|
on Business Economics |
| By: | Trifkovi? Neda |
| Abstract: | The purpose of this paper is to investigate the scope for international private standards to play a role in reducing business risk. Business risk is measured as variability in revenue, customer base, informal payments, and temporary firm closure.The results show lower levels of business risk among certified firms, especially for firms in the middle deciles of the risk distribution. Certification also correlates negatively with risk-reduction for technologically advanced firms, as well as firms located in rural areas and northern provinces of Viet Nam.The results suggest that firms could find protection from business downsides by investing in quality management tools. |
| Keywords: | SMEs,Certification,Firm behaviour,Risk,Business |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-80&r=all |
| By: | Valentin Zelenyuk (School of Economics and Centre for Efficiency and Productivity Analysis (CEPA) at The University of Queensland, Australia) |
| Abstract: | Here we consider various cases where researchers are interested in measuring aggregate efficiency or productivity levels or their changes for a group of decision making units. These could be entire industry composed of individual firms, banks, hospitals, or a region composed of sub-regions or countries, or particular sub-groups of these units within a group, e.g., sub-groups of public vs. private or regulated vs. non-regulated firms, banks or hospitals within the same industry, etc. Such analysis requires solutions to the aggregation problem some theoretically justified approaches that can connect individual measures to aggregate measures. Various solutions are offered in the literature and our goal is to try to coherently summarize at least some of them in this chapter. This material should be interesting not only for theorists but also (and perhaps more so) for applied researchers, as it provides exact formulas and intuitive explanations for various measures of group efficiency, group scale elasticity and group productivity indexes and refers to original papers for more details. |
| Keywords: | Efficiency, Productivity, Aggregation, Industry Efficiency, Duality. |
| JEL: | D24 C43 L25 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uqcepa:136&r=all |
| By: | Ost, Ben (University of Illinois–Chicago); Pan, Weixiang (Georgia State University); Webber, Douglas (Federal Reserve Bank of Philadelphia) |
| Abstract: | We examine how a student’s major and the institution attended contribute to the labor market outcomes of young graduates. Administrative panel data that combine student transcripts with matched employer-employee records allow us to provide the first decomposition of premia into individual and firm-specific components. We find that both major and institutional premia are more strongly related to the firm-specific component of wages than the individual-specific component of wages. On average, a student’s major is a more important predictor of future wages than the selectivity of the institution attended, but major premia (and their relative ranking) can differ substantially across institutions, suggesting the importance of program-level data for prospective students and their parents. |
| Keywords: | college quality; returns to major; firm-specific premium |
| JEL: | I23 I24 |
| Date: | 2019–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:19-24&r=all |
| By: | Mustafa Akay; Doruk Kucuksarac; Muhammed Hasan Yilmaz |
| Abstract: | [EN] The increasing share of foreign currency debt in emerging market corporates has drawn attention in the last years. Therefore, containing FX risk of the corporates has become a priority for emerging markets. In this regard, the use of FX derivatives is one of the most commonly used solutions to hedge against FX risk. However, there seems to be substantial heterogeneity across the corporates in terms of derivative use. Therefore, understanding which corporates are more likely to engage in FX derivatives is crucial in terms of policy design. This study aims to determine firm-specific factors for derivative use of the nonfinancial firms quoted in Borsa Istanbul (BIST). The descriptive findings show that off-balance sheet accounts driven by FX derivatives have increased as well as on-balance sheet FX short position, which indicates that some of the Turkish nonfinancial firms engage in hedging activities. The study also employs a probit model for the identification of common characteristics of non-financial firms which use FX derivative instruments. It is found that firms with larger size and higher leverage ratios tend to utilize FX derivatives more whereas the firms with considerably ample liquidity buffers and higher tangible assets tend to use fewer FX derivatives. Then, we investigate the extent of derivative use with fixed effects panel regressions. The results show that firm size, tangibility ratio and degree of internationalization are found to be significant determinants of the extent of derivative use. [TR] Gelismekte olan ulke (GOU) firmalarinin doviz borclulugundaki son yillardaki artis dikkat ceken seviyelere gelmistir. Bu nedenle, firmalarin doviz kuru riskini azaltmak gelismekte olan ulkeler acisindan oncelik haline gelmistir. Bu baglamda, doviz kuru uzerine yazilmis turev araclarin (doviz turev) kullanilmasi, en yaygin yontemlerden biri olarak on plana cikmaktadir. Bununla birlikte, turev arac kullanimi acisindan firmalar arasinda heterojenlik gozlenmektedir. Bu nedenle, hangi tip firmalarin doviz turev araclarini kullandiginin ve kullanim tutarinda belirleyici olan unsurlarin anlasilmasi politika tasarimi acisindan onem tasimaktadir. Bu calismada, Borsa Istanbul'da (BIST) islem goren finansal kesim disi firmalarin turev kullaniminda belirleyici olan unsurlar incelenmektedir. Tanimlayici bulgular, doviz turev araclari tarafindan kaynaklanan bilanco disi pozisyonun, bilanco ici doviz acik pozisyonunu ile beraber arttigini gostermektedir. Bu durum, bazi firmalarin riskten korunma faaliyetlerinde bulunduguna isaret etmektedir. Calismada ayrica doviz turev araclari kullanan finansal kesim disi firmalarin ortak ozelliklerinin belirlenmesi icin kullanilan probit model sonuclari, buyuk firmalarin veya yuksek kaldirac oranlarina sahip firmalarin doviz turev araclarini daha fazla kullanma egiliminde oldugunu, ancak yuksek likidite tamponu ve maddi varliga sahip firmalarin ise daha az doviz turev araci kullanma egiliminde oldugunu gostermektedir. Son olarak, turev kullanim hacmi sabit etkiler panel regresyonlari ile incelenmis olup sonuclar, firma buyuklugunun, maddi duran varlik oraninin ve operasyonel anlamda uluslararasilasma derecesinin turev kullanim hacminde belirleyici oldugunu gostermektedir. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:econot:1908&r=all |
| By: | Ibrahim Yarba; Zehra Nuray Guner |
| Abstract: | This paper investigates the impact of macroprudential policies and uncertainty of economic environment on corporate leverage dynamics over the last decade. This is the first study to investigate the impact of macroprudential policies and uncertainty on leverage dynamics of Turkish non-financial firms using firm-level data. We argue in this paper that persistence of uncertainty should be a more appropriate factor affecting credit dynamics rather than uncertainty. In that sense, we construct a measure of uncertainty by using principal component analysis and a measure of persistence of uncertainty for Turkey. Results from the dynamic panel models with a large set of control variables, provide significant evidence in support of the argument that leverage decisions are affected from the persistence of uncertainty rather than the uncertainty itself. Moreover, both the share of the financial debt in total liabilities and the leverage of Turkish non-financial firms decrease significantly when uncertainty increases persistently and when macroprudential policy tools are tightened. Most strikingly, this is the case only for Small and Medium-Sized Enterprises but not for large firms. |
| Keywords: | Leverage dynamics, Macroprudential policy, Uncertainty, Persistence of uncertainty, Dynamic panel regressions |
| JEL: | C23 D22 D81 G18 G32 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1910&r=all |
| By: | Matthias Hunold; Johannes Muthers |
| Abstract: | We characterize mixed-strategy equilibria when capacity constrained suppliers can charge location-based prices to different customers. We establish an equilibrium with prices that weakly increase in the costs of supplying a customer. Despite prices above costs and excess capacities, each supplier exclusively serves its home market in equilibrium. Competition yields volatile market shares and an inefficient allocation of customers to firms. Even ex-post cross-supplies may restore efficiency only partly. We show that consumers may benefit from price discrimination whereas the the firms make the same profits as with uniform pricing. We use our findings to discuss recent competition policy cases and provide hints for a more refined coordinated-effects analysis. JEL classification: |
| Keywords: | Bertrand-Edgeworth, capacity constraints, inefficient competition, spatial price discrimination, subcontracting, transport costs |
| JEL: | L11 L41 L61 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:jku:econwp:2019_12&r=all |
| By: | Alberto Bailin Rivares; Peter Gal; Valentine Millot; Stéphane Sorbe |
| Abstract: | This paper uses a novel empirical approach to assess if the development of online platforms affects the productivity of service firms. We build a proxy measure of platform use across four industries (hotels, restaurants, taxis and retail trade) and ten OECD countries using internet search data from Google Trends, which we link to firm-level data on productivity in these industries. We find that platform development supports the productivity of the average incumbent service firm and also stimulates labour reallocation towards more productive firms in these industries. This may notably reflect that platforms’ user review and rating systems reduce information asymmetries between consumers and service providers, enhancing competition between providers. The effects depend on platform type. “Aggregator” platforms that connect incumbent service providers to consumers tend to push up the productivity of incumbents, while more disruptive platforms that enable new types of providers to compete with them (e.g. home sharing, ride hailing) have on average no significant effect on it. Consistent with this, we find that different platform types affect differently the profits, mark-ups, employment and wages of incumbent service firms. Finally, the productivity gains from platforms are lower when a platform is persistently dominant on its market, suggesting that the contestability of platform markets should be promoted. |
| Keywords: | competition, digital, google trends, platforms, productivity, services, user rating |
| JEL: | D24 L13 L80 O33 |
| Date: | 2019–05–21 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1548-en&r=all |
| By: | Oguzhan Cepni (Central Bank of the Republic of Turkey, Haci Bayram Mah. Istiklal Cad. No: 10, 06050, Ankara, Turkey); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria, South Africa); Mark E. Wohar (College of Business Administration, University of Nebraska at Omaha, 6708 Pine Street, Omaha, NE 68182, USA, and School of Business and Economics, Loughborough University, Leicestershire, LE11 3TU, UK.) |
| Abstract: | This paper investigates the role of real estate-specific uncertainty in predicting the conditional distribution of US home sales growth over the monthly period of 1970:07 to 2017:12, based on Bayesian Model Averaging (BMA) to account for model uncertainty. After controlling for standard predictors of home sales (housing price, mortgage rate, personal disposable income, unemployment rate, building permits, and housing starts), and macroeconomic and financial uncertainties, our results from the quantile BMA (QBMA) model show that real estate uncertainty has predictive content for the lower and upper quantiles of the conditional distribution of home sales growth. |
| Keywords: | Home Sales, Real Estate Uncertainty, Quantile Regression, Bayesian Model Averaging |
| JEL: | C11 C22 C53 R31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:201936&r=all |
| By: | Neri Marcelo; Machado Cecilia; Neto Valdemar |
| Abstract: | This paper documents the evolution and the determinants of earnings inequality in the Brazilian formal sector from 1994 to 2015, using establishment level data. In 2015, schooling explained 33 per cent of overall inequality.Firm-specific effects explain 65 per cent of total inequality level and 76 per cent of the inequality fall observed. The downward inequality trend parallels the one seen in household surveys. However, the distributive decompression goes only until the 90th percentile, which is in line with Personal Income Tax based evidence. The share of inequality explained by top 1 per cent and 0.1 per cent incomes rose 43 per cent and 91 per cent, respectively. |
| Keywords: | Earnings inequality,Entropy indexes,Inequality,Linked employer-employee data |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-157&r=all |
| By: | Schou Soren; Fisker Peter |
| Abstract: | The latest firm survey of Mozambique, the Inquerito ás Indústrias Manufactureiras (IIM) 2017, draws a concerning picture of the manufacturing sector. However, it is not obvious whether this is true for the population of manufacturing firms in Mozambique, as the representativeness of the IIM 2017 sample is not clear.This paper triangulates the findings of IIM 2017 by considering other indicators of the health of the manufacturing sector in Mozambique, including manufacturing gross domestic product, the latest enterprise census, and satellite imagery. Results indicate that the manufacturing sector grows at roughly the same pace as the population. |
| Keywords: | satellite images,census,firm survey,Manufacturing |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-190&r=all |
| By: | Brandt Loren; Syerst Stephen; Restuccia Diego; Ayerst Stephen |
| Abstract: | We examine important changes in agriculture in Viet Nam in the context of ongoing structural changes in the economy. We use a household-level panel dataset and a quantitative framework to document the extent and consequences of factor misallocation in agriculture during the period between 2006 and 2016.Despite rapid growth in agricultural productivity and a reallocation of factor inputs to more productive farmers, we find that misallocation across farmers remains high and increased during the period. Reallocation of factor inputs has not been strong enough to accommodate substantial changes in farm productivity over time.Our analysis also reveals important differences between the north and south regions. |
| Keywords: | Misallocation,Regional characteristics,Agriculture,Productivity,Agricultural productivity |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-114&r=all |
| By: | Hunold, Matthias; Muthers, Johannes |
| Abstract: | We characterize mixed-strategy equilibria when capacity constrained suppliers can charge location-based prices to different customers. We establish an equilibrium with prices that weakly increase in the costs of supplying a customer. Despite prices above costs and excess capacities, each supplier exclusively serves its home market in equilibrium. Competition yields volatile market shares and an inefficient allocation of customers to firms. Even ex-post cross-supplies may restore efficiency only partly. We show that consumers may benefit from price discrimination whereas the the firms make the same profits as with uniform pricing. We use our findings to discuss recent competition policy cases and provide hints for a more refined coordinated-effects analysis. |
| Keywords: | Bertrand-Edgeworth,capacity constraints,inefficient competition,spatial price discrimination,subcontracting,transport costs |
| JEL: | L11 L41 L61 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:dicedp:313&r=all |
| By: | Ng, Horlick; Ker, Alan P. |
| Abstract: | Feeding nine billion people by 2050, yield resiliency, climate change, and remaining economically competitive have received significant attention within both the literature and populous. Technological change in agriculture will largely dictate our ability to meet these challenges. Although there is significant literature on technological change in U.S. crop yields, very little has been done with Canadian yields. Moreover, the adoption and effect of various technologies and their interaction with climate tend to be crop-region specific. To this end, we model technological change in county-level yields for barley, canola, corn, oats, soybean and wheat in Canada. We use mixtures to allow and test for heterogeneous rates of technological change within the yield data generating process. While we tend to find increasing but heterogeneous rates of technological change, increasing and asymmetric yield volatility, and, increasing absolute but decreasing relative yield resiliency, our results do differ across crops and exhibit spatial bifurcations within a crop. Using a standard attribution model we find changing climate has differing effects across crops. We also consider the public funding implications of technological change for Canadian Business Risk Management programs. |
| Keywords: | Agricultural and Food Policy |
| Date: | 2019–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:ags:uguiwp:288511&r=all |
| By: | Yusuf Emre Akgunduz; Salih Fendoglu |
| Abstract: | Exporters have large domestic supply networks. We examine the impact of import reliance within their domestic supply networks on exchange rate pass-through to export prices and volume. For identification, we use administrative firm-to-firm sales and firm-product-destination level customs databases from a large emerging market, Turkey. We find that (i) while exporters' degree of reliance on imported goods is 24\%, this number reaches nearly 45\% once their suppliers are taken into account; (ii) following a domestic currency depreciation, exporters that use imported inputs more or those working with import-intensive suppliers raise their producer-currency export prices significantly more and increase their export volumes significantly less; (iii) exporters with higher reliance on a single supplier have higher exchange rate pass-through to export prices; and (iv) exporters with higher overall import intensity experience greater disruption in their supply networks, e.g., they establish fewer new supplier linkages and terminate more of their existing linkages, following a domestic currency depreciation. |
