kong increased at the same time outsourcing ...

www.aeaweb.org/articles?id=10.1257/000282805775014272

Using Experimental Economics to Measure Social Capital and Predict Financial Decisions

By Dean S. Karlan

American Economic Review, December 2005

Questions remain as to whether results from experimental economics are generalizable to real decisions in nonlaboratory settings. Furthermore, questions persist about whether social capital helps mitigate information asymmetries in credit markets. I exami...

www.aeaweb.org/articles?id=10.1257/000282805775014407

Manufacturer Liability for Harms Caused by Consumers to Others

By Bruce Hay and Kathryn E. Spier

American Economic Review, December 2005

Should the manufacturer of a product be held legally responsible when a consumer, while using the product, harms someone else? We show that if consumers have deep pockets, then manufacturer liability is not desirable. If homogeneous consumers have limited...

www.aeaweb.org/articles?id=10.1257/000282805775014416

Are Banks Really Special? New Evidence from the FDIC-Induced Failure of Healthy Banks

By Adam B. Ashcraft

American Economic Review, December 2005

Recent bank failures are followed by significant and permanent negative declines in real county income. These declines are larger for small failures than for large failures per dollar of assets, are larger for bank failures than thrift failures, and are l...

www.aeaweb.org/articles?id=10.1257/000282805775014326

Bubbles and Experience: An Experiment

By Martin Dufwenberg, Tobias Lindqvist, and Evan Moore

American Economic Review, December 2005

We investigate the occurrence of bubble-crash pricing patterns in laboratory financial markets with a mixture of experienced and inexperienced traders. We find that even with a minority of experienced traders, bubbles are substantially abated.

www.aeaweb.org/articles?id=10.1257/000282805775014362

Does Increasing Women's Schooling Raise the Schooling of the Next Generation? Comment

By Kate L. Antonovics and Arthur S. Goldberger

American Economic Review, December 2005

"Does increasing women's schooling raise the schooling of the next generation?" is the question posed by Jere R. Behrman and Mark R. Rosenzweig (2002). Their answer to the question is no. In fact, they conclude that raising women's schooling may lower the...

www.aeaweb.org/articles?id=10.1257/000282805775014353

Does Increasing Women's Schooling Raise the Schooling of the Next Generation? Reply

By Jere R. Behrman and Mark R. Rosenzweig

American Economic Review, December 2005

We reassess the empirical robustness of the empirical findings in Jere R. Berhman and Mark R. Rosenzweig (2002) using new information on schooling which was collected and coded independently of codings carried out by both Kate Antonovics and Arthur Goldbe...

www.aeaweb.org/articles?id=10.1257/000282805775014263