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Oxford Economic Papers

Oxford Economic Papers OXFORD ECONOMIC PAPERS, of which eight numbers appeared at irregular intervals between 1938 and 1947, became a periodical in 1949 and is now published four times a year in January, April, July and October. Oxford Economic Papers Advanced Access contains papers that have reached corrected proof Managing Editors: J. Forder F. J. Teal stage, but have not yet been included within an issue. Advanced Access is updated weekly. Associate Editors SUBSCRIPTION RATES FOR 2018 INDIVIDUALS: £80 UK rest of world, E119 Europe; US$149. Single issues £25 UK rest of world, E37 A. Banerjee A. Beggs A. Chawluk K. Mayhew Europe; US$47. R. Minetti F. Zanetti INSTITUTIONS: £473 UK rest of world, E706 Europe; US$885. Single issues £136 UK, E203 Europe; US$255. Editorial Board ONLINE ONLY: £360 UK rest of world, E537 Europe; US$673. J. Abeler C. Adam A. Adams G. Ascari M. Ballester PRINT ONLY: £436 UK rest of world, E651 Europe; US$815. V. Berenguer-Rico C. Bliss S. Broadberry S. Cowan Please note: US$ rate applies to US & Canada, Euros applies to Europe, UK£ applies to UK and Rest V. Crawford S. Dercon J. Duffy P. Eso A. Ferrero of World. D. Gill S. Hansen Y. Heller D. Hendry D. Huffman Keep up-to-date with the latest contents of Oxford Economic Papers by registering for our email alerting B. Javorcik W. Kets A. Kock S. Mavroeidis M. McMahon service at https://academic.oup.com/my-account/email-alerts (this service is freely available to all, no subscription required). I. Moreno de Barreda K. O’Rourke Oxford Economic Papers (ISSN 0030-7653) is published quarterly in January, April, July and October A. Parakhonyak C. Quintana-Domeque F. Rauch by Oxford University Press, Oxford, UK. Oxford Economic Papers is distributed by Mercury Media P. Sedlacek H. Smith M. Stevens R. van der Ploeg D. Vines Processing, 187 E. Albert St., Rahway, NJ 07065, USA. Periodicals postage paid at Rahway, New Jersey and at additional entry points. Submissions to Oxford Economic Papers US POSTMASTER: send address changes to Oxford Economic Papers c/o Mercury International, 187 E. Albert St., Rahway, NJ 07065, USA. 1. Oxford Economic Papers is a general journal publishing papers in a wide range Please add sales tax to prices quoted. All prices include postage and for subscribers outside the USA of areas in theoretical and applied economics. We occasionally publish survey delivery is by standard air. Orders should be sent to Journals Subscriptions, Great Clarendon Street, articles in addition to original papers. Books are not reviewed, but substantial Oxford OX2 6DP. Tel: þ44(0)1865 353907, Fax: þ44(0)1865 353485, E-mail: jnl.cust.serv@oup.com. In review articles will be considered. Japan, please contact: Journals Customer Services, Oxford Journals, Oxford University Press, 4-5-10-8F, 2. Submitted manuscripts must be original, unpublished contributions. They Shiba, Minato-ku, Tokyo, 1088386, Japan. Tel: (03) 5444 5858, Fax: (03) 3454 2929, E-mail: custserv.jp@ oup.com. must not be concurrently on offer to any other publication. 3. New papers can be submitted online at www.editorialmanager.com/oep. METHODS OF PAYMENT A more detailed guide for submitting papers can found there or authors can Payment should be made: (i) Cheque (payable to Oxford University Press, to Oxford University Press, contact the OEP office for information. Cashiers Office, Great Clarendon Street, Oxford OX2 6DP, UK) in GB£ Sterling (drawn on a UK bank), 4. An abstract of strictly 150 words or less must accompany the paper. US$ Dollars (drawn on a US bank), or EUE Euros. (ii) Bank transfer to Barclays Bank Plc, Oxford Group Office, Oxford (bank sort code 20-65-18) (UK), overseas only Swift code BARC GB 22 5. All correspondence dealing with submissions should be sent to: (GB£ Sterling to account no. 70299332, IBAN GB89BARC20651870299332; US$ Dollars to account no. 66014600, IBAN GB27BARC20651866014600; EUE Euros to account no. 78923655, IBAN GB16BARC20651878923655). (iii) Credit card (Mastercard, Visa, Switch or American Express). Department of Economics OXFORD JOURNALS ENVIRONMENTAL AND ETHICAL POLICIES University of Oxford Oxford Journals, a division of Oxford University Press, is committed to working with the global Manor Road Building community to bring the highest quality research to the widest possible audience. Oxford Journals Manor Road will protect the environment by implementing environmentally friendly policies and practices wherever Oxford OX1 3UQ possible. Please see https://academic.oup.com/journals/pages/about_us/ethical_policies for further oep@economics.ox.ac.uk information on environmental and ethical policies. Tel: +44 (0)1865 271 083 DOIs For information about DOIs and to resolve them, please visit http://doi.org/index.html Correspondence regarding subscriptions and copyright should be addressed to BACK ISSUES the publishers. The current year and two previous years’ issues are available from Oxford Journals. Previous volumes can be obtained from the Periodicals Service Company at http://www.periodicals.com/oxford.html or Periodicals Service Company, 11 Main Street, Germantown, NY 12526, USA. E-mail: psc@ periodicals.com. Tel: (518) 537-4700. Fax: (518) 537-5899. ADVERTISING Advertising is welcomed. Advertising, inserts and artwork enquiries should be addressed to Advertising and Special Sales, Oxford Journals, Oxford University Press, Great Clarendon Street, Oxford, OX2 6DP, UK. Tel: þ44 (0)1865 354767; Fax: þ44 (0)1865 353774. Email: jnlsadvertising@oup.com Oxford Economic Papers is typeset by Cenveo Publisher Services, Bangalore, India and printed by Bell & Bain Ltd., Glasgow, UK. # Oxford University Press 2018. All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers, or a licence permitting restricted copying issued in the UK by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1P 9HE, or in the USA by the Copyright Clearance Center, 27 Congress Street, Salem, Mass 01970. oxford is a trade mark of Oxford University Press Downloaded from https://academic.oup.com/oep/article-abstract/70/1/ii/4762423 by Ed 'DeepDyve' Gillespie user on 16 March 2018 O OEP 70(1)Cover.indd 2 EP 70(1)Cover.indd 2 1 13-12-2017 19:53:03 3-12-2017 19:53:03 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Oxford Economic Papers Oxford University Press

