This paper uses a new data-set for cumulative national investment in formal schooling and a new instrument for schooling to estimate the national return on investment in 61 countries. These estimates are combined with data on the private rate of return on investment in schooling to estimate the external rate of return. In 1990 the external rate of…

This article details the application of an economic theory to the fiscal operation of a small engineering consulting firm. Nobel Prize-winning economist Wassily Leontief developed his general input-output economic theory in the mid-twentieth century to describe the flow of goods and services in the U.S. economy. We use one mathematical model that…

In tasks as diverse as stock market predictions and jury deliberations, a person's feelings of confidence in the appropriateness of different choices often impact that person's final choice. The current study examines the mathematical modeling of confidence calibration in a simple dual-choice task. Experiments are motivated by an accumulator…