Public infrastructure and private productivity: a stochastic-frontier approach
Time-series data for the private US economy was used to estimate an aggregate production frontier. A negative correlation of estimated technical inefficiency with public capital stock or infrastructure was observed in the study. When a production frontier that includes public-capital variable was estimated, the variable was showed to have no significant effect on private productivity. The results suggested that public capital affected private productivity indirectly by reducing aggregate technical inefficiency rather than by increasing output directly.
Publication Name: Journal of Macroeconomics
Wishes, expectations and actions: a survey on price formation in election stock markets
Research was conducted to examine the evidence derived from field experiments as regards the ability of stockmarkets to efficiently aggregate information and the tendency of biases to influence holdings and prices. Particular focus was made on election stock markets since they can be judged for accuracy against the final election results. Findings indicate that election stock markets perform quite well despite evidence showing that traders behave far less rationally than theory would seem to demand.
Publication Name: Journal of Economic Behavior & Organization
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