Anne Case provided particularly helpful and insightful comments which eliminated much confusion. I thank especially Richard Wilkinson, whose work and suggestions have inspired much of this work. Although I have tried to construct a model that captures what seems to me to be the spirit of his ideas, I bear sole responsibility for the results. Helpful… (More)
We present new evidence on the distribution of the ex ante risk premium based on a multi-year survey of Chief Financial Officers (CFOs) of U.S. corporations. We have responses from surveys conducted from the second quarter of 2000 through the second quarter of 2003. We find evidence that the one-year risk premium is highly variable through time, while the… (More)
We describe how episodic illiquidity arises from a breakdown in cooperation between market participants. We first solve a one-period trading game in continuous-time, using an asset pricing equation that accounts for the price impact of trading. Then, in a multi-period framework, we describe an equilibrium in which traders cooperate most of the time through… (More)
We examine the impact of a child-health program on adult living standards by following participants in a deworming program in Kenya that began in 1998. The effective tracking rate was 83% over a decade. Treatment individuals received two to three more years of deworming than the comparison group. Self-reported health, years enrolled in school, and test… (More)
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It is argued that there is a significant class of pipelined large grain data flow computations whose wide area distribution and long running nature suggest a need for fault-tolerance, but for which existing approaches appear either costly or incomplete. This paper presents an approach which exploits limited input from the application layer to implement a… (More)
Preface A prescribed medicine is the most frequent treatment provided for patients in the NHS. Medicines must be prescribed, dispensed and administered safely and effectively. And, equally important, their storage and handling within NHS organisations must be safe, secure and comply with current legislation. Comprehensive guidance on safe and secure… (More)
We evaluate the effects of a large nutrition programme in rural Colombia. The intervention we study is a community nursery programme that provides nutrition and child care for the children of poor households. In the first part of the paper, we use an Instrumental Variable approach to estimate the impacts of the programme on children's nutritional status and… (More)