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This paper reports nonparametric estimates of the effect of labor supply
behavior on the payments to families enrolled in the Seattle/Denver Income
Maintenance Experiment. The randomized assignment of families to the
treatment groups in this experiment was designed to permit…

Unlike existing models which rely heavily on assumptions regarding unions’
distributional preferences, we present a very simple model in which union
seniority-layoff rules and rising seniority-wage profiles result from
optimal price discrimination against the firm. Surprisingly, even when
cash transfers…

A model of unemployment duration is estimated with weekly micro
data on a sample of Canadian men during the 1975 through 1980 period.
Entitlement provisions in the unemployment insurance program and demand
conditions are found to have a significant impact…

This paper presents new evidence on the reasons for the recent decline in
the fraction of unemployed workers who receive unemployment insurance benefits.
Using samples of unemployed workers from the March Current Population Survey,
we estimate the fraction of unemployed…

This paper analyzes the role of liquidity constraints in the formation of new
entrepreneurial enterprises. The basic empirical strategy is to determine whether an
individual's wealth affects the probability of becoming an entrepreneur, and the conditional
amounts of depreciable assets…

This paper examines evidence on the effect of class size on student achievement. First, it is
shown that results of quantitative summaries of the literature, such as Hanushek (1997), depend
critically on whether studies are accorded equal weight. Hanushek summarizes…

Who sets CEO pay? Our standard answer to this question has been shaped by principal agent theory:
shareholders set CEO pay. They use pay to limit the moral hazard problem caused by the low ownership
stakes of CEOs. Through bonuses,…

This paper summarizes and tries to reconcile evidence from the microeconometric and empirical
macro growth literatures on the effect of schooling on income and GDP growth. Much
microeconometric evidence suggests that education is an important causal determinant of income
for…

In this paper we take a “market-based” approach to examine whether increased school expenditures
are valued by potential residents and whether the current level of public school provision is inefficient. We
do so by employing an instrumental variables strategy to…