| Keywords: | Exchange rate pass-through, Exports, Import reliance, Domestic supply networks |
| JEL: | D24 F14 F31 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1908&r=all |
| By: | Alexander L. Brown; Rodrigo A. Velez |
| Abstract: | We experimentally evaluate the comparative performance of the winner-bid, average-bid, and loser-bid auctions for the dissolution of a partnership. The recently introduced empirical equilibrium analysis of Velez and Brown (2019) reveals that as long as behavior satisfies weak payoff monotonicity, winner-bid and loser-bid auctions necessarily exhibit a form of bias when empirical distributions of play approximate best responses. We find support for both weak payoff monotonicity and the form of bias predicted by the theory for these two auctions. Consistently with the theory, the average-bid auction does not exhibit this form of bias. It has lower efficiency that the winner-bid auction, however. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.03876&r=all |
| By: | Akpan, Sunday B.; Udoh, Edet J.; Umoren, Aniefiol A. |
| Keywords: | Agribusiness |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288507&r=all |
| By: | Sen Ritwika |
| Abstract: | This paper analyses policy options to promote local content in Uganda as it transitions into an oil-producing country. It contends that productive linkages between oil and gas exporters and domestic suppliers in a range of ‘connected’ goods and services sectors can be a source of broad-based economic growth.However, the success of policy initiatives or extensive regulatory requirements will ultimately hinge on domestic supplier capabilities to overcome barriers to entry into the global industry.The analysis comprises an evaluation of existing local content policies in Uganda, a mapping of the natural resource value chain, and an assessment of domestic firm capabilities to supply the anticipated demand for goods and services from the oil and gas industry. |
| Keywords: | Local content,Oil and gas,Tax administration data |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-110&r=all |
| By: | Gunes Asik; Ulas Karakoc; Mohamed Ali Marouani; Michelle Marshalian |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:uds:wpaper:20190001&r=all |
| By: | Edith Archambault (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01956757&r=all |
| By: | Sascha O. Becker; Ana Fernandes; Doris Weichselbaumer |
| Abstract: | Due to conventional gender norms, women are more likely to be in charge of childcare than men. From an employer’s perspective, in their fertile age they are also at “risk” of pregnancy. Both factors potentially affect hiring practices of firms. We conduct a largescale correspondence test in Germany, Switzerland, and Austria, sending out approx. 9,000 job applications, varying job candidate’s personal characteristics such as marital status and age of children. We find evidence that, for part-time jobs, married women with older kids, who likely finished their childbearing cycle and have more projectable childcare chores than women with very young kids, are at a significant advantage vis-àvis other groups of women. At the same time, married, but childless applicants, who have a higher likelihood to become pregnant, are at a disadvantage compared to single, but childless applicants to part-time jobs. Such effects are not present for full-time jobs, presumably, because by applying to these in contrast to part-time jobs, women signal that they have arranged for external childcare. |
| Keywords: | Fertility; Discrimination; Experimental economics |
| JEL: | C93 J16 J71 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:jku:econwp:2019_10&r=all |
| By: | Ralf Fendel; Nicola Mai; Oliver Mohr |
| Abstract: | This paper examines the role of uncertainty in the context of the business cycle in the Eurozone. To gain a more granular perspective on uncertainty, the paper decomposes uncertainty along two dimensions: First, we construct the four different moments of uncertainty, including the point estimate, the standard deviation, the skewness and the kurtosis. The second dimension of uncertainty spans along three distinct groups of economic agents, including consumers, corporates and financial markets. Based on this taxonomy, we construct uncertainty indices and assess the impact on real GDP via impulse response functions and further investigate their informational value in rolling out-of-sample GDP forecasts. The analysis lends evidence to the hypothesis that higher uncertainty expressed through the point estimate, a larger standard deviation among confidence estimates, positive skewness and a higher kurtosis are all negatively correlated with the business cycle. The impulse response functions reveal that in particular the first and the second moment of uncertainty cause a permanent effect on GDP with an initial decline and a subsequent overshoot. We find uncertainty in the corporate sector to be the main driver behind this observation, followed by financial markets’ uncertainty whose initial effect on GDP is comparable but receding much faster. While the first two moments of uncertainty improve GDP forecasts significantly, both the skewness and the kurtosis do not augment the forecast quality any further. |
| Keywords: | Uncertainty, Eurozone, Business cycle, GDP forecast, VAR, |
| JEL: | D8 E23 E27 E32 E37 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:whu:wpaper:19-01&r=all |
| By: | Oleg Malafeyev; Eduard Abramyan; Andrey Shulga |
| Abstract: | In this article three models of firms interaction on the market are described. One of these models is described by using a differential equation and by Lotka-Volterra model, where the equation has a different form. Also, there are models of non-competing and competing firms. The article presents an algorithm for solving the interaction of competing firms in taxation and the calculation of a compromise point. Besides, the article presents a compromise between the interests of a state and an enterprise. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06364&r=all |
| By: | Bwala, Madu Ali; Tiamiyu, S.A.; Adedeji, S.; Kolo, Alhaji Y. |
| Keywords: | Land Economics/Use |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288418&r=all |
| By: | Sutherland, Andrew |
| Abstract: | I examine how credit reporting affects where firms access credit and how lenders contract with them. I use within firm-time and lender-time tests that exploit lenders joining a credit bureau and sharing information in a staggered pattern. I find information sharing reduces relationship-switching costs, particularly for firms that are young, small, or have had no defaults. After sharing, lenders transition away from relationship contracting, in two ways: contract maturities in new relationships are shorter, and lenders are less willing to provide financing to their delinquent borrowers. My results highlight the mixed effects of transparency-improving financial technologies on credit availability. |
| Keywords: | Debt contracts; information sharing; information asymmetries; hard and soft information; credit bureaus; relationship lending; transactional lending; information economics; entrepreneurial finance; credit reports; credit scores, FinTech |
| JEL: | D82 D83 G21 G23 G30 G32 M41 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93670&r=all |
| By: | Shittu, Adebayo M.; Kehinde, Mojisola O.; Ogunnaike, Maria G.; Oyawole, Funminiyi P.; Akisanya, Lois T. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288421&r=all |
| By: | Christoph E. Boehm; Aaron Flaaen; Nitya Pandalai-Nayar |
| Abstract: | We provide new facts about the role of multinationals in the decline in U.S. manufacturing employment between 1993-2011, using a novel microdata panel with firm-level ownership and trade information. Multinational-owned establishments displayed lower employment growth than a narrow control group and accounted for 41% of the aggregate manufacturing employment decline. Further, newly multinational establishments in the U.S. experienced job losses, while their parent firms increased input imports from abroad. We develop a model that rationalizes this behavior and bound a key elasticity with our microdata. The estimates imply that a reduction in the costs of foreign sourcing leads firms to increase imports of intermediates and to reduce U.S. manufacturing employment. Our findings suggest that offshoring by multinationals was a key driver of the observed decline in manufacturing employment. |
| JEL: | F14 F16 F23 F4 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25824&r=all |
| By: | Johan Klaesson; Özge Öner; Dieter Pennerstorfer |
| Abstract: | This article analyses the relationship between the size and the quality of ethnic enclaves on immigrants’ labor market integration. Using exogenously defined grid cells to delineate neighborhoods, we find robust empirical evidence that the employment rate of the respective immigrant group in the vicinity (as a measure of enclave quality) facilitates labor market integration of new immigrants. The influence of the overall employment rate and the share of co-nationals in the neighborhood tend to be positive, but less robust. We thus conclude that the quality is more important than the size of ethnic enclave in helping new immigrants finding jobs. |
| Keywords: | Refugee immigrants, Ethnic enclave quality, Labor market outcomes |
| JEL: | F22 J15 J60 R23 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:jku:econwp:2019_07&r=all |
| By: | Shaheen, Susan PhD; Cohen, Adam |
| Keywords: | Engineering |
| Date: | 2019–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt00k897b5&r=all |
| By: | Xavier Fairise; François Langot; Ze Zhong Shang |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tep:teppwp:wp18-15&r=all |
| By: | Oladimeji, Y.U.; Abdulsalam, Z.; Oyewole, S.O. |
| Keywords: | Consumer/Household Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288500&r=all |
| By: | Klug, Thorsten; Mayer, Eric; Schuler, Tobias |
| Abstract: | We investigate for the case of Germany the positive correlation between the corporate saving glut in the non-financial corporate sector and the current account surplus from a capital account perspective. By employing sign restrictions our findings suggest that mostly labor market, world demand and financial friction shocks account for the joint dynamics of excess corporate saving and the current account surplus. Household saving shocks, in contrast, cannot explain the correlation. We conclude that the corporate saving glut, explained through these factors, is the main driver of the current account surplus. |
| Keywords: | current account,corporate saving,macro shocks |
| JEL: | E32 F32 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wuewep:100&r=all |
| By: | Seres, Gyula (Tilburg University, TILEC) |
| Abstract: | This paper considers dynamic pricing strategies in a durable good monopoly model with uncertain commitment power to set price paths. The type of the monopolist is private information of the firm and not observable to consumers. If commitment to future prices is not possible, the initial price is high in equilibrium, but the firm falls prey to the Coase conjecture later to capture the residual demand. The relative price cut is increasing in the probability of commitment as buyers anticipate that a steady price is likely and purchase early. Pooling in prices may occur for perpetuity if commitment is suciently weak. Polling for innity is also preserved if committing to a high price is endogenously chosen by the firm. |
| Keywords: | monopoly; commitment; Information asymmetry |
| JEL: | D42 L12 D61 D82 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutil:9d3c763b-0e8d-47c5-8b47-648cd9ac12e5&r=all |
| By: | Mohd Nor Zamry, Nur Syafinaz |
| Abstract: | Despite having the perfect board, Wells Fargo was hit with a scandal in 2016 as a result from its cross-selling tactics and intense pressure to its employee to achieve impossible targets. Due to its decentralized management, fake accounts were created without customer knowledge, sometimes forging their signatures. This study aims to investigate the impact of corporate governance index in relation to bankruptcy, firm value, company performance and macroeconomics. Multiple regression analysis is applied on the sample of five years of Wells Fargo data from the year 2014 to 2018. The findings shows that corporate governance index has been influenced and affected by internal factors specifically by return on asset (ROA). Moreover, there is a moderate significant relationship between corporate governance index and unemployment rate. The analysis further explained that ROA negatively influence CGI which supports the results from Wells Fargo decentralized management that led to the crisis of the firm. |
| Keywords: | corporate governance index, return on asset (ROA), Wells Fargo Scandal |
| JEL: | G3 G34 L1 L2 |
| Date: | 2019–05–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93726&r=all |
| By: | Sanusi, R.A.; Shittu, A.M.; Kehinde, M.O.; Tiamiyu, S.O.; Fapojuwo, O.E.; Oladeinde, K.B. |
| Keywords: | Food Security and Poverty |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288431&r=all |
| By: | Dosi, Giovanni (Institute of Economics, Sant'Anna School of Advanced Studies, Pisa); Mathew, Nanditha (UNU-MERIT, and Institute of Economics, Sant'Anna School of Advanced Studies, Pisa, and IBIMET-CNR, Florence); Pugliese, Emanuele (European Commission, Joint Research Centre (JRC), Seville, Institute of Complex Systems, CNR, Rome) |
| Abstract: | Economic growth and development of a country involves accumulation of knowledge and dynamic capabilities (Cimoli et al., 2009). Past research has begun to investigate the capability accumulation and macro-economic development of countries and sectors (Dosi et al., 1990), also by means of introduction of new products (Hausmann and Rodrik, 2003). In this work, recognizing that firms are the actual domain in which production takes place, we focus on the firm-level process of capability accumulation and diversification in a developing country. We investigate the relationship between diversification (and coherent diversification) and firm performance by employing an extensive database of Indian manufacturing firms with detailed information on product mix of firms. We claim that such an understanding of firms' incentives to diversify is relevant not only for the corporate management, but also for the diversification of countries and thereby its development. First, we explore the reasons behind firms' strategy to diversify, i.e, which firms choose a broad product scope and whether the change in the scope of the firm results in improved performance in terms of firm profitability and sales growth. Second, we look at the idiosyncratic characteristics of different products, by emphasizing the synergies of a product line with respect to the overall product basket of the firm. In this line, we develop a measure that captures the synergies and economies of scope between different products, and observe that the firms' future performance crucially depend on the interactions between the products that comprise its basket. Overall, our results are consistent with an intangible- capabilities model of firm diversification: diversification results in improved firm performance if the firm has underused capabilities and the new production line is able to exploit them. |
| Keywords: | Diversification, Coherence, Endogenous Switching |
| JEL: | L25 L60 O30 |
| Date: | 2019–04–18 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019013&r=all |
| By: | Ogunbiyi, K.K.; Olajide, O.A. |
| Keywords: | Food Security and Poverty |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288420&r=all |
| By: | Olivier Torrès (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Roy Thurik (Erasmus University Rotterdam) |
| Abstract: | The present article identifies a societal and scholarly neglect for the field of small business ownership and health. We address health capital and its spillover effects and briefly outline a research program discriminating between pathogenic (negative for health) and salutogenic (positive for health) effects for a small business owner's working life. |
| Keywords: | Small business owners,Entrepreneurship,Health,Well-being,Salutogenesis |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02091766&r=all |
| By: | Cappelen, Alexander W. (Dept. of Economics, Norwegian School of Economics and Business Administration); Mollerstrom, Johanna; Reme, Bjørn-Atle; Tungodden, Bertil (Dept. of Economics, Norwegian School of Economics and Business Administration) |
| Abstract: | The meritocratic fairness ideal implies that inequalities in earnings are regarded as fair only when they reflect differences in performance. Consequently, implementation of the meritocratic fairness ideal requires complete information about individual performances, but in practice, such information is often not available. We study redistributive behavior in the common, but previously understudied, situation where there is uncertainty about whether inequality is reflecting performance or luck. We show theoretically that meritocrats in such situations can become very egalitarian in their behavior, and that the degree to which this happens depends on how they trade off the probability of making mistakes and the size of mistakes that they risk making when redistributing under uncertainty. Our laboratory experiments show, in line with our model, that uncertainty about the source of inequality provides a strong egalitarian pull on the behavior of meritocrats. In addition, the external validity of our framework, and the results from the laboratory, are supported in two general population surveys conducted in the United States and Norway. |
| Keywords: | inequality; fairness; redistribution; responsibility; performance; luck; experiment; survey. |
| JEL: | C91 D63 D81 H23 |
| Date: | 2019–04–29 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2019_009&r=all |
| By: | Muge Adalet McGowan; Juan Antona San Millán |
| Abstract: | Spain is a highly decentralised country, making the effective implementation of national reforms dependent on regional policies. Some regional disparities are high and need to be reduced. High regional dispersion in education and job outcomes, compounded by low inter-regional mobility, emerge as key drivers of regional inequalities in income and wellbeing. Lifelong learning programmes that take into account regional specific needs would help foster regional skills and attract firms to lagging regions. Ensuring full portability of social and housing benefits across regions, by providing temporary assistance either by the region of origin or the central government, would improve inter-regional mobility. At the same time, barriers to achieving a truly single market limit productivity growth of regions, including the most advanced. Reducing regulatory barriers and better innovation policies would boost productivity. Effective intergovernmental coordination bodies and a well designed interregional fiscal equalisation system will be key to ensuring that regions have the incentives to implement policies for inclusive growth. |
