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Empirical research shows that individuals' responses to treatments vary along latent characteristics, such as innate ability or motivation. Therefore, a policymaker seeking to maximize welfare may consider designing policies based on…
We consider a simple theoretical model to investigate the impact of inheritances on the wealth distribution. Wealth is described as a finite resource, which remains constant over different generations and is divided equally among offspring.…
Credibly assessing the resilience of energy infrastructure in the face of natural disasters is a salient concern facing researchers, government officials, and community members. Here, we explore the influence of the spatial distribution of…
Previous studies show that natural disasters decelerate economic growth, and more so in countries with lower financial development. We confirm these results with more recent data. We are the first to show that fiscal stability reduces the…
Innovation records often exhibit "hockey-stick" patterns of abrupt, near-singular growth at the collective level. However, this macroscopic explosiveness stands in stark contrast to individual discovery, which remains bounded by cognitive…
The relationships between diversity, productivity and scale determine much of the structure and robustness of complex biological and social systems. While arguments for the link between specialization and productivity are common, diversity…
The article examines how institutions, automation, unemployment and income distribution interact in the context of a neoclassical growth model where profits are interpreted as a surplus over costs of production. Adjusting the model to the…
I devise a novel approach to evaluate the effectiveness of fiscal policy in the short run with multi-category treatment effects and inverse probability weighting based on the potential outcome framework. This study's main contribution to…
Recent results on the non-universality of fault-tolerant gate sets underline the critical role of resource states, such as magic states, to power scalable, universal quantum computation. Here we develop a resource theory, analogous to the…
For centuries, national economies created wealth by engaging in international trade and production. The resulting international supply networks not only increase wealth for countries, but also create systemic risk: economic shocks,…
This paper presents a physical perspective on the human migration phenomenon claiming that human social behaviors are somehow but not completely inspired by nature. Human displacement or migration in the world is highly affected by…
This study applies Multiscale Geographically Weighted Regression (MGWR) to examine the spatial determinants of household wealth in Bernalillo County, New Mexico. The model incorporates sociodemographic, environmental, and proximity-based…
When the traded energy and reserve products between zones are co-allocated to optimize the infrastructure usage, both deterministic and stochastic flows have to be accounted for on interconnector lines. We focus on allocation models, which…
Facing a heavy task, any single person can only make a limited contribution and team cooperation is needed. As one enjoys the benefit of the public goods, the potential benefits of the project are not always maximized and may be partly…
Our primary aim is to find an estimate of the expected shortfall in various situations: (1) Nonparametric situation, when the probability distribution of the incurred loss is unknown, only satisfying some general conditions. Then, following…
Existing research argues that countries increase their production basket by adding products which require similar capabilities to those they already produce, a process referred to as path dependency. Green economic growth is a global…
Labor market institutions are central for modern economies, and their polices can directly affect unemployment rates and economic growth. At the individual level, unemployment often has a detrimental impact on people's well-being and…
The statistics of natural catastrophes contains very counter-intuitive results. Using earthquakes as a working example, we show that the energy radiated by such events follows a power-law or Pareto distribution. This means, in theory, that…
Economists, historians, and social scientists have long debated how open-access areas, frontier regions, and customary landholding regimes came to be enclosed or otherwise transformed into private property. This paper analyzes decentralized…
From an economic point of view, a common criterion for assessing the merits of a reserve investment is its impacts on social welfare. The underlying assumption in using this criterion is that side payments may be used to distribute the…