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HOUSING PRICES HAVE risen by about 50 percent in the past five years, and more than 100 percent in some hot markets. Many knowledgeable observers believe that the United States is in the midst of a speculative bubble in residential real estate prices that rivals the dot-com bubble of the 1990s and that will have a similarly unhappy conclusion. In December(More)
S emiconductor design is a frequently cited example of the new wave of off-shoring of service sector jobs. 1 It is certainly a concern to U.S. design engineers themselves. 2 The semiconductor industry already has rich experience with the offshoring of manufacturing activity. Semiconductor (or chip) companies were among the first to invest in offshore(More)
W e find that experienced poker players typically change their style of play after winning or losing a big pot—most notably, playing less cautiously after a big loss, evidently hoping for lucky cards that will erase their loss. This finding is consistent with Kahneman and Tversky's (Kahneman, D., A. Tversky. 1979. Prospect theory: An analysis of decision(More)
Draft for internal distribution and comments; do not quote or cite without permission.. as well as participants at the 2005 Brookings Trade Forum on Offshoring of White-Collar Work, the Berkeley Innovation Seminar, and the Doshisha ITEC seminar series provided thoughtful discussions that improved the paper. We are especially grateful to Gail Pesyna at the(More)
Verbrugge (2008a) demonstrated that housing rents and ex ante user costs diverge markedly for extended periods of time, a finding with profound implications for income and inflation measurement. But the primary data sources in that study were various indexes, based upon largely disjoint data sources, constructed using different aggregation techniques, and(More)