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Evolution is shaping the world around us. At the core of every evolutionary process is a population of reproducing individuals. The outcome of an evolutionary process depends on population structure. Here we provide a general formula for calculating evolutionary dynamics in a wide class of structured populations. This class includes the recently introduced(More)
This paper studies the role of speculation in amplifying housing cycles. Speculation is easier in the land market than in the housing market due to rental frictions. Therefore , speculation amplifies house price booms the most in cities with ample undeveloped land. This observation reverses the standard intuition that cities where construction is easier(More)
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