Oxford Economic Papers

Oxford Economic Papers , Volume 70 (1) – Jan 1, 2018

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Publisher
Oxford University Press
Copyright
© Oxford University Press. 2017 All rights reserved
ISSN
0030-7653
eISSN
1464-3812
DOI
10.1093/oep/gpx060
Publisher site
See Article on Publisher Site

Abstract

OXFORD ECONOMIC PAPERS, of which eight numbers appeared at irregular intervals between 1938 and 1947, became a periodical in 1949 and is now published four times a year in January, April, July and October. Oxford Economic Papers Advanced Access contains papers that have reached corrected proof Managing Editors: J. Forder F. J. Teal stage, but have not yet been included within an issue. Advanced Access is updated weekly. Associate Editors SUBSCRIPTION RATES FOR 2018 INDIVIDUALS: £80 UK rest of world, E119 Europe; US$149. Single issues £25 UK rest of world, E37 A. Banerjee A. Beggs A. Chawluk K. Mayhew Europe; US$47. R. Minetti F. Zanetti INSTITUTIONS: £473 UK rest of world, E706 Europe; US$885. Single issues £136 UK, E203 Europe; US$255. Editorial Board ONLINE ONLY: £360 UK rest of world, E537 Europe; US$673. J. Abeler C. Adam A. Adams G. Ascari M. Ballester PRINT ONLY: £436 UK rest of world, E651 Europe; US$815. V. Berenguer-Rico C. Bliss S. Broadberry S. Cowan Please note: US$ rate applies to US & Canada, Euros applies to Europe, UK£ applies to UK and Rest V. Crawford S. Dercon J. Duffy P. Eso A. Ferrero of World. D. Gill S. Hansen Y. Heller D. Hendry D. Huffman Keep up-to-date with the latest contents of Oxford Economic Papers by registering for our email alerting B. Javorcik W. Kets A. Kock S. Mavroeidis M. McMahon service at https://academic.oup.com/my-account/email-alerts (this service is freely available to all, no subscription required). I. Moreno de Barreda K. O’Rourke Oxford Economic Papers (ISSN 0030-7653) is published quarterly in January, April, July and October A. Parakhonyak C. Quintana-Domeque F. Rauch by Oxford University Press, Oxford, UK. Oxford Economic Papers is distributed by Mercury Media P. Sedlacek H. Smith M. Stevens R. van der Ploeg D. Vines Processing, 187 E. Albert St., Rahway, NJ 07065, USA. Periodicals postage paid at Rahway, New Jersey and at additional entry points. Submissions to Oxford Economic Papers US POSTMASTER: send address changes to Oxford Economic Papers c/o Mercury International, 187 E. Albert St., Rahway, NJ 07065, USA. 1. Oxford Economic Papers is a general journal publishing papers in a wide range Please add sales tax to prices quoted. All prices include postage and for subscribers outside the USA of areas in theoretical and applied economics. We occasionally publish survey delivery is by standard air. Orders should be sent to Journals Subscriptions, Great Clarendon Street, articles in addition to original papers. Books are not reviewed, but substantial Oxford OX2 6DP. Tel: þ44(0)1865 353907, Fax: þ44(0)1865 353485, E-mail: jnl.cust.serv@oup.com. In review articles will be considered. Japan, please contact: Journals Customer Services, Oxford Journals, Oxford University Press, 4-5-10-8F, 2. Submitted manuscripts must be original, unpublished contributions. They Shiba, Minato-ku, Tokyo, 1088386, Japan. Tel: (03) 5444 5858, Fax: (03) 3454 2929, E-mail: custserv.jp@ oup.com. must not be concurrently on offer to any other publication. 