Turnpike theory, discounted utility, and the von Neumann facet

The convergence of infinite optimal paths to stationary optimal paths is proved in models of capital accumulation whose discount factors are near 1, where strict concavity is not required for utility functions and production functions. The critical assumptions are unique support prices for points of the von Neumann facet, where is near 1, a unique optimal stationary stock when is equal to 1, and the absence of cyclic paths on the von Neumann facet when is equal to 1. The results are illustrated in generalizing a model provided by Weitzman and Samuelson.     

‘METALLIC NERVES’: SAN FRANCISCO AND ITS HINTERLAND DURING AND AFTER THE GOLD RUSH

As the gateway to the Californian goldfields, San Francisco experienced a demographic shock that had a lasting impact on its economy. Some writers see San Francisco's growth as having a parasitic influence on the city's hinterland through the anti-competitive behaviour of some corporations and the destruction of natural resources. I argue that San Francisco generated more productive external effects through the formation of human and social capital in the city itself, and by investment in further resource development elsewhere in California.     

INTEGRATING THE HISTORIOGRAPHY OF THE NINETEENTH-CENTURY GOLD RUSHES

In the century preceding World War I, the world experienced a series of gold rushes. The wealth derived from these was distributed widely because of reduced migration costs and low barriers to entry. While gold mining itself was generally unprofitable for diggers and mine owners, the increase in the world's gold supply stimulated global trade and investment. In this introductory article we integrate the histories of migration, trade, colonisation, and environmental history to identify endogenous factors that increased the world's gold supply and generated sustained economic growth in the regions that were affected by gold rushes.     

COHERENCE OF THE KNOWLEDGE BASE AND THE FIRM'S INNOVATIVE PERFORMANCE: EVIDENCE FROM THE U.S. PHARMACEUTICAL INDUSTRY*

We examine the relationship between the coherence of the knowledge base and the innovative performance of U.S. pharmaceutical firms during the 1990's. We develop measures of the coherence and scope of the firms' knowledge base. Count data regression models show a strong link between these two properties and the firms' innovative performance. Firms experience decreasing returns to scale in research but larger firms enjoy a significant size advantage in innovation. Knowledge flows are necessary in knowledge production but not sufficient to secure its quality. Over time, the contribution of the scope and coherence of the knowledge base is increasing.     

Product Innovation and Survival in a High-Tech Industry

We investigate the relationship between product innovation and firm survival for a sample of 121 firms in a high-tech industry. We find that location near the technological frontier is an important determinant of firm survival. Firms that are located near the frontier are also more likely to be acquired than to exit by liquidation if they cannot survive as free-standing enterprises. This suggests that product location in the technology space acts as a signal of firm quality. Greater R&D efforts increase the probability of surviving; in the event that the firm does exit, however, its R&D efforts do not significantly influence whether it exits via acquisition or exits via liquidation.     

Passive Hedge Fund Replication – Beyond the Linear Case

In this paper we extend Hasanhodzic and Lo (2007) by assessing the out‐of‐sample performance of various non‐linear and conditional hedge fund replication models. We find that going beyond the linear case does not necessarily enhance the replication power. On the other hand, we find that selecting factors on the basis on an economic analysis allows for a substantial improvement in out‐of‐sample replication quality, whatever the underlying form of the factor model. Overall, we confirm the findings in Hasanhodzic and Lo (2007) that the performance of the replicating strategies is systematically inferior to that of the actual hedge funds.     

Carcinoid of the intrahepatic ducts

Carcinoid tumors of the biliary tree are rare. To the best of our knowledge, this is the first reported case of an intrahepatic ductal carcinoid and the thirteenth reported case of biliary carcinoid. The radiographic appearance is variable. A brief review of the previously described cases is presented.     

Why did he do that? Using counterfactuals to study the effect of intentions in extensive form games

We investigate the role of intentions in two-player two-stage games. For this purpose we systematically vary the set of opportunity sets the first mover can choose from and study how the second mover reacts not only to opportunities of gains but also of losses created by the choice of the first mover. We find that the possibility of gains for the second mover (generosity) and the risk of losses for the first mover (vulnerability) are important drivers for second mover behavior. On the other hand, efficiency concerns and an aversion against violating trust seem to be far less important motivations. We also find that second movers compare the actual choice of the first mover and the alternative choices that would have been available to him to allocations that involve equal material payoffs.