| JEL: | D24 E24 I24 J24 J61 J65 O31 |
| Date: | 2019–05–21 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1549-en&r=all |
| By: | Alawode, Ramatallah Adenike |
| Keywords: | Agribusiness |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288428&r=all |
| By: | Findlay Ronald |
| Abstract: | This paper studies the political and economic evolution of trade and international relations of the nations and regions of Asia between themselves and the rest of the world over the past millennium, paying particular attention to: the Pax Mongolica and overland trade during the Middle Ages; the European intrusion at the turn of the fifteenth century and the impact of the New World; the spread of European imperialism and the rise of nationalism and the achievement of independence.A final section discusses the comparative evolution of Europe and Asia and the question of why the Industrial Revolution did not first occur in Asia. |
| Keywords: | Catchup,Dynastic cycle,Malthus-Ricardo model,Globalization |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-85&r=all |
| By: | Kehinde, Mojisola O.; Shittu, Adebayo M.; Ogunnaike, Maria G.; Oyawole, Funminiyi P.; Akisanya, Lois T. |
| Keywords: | Farm Management |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288422&r=all |
| By: | Yasemin Erduman; Okan Eren; Selcuk Gul |
| Abstract: | This study explores the evolution of the import content of production and exports in Turkey for the 2002-2017 period. Using 2002 and 2012 input-output tables, we estimate the production and imported input use for the remaining years based on a large data set of production and foreign trade for 20 selected sectors, mostly from the manufacturing industry. Import requirement ratios, comprising both direct and indirect linkages, for each sector are calculated using the Leontief inverse matrix. Our findings indicate that import dependency increases for exports, but stays roughly the same for production over time. In general, the import content of production is below the import content of exports. This divergence can mainly be attributed to the services sector, which has relatively low import dependency, yet a significant share in production. Sectors with the highest import requirements are found to be those with higher capital and technology intensity such as coke and refined petroleum products, basic metals and motor vehicles. Agriculture, forestry, and fishery; service and mining sectors are found to have the lowest import requirements. |
| Keywords: | Input-output tables, Leontief inverse matrix, import content |
| JEL: | C67 D57 F14 L60 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1909&r=all |
| By: | Gazi Islam (MC - Management et Comportement - Grenoble École de Management (GEM), IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc) |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01959115&r=all |
| By: | Thompson, O.A.; Amos, T.T. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288429&r=all |
| By: | Oleg Sidorkin (Leibniz-Institute for East and Southeast European Studies, CERGE-EI); Dmitriy Vorobyev |
| Abstract: | Under the system of appointing regional governors by the president, which existed in Russia between 2005–2012, governors’ loyalty to the central government and particularly their ability to deliver satisfactory results to the ruling party in national-level elections were crucial to their likelihood of being re-appointed for the next term. In this paper, we show that governors, anticipating the relationship between loyalty and re-appointments, attempted to increase their likelihood of being re-appointed by delivering additional votes to the ruling party, and that these attempts were subject to regional political cycles. We argue that delivering satisfactory results may have different importance to a governor depending on the stage of his term at which elections are held. If elections are held close to the expiration of a governor’s current term, the results are likely to be pivotal to his further political career. Exploiting variation in the starting and expiry dates of Russian regional governors’ terms of office, we find that the winning margins for a pro-government party across Russian regions in national-level elections held between 2007–2012 were substantially higher when elections were closer to the expiration of a regional governor’s term. However, for elections held between 1999–2004, when governors were subject to a direct vote by the regional population, no similar effect is found. We then implement several exercises to identify the source of the additional votes for the ruling party and demonstrate that governors, while unlikely using the means of electoral fraud, exerted efforts to stimulate turnout among ruling party supporters. |
| Keywords: | political cycle, elections, electoral fraud, Russia |
| JEL: | D72 D73 P26 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:ost:wpaper:376&r=all |
| By: | Sornette, Didier; Andraszewicz, Sandra; Wu, Ke; Murphy, Ryan O.; Rindler, Philipp; Sanadgol, Dorsa |
| Abstract: | To study coordination in complex social systems such as financial markets, the authors introduce a new prediction market set -up that accounts for fundamental uncertainty. Nonetheless, the market is designed so that its total value is known, and thus its rationality can be evaluated. In two experiments, the authors observe that quick consensus emerges early yielding pronounced mispricing, which however do not show the standard "bubble -and -crash". The set -up is implemented within the xYotta collaborative platform (https://xyotta.com). xYotta's functionality offers a large number of extensions of various comple xity such as running several parallel markets with the same or different users, as well as collaborative project development in which projects undergo the equivalent of an IPO (initial public offering) and whose subsequent trading matches the role of financial markets in determining value. xYotta is thus offered to researchers as an open source software for the broad investigation of complex systems with human participants. |
| Keywords: | experimental asset market,predicion market,uncertainty,experimental economics |
| JEL: | C90 D80 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201932&r=all |
| By: | Oduntan, O.; Oluyide, O.G.; Aderinola, E.A. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288508&r=all |
| By: | Catherine Laffineur; Eva Moreno-Galbis; Jeremy Tanguy; Ahmed Tritah |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tep:teppwp:wp18-14&r=all |
| By: | Bcn-Chendo, G.N.; Obasi P.C.; Osuji, M.N.; Nwosu, F.O.; Emenyonu, C.A.; lbcagwa, B.O.; Uhuegbulem, I.J. |
| Keywords: | Labor and Human Capital, Livestock Production/Industries |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288363&r=all |
| By: | Kong, Nathaniel; Hardman, Scott |
| Keywords: | Social and Behavioral Sciences, plug-in electric vehicle, electric vehicle, incentive |
| Date: | 2019–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt0fm3x5bh&r=all |
| By: | Theodor Cimpeanu; The Anh Han; Francisco C. Santos |
| Abstract: | The design of mechanisms that encourage pro-social behaviours in populations of self-regarding agents is recognised as a major theoretical challenge within several areas of social, life and engineering sciences. When interference from external parties is considered, several heuristics have been identified as capable of engineering a desired collective behaviour at a minimal cost. However, these studies neglect the diverse nature of contexts and social structures that characterise real-world populations. Here we analyse the impact of diversity by means of scale-free interaction networks with high and low levels of clustering, and test various interference paradigms using simulations of agents facing a cooperative dilemma. Our results show that interference on scale-free networks is not trivial and that distinct levels of clustering react differently to each interference strategy. As such, we argue that no tailored response fits all scale-free networks and present which strategies are more efficient at fostering cooperation in both types of networks. Finally, we discuss the pitfalls of considering reckless interference strategies. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04964&r=all |
| By: | Dalton, Patricio (Tilburg University, Center For Economic Research); Rüschenpöhler, Julius (Tilburg University, Center For Economic Research); Uras, Burak (Tilburg University, Center For Economic Research); Zia, Bilal |
| Abstract: | Can best practices of successful business peers influence the efficiency and growth of small-scale enterprises? Does it matter how this information is disseminated? This paper conducts a field experiment among urban retail shop owners in Indonesia to address these research questions. Through extensive baseline quantitative and qualitative assessments, we develop a handbook of local best practices that associates specific business practices with performance and provides detailed implementation guidance informed by exemplary local shop owners. The handbook is distributed to a randomly selected sample of shop owners and is complemented with three experiential learning modules: one group is invited to watch a documentary video on experiences of highly successful peers, another is offered light in-shop assistance on the implementation of the handbook, and a third group is offered both. Eighteen months after the intervention, we find no effect of offering the handbook alone, but significant impact on practice adoption when the handbook is coupled with experiential learning. On business performance we find sizable and significant improvements as well, up to a 35% increase in profits and 16.7% in revenues. The types of practices adopted map these performance improvements to efficiency gains rather than other channels. The analysis suggests these interventions are simple, scalable, and highly cost-effective. |
| Keywords: | business practices; small-scale enterprises; peer knowledge; efficiency gains; sicoal learning |
| JEL: | O12 L26 M20 O31 O33 O17 M50 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:fc650e2f-88cf-4d75-8257-f221751d3db0&r=all |
| By: | Laschewski, Lutz; Tietz, Andreas; Zavyalova, Ekaterina |
| Abstract: | Agricultural economics and policy planning make use of – and rely on – agricultural statistics. Individual agricultural firms, as they are represented in statistical systems, are usually treated as independent economic decision-makers. Our paper is investigating the impacts of holding structures on statistical and economic parameters. Therefore, the paper will draw on empirical evidence which was generated in a local case study in seven communities in the Northeast of Germany. It is argued that cross-regional investors systematically ’assemble‘ agriholdings based on their overall business strategy. If large holding structures exist, the individual business perspective may create a flawed representation of farm structures. |
| Keywords: | Land Economics/Use |
| Date: | 2019–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288437&r=all |
| By: | Rodríguez, Julieta A.; Rodríguez, Elsa Mirta M.; Manchado, Juan C.; Lupín, Beatriz; Lucca, Florencia |
| Abstract: | Con el fin de analizar cómo la información sobre aptitud culinaria, el bajo contenido de agroquímicos, el precio, el packaging y etiquetado afectan la valoración de una papa de calidad diferenciada, se realizó una Subasta Experimental con dos variedades, Frital INTA y Spunta. |
| Keywords: | Preferencias del Consumidor; Disposición a Pagar; Subasta; Papa; |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3133&r=all |
| By: | Olivier Bargain (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique - AMU - Aix Marseille Université - EHESS - École des hautes études en sciences sociales); Laurine Martinoty (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The Great Recessions was essentially a 'mancession' in countries like Spain, the UK or the US, i.e. it hit men harder than women for they were disproportionately represented in heavily affected sectors. We investigate how the mancession, and more generally women's relative opportunities on the labor market, translate into within-household redistribution. Precisely, we estimate the spouses' resource shares in a collective model of consumption, using Spanish data over 2006-2011. We exploit the gender-oriented evolution of the economic environment to test two original distribution factors: first the regional-time variation in spouses' relative unemployment risks, then the gender-differentiated shock in the construction sector (having a construction sector husband after the outburst of the crisis). Both approaches conclude that the resource share accruing to Spanish wives increased by around 7-9 percent on average, following the improvement of their relative labor market positions. Among childless couples, we document a 5-11 percent decline in individual consumption inequality following the crisis, which is essentially due to intrahousehold redistribution. |
| Keywords: | mancession,intrahousehold allocation,unemployment risk |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01770180&r=all |
| By: | Masuda, Kazuya |
| Abstract: | Background: An estimated 216 million cases of malaria occurred worldwide every year. Cross sectional studies have reported negative association between maternal education and child malaria risks, but no randomized trial has confirmed a causal relationship between these two factors. I utilized the free primary education reform in Uganda to assess the causal effects of maternal schooling on the child’s risk of malaria infection.Methods: Malaria biomarkers of children aged |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hitcei:2018-22&r=all |
| By: | Dieter Pennerstorfer; Christoph Weiss; Andreas Huber |
| Abstract: | We investigate the relationship between external quality evaluation via experts, firm reputation and product prices and extend the existing empirical literature in three dimensions. First, we empirically account for endogenous reputation effects. An increase in quality has an immediate positive impact on product prices but also improves the reputation of a firm, which contributes to higher prices in the future. Secondly, we analyse umbrella effects of reputation: investments in product quality of the ’top product‘ are particularly profitable as they also generate a ’ reputational dividend‘ for other products with lower quality. And finally, we investigate selection effects in expert evaluations. Experts typically evaluate a selection of products only and we find endogenous selection effects to be important for analysing product quality empirically. |
| Keywords: | experts evaluations, hedonic pricing, wine quality, endogenous reputation, sample selection, umbrella branding |
| JEL: | C33 L66 Q11 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:jku:econwp:2019_08&r=all |
| By: | Numa, W.D.; Obayelu, A.E.; Sanusi, R.A.; Bada, B.A. |
| Keywords: | Resource /Energy Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288419&r=all |
| By: | Kautz, Wolf-Eckhard |
| Keywords: | Bildungsmanagement,Bildungsdienstleistung,Dienstleistung,Dienstleistungsprozess,Dienstleistungserstellung,Studium,Fernstudium,Eductional Services,Services,Study,Distance learning |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:196548&r=all |
| By: | Westphal, Matthias; Kamhöfer, Daniel A. |
| Abstract: | Female college graduates are less likely to bear children but once a mother, they have more children than non-college graduates. - RWI presents first evidence on why college educated women have less children than women who did not go to college. While tertiary education has a direct negative impact on women's probability to become a mother, college educated mothers bear more children than noncollege educated mothers. Career disadvantages might discourage highly educated women from having children. More flexible working hours and means-tested maternal leave benefits could reduce the baby gap. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwiimp:196550&r=all |
| By: | Ellis Mia; McMillan Margaret |
| Abstract: | Tanzania is rich with natural resources, which have significant potential to contribute to the country’s economic development.Several laws recently passed in Tanzania are dedicated to establishing linkages between foreign firms in natural resource extraction and the local economy. This paper documents this legislation and the institutions set up to enforce and monitor these laws.Effectiveness of local content legislation and the potential for firms in the mining sector to contribute to local development are then evaluated using a combination of qualitative and quantitative evidence. We then examine other developing countries’ experiences with local content legislation, drawing lessons for Tanzania. |
| Keywords: | Extractive industries,Local content,Mining,Natural gas,Natural resources |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-133&r=all |
| By: | Ghidoni, Riccardo (Tilburg University, Center For Economic Research); Suetens, Sigrid (Tilburg University, Center For Economic Research) |
| Abstract: | Sequentiality of moves in an infinitely repeated prisoner’s dilemma does not change the conditions under which mutual cooperation can be supported in equilibrium as compared to simultaneous decision-making. The nature of the interaction is different, however, given that the second mover in a sequential-move game does not face strategic uncertainty in the stage game. We study in an experiment whether sequentiality has an effect on cooperation rates. We find that with intermediate incentives to cooperate, sequentiality increases cooperation rates by around 40 percentage points after learning, whereas with very low or high incentives to cooperate, cooperation rates are respectively very low or high in both settings. |
| Keywords: | cooperation; infinitely repeated games; sequential prisoner's dilemma; strategic uncertainty; experiment |
| JEL: | C70 C90 D70 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:ff3a441f-e196-4e45-ba59-c86864a966fc&r=all |
| By: | Jessica Pac (Columbia University); Ann P. Bartel (Columbia University); Christopher Ruhm (University of Virginia Frank Batten School of Leadership and Public Policy); Jane Waldfogel (Columbia University) |