3. New papers can be submitted online at www.editorialmanager.com/oep. METHODS OF PAYMENT A more detailed guide for submitting papers can found there or authors can Payment should be made: (i) Cheque (payable to Oxford University Press, to Oxford University Press, contact the OEP office for information. Cashiers Office, Great Clarendon Street, Oxford OX2 6DP, UK) in GB£ Sterling (drawn on a UK bank), 4. An abstract of strictly 150 words or less must accompany the paper. US$ Dollars (drawn on a US bank), or EUE Euros. (ii) Bank transfer to Barclays Bank Plc, Oxford Group Office, Oxford (bank sort code 20-65-18) (UK), overseas only Swift code BARC GB 22 5. All correspondence dealing with submissions should be sent to: (GB£ Sterling to account no. 70299332, IBAN GB89BARC20651870299332; US$ Dollars to account no. 66014600, IBAN GB27BARC20651866014600; EUE Euros to account no. 78923655, IBAN GB16BARC20651878923655). (iii) Credit card (Mastercard, Visa, Switch or American Express). Department of Economics OXFORD JOURNALS ENVIRONMENTAL AND ETHICAL POLICIES University of Oxford Oxford Journals, a division of Oxford University Press, is committed to working with the global Manor Road Building community to bring the highest quality research to the widest possible audience. Oxford Journals Manor Road will protect the environment by implementing environmentally friendly policies and practices wherever Oxford OX1 3UQ possible. Please see https://academic.oup.com/journals/pages/about_us/ethical_policies for further oep@economics.ox.ac.uk information on environmental and ethical policies. Tel: +44 (0)1865 271 083 DOIs For information about DOIs and to resolve them, please visit http://doi.org/index.html Correspondence regarding subscriptions and copyright should be addressed to BACK ISSUES the publishers. The current year and two previous years’ issues are available from Oxford Journals. Previous volumes can be obtained from the Periodicals Service Company at http://www.periodicals.com/oxford.html or Periodicals Service Company, 11 Main Street, Germantown, NY 12526, USA. E-mail: psc@ periodicals.com. Tel: (518) 537-4700. Fax: (518) 537-5899. ADVERTISING Advertising is welcomed. Advertising, inserts and artwork enquiries should be addressed to Advertising and Special Sales, Oxford Journals, Oxford University Press, Great Clarendon Street, Oxford, OX2 6DP, UK. Tel: þ44 (0)1865 354767; Fax: þ44 (0)1865 353774. Email: jnlsadvertising@oup.com Oxford Economic Papers is typeset by Cenveo Publisher Services, Bangalore, India and printed by Bell & Bain Ltd., Glasgow, UK. # Oxford University Press 2018. All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers, or a licence permitting restricted copying issued in the UK by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1P 9HE, or in the USA by the Copyright Clearance Center, 27 Congress Street, Salem, Mass 01970. oxford is a trade mark of Oxford University Press Downloaded from https://academic.oup.com/oep/article-abstract/70/1/ii/4762423 by Ed 'DeepDyve' Gillespie user on 16 March 2018 O OEP 70(1)Cover.indd 2 EP 70(1)Cover.indd 2 1 13-12-2017 19:53:03 3-12-2017 19:53:03

Journal

Oxford Economic PapersOxford University Press

Published: Jan 1, 2018

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