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The basic paradigm of asset pricing is in vibrant f lux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both risk and misvaluation. This survey sketches a framework for understanding decision biases, evaluates the a priori arguments(More)
Although conventional economic theory proposes that only the absolute levels of income and consumption matter for people's utility, there is much evidence that relative concerns are often important. This paper uses a survey-experimental method to measure people's perceptions of the degree to which such concerns matter, i.e. the degree of positionality.(More)
In recent years, researchers have used taxation statistics to estimate the share of total income held by the richest groups, such as the top 10% or the top 1%. Compiling a standardised top income shares dataset for thirteen developed countries, I find that there is a strong and significant relationship between top income shares and broader inequality(More)
Jessica Smith and Carla Medalia prepared this report under the direction of Marina Vornovitsky, Chief of the Health and Disability Statistics Branch. of the American Community Survey Office oversaw the data collection including content, group quarters, and mail and automated collection. Arumugam Sutha of the Decennial Information Technology Division(More)
A bench-scale anaerobic membrane bioreactor (AnMBR) equipped with submerged flat-sheet microfiltration membranes was operated at psychrophilic temperature (15 °C) treating simulated and actual domestic wastewater (DWW). Chemical oxygen demand (COD) removal during simulated DWW operation averaged 92 ± 5% corresponding to an average permeate COD of 36 ± 21(More)
There has been a widely held belief that people with autism spectrum disorders lack empathy. This article examines the empathy imbalance hypothesis (EIH) of autism. According to this account, people with autism have a deficit of cognitive empathy but a surfeit of emotional empathy. The behavioral characteristics of autism might be generated by this(More)
What is the role of firms and markets in mediating the division of labor? This paper uses confidential microdata from the Census of Services to examine law firms' boundaries. We first examine how the specialization of lawyers and firms increases as lawyers' returns to specialization increase. In fields where lawyers increasingly specialize with market size,(More)