| Abstract: | This paper evaluates the effect of Paid Family Leave (PFL) on breastfeeding, which we identify using California’s enactment of a 2004 PFL policy that ensured mothers up to six weeks of leave at a 55 percent wage replacement rate. We employ synthetic control models for a large, representative sample of over 270,000 children born between 2000 and 2012 drawn from the restricted-use versions of the 2003 – 2014 National Immunization Surveys. Our estimates indicate that PFL increases the overall duration of breastfeeding by nearly 18 days, and the likelihood of breastfeeding for at least six months by 5 percentage points. We find substantially larger effects of PFL on breastfeeding duration for some disadvantaged mothers. |
| Keywords: | paid family leave, maternity leave, child health, breastfeeding |
| JEL: | I12 I18 J13 J18 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2019-031&r=all |
| By: | Berkel Hanna |
| Abstract: | This paper is the first to use a panel dataset from the African continent to investigate the relationship between formalization and firm outcomes.Instead of applying a binary formality indicator, it constructs a conceptual framework that regards informality as a continuum consisting of four degrees. The quantitative data includes 516 manufacturing enterprises which are analysed through a matched double difference approach. Moreover, the study explores participant observation as well as semi-structured interviews with government officials, experts, and entrepreneurs to explain the quantitative results and to examine additional effects of formalization.It suggests that the most informal firms do not benefit from formalization due to their underlying conditions. Other, more formal enterprises benefit but there is scope for increasing the benefits and decreasing the costs of formalization. Further, an improvement of the costs and benefits is not enough: better institutions are needed. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-159&r=all |
| By: | Fapojuwo, O.E.; Shittu, A.M.; Ogunnaike, M.G.; Kehinde, M.O.; Oyawole, F.P.; Akisanya, L.T. |
| Keywords: | Labor and Human Capital |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288427&r=all |
| By: | Valtiala, Juho PIetari; Ovaska, Sami; Sipiläinen, Timo |
| Abstract: | The agricultural sector in Finland has witnessed a rapid structural change since the Finnish EU-accession. At the same time, agricultural land prices have increased considerably. Using a hedonic pricing model, we investigated the characteristics affecting the prices of parcels sold. We analysed a dataset consisting of over a thousand additional agricultural land transactions and discovered several regional and production related characteristics affecting prices. The generalised additive modelling framework enabled estimation of a regional price level as a smooth trend surface. The model captured spatial dependency in the prices while retaining the sensible interpretation of the results. |
| Keywords: | Land Economics/Use |
| Date: | 2019–02–27 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288447&r=all |
| By: | Nmadu, J.N.; Coker, A.A.A.; Adams, E. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288424&r=all |
| By: | Thu Dao (UCL IRES - Institut de recherches économiques et sociales - UCL - Université Catholique de Louvain, Bielefeld University); Frédéric Docquier (UCL IRES - Institut de recherches économiques et sociales - UCL - Université Catholique de Louvain, FNRS - Fonds National de la Recherche Scientifique [Bruxelles], FERDI - Fondation pour les Etudes et Recherches sur le Développement International); Mathilde Maurel (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, FERDI - Fondation pour les Etudes et Recherches sur le Développement International); Pierre Schaus (UCL - Université Catholique de Louvain) |
| Abstract: | This paper sheds light on the global migration patterns of the past 40 years, and produces migration projections for the 21st century, for two skill groups, and for all relevant pairs of countries. To do this, we build a simple model of the world economy, and we parameterize it to match the economic and socio-demographic characteristics of the world in the year 2010. We conduct a backcasting exercise which demonstrates that our model fits the past trends in international migration very well, and that historical trends were mostly governed by demographic changes. We then describe a set of migration projections for the 21st century. In line with backcasts, our world migration prospects and emigration rates from developing countries are mainly governed by socio-demographic changes: they are virtually insensitive to the technological environment. As far as OECD countries are concerned, we predict a highly robust increase in immigration pressures in general (from 12 in 2010 to 17-19% in 2050 and 25-28%in 2100), and in European immigration in particular (from 15% in 2010 to 23-25% in 2050 and 36-39% in 2100). Using development policies to curb these pressures requires triggering unprecedented economic takeoffs in migrants countries of origin. Increasing migration is therefore a likely phenomenon for the 21st century, and this raises societal and political challenges for most industrialized countries. |
| Keywords: | international migration,migration prospects,world economy,inequality |
| Date: | 2018–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01743799&r=all |
| By: | Richter, Philipp M.; Runkel, Marco; Schmidt, Robert C. |
| Abstract: | The loss of international competitiveness of domestic industries remains a key obstacle to the implementation of effective carbon prices in a world without harmonized climate policies. We analyze countries' non-cooperative choices of emissions taxes under imperfect competition and mobile polluting firms. In our general equilibrium setup with trade, wage effects prevent all firms from locating in the same country. While under local or no pollution countries achieve the first-best, under transboundary pollution taxes are inefficiently low and lower than under autarky where only the "standard" free riding incentive distorts emissions taxes. This effect is more pronounced when polluting firms are mobile. |
| Keywords: | FDI,Strategic Environmental Policy,Firm Location,Carbon Leakage,General Equilibrium |
| JEL: | F12 F18 H23 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:kcgwps:14&r=all |
| By: | Chiemela, Stella Nwawulu; Chiemela, Chinedum Jachinma; Chiebonam, Onyia Chukwuemeka; Mgbebu, Ezekiel Sunday |
| Keywords: | Environmental Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288430&r=all |
| By: | N., Osuji maryann; Eze C.C, Ibekwe; U.C, Obasi; G.N., Nemchendo; I.O.U., Mwaiwu; I., Uhuegqulem; U.G, Anyanwu |
| Keywords: | Agricultural Finance |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288307&r=all |
| By: | François Facchini (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | Communication presented at the "Macroeconomics, rationality, and institutions" Workshop, December 14-15, 2017, Facoltà di Economia – Sapienza Università degli Studi di Roma |
| Keywords: | Political economics,Democratic,constitutional measures |
| Date: | 2017–12–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01794460&r=all |
| By: | Syazwani, Anis |
| Abstract: | The study examines the impact of Tobin’s Q or market valuation determinants on firm corporate governance of MISC Berhad. Tobin’s Q of the firm represents the ratio of market capitalization plus long-term debt to total assets. This study employs time series regression analysis from 2012 to 2016. The findings show that only internal factors giving significant impact to the market valuation of the firm when it has been tested solely in Model 1 and combined for both internal and external factors in Model 3. Meanwhile, there is no significant result when the external factors were tested solely in Model 2. The multiple linear regression analysis shows that the Altman Z score is the most significant and positively influenced the market valuation of MISC Berhad. |
| Keywords: | Tobin’s Q, Market Valuation, Internal Factors, External Factors |
| JEL: | E3 E31 G32 G33 |
| Date: | 2019–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93776&r=all |
| By: | Ekpa, Daniel; Akinyemi, Mudashiru; Ibrahim, Hassan Ishaq |
| Keywords: | Livestock Production/Industries |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288425&r=all |
| By: | Rémi Beulque (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Franck Aggeri (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Fabrice Abraham (RENAULT); Stéphane Morel (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | To what extent can reuse and recycling circular business models create and capture value in the long run? This question, which constitutes a major concern for firms and public actors, remains understudied in Strategy. Through a longitudinal study of the highly circular automotive end-of-life, we show that the concretization of these value potentials rests upon a collective activity, we call industry engineering, which aims at structuring new markets, value chains and value networks. |
| Abstract: | En quoi les business models circulaires, fondés sur des activités de réutilisation et de recyclage organisées collectivement, permettent-ils aux entreprises de créer et capter de la valeur de manière pérenne ? Cette question, au cœur des préoccupations des entreprises et des décideurs publics, demeure émergente en stratégie. Au travers d'une étude longitudinale de la fin de vie automobile, qui bénéficie d'un haut niveau de circularité, nous montrons que la concrétisation de ces potentiels de valeur se fonde sur une activité collective méconnue – l'ingénierie de filière – qui vise à structurer de nouveaux marchés, réseaux et chaînes de valeur. |
| Keywords: | business model,circular economy,circular business models,value chain,value networks,économie circulaire,business models circulaires,chaîne de valeur,réseaux de valeur |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02094674&r=all |
| By: | Obrovsky, Michael; Riegler, Hedwig |
| Abstract: | Die derzeit beim Development Assistance Committee (DAC) laufende Reform der Statistik über Entwicklungsfinanzierung (DAC-Statistik) gibt Anlass zur Sorge. Die teils schon umgesetzten und noch in Diskussion befindlichen Änderungen untergraben die bisher einheitliche Messbasis, indem sie zwei sehr unterschiedliche Kategorien mischen: "cash flow" (Zahlungsflüsse) mit "grant equivalent" (Zuschussäquivalent). Technische Integrität und Glaubwürdigkeit der Statistik der internationalen Entwicklungshilfeleistungen drohen damit verloren zu gehen. Die österreichische Entwicklungszusammenarbeit (EZA) ist gefordert, hier klar Stellung zu beziehen. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:oefsep:312019&r=all |
| By: | Christa N. Brunnschweiler (University of East Anglia); Steven Poelhekke (University of Auckland, Vrije Universiteit Amsterdam and Tinbergen Institute) |
| Abstract: | Does institutional change in the petroleum sector lead to more oil and gas exploration and discoveries? Foreign ownership and investment in the sector has traditionally been unrestricted. We document that this is no longer the case; foreign-domestic partnerships are the norm today. Tracking changes in legislation between 1867 and 2008 for a panel of countries, we show that switching to foreign ownership results in more drilling and more discoveries of petroleum than domestic ownership. Switching to partnership yields even more drilling, but yields fewer discoveries. Discoveries, and the intensity and quality of exploration drilling, are endogenous to industry-specific institutional change. |
| Keywords: | discoveries, oil and gas, natural resources, institutions |
| JEL: | E02 O43 Q30 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:uea:ueaeco:2019_01&r=all |
| By: | A.E, Sodeeq; O.F, Ashaolu; A.G, Ibrahim; L.O, Lamidi; M.B, Salawu; S.D, Idowu; B.T, Ogunleye |
| Keywords: | Livestock Production/Industries |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288336&r=all |
| By: | Ajie, E.N.; Eche, C. |
| Keywords: | Labor and Human Capital |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288506&r=all |
| By: | Khan, Rana Ejaz Ali; Bari, Khadija Malik; Raza, Muhammad Ali |
| Abstract: | This paper attempts to highlight socioeconomic determinants of child mortality in Pakistan. Binary logistic regression is applied to 7297 observations from the Pakistan Demographic and Health Survey 2012-13. The results reveal that probability of child mortality decreases with greater birth-interval, child’s large size at birth, more family members, mother’s education, mother’s ownership of assets and mother’s decision-making at the household level. Policy makers can work to improve mothers’ characteristics such as fertility behavior, education, empowerment and decision-making at the household level, to reduce child mortality. |
| Keywords: | Child mortality Fertility behavior Women empowerment |
| JEL: | I10 I12 I15 |
| Date: | 2018–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93839&r=all |
| By: | Champredonde, Marcelo; Cendón, María Laura; Tedesco, Lorena; Lupín, Beatriz; Pérez, Stella Maris; Cincunegui, Carmen; Roldán, Camila |
| Abstract: | Pertinencia y factibilidad de un sello que distinga la calidad regional del aceite de oliva virgen extra del Sudoeste Bonaerense desde la perspectiva de los productores y la valoración de los consumidores. |
| Keywords: | Aceite de Oliva; Atributos de Calidad; Marcas; |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3134&r=all |
| By: | Taran Grove; Akram Reshad; Andrey Sarantsev |
| Abstract: | We fit a dynamic factor model: monthly inflation-adjusted S\&P 500 returns vs 10-year trailing earnings yield (the inverse of Shiller price-to-earnings ratio), 10-year trailing dividend yield, and 10-year real interest rate. We model these three factors as AR(1) in three dimensions. We use long-term data from 1881 compiled by Robert Shiller, available at multpl.com. However, in the short run, fluctuations have heavy tails and do not significantly depend on previous values. We use Bayesian regression with normal residuals. We show significant dependence of long-term returns on the initial factor values. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04603&r=all |
| By: | Florian Lindner (Max Planck Institute for Research on Collective Goods); Michael Kirchler (University of Innsbruck); Stephanie Rosenkranz (Utrecht University School of Economics); Utz Weitzel (Radboud University) |
| Abstract: | A pervasive feature in the finance industry is relative performance, which can include extrinsic (money), intrinsic (self-image), and reputational (status) motives. In this paper, we model a portfolio decision with two assets and investigate how reputational motives (i.e., the public announcement of the winners or losers) influence risk-taking in investment decisions vis-a-vis intrinsic motives. We test our hypotheses experimentally with 864 students and 330 financial professionals. We find that reputational motives play a minor role among financial professionals, as the risk-taking of underperformers is already increased due to intrinsic motives. Student behavior, however, is mainly driven by reputational motives with risk-taking levels that come close to those of professionals when winners or losers are announced publicly. This indicates that professionals show higher levels of intrinsic (self-image) incentives to outperform others compared to non-professionals (students), but a similar behavior can be sparked among the latter by adding reputational incentives. |
| Keywords: | experimental finance, behavioral economics, investment game, rank incentives, social status, reputational motives |
| JEL: | G02 G11 D03 C93 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2019_07&r=all |
| By: | Afelumo, B.E.; Afolabi, J.A. |
| Keywords: | Financial Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288505&r=all |
| By: | Brodbeck, Karl-Heinz |
| Abstract: | Der Begriff "Arbeit" hat im Marx'schen Werk einen deutlichen Wandel vollzogen. In seiner Frühphilosophie verband Marx eine Aufhebung der Arbeit mit dem Übergang zu einer kommunistischen Gesellschaft. Mit der Ausarbeitung seines Hauptwerkes "Das Kapital" sagte er dagegen, dass Arbeit eine "ewige Naturbedingung" menschlicher Existenz sei, die nur ihre Form verändern könne. In seiner späteren Theorie der Arbeit findet sich zudem ein immanenter Widerspruch: Marx entgeht, dass sich der Begriff der Arbeit nicht von der Form der Vergesellschaftung durch die menschliche Sprache trennen lässt. Unter Rückgriff auf zeitgenössische Autoren von Marx können diese Versäumnisse der Theorie aufgedeckt und "Arbeit" neu interpretiert werden. |
| Keywords: | Marx'sche Frühschriften,geistige und körperliche Arbeit,Sprache und Gesellschaft,Arbeit und Technologie,Andrew Ure,Philosophie der Maschinerie |
| JEL: | B14 B24 J01 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:oek44&r=all |
| By: | Pierpaolo Battigalli; Martin Dufwenberg |
| Abstract: | The mathematical framework of psychological game theory is useful for describing many forms of motivation where preferences depend directly on own or othersbeliefs. It allows for incorporation of emotions, reciprocity, image concerns, and self-esteem in economic analysis. We explain how and why, discussing basic theory, a variety of sentiments, experiments, and applied work. Keywords: psychological game theory; belief-dependent motivation; reciprocity; emotions; image concerns; self-esteem JEL codes: C72; D91 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:646&r=all |
| By: | Akinwekomi, O.E.; Obayelu, A.E.; Afolabi, O.I. |
| Keywords: | Agribusiness |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288502&r=all |
| By: | Caroline Hambye; Bart Hertveldt; Bernhard Klaus Michel |
| Abstract: | For a finer analysis of competitiveness and value chain integration, this working paper presents a micro-data based breakdown of manufacturing industries in the 2010 Belgian supply-and-use and input-output tables into export-oriented and domestic market firms. The former are defined as those firms that export at least 25% of their turnover. Analyses based on the resulting export-heterogeneous IOT reveal differences between the two in terms of input structures and import behaviour: export-oriented manufacturers have lower value-added in output shares, and they import proportionally more of the intermediates they use. Moreover, exports of export-oriented manufacturers generate a substantial amount of value added in other Belgian firms, in particular providers of services. The policy implication of these results is that Belgium's external competitiveness depends not only on exporters but also on firms that mainly serve the domestic market. To maximise the impact of export promotion in terms of domestically generated value added, the entire value chain for the production of exports must be taken into account. |
