_In this paper we analyze a class of endogenous growth models with physical and human capital and with three altematives uses of time: unqualified leisure, work and education. In contrast to some other related models, we find that, even in the absence of technological extemalities, there could be multiple balanced paths. We provide a characterization of the qualitative behavior of consumption, leísure, work and education over those balanced paths, and study their transitional dynamics.·Santos,

Many consumers post on-line reviews, affecting the average evaluation of products and services.Yet, little is known about the importance of the number of reviews for consumer decision making. We conducted an on-line experiment (n=168) to assess the joint impact of the average evaluation, a measure of quality, and the number of reviews, a measure of popularity, on hotel preference. The results show that consumers' preference increases with the number of reviews, independently of the average evaluation being high or low. This is not what one would expect from an informational point of view, and review websites fail to take this pattern into account. This novel result is mediated by demographics: young people, and in particular young males, are less affected by popularity, relying more on quality. We suggest the adoption of appropriate ranking mechanisms to fit consumer preferences. INTRODUCTIONThe way in which both software developers and consumers use the Internet is continuously changing towards an increasing management of user-generated content. This "collaborative" vision of the web, promoting a place where users can interact and share information, was coined about a decade ago with the term Web 2.0. Examples of Web 2.0 include social networks, video-sharing sites, fora, wikis, blogs, and other sites managing user-generated information. In this dynamic world of on-line marketing, the traditional influence of word-of-mouth has been fiercely amplified by the impressions from consumers posting their experience with products and services in social media websites.Since Amazon.com Inc. started posting customer ratings and product reviews in 1995, most on-line businesses have realized that allowing customers to post reviews can increase sales and help suppliers 2 identify problems with their products and services. These information tools are being used by consumers who increasingly search and read comments and reviews from peers, facilitating choices and purchase decisions. In its last Trust Barometer 2013, the public-relations firm Edelman asked survey respondents across 20 countries how credible the information about a company was, depending on the informer. A total of 61% of respondents attributed high credibility to "a person like yourself", compared to only 49% to "regular employees" and 40% to "the company's CEO". A previous survey conducted in 2011 by the public-relations firm Weber Shandwick, found that traditional word-of-mouth (88%) and on-line reviews (83%) ranked as top factors, being "very" or "somewhat" influential on consumer perceptions about companies.Within the service sector, travel is one of the fastest growing industries in e-commerce spending.ComScore Inc, a global research firm that tracks on-line traffic, reported that the travel category attracted 124 million visitors in January 2012, with an increase of 8% with respect to the previous year.All the above phenomena combine in the form of travel review websites, revolutionizing the manner in which word-of-mouth opinions and recommendati...

_This paper presents an account of the dynamics of endogenous growth models with physical capital and human capital. We consider some important extensions of the basic framework of Lucas (1988) and Uzawa (1964), including physical capital in the human capital technology and leisure activities as an additional argument of agents' welfare.

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In this study, we address an important issue largely ignored in existing diffusion research-the simultaneous diffusion of related (here, complementary) products across multiple interacting countries. In doing so, we demonstrate that incorporating prior diffusion of complementary products in an international framework leads to an enhanced substantive understanding of the evolution of crosscountry diffusion. The limited prior research on cross-product interactions has focused exclusively on a single country. We extend this research by building a more complete view of the role that prior diffusion of two interacting technologies play both within as well as across countries. Specifically, we decompose-on a country-by-country basis-the impact of three factors on the diffusion of any product: (a) prior diffusion of the product within each country, (b) prior diffusion of the same product in other counties, and (c) prior diffusion of a related product. This decomposition leads to a number of important strategic insights. We estimate and graph the three effects over time for each product and country using a comprehensive data set that covers the diffusion of PCs and the Internet over two decades-from 1981 to 2009-and across 19 countries. There are a number of interesting findings. First, we find that home PC diffusion was driven predominantly by local effects-the more individuals saw the penetration of home PCs grow locally, the greater the likelihood of adoption. Second, we find very different effects for the Internet-Internet adoption was driven by a combination of influences: (a) local network effects, (b) foreign network effects, and (c) cross-product effects. These results suggest that diffusion of one product can facilitate the diffusion of another product and that the impact can be asymmetric across products. When taken in aggregate, these results highlight the importance of incorporating and estimating cross-product effects in a multi-market new product diffusion context-one is able to obtain a more complete view of the impact of strategic decisions within a general diffusion process in markets that develop and evolve dynamically over time.