| JEL: | C67 F14 F15 |
| Date: | 2018–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1811&r=all |
| By: | Sanusi, M.M.; Oyedeji, O.O.; Akerele, D. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288433&r=all |
| By: | Nguyen, Yen (Tilburg University, School of Economics and Management) |
| Abstract: | This thesis consists of three chapters. My central interest is to study the interaction between emotions and decision making, using affective computing technologies for emotion induction, measurement and analysis. The first chapter evaluates the effect of induced emotional states on risk tolerance. The second chapter explores the causal relationship between specific emotional states and cooperation, by assessing whether specific incidental emotions induce greater or less cooperation in a social dilemma environment. The final chapter considers whether the asymmetric availability of emotion data in a canonical bargaining situation between a buyer and a seller yields an advantage for the person who holds the data. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:3358deab-10bb-4b50-a147-a754bb499aac&r=all |
| By: | Abramova, Inna; Core, John; Sutherland, Andrew |
| Abstract: | We study how short-term changes in institutional owner attention affect managers’ short-term disclosure choices. Holding institutional ownership constant and controlling for industry-quarter effects, we find that managers respond to attention by increasing the number of forecasts and 8-K filings. Rather than alter the decision of whether to forecast or to provide more informative disclosures, attention causes minor disclosure adjustments. Although attention explains significant variation in the quantity of disclosure, we find little change in abnormal volume and volatility, the bid-ask spread, or depth. Overall, our evidence suggests that management responds to temporary institutional investor attention by making disclosures that have little effect on information quality or liquidity. |
| Keywords: | disclosure, management forecasts, 8-K filings, information quality, liquidity, institutional ownership, passive investors, corporate governance, monitoring |
| JEL: | G1 G12 G14 G23 G32 G34 |
| Date: | 2019–04–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93665&r=all |
| By: | Kuye, O.O.; Ettah, O.I.; Oniah, M.O.; Egbe, B.M. |
| Keywords: | Agricultural Finance |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288504&r=all |
| By: | Mamburu Mulalo |
| Abstract: | The growth of firms has been shown to have a meaningful impact on the health of firms and the economy in general. As the body of literature dedicated to understanding high-growth firms has expanded, an interest in the persistence of growth has become even more relevant.This is because persistence of growth has significant implications for the outcomes that might reasonably be expected from public policy explicitly targeting high-growth firms. Using firm-level data, this paper adopts a quantile-regression approach and analyses whether the performance of firms at the tails of the growth distribution is persistent.It finds a strong, negative serial correlation of growth among South African firms, particularly among smaller firms and those at the tails of the growth distribution. This suggests that a more nuanced approach by policymakers is necessary in regard to high-growth firms. |
| Keywords: | Firm growth,High-growth firms,Regression analysis |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-74&r=all |
| By: | Dell'Era, Michele |
| Abstract: | This paper studies expert advice when an influence-hungry expert derives an intrinsic benefit from influencing a client’s decision. A consulting paradox arises: the more the client needs advice, the less accurate is expert advice. The reason is that the expert’s benefit from influence engenders an incentive to misreport information which is positively related to the client’s need of advice. This paradox advances the debate on consulting beyond its focus on commissions and provides a new explanation to experts’ misreporting of information. Finally, the consulting paradox sheds light on the challenges posed by influence-hungry experts to client protection authorities and the consulting industry. |
| Keywords: | Expert Advice; Influence-Hungry Experts; Consulting Paradox |
| JEL: | D82 D83 M21 |
| Date: | 2019–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93803&r=all |
| By: | Jeffrey Terziev |
| Abstract: | Research shows that a diverse teaching force may help states and districts close large, persistent racial and ethnic achievement gaps and improve the educational outcomes of minority students. In particular, the research finds benefits for black students. |
| Keywords: | rel ma, mid-atlantic, infographic, april 2019, diverse, teaching force, education, outcomes, improve, minority, students |
| JEL: | I |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:d4ca1016ce0e41c99c2758e98378f6e7&r=all |
| By: | Tobias Gruhle (Johannes Gutenberg University Mainz); Philipp Harms (Johannes Gutenberg University Mainz) |
| Abstract: | In this paper, we present evidence that countries with a higher share of services in GDP exhibit lower current account balances. We argue that this relationship is compatible with the notion that producer services raise aggregate productivity by enhancing increasing returns to specialization, and we develop a model in which the deregulation of the services industry results in higher GDP growth, a reallocation of resources into the services industry, and a temporary current account deficit. We demonstrate that our theoretical argument is supported by the data, even if we control for a multitude of other factors that potentially affect the current account. Finally, we relate our study to the IMF’s external balance assessment (EBA) exercise and demonstrate that, for several countries, the “current account gap” shrinks if we account for producer services. |
| JEL: | F41 O14 F32 |
| Date: | 2019–05–04 |
| URL: | http://d.repec.org/n?u=RePEc:jgu:wpaper:1906&r=all |
| By: | Nicolas Scelles (University of Stirling); Boris Helleu (CesamS - Centre d'étude sport et activités motrices - UNICAEN - Université de Caen Normandie - NU - Normandie Université); Christophe Durand (CesamS - Centre d'étude sport et activités motrices - UNICAEN - Université de Caen Normandie - NU - Normandie Université); Liliane Bonnal (CRIEF - Centre de Recherche sur l'Intégration Economique et Financière - Université de Poitiers); Stephen Morrow (University of Stirling) |
| Abstract: | The aim of this article is to investigate the explanatory variables of the number of Facebook fans and Twitter followers for professional sports clubs based on the financial value literature. Such explanatory variables are related to local market conditions and on-field and off-field performance. Based upon a sample of North American major league clubs and the most valuable European soccer clubs as evaluated by Forbes over the 2011-2013 period (423 observations), our results indicate a range of variables with a significant positive impact on the number of social media fans: population, no competing team in the market, current sports performance, historical sports performance, facility age, attendance, operating income, expenses/league mean, and being an English football club. An improved understanding of the effectiveness of clubs' social media presence is important for contemporary sport managers in terms of enhancing supporter communication, involvement, and accountability, as well as maximizing clubs' revenue generation possibilities. Our findings could help sport managers to realize their clubs' social media potential in pursuit of these objectives, specifically to understand which variables are under-exploited and why some clubs over-perform, which will allow managers to prioritize decisions to increase their number of social media fans and financial value. |
| Keywords: | financial value JEL Classification: L83,on-field and off-field performance variables,social media,Facebook fans,Twitter followers,professional sports clubs,North America,Europe,local market variables,Z23 |
| Date: | 2017–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02110645&r=all |
| By: | Janke, Katharina; Propper, Carol; Sadun, Raffaella |
| Abstract: | We investigate whether top managers affect the performance of large and complex public sector organizations, using as a case study CEOs of English public hospitals (large, complex organizations with multi-million turnover). We study the extent to which CEOs are differentiated in terms of their pay, as well as a wide range of hospital production measures including inputs, intermediate operational outcomes and clinical outcomes. Pay differentials suggest that the market perceives CEOs to be differentiated. However, we find little evidence of CEOs' impact on hospital production. These results question the effectiveness of leadership changes to improve performance in the public sector. |
| Keywords: | CEOs; Hospitals; NHS; Public sector; style |
| JEL: | H51 I11 L32 M12 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13726&r=all |
| By: | Vásquez Cordano, Arturo Leonardo |
| Abstract: | El presente documento analiza, de manera sintética, cómo la revolución de las energías renovables puede afectar en la próxima década el balance de oferta y demanda de litio a nivel mundial. Analizando la información disponible sobre el consumo y oferta del carbonato de litio, se esbozan algunos escenarios sobre la potencial evolución del mercado del litio. Finalmente, se analiza las posibilidades de desarrollar los recursos de litio en el Perú durante la próxima revolución renovable. |
| Keywords: | Litio; energía renovable; balance de oferta y demanda; Perú; Lithium; renewable resources |
| JEL: | L61 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:ger:dtrabj:002&r=all |
| By: | Jolly, Suyash (Lund University); Grillitsch, Markus (Lund University); Hansen, Teis (Lund University) |
| Abstract: | Despite significant interest in regional industrial restructuring in economic geography, surprisingly scarce attention has been paid to the changing role of agency over time. The current paper develops a framework for understanding the role of multiple types of agents and the agency they exercise for new path development. The framework is employed in a longitudinal study of industry development in Värmland, Sweden, from forestry towards a bio-economy. The analysis highlights how actors exercise very different types of agency in different periods of path development. |
| Keywords: | Bio-economy; Värmland; agency; path development; longitudinal |
| JEL: | B52 L73 L78 O30 P48 Q50 R11 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2019_007&r=all |
| By: | Jack Gettens; Alexis Henry |
| Abstract: | This study, which is described fully in Gettens and Henry (2019), is based on interviews of 35 low-income DI beneficiaries living in the Worcester, Massachusetts area. We found that study participants used their formal income, mainly DI payments, to support most of their consumption and thus, consumption levels for most were low. |
| Keywords: | Social Security Disability Insurance, low-income populations, financial management |
| JEL: | I J |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:91b122149f084708a520f9d4612b4c7d&r=all |
| By: | Akinyemi, S.O.S; Adebisi-Adelani, O.; Layade, A.A.; Adegbite, O.; Arogundade, O.; Fajinmi, O.B.; Kumar, L. |
| Keywords: | Production Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288417&r=all |
| By: | Virpi Sorsa (Hanken School of Economics - Hanken School of Economics); Heini Merkkiniemi; Nada Endrissat (BFH - Bern University of Applied Sciences); Gazi Islam (MC - Management et Comportement - Grenoble École de Management (GEM), IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc) |
| Abstract: | While interest in art-based interventions is growing rapidly, little is known about the aesthetic, material, and interpersonal mechanisms by which art interventions, and musical interventions in particular, operate. We address this gap by drawing from an in-depth case study of a musical intervention in a professional ice-hockey team in Finland. At the time of the study, the organization faced a serious crisis, having lost 11 sequential games, leading its managers to search for "alternative" means for promoting social cohesion, and subsequently engaging in an arts-based musical intervention. Our findings examine how material objects and collective synchronization rhythms grounded the interpersonal interactions of team members and mediated members' attempts to transform personal subjective experiences into collective collaboration. We draw out the conceptual implications of our findings for understanding, on the one hand, the collective nature of aesthetic processes, and on the other hand, the materially mediated processes of communication. In terms of practical implication, we contribute to understanding the social dynamics and transformative organizational possibilities of artistic interventions that generate value for the organization and its members. |
| Keywords: | arts-based intervention,musical intervention,aesthetics,embodied communication,materiality,organizational communication |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01959027&r=all |
| By: | Schmidt, Christoph M. |
| Abstract: | Praktische Wirtschaftsprobleme statt Theoriedebatten: Studie untersucht Geschichte des RWI - Leibniz-Institut für Wirtschaftsforschung. - Zwei unabhängige Wirtschaftshistoriker haben anlässlich seines 75-jährigen Bestehens die Geschichte des RWI - Leibniz-Institut für Wirtschaftsforschung aufgearbeitet. Sie entdeckten viele Konstanten: Schon in der Nachkriegszeit forschte das RWI in einem theoriegeprägten Umfeld vor allem zu praktischen Problemen der Wirtschaftspolitik. Seit seiner Gründung als 'Abteilung Westen' des Instituts für Konjunkturforschung galt es als Speerspitze bei der Erstellung von Konjunkturprognosen. Rechtlich unabhängig wurde das RWI 1943. Anfang der 2000er Jahre entwickelte sich das Institut dann zu einem Wegbereiter der evidenzbasierten Politikberatung. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwiimp:196549&r=all |
| By: | Mihaela Teodorescu (Valahia University Targoviste); Mihai Mieila (Valahia University Targoviste) |
| Abstract: | The leasing agreements represent an important share within theo perations of capital assets financing. However, from the stand point of the user, the nominal costs implied by lease may appear as superior to those incurred in case offinancing through the buy-and-borrowalternative. Based onthe provisions of the Romanian Fiscal Code,the paper tries to analyzethe influence of taxation over theimplied costsfrom the user’s viewpoint. Considering financial leaseas an alternative to long-term borrowing,the first part of the article tries to point outthe influence of taxregulations upon thecost of the financial leasing. Thesecond partof the paper is dedicatedto the features and fiscal implications of the operating lease, presentingvarious situations,thecash flowsrelated to taxationinfluencingtheamountofthe requested rental payments. |
| Keywords: | financial leasing,operatingleasing, profittax, fiscal depreciation, tax onincomesof micro-enterprises |
| JEL: | G32 H25 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0022&r=all |
| By: | Tasie, C.M.; Wilcox, G.I. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288432&r=all |
| By: | Christopher Hartwell (Bournemouth University); Roman Horvath; Eva Horvathova; Olga Popova |
| Abstract: | We examine the causal effect of natural resource discoveries on income inequality using the synthetic control method on data from 1947 to 2009. We focus on the natural discoveries in Denmark, Netherlands and Norway in the 1960–1970s and use top 1% and top 10% income share as the measure of income inequality. Many previous studies have been concerned that natural resources may increase income inequality. To the contrary, our results suggest that natural resources decrease income inequality or have no effect. We attribute this effect to the high institutional quality of countries we examine. |
| Keywords: | Natural resources, income inequality, synthetic control method |
| JEL: | D31 O13 O15 Q33 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:ost:wpaper:381&r=all |
| By: | Morten Hedegaard; Rudolf Kerschbamer; Mueller Daniel; Jean-Robert Tyran |
| Abstract: | We use a large and heterogeneous sample of the Danish population to investigate the importance of distributional preferences for behavior in a public good game and a trust game. We find robust evidence for the significant explanatory power of distributional preferences. In fact, compared to twenty-one covariates, distributional preferences turn out to be the single most important predictor of behavior. Specifically, subjects who reveal benevolence in the domain of advantageous inequality contribute more to the public good and are more likely to pick the trustworthy action in the trust game than other subjects. Since the experiments were spread out more than one year, our results suggest that there is a component of distributional preferences that is stable across games and over time. |
| Keywords: | Distributional preferences, social preferences, Equality-Equivalence Test, representa- tive online experiment, trust game, public goods game, dictator game. |
| JEL: | C72 C91 D64 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:inn:wpaper:2019-09&r=all |
| By: | Wieling, Torge; Belger, Christian; Kleine-Möllhoff, Peter; Jenisch, Robin; Kutschera, Frederike; Lenz, Oliver; Lödige, Maximilian; Ruoff, Julian |
| Abstract: | In der Vergangenheit ist der Materialfluss meist mit der Produktion gewachsen. Mit steigender Produktindividualität erhöht sich die Anzahl der zu fertigenden Varianten in der Produktion und somit die Komplexität der Materialflüsse. Im Rahmen dieser Arbeit wurden Möglichkeiten und Methoden zur Aufnahme und Optimierung von Materialflüssen im Zusammenhang mit hoher Variantenvielfalt untersucht. |
| Keywords: | Materialfluss,Materialflussuntersuchung,Variantenvielfalt,Wertstrommethode,material flow,material flow analysis,variety of versions,value stream method |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esbwmm:20193&r=all |
| By: | Lago Peñas, Santiago; Vaquero-Garcia, Alberto; Sanchez-Fernandez, Patricio; Lopez-Bermudez, Beatriz |
| Abstract: | This article provides empirical evidence on the effect of fiscal consolidation in decentralized countries. The focus on Spain is justified for three reasons. First, it is one of the OECD countries that has been the most affected by the Great Recession in terms of both GDP and public deficit. Second, it is one of the most decentralized countries in the world. Third, the compliance with fiscal consolidation targets has been very diverse across regions. Using both time series econometrics and the synthetic control method approach (SCM), the authors show that compliance with fiscal targets at the regional level has not involved lower GDP growth rates in the short run. |
| Keywords: | fiscal consolidation,regional economic growth,great recession |
| JEL: | H74 R11 H62 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201934&r=all |
| By: | Fix, Blair |
| Abstract: | What makes the rich different? Are they more productive, as mainstream economists claim? I offer another explanation. What makes the rich different, I propose, is hierarchical power. The rich command hierarchies. The poor do not. It is this greater control over subordinates, I hypothesize, that explains the income and class of the very rich. I test this idea using evidence from US CEOs. I find that the relative income of CEOs increases with their hierarchical power, as does the capitalist portion of their income. This suggests that among CEOs, both income size and income class relate to hierarchical power. I then use a numerical model to test if the CEO evidence extends to the US general public. The model suggest that this is plausible. Using this model, I infer the relation between income size, income class, and hierarchical power among the US public. The results suggests that behind the income and class of the very rich lies immense hierarchical power. |
| Keywords: | hierarchy,power,functional income distribution,personal income distribution,inequality,capital as power,class |
| JEL: | D31 D33 B5 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:capwps:201902&r=all |
| By: | Clarke Damian; Bhalotra Sonia; Gomes Joseph; Venkataramani Atheendar |
| Abstract: | Raising women’s political participation leads to faster maternal mortality decline. We estimate that the introduction of quotas for women in parliament results in a 9–12 per cent decline in maternal mortality. In terms of mechanisms, it also leads to an 8–11 per cent increase in skilled birth attendance and a 6–11 per cent increase in prenatal care utilization.We find reinforcing evidence from the period in which the United States experienced rapid declines in maternal mortality. The historical decline made feasible by the introduction of antibiotics was significantly greater in states that had longer exposure to women’s suffrage. |
| Keywords: | Maternal mortality,quotas,suffrage,women's political representation,Gender |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-58&r=all |
| By: | Wroblewski, Angela (Institut fuer Hoehere Studien, Wien); Kleinberger-Pierer, Magdalena; Pohn-Weidinger, Simon; Grasenick, Karin |
| Abstract: | Die Bundesverfassung sieht als Grundsaetze der Haushaltsfuehrung des Bundes die Wirkungsorientierung sowie Gender Budgeting vor. Damit sind Bund, Laender und Gemeinden verpflichtet, bei der Haushaltsfuehrung die tatsaechliche Gleichstellung von Frauen und Maennern anzustreben. Das vorliegende Reihenpaper enthaelt zwei Beitraege, die sich mit der Umsetzung von Gleichstellungszielen im Rahmen der wirkungsorientierten Haushaltsfuehrung auseinander setzen. Zum einen wird der Prozess der wirkungsorientierten Steuerung im Bundesland Steiermark beschrieben, zum anderen die Umsetzung der Zielsetzung der Erhoehung des Frauenanteils in Professuren und Laufbahnstellen im Wissenschaftsressort. |
| Keywords: | Wirkungsorientierung, Gender, Gleichstellung, Gleichstellungsziele, Steuerungsmechanismen |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ihs:ihswps:7&r=all |
| By: | Andraszewicz, Sandra; Wu, Ke; Sornette, Didier |
| Abstract: | A vast literature investigating behavioural underpinnings of financial bubbles and crashes relies on laboratory experiments. However, it is not yet clear how findings generated in a highly artificial environment relate to the human behaviour in the wild. It is of concern that the laboratory setting may create a confound variable that impacts the experimental results. To explore the similarities and differences between human behaviour in the laboratory environment and in a realistic natural setting, with the same type of participants, the authors translate a field study Sornette et al. (under review) with trading rounds each lasting six full days to a laboratory experiment lasting two hours. The laboratory experiment replicates the key findings from the field study but the authors observe substantial differences in the market dynamics between the two settings. The replication of the results in the two distinct settings indicates that relaxing some of the laboratory control does not corrupt the main findings, while at the same time it offers several advantages such as the possibility to increase the number of participants interacting with each other at the same time and the number of traded securities. |
| Keywords: | laboratoy expriment,field experiment,experimental asset market,replication |
| JEL: | C90 D80 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201933&r=all |
| By: | Julien Chevallier (IPAG Business School, UP8 - Université Paris 8 Vincennes-Saint-Denis); Stéphane Goutte (LED - Université Paris 8, PSB - Paris School of Business); Khaled Guesmi (IPAG Lab - IPAG Lab - Ipag, École de gestion Telfer / Université d'Ottawa - Université d'Ottawa); Samir Saadi (École de gestion Telfer / Université d'Ottawa - Université d'Ottawa) |
| Abstract: | This study contributes to the existing literature on the empirical characteristics of virtual currency allowing for a dynamic transition between different economic regimes and considering various crashes and rallies over the business cycle, that is captured by jumps. We combine Markov-switching models with Levy jump-diffusion offer a new model that captures the different sub-period of crises over the business cycle, that is captured by jumps. This method also enables to test the relevance of dynamic measures of regime switching concerning the independent pure-jump process, which are not frequently used in the literature. Bitcoin offers something different than a traditional currency; there is potential value of having a network that helps as a secure repository for the common knowledge of all transactions. Besides, the value of Bitcoin fluctuates so wildly that it may be too risky to serve as a credible store of value. |
| Keywords: | Bitcoin,Lévy process,Markov-switching model |
| Date: | 2019–05–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-02120636&r=all |
| By: | Søren Kjærgaard (University of Southern Denmark); Yunus Emre Ergemen (University of Aarhus and CREATES); Marie-Pier Bergeron Boucher (University of Southern Denmark); Jim Oeppen (University of Southern Denmark); Malene Kallestrup-Lamb (University of Aarhus and CREATES) |
| Abstract: | Several OECD countries have recently implemented an automatic link between the statutory retirement age and life expectancy for the total population to insure sustainability in their pension systems when life expectancy is increasing. Significant mortality differentials are observed across socio-economic groups and future changes in these differentials will determine whether some socio-economic groups drive increases in the retirement age leaving other groups with fewer years in receipt of pensions. We forecast life expectancy by socio-economic groups and compare the forecast performance of competing models using Danish mortality data and find that the most accurate model assumes a common mortality trend. Life expectancy forecasts are used to analyse the consequences of a pension system where the statutory retirement age is increased when total life expectancy is increasing |
| Keywords: | Compositional data, forecasting, longevity, pension, socioeconomic groups |
| JEL: | C22 C23 C53 I12 |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2019-08&r=all |
| By: | Landaud, Fanny (Dept. of Economics, Norwegian School of Economics and Business Administration) |
| Abstract: | Family formation has been substantially delayed in recent decades, and birth rates have fallen below the replacement rates in many OECD countries. Research suggests that these trends are tightly linked to recent changes in the labor market; however, little is know about the role played by increases in job insecurity. In this paper, we investigate to what extent the decline in the share of permanent jobs among young workers explains observed delays in age at first cohabitation and age at first child. Using French data on the work and family history of large samples of young adults, we provide evidence that access to permanent jobs has a much stronger effect than access to temporary jobs on the probability of entering a first cohabiting relationship as well as on the probability of having a first child. We find that about half of the increases in age at first cohabitation and at first child can be explained by the rise in unemployment and in the share of temporary jobs among young workers. |
| Keywords: | job insecurity; unemployment |
| JEL: | C32 J12 J64 |
| Date: | 2019–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2019_010&r=all |
| By: | Lilas Demmou; Irina Stefanescu; Axelle Arquie |
| Abstract: | Investment in intangible assets has become an increasingly important driver of productivity growth in OECD countries. Facing stronger informational asymmetries and harder to value collateral, intangible investment is subject to more severe financial constraints and relies more on internal rather than external capital. To test the hypothesis that the availability of finance, and financial development in particular, is more important for productivity growth in sectors that are intensive in intangible assets, an empirical analysis is carried over a panel of 32 countries and 30 industries, from 1990 to 2014. Overall, results confirm that the impact of financial development on labour productivity is not uniform across sectors. It varies based on country-specific institutional settings and sector-specific characteristics such as the intangible asset intensity, financial structure and external financial dependence. Policies and institutional settings may relax financial constraints by: i) altering the overall composition of finance; ii) encouraging competition and iii) strengthening the legal environment in which businesses operate. |
| Keywords: | Financial Development, Intangible assets, Productivity Growth |
| JEL: | G10 G21 |
| Date: | 2019–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1547-en&r=all |
| By: | Shaffer Paul |
| Abstract: | This paper examines the relationship between poverty dynamics, causal pluralism, and mixed method research approaches.It reviews the nature and significance of the shift from the analysis of poverty status to poverty dynamics, discusses different approaches to causal reasoning and causal inference in philosophy and the social sciences, and presents empirical examples of mixed method studies of poverty dynamics.It concludes with a case for causal pluralism and mixed methods on grounds that empirical validation/adjudication is imperfect, knowledge is partial, and many causal systems are inherently complex. |
| Keywords: | Mixed methods,Poverty Dynamics,Measurement (Poverty),Methodology (Poverty) |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-115&r=all |
| By: | Nwali, Nte I.; Okoro, Frank N. |
| Keywords: | Demand and Price Analysis |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288426&r=all |
| By: | Menoncin, Francesco; Vergalli, Sergio |
| Abstract: | In this work we solve in a closed form the problem of an agent who wants to optimise the inter-temporal utility of both his consumption and leisure by choosing: (i) the optimal inter-temporal consumption, (ii) the optimal inter-temporal labour supply, (iii) the optimal share of wealth to invest in a risky asset, and (iv) the optimal retirement age. The wage of the agent is assumed to be stochastic and correlated with the risky asset on the financial market. The problem is split into two sub-problems: the optimal consumption, labour, and portfolio problem is solved first, and then the optimal stopping time is approached. The martingale method is used for the first problem, and it allows to solve it for any value of the stopping time which is just considered as a stochastic variable. The problem of the agent is solved by assuming that after retirement he received a utility that is proportional to the remaining human capital. Finally, a numerical simulation is presented for showing the behaviour over time of the optimal solution. |
| Keywords: | Research Methods/ Statistical Methods |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemth:288459&r=all |
| By: | Martynova, Natalya; Perotti, Enrico; Suarez, Javier |
| Abstract: | We analyze the strategic interaction between undercapitalized banks and a supervisor who may intervene by preventive recapitalization. Supervisory forbearance emerges because of a commitment problem, reinforced by fiscal costs and constrained capacity. Private incentives to comply are lower when supervisors have lower credibility, especially for highly levered banks. Less credible supervisors (facing higher cost of intervention) end up intervening more banks, yet producing higher forbearance and systemic costs of bank distress. Importantly, when public intervention capacity is constrained, private recapitalization decisions become strategic complements, leading to equilibria with extremely high forbearance and high systemic costs of bank failure. JEL Classification: G21, G28 |
| Keywords: | bank recapitalization, bank supervision, forbearance |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:srk:srkwps:201993&r=all |
| By: | Santoro, Fabrizio; Mdluli, Winnie |
| Abstract: | The tax-to-GDP ratio in developing countries is still remarkably low for many different reasons. One of the key factors behind poor tax collection is low tax compliance. In this paper we look at compliance with income tax in Eswatini, focusing on one particular dimension – filing of nil returns. Nil-filing represents a sizeable share of returns in many African countries. However, it is largely unexplored in the literature and disregarded by tax agencies, who are more interested in declarations yielding a positive return. For these reasons, we attempt to fill the gap by mapping nil-filing in Eswatini using anonymised administrative data provided by the Swaziland Revenue Authority (SRA). First, we show that over a period of five years about 30 per cent of corporate income tax (CIT) returns are nil every year. This translates into 45 per cent of taxpayers nil-filing in at least one year over the five-year period. Moreover, nil-filing varies a lot within categories of firms: it is much more likely to take place in certain districts and sectors in Eswatini, and is more common for small and younger firms. At the same time, persistent nil-filing is also very common. We also cross-check CIT data with value added tax (VAT) and Pay As You Earn (PAYE) data to monitor the filing behaviour of nil-filers across different tax returns, finding some extent of misreporting – probably due to evasion. After describing the results, we analyse additional qualitative data and provide recommendations for future research. |
| Keywords: | Finance, Governance, |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:14478&r=all |
| By: | Rosendahl, Knut Einar (School of Economics and Business, Norwegian University of Life Sciences) |
| Abstract: | With the new rules of the EU ETS, involving cancellation of allowances, cumulative emissions are no longer fixed but depending on the market outcome. Perino (2018) showed that additional abatement effort can reduce cumulative emissions if it occurs within a few years. This article shows that Perino’s result will be reversed, i.e., cumulative emissions increase, if the abatement effort is at a later year, or permanent. Thus, a new green paradox has emerged. |
| Keywords: | Emissions trading; Green Paradox; EU ETS; MSR |
| JEL: | H23 Q54 Q58 |
| Date: | 2019–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nlsseb:2019_002&r=all |
| By: | Severino-González, Pedro; Pujol-Cols, Lucas J.; Lazzaro-Salazar, Mariana |
| Abstract: | Este artículo examina las percepciones de directivos y empleados de un centro público de salud de Chile acerca del grado de presencia de prácticas socialmente responsables en dicha institución, explorando, además, potenciales diferencias entre estas percepciones. Se administró una encuesta estructurada a una muestra no probabilística de 250 individuos. Los resultados revelan que los participantes coinciden en que el Centro posee un comportamiento socialmente responsable, aunque estas percepciones no resultan compartidas de igual modo por los directivos y los empleados. |
| Keywords: | Responsabilidad Social; Etica; Salud Pública; |
| Date: | 2019–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3102&r=all |
| By: | van der Weide Roy; Vigh Melinda |
| Abstract: | Productivity and socio-economic progress are inter-connected. Economic growth funds policies that promote socio-economic progress, while the latter serves as a growth engine. A society with high mobility is one where individual achievements are influenced less by the individual’s parents and more by her potential.In an application to 54 state-regions in India (1983-2011), we identify the causal effect of intergenerational mobility on household expenditure’s future growth. We find that intergenerational mobility has a positive effect on growth, particularly among the poor.Furthermore, mobility is found to be positive for human capital accumulation except for individuals with highly educated parents for whom it matters less whether the playing field is level or not. |
| Keywords: | Growth,Inequality,Intergenerational Mobility,Poverty and inequality |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-187&r=all |
| By: | Hempel, Corinna; Will, Sabine; Zander, Katrin |
| Abstract: | Der Wandel unserer fossilbasierten Wirtschaftsweise hin zu einer nachhaltigeren biobasierten Ökonomie erfordert eine breite gesellschaftliche Akzeptanz. Grundlegend dafür sind Kenntnisse über die Meinungen, Einstellungen und Zweifel der Bevölkerung. Aufbauend auf einer Q-Studie über die gesellschaftlichen Meinungsbilder bezüglich der Bioökonomie im Allgemeinen, wurden Gruppendiskussionen zu konsumrelevanten Aspekten im Besonderen durchgeführt. Die Teilnehmenden diskutierten im Spannungsfeld von Suffizienzstrategien und der Entwicklung innovativer Technologien. Darauf folgte eine deutschlandweite Onlinebefragung, die Erkenntnisse aus den ersten beiden Erhebungsschritten aufgriff, wodurch Ergebnisse quantifiziert werden konnten. Auf Basis gemeinsamer gesellschaftlicher Perspektiven zur Bioökonomie besteht eine sehr große Heterogenität in Bezug auf die Einschätzung und Umsetzung verschiedener Handlungsoptionen zur Schonung von Umwelt und Ressourcen in der Gesellschaft insgesamt. Viele Menschen fühlen sich schlecht informiert und haben daher Schwierigkeiten, die "richtigen" Entscheidungen zu treffen. Sie wünschen sich Unterstützung seitens der Politik, welcher eine relativ große Verantwortung bei der Weiterentwicklung der Bioökonomie zugesprochen wird. Allerdings ist der Grat zwischen dem Wunsch nach Unterstützung und dem Gefühl der Bevormundung durch den Staat sehr schmal. Die Akzeptanz verschiedener staatlicher Maßnahmen ist ein Feld, das zukünftig noch verstärkt untersucht werden sollte. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:jhtiwp:115&r=all |
| By: | La Croix, Sumner (African Economic History Network) |
| Abstract: | Fourie and Green construct estimates of the Khoikhoi population over the 1652- 1780 period using benchmarks for the initial and terminal Khoi populations and benchmarks for the punctuated population declines from smallpox epidemics in 1713 and 1755. I review the evidence underlying each of the four population benchmarks and argue for a revised 1780 benchmark. Qualitative evidence also points to a higher rate of population decline between 1652 and 1723 and a smaller rate of decline between 1723 and 1780. Using the Fourie-Green methodology and adopting 3 of their 4 population benchmarks, I develop two revised estimates of the Khoi population to supplement the original Fourie and Green estimates |
| Keywords: | Demography; Cape colony; Khoi |
| JEL: | N01 N37 N57 |
| Date: | 2018–09–19 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2018_039&r=all |
| By: | Todd Elder; David N. Figlio; Scott A. Imberman; Claudia Persico |
| Abstract: | We use linked birth and education records for all children born in Florida between 1992 and 2002 to assess the effects of neonatal health on the identification of childhood disabilities. We find that several measures of neonatal health are associated with disability incidence, although birthweight plays the most empirically relevant role. Using large samples of siblings and twins, we find that infant health influences multiple measures of disability and grade repetition in school. The association between birthweight and disability holds throughout the distribution of birthweight and across a range of socioeconomic characteristics, including maternal education and race. |
| JEL: | I10 I21 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25828&r=all |
| By: | Barbano, Leonardo Nicolás |
| Abstract: | En la actualidad, el plantel de jugadores de fútbol profesional (o mejor dicho, los "derechos de pase" en relación a ellos) constituye, para las instituciones deportivas ligadas a este deporte, el principal rubro de su activo. Sin embargo, algunos clubes que forman jugadores directamente no le asignan valor alguno a este "activo" lo cual puede generar distorsiones en la información que brindan sus Estados Financieros. En esta oportunidad, me centraré en el tratamiento dado por el Club Atlético Independiente a sus jugadores formados en las divisiones inferiores, en particular cuando pasan a ser profesionales. Para ello, analizaré sus estados contables en dos grandes períodos marcados por el 2012-2013, año bisagra en el cual el club realizó un cambio importante en el tratamiento referido. Entonces, el trabajo indaga en los posibles motivos de dicho cambio y maneja como hipótesis particular los problemas económico-financieros que venían aquejando al Club. |
| Keywords: | Estados Contables; Activos Intangibles; Club Deportivo; Futbol; |
| Date: | 2019–04–23 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3131&r=all |
| By: | Adigun, G.T.; Bamiro, O.M.; Oyetoki, A. |
| Keywords: | Public Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288501&r=all |
| By: | Robert Czudaj (Department of Economics, Chemnitz University of Technology) |
| Abstract: | The dynamics between trading volume and volatility for seven agricultural futures markets are examined by drawing on the large literature for equity markets and by allowing for heterogeneity of investors beliefs proxied by open interest. In addition, time-varying effects on the transmission mechanism of shocks are also accounted for by implementing a Bayesian VAR model, which allows for time-variation stemming from both the coefficients and the variance covariance structure of the model’s disturbances. This is important since it accounts for changes in the number of trades and the size of trades across different periods, which can have different effects on the volatility-volume relation. The results show that the Granger causality and the reaction to shocks varies substantially over time. This highlights the importance to allow for time-variation when modeling the relationship between volatility, trading volume and open interest for agricultural futures markets. In general, the ï¬ ndings indicate that volatility of agricultural futures markets is driven by previous period’s trading volume and open interest. However, the reversed relationship from lagged volatility to trading volume and open interest is limited to certain periods of time. |
| Keywords: | Agricultural futures markets, open interest, time-varying Bayesian VAR, trading volume, volatility |
| JEL: | C32 G13 Q14 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:tch:wpaper:cep030&r=all |
| By: | Pujol-Cols, Lucas J. |
| Abstract: | This study examined the mediating role of perceived job characteristics in the relationship between core self-evaluations (CSEs) and job satisfaction. Data were collected from two independent samples of highly skilled workers in Argentina (190 scholars and 116 managers). The results from the structural equation modeling analysis revealed that perceived job characteristics partly mediated the relationship between CSEs and job satisfaction in both samples (32% in sample 1 and 65% in sample 2), suggesting that those individuals with higher CSEs tended to perceive their jobs as more resourceful (i.e., more rewarding, secure, and supportive), which increased their levels of job satisfaction. ese findings were consistent with those reported in North-American and European organizational settings, which provided further support to the universality and cross-cultural generalizability of the CSE construct. |
| Keywords: | Satisfacción Laboral; Personalidad; |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3108&r=all |
| By: | Astete Benites, Víctor; Tuanama Tuanama, Nancy; Capcha Carhuapoma, Newton; Gamio Quiroz, Jason |
| Abstract: | En el 2016 y 2017, Perú se consolidó como segundo productor de cobre en Latinoamérica y en el mundo. La presente investigación tiene como objetivo cuantificar el impacto que tendría en la economía peruana la puesta en marcha de los 26 principales proyectos mineros de cobre que forman parte de la cartera estimada de inversión minera del Ministerio de Energía y Minas. Es importante mencionar que el monto total de inversión para los 26 proyectos suma US$ 44,229 millones. El impacto de la ejecución de dichos proyectos se cuantifica con los siguientes indicadores: monto estimado de producción de cobre, impuestos (impuesto a la renta y canon minero, impuesto especial a la minería y regalías mineras), exportaciones y generación de empleo. |
| Keywords: | Labor Productivity; Safety; Mining, Extraction, and Refining; Other Nonrenewable Resources; Business Administration |
| JEL: | J24 J28 L72 M1 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ger:tesmgm:0006&r=all |
| By: | Foster-McGregor, Neil (UNU-MERIT); Nomaler, Önder (UNU-MERIT); Verspagen, Bart (UNU-MERIT) |
| Abstract: | Recent studies report that technological developments in machine learning and artificial intelligence present a significant risk to jobs in advanced countries. We re-estimate automation risk at the job level, finding sectoral employment structure to be key in determining automation risk at the country level. At the country level, we find a negative relationship between automation risk and labour productivity. We then analyse the role of trade as a factor leading to structural changes and consider the effect of trade on aggregate automation risk by comparing automation risk between a hypothetical autarky and the actual situation. Results indicate that trade increases automation risk in Europe, although moderately so. European countries with high labour productivity see automation risk increase due to trade, with trade between European and non-European nations driving these results. This implies that the high productivity countries do not, on the balance, offshore automation risk, but rather import it. |
| Keywords: | Automation risk for employment, Industry 4.0, Globalisation, Global Value Chains |
| JEL: | F16 O33 J24 |
| Date: | 2019–04–08 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019011&r=all |
| By: | Chipten Valibhay (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Pascal Le Masson (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Benoit Weil (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | While patents are recognized as a key resource to sustain innovation activities, patenting activities are mainly conceptualized as protective means quite unrelated to innovation issues. By conducting an exploratory case study of French IP advisor, this paper identifies four unusual patent practices oriented towards a strategic management of the inventive capacity of a firm. These practices offer the opportunity to introduce a new capability of a firm, the 'distinctive capacity', which describes the ability of a firm to manage and organize the relationship between its inventions and the prior art articulated and structured based on strategical considerations (competitive environment, legal risks, technological choices). Building upon 'dynamic capabilities', we claim that the 'distinctive capacity' of a firm allows to better characterize the features of a specific knowledge management adapted to increasing a firm's inventive capacity. |
| Date: | 2019–06–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02095821&r=all |
| By: | Joseph P. Hughes (Rutgers University); Julapa Jagtiani (Federal Reserve Bank of Philadelphia); Loretta J. Mester (Federal Reserve Bank of Cleveland); Choon-Geol Moon (Hanyang University) |
| Abstract: | We consider how size matters for banks in three size groups: small community banks with assets less than $1 billion, large community banks with assets between $1 billion and $10 billion, and midsize banks with assets between $10 billion and $50 billion. To illustrate the differences between these banks and larger banks whose business models are distinctly different, we examine large banks with assets between $50 billion and $250 billion and the largest banks with assets exceeding $250 billion. Community banks have potential advantages in relationship lending compared with large banks. However, increases in regulatory compliance and technological burdens may have disproportionately increased community banks’ costs, raising concerns about small businesses’ access to credit. Our evidence suggests several patterns: (1) while small community banks exhibit relatively more valuable investment opportunities, larger community banks, midsize banks, and larger banks exploit theirs more efficiently and achieve better financial performance; (2) average operating costs that include costs related to regulatory compliance and technology decrease with size; (3) unlike small community banks, large community banks have financial incentives to increase lending to small businesses; and (4) for business lending and commercial real estate lending, compared with small community banks, large community banks, midsize banks, and larger banks assume higher inherent credit risk and exhibit more efficient lending. Thus, concern that small business lending would be adversely affected if small community banks find it beneficial to increase their scale is not supported by our results. |
| Keywords: | community banking, scale, financial performance, small business lending |
| JEL: | G21 L25 |
| Date: | 2019–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:rut:rutres:201901&r=all |
| By: | Mary Kay Fox; Elizabeth Gearan |
| Abstract: | This report presents findings from the School Nutrition and Meal Cost Study, the first comprehensive, nationally representative study of the school meal programs since program reforms were implemented in School Year 2012-2013. |
| Keywords: | nutrition, meal cost, school lunch program |
| JEL: | I0 I1 |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:186cfab34ad34907b85ceb432f3cb418&r=all |
| By: | Bhambhwani, Siddharth; Delikouras, Stefanos; Korniotis, George |
| Abstract: | We test the theoretical prediction that blockchain trustworthiness and transaction benefits determine cryptocurrency prices. Measuring these fundamentals with computing power and adoption levels, we find a significant long-run relationship between them and the prices of five prominent cryptocurrencies. Conducting factor analysis, we find that the returns of the five cryptocurrencies are exposed to aggregate fundamental-based factors related to computing power and adoption levels, even after accounting for Bitcoin returns and cryptocurrency momentum. These factors have positive risk premia and Sharpe ratios comparable to those of the U.S. equity market. They further explain return variation in an out-of-sample set of cryptocurrencies. |
| Keywords: | Asset Pricing Factors; Bitcoin; cointegration; Computing Power; Dash; ethereum; Hashrate; Litecoin; Monero; network |
| JEL: | E4 G12 G14 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13724&r=all |
| By: | van Vijfeijken, Inge (Tilburg University, School of Economics and Management); Gubbels, Nicole (Tilburg University, School of Economics and Management) |
| Abstract: | Overzicht van de ontwikkelingen op het terrein van de Successiewet over de laatste 50 jaar. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:89eafb61-b78f-4ce0-a325-fbbbbc768f5b&r=all |
| By: | Chami, Maximilian; Kaminyoge, Gabriel |
| Abstract: | This paper examines the impact of the closed House of Wonders Museum in the tourism industry of Stone Town, Zanzibar. The paper aims to propose the best practices taken into account due to the impact raised by the closure of the Museum. There has been no clear information on the overall situation which faces the site since 2012 when the Museum closed. Data collected through mixed methods, including the sample size of 105 tourists who visited the House of Wonders Museum, 8 Government Official, 6 Tour Guides and 8 Tour Operators. The findings show that the closed museum has affected the level of tourists’ satisfaction, tour operators, community and tour guides economically. The paper recommends quick rehabilitation and reconstruction of the Museum to save the integrity and authenticity of this World Heritage Site. |
| Keywords: | House of Wonders; Tourism; Zanzibar Stone Town; Museum, Heritage |
| JEL: | G14 L83 M31 Z0 |
| Date: | 2019–04–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93887&r=all |
| By: | Ha-Huy, Thai; Nguyen, Thi Tuyet Mai |
| Abstract: | This article studies an inter-temporal optimization problem using a criterion which is a combination between Ramsey and Rawls criteria. A detailed description of the saving behaviour through time is provided. The optimization problem under $\alpha-$\emph{maximin} criterion is also considered with optimal solution characterized. |
| Keywords: | maximin principle, $\alpha-$ maximin, Ralws criterion, Ramsey criterion, $\epsilon-$contamination |
| JEL: | C60 C61 D11 D90 |
| Date: | 2019–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93710&r=all |
| By: | Robert J. Barro |
| Abstract: | The national income and product accounts double-count investment, which enters once when it occurs and again in present value when the cumulated capital leads to more rental income. From the perspective of resources available intertemporally for consumption, the double-counting issue implies over-statement of levels of GDP and national income. There is also exaggeration of capital-income shares. A proposed alternative measure of product and income involves a form of full expensing for gross investment. In the steady state, revised product and income correspond to consumption. Outside of the steady state, the measure deviates from consumption because full expensing relates to the long-run flow of gross investment, not the current flow. At a practical level, the new concept requires only an extension from the standard depreciation rate to an effective rate that adds in the economy’s expected long-run rate of economic growth. |
| JEL: | E01 E22 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25826&r=all |
| By: | Martin Hellwig (Max Planck Institute for Research on Collective Goods) |
| Abstract: | Die deutsche Diskussion über die Europäische Währungsunion steckt in einer Empörungsfalle. Rechtsnormen und Zahlen werden ungenau und missverständlich wiedergegeben, Kausalzusammenhänge werden nicht belegt. Der Begriff des „Target-Kredits“ vermengt volkswirtschaftliche und einzelwirtschaftliche Vorstellungen auf unzulässige Weise und ist analytisch unbrauchbar. Dass die Deutsche Bundesbank in ihrem operativen Geschäft nicht selbständig agiert, wird verdrängt. Eine inhaltliche Auseinandersetzung mit den Aufgaben der Zentralbank fehlt weitgehend. Die Besonderheiten eines deckungslosen Papiergelds werden nicht angemessen berücksichtigt. Die in wiederholten Verlustwarnungen enthaltene Priorisierung fiskalischer Belange ist sachlich verfehlt und ordnungspolitisch gefährlich. |
| Keywords: | Papiergeld, Vermögenseffekte, Geldpolitik, Friedman-Schwartz-Paradox, Lender of the Last Resort, Europäische Währungsunion, Target-Salden, Finanzkrise, Eurokrise, Vollzuteilung, Notkredite, ANFA, Quantitative Easing. |
| JEL: | E44 E52 E58 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2019_05&r=all |
| By: | Vellekoop, Nathanael; Wiederholt, Mirko |
| Abstract: | Do household in ation expectations affect consumption-savings decisions? We link survey data on quantitative in ation expectations to administrative data on income and wealth. We document that households with higher in ation expectations save less. Estimating panel data models with year and household fixed effects, we find that a one percentage point increase in a household's in ation expectation over time is associated with a 250-400 euro reduction in the household's change in net worth per year on average. We also document that households with higher in ation expectations are more likely to acquire a car and acquire higher-value cars. In addition, we provide a quantitative model of household-level in ation expectations. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:safewp:250&r=all |
| By: | Richter, Sandra; Schöne, Lars Bernhard |
| Abstract: | Dieses Arbeitspapier beschäftigt sich mit Immobilien-Benchmarking. Zentrales Ziel der Schrift ist es, einen Einblick in die bisherige Etablierung des Benchmarkings in den Managementebenen der Immobilienwirtschaft zu gewinnen und die Eigenschaft der Heterogenität der Immobilien im Benchmarking hervorzuheben. Dabei wird das Portfoliomanagement, das Asset Management, das Property Management sowie das Facility Management in Bezug auf die Potenzialhebung betrachtet. Weiterhin wird auch einen Einblick in die Regressionsanalyse gegeben. Um den Faktor der Heterogenität zu berücksichtigen, gilt es entsprechende Cluster abzuleiten. Beispielhaft wird eine Clusteranalyse plakativ an einem reduzierten Modell dargestellt. Im Fazit wird zusammenfassend auf die bisherige Etablierung des Benchmarkings in der Immobilienwirtschaft eingegangen sowie auf weitere Forschungsansätze hingewiesen. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iiwmps:6&r=all |
| By: | Eric Zeidman; Nicholas Beyler; Elizabeth Gearan; Nikkilyn Morrison; Katherine Niland; Liana Washburn; Barbara Carlson; David Judkins; Lindsey LeClair; Michele Mendelson; Tara Wommack; Justin Carnagey; Maureen Murphy; Andre Williamson |
| Abstract: | This methodology report describes the design of the SNMCS, as well as sampling, recruitment, data collection, and data processing procedures. |
| Keywords: | nutrition, meal cost, school lunch program |
| JEL: | I0 I1 |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:8d516f2bbe8a40f6b9a1cfca736519a8&r=all |
| By: | Jørgen-Vitting Andersen (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Philippe de Peretti (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We introduce a new methodology that enables the detection of onset of convergence towards Nash equilibria, in simple repeated-games with infinite large strategy spaces. The method works by constraining on a special and finite subset of strategies. We illustrate how the method can predict (in special time periods) with a high success rate the action of participants in a series of experiments. |
| Keywords: | multi-period games,infinite strategy space,decoupling,bounded rationality,agent-based modeling |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01960900&r=all |
| By: | Simon, Katalin; Hansson, Helena |
| Abstract: | Agricultural and forestry land markets are regulated in several European countries. However, assessing the economic consequences of land market regulation for agricultural and forestry firms is methodologically challenging for various reasons. The aim of this study is to highlight the usefulness of exploring expert stakeholders’ mental models in order to gain insights into the economic impacts of agricultural and forestry land market regulation. We use thematic analysis based on in-depth interview data to explore Swedish expert stakeholders’ mental models about the regulation of the Swedish agricultural and forestry land market. Findings point to that the current regulation does not have any major impacts on the economic situation of agricultural and forestry firms in Sweden. |
| Keywords: | Land Economics/Use |
| Date: | 2019–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288445&r=all |
| By: | Nobuyuki Hanaki (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS - Centre National de la Recherche Scientifique - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur); Emily Tanimura (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Nicolaas Vriend (QMUL - School of Economics and Finance - QMUL - Queen Mary University of London) |
| Abstract: | We study a linear location model (Hotelling, 1929) in which n (with n ≥ 2) boundedly rational players follow (noisy) myopic best-reply behavior. We show through numerical and mathematical analysis that such players spend almost all the time clustered together near the center, re-establishing Hotelling's " Principle of Minimum Differentiation " that had been discredited by equilibrium analyses. Thus, our analysis of the best-response dynamics shows that when considering e.g. market dynamics as well as their policy and welfare implications, it may be important to look beyond equilibrium analyses |
| Keywords: | Stochastic stability,Best-response dynamics,Nash equilibrium,Invariant measures,Hotelling location model,Principle of Minimum Differentiation |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01714582&r=all |
| By: | Rainald Borck (University of Potsdam, CESifo, DIW Berlin); Philipp Schrauth (University of Potsdam) |
| Abstract: | We use panel data from Germany to analyze the effect of population density on urban air pollution (nitrogen oxides, particulate matter and ozone). To address unobserved heterogeneity and omitted variables, we present long difference/fixed effects estimates and instrumental variables estimates, using historical population and soil quality as instruments. Our preferred estimates imply that a one-standard deviation increase in population density increases air pollution by 3-12%. |
| Keywords: | population density, air pollution |
| JEL: | Q53 R12 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:08&r=all |
| By: | Hauber, Philipp; Schumacher, Christian; Zhang, Jiachun |
| Abstract: | We provide a simulation smoother to a exible state-space model with lagged states and lagged dependent variables. Qian (2014) has introduced this state-space model and proposes a fast Kalman filter with time-varying state dimension in the presence of missing observations in the data. In this paper, we derive the corresponding Kalman smoother moments and propose an efficient simulation smoother, which relies on mean corrections for unconditional vectors. When applied to a factor model, the proposed simulation smoother for the states is efficient compared to other state-space models without lagged states and/or lagged dependent variables in terms of computing time. |
| Keywords: | state-space model,missing observations,Kalman filter and smoother,simulation smoothing,factor model |
| JEL: | C11 C32 C38 C63 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:152019&r=all |
| By: | Ukoha, I.I.; Ibeagwa, O.B.; Uhuegbulam, I.J.; Ejike, O.U.; Oshaji, I.O.; Osuji, E.E.; Chikezi, C. |
| Keywords: | Agricultural Finance |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288503&r=all |
| By: | Andrea Wysocki; Valerie Cheh |
| Abstract: | This study examined the characteristics of community-admitted Medicare home health care patients to better understand the underlying reasons for their increased numbers and found many important differences between patients based on both their source of admission and length of their home health use. |
| Keywords: | Medicare, Home health, Long-term services and supports |
| JEL: | I |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:7021abd93fea4e1b9c02118af257700a&r=all |
| By: | Magloire Nya Tchatchoua; Isabelle Pignatel; Hubert Tchakoute Tchuigoua |
| Abstract: | What are the characteristics of microfinance institutions (MFIs) that choose to draft their financial statements according to international accounting standards? That is the question this article investigates. We study a pooled sample of 5,290 audited financial statements from 2007 to 2015 and find consistent evidence that the institutional framework, for-profit status, and maturity, are likely to drive the MFIs choice to comply with international financial reporting standards. Results are robust after controlling for whether MFIs operate in a country where IFRS are permitted or required. |
| Keywords: | IFRS; Microfinance; Audit |
| JEL: | G21 G34 L31 M42 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/287175&r=all |
| By: | Farnia, Luca |
| Abstract: | High dimensional composite index makes experts’ preferences in set-ting weights a hard task. In the literature, one of the approaches to derive weights from a data set is Principal Component or Factor Analysis that, although conceptually different, they are similar in results when FA is based on Spectral Value Decomposition and rotation is not performed. This works motivates theoretical reasons to derive the weights of the elementary indicators in a composite index when multiple components are retained in the analysis. By Monte Carlo simulation it offers, moreover, the best strategy to identify the number of components to retain. |
| Keywords: | Research Methods/ Statistical Methods |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemec:288457&r=all |
| By: | Ötsch, Walter; Pühringer, Stephan |
| Abstract: | In diesem Beitrag diskutieren wir den Begriff des Marktfundamentalismus, der für uns Ludwik Fleck folgend auf dem einigenden Kollektivgedanken "des Marktes" im frühen "neoliberalen Denkkollektivs" nach Mirowski und Plehwe beruht. Unsere These ist, dass in jenem Denkkollektiv der Kollektivgedanke "des Marktes" enthalten ist, wir zeigen dies anhand grundlegender Werke von Ludwig von Mises, dem Begründer des Marktfundamentalismus, sowie führender Denker des Ordoliberalismus. In diesem Beitrag wollen wir (1) auf konzeptioneller Ebene zeigen, auf welche Weise das Konzept "des Marktes" als eine "Tiefenstruktur" im Denken unterschiedlicher ökonomischer TheoretikerInnen verstanden werden kann, und (2) andeuten, welchen Einfluss diese konzeptionelle Grundlage des ökonomischen Denkens auf konkrete Vorstellungen zur Organisation von politischen und gesellschaftlichen Prozessen hat. |
| Keywords: | Neoliberales Gedankenkollektiv,Ordoliberalismus,Marktfundamentalismus |
| JEL: | B13 B25 B53 Z13 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:oek41&r=all |
| By: | Mikhail Drugov (New Economic School and CEPR); Dmitry Ryvkin (Department of Economics, Florida State University) |
| Abstract: | Tournaments are settings where agents' performance is determined jointly by effort and luck, and top performers are rewarded. We study the impact of the \shape of luck" { the details of the distribution of performance shocks { on incentives in tournaments. The focus is on the effect of competition, defined as the number of rivals an agent faces, which can be deterministic or stochastic. We show that individual and aggregate effort in tournaments are affected by an increase in competition in ways that depend critically on the shape of the density and failure (hazard) rate of shocks. When shocks have heavy tails, aggregate effort can decrease with stronger competition. |
| Keywords: | tournament, competition, heavy tails, stochastic number of players, unimodality, log-supermodularity, failure rate |
| JEL: | C72 D72 D82 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:abo:neswpt:w0251&r=all |
| By: | Carletti, Elena; De Marco, Filippo; Ioannidou, Vasso; Sette, Enrico |
| Abstract: | We study how a greater reliance on deposits affects bank lending policies. For identification, we exploit a tax reform in Italy that induced households to substitute bank bonds with deposits. We show that the reform led to larger increases (decreases) in term deposits (bonds) in areas where households held more bonds before the reform. We then find that banks with larger increases in deposits did not change their overall credit supply, but increased credit-lines and the maturity of term-loans. These results are consistent with key theories on the role of deposits as a discipline device and of banks as liquidity providers. |
| Keywords: | banks; deposits; government guarantee; Maturity; risk-taking |
| JEL: | G01 G21 G28 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13722&r=all |
| By: | Wiborg, Vegard Sjurseike (Dept. of Economics, University of Oslo); Brekke, Kjell Arne (Dept. of Economics, University of Oslo); Nyborg, Karine (Dept. of Economics, University of Oslo) |
| Abstract: | If individual abilities are imperfectly observable, statistical discrimination may affect hiring decisions. In our lab experiment, pairs of subjects solve simple mathematical problems. Subjects then hire others to perform similar tasks. Before choosing whom to hire, they receive information about the past scores of pairs, not of individuals. We vary the observability of individuals’ abilities by ordering pair members either according to performance, or alphabetically by nickname. We find no evidence of gender discrimination in either treatment, however, possibly indicating that gender stereotypes are of limited importance in the context of our study. |
| Keywords: | Discrimination; Collaboration; Alphabetic; Gender |
| JEL: | A13 C91 D83 J71 |
| Date: | 2019–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:osloec:2019_004&r=all |
| By: | Fuchs, Michaela (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Rossen, Anja (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Weyh, Antje (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Wydra-Somaggio, Gabriele (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]) |
| Abstract: | "This paper provides first-time evidence on the magnitude and determinants of regional differences in the gender pay gap (GPG) in Germany. Using a comprehensive data set of all full-time employees, we conduct Oaxaca-Blinder decompositions for Germany and its regions to explain the regional variation of the GPG with theory-based individual, job-related and regional characteristics. Our results provide several novel insights into the regional dimension of the GPG. First, men's wages are more strongly correlated with the regional GPG than those of women, indicating that their wages drive the regional variation in the GPG much more than the wages of women. Second, the decomposition results reveal pronounced differences in the impact of the individual and job-related characteristics between the regions. Whereas job-related characteristics are important in regions with a high GPG, individual characteristics rather come into play in regions with a low or negative GPG. The results underscore the role played by the establishment composition in a region and the kind of jobs provided for the regional GPG. Women earn more than men in regions with a weak local economic structure and the absence of large firms providing well-paid manufacturing jobs. In regions with a high GPG, in contrast, men usually benefit from such jobs. The third result relates to the validity of the theoretical determinants of the GPG in regional respect. In contrast to the clear-cut decomposition results at the national level, at the regional level their validity mainly applies to specific subsets of regions. We conclude that analyses at the national level come too short in precisely explaining the regional variation of the GPG." (Author's abstract, IAB-Doku) ((en)) |
| Keywords: | Lohnunterschied, erwerbstätige Frauen, erwerbstätige Männer, Vollzeitarbeit, sozialversicherungspflichtige Arbeitnehmer, regionale Disparität, regionaler Vergleich, Landkreis, Wirtschaftsstruktur, geschlechtsspezifische Faktoren |
| JEL: | J31 R23 J16 |
| Date: | 2019–04–24 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabdpa:201911&r=all |
| By: | Claire Le Pors (ATIH - Agence Technique de l'Information sur l'Hospitalisation - ATIH); Carole Lê-Leplat (ATIH - Agence Technique de l'Information sur l'Hospitalisation - ATIH); Isabelle Hirtzlin (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01731071&r=all |
| By: | Duara Prasenjit |
| Abstract: | This paper identifies historic patterns in the dialectic between nationalism and development across various East, South, and Southeast Asian nations. Nationalism as the rationale for development is used by regimes to achieve high levels of growth, but also generates exclusivism and hostilities, often in order to integrate a political core.Popular nationalism has also dialectically reshaped the goals and patterns of development during the post-Second World War period. The region is divided into zones shaped by twentieth-century historical and geo-political conditions.Colonial and Cold War conditions were as important as internal political and ethnic circumstances. Turning points in the dialectical relationship were common within a region. More recently, a common transregional pattern has emerged with neoliberal globalization being accompanied by exclusivist nationalism. |
| Keywords: | Colonialism,Nationalism,War |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-95&r=all |
| By: | Adekunle, C.P.; Ashaolu, O.F.; Sanusi, R.A.; Akerele, D.; Oyekale, T.O.; Ogunrinde, F. |
| Keywords: | Health Economics and Policy, Production Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288349&r=all |
| By: | Adrian Nicolae Capatana (Academy of Economic Studies) |
| Abstract: | This paper aims to evaluate the risk for of a stock portfolio using Value-at-Risk, being of interest to both financial institutions and potential individual investors. Using the portfolio's daily returns over a two-year period, the volatility will be estimated with various specifications of GARCH (GARCH, IGARCH, EGARCH, TGARCH), and normal, tstudent and GED errors distributions. Then we will identify the optimal volatility estimation model required in the VaR calculation using the backtesting method. |
| Keywords: | Value at Risk, volatility, GARCH, Backtesting, portfolio, stock market |
| JEL: | G11 C52 C53 |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0004&r=all |
| By: | Lossau, Tobias; Focke, Christian |
| Abstract: | Dieses Arbeitspapier liefert eine vergleichende Bestandsaufnahme des REIT-Marktes in Europa. Für ausgewählte Länder (Deutschland, Großbritannien, Frankreich, Belgien und Niederlande) wird analysiert, wie die wesentlichen rechtlichen Regelungen bezüglich REITs in dem Land aussehen, wobei Gemeinsamkeiten und Unterschiede der nationalen Regelungen deutlich werden. Dabei wird auch dargestellt, wie sich der REIT-Markt des jeweiligen Landes unter den dort gegebenen Voraussetzungen entwickelt hat. Dieser Teil der Analyse liefert sowohl Informationen zu den wichtigsten REIT-Gesellschaften wie auch zur gesamten Marktkapitalisierung des REIT-Segments in dem Land. Das Arbeitspapier schließt mit dem Fazit, dass sich die Ausgestaltung des REIT-Regimes auf die Entwicklung dieses Kapitalmarktsegments in den jeweiligen Ländern erkennbar ausgewirkt hat. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iiwmps:4&r=all |
| By: | Stöhr, Annika; Budzinski, Oliver |
| Abstract: | Die sogenannte Ministererlaubnis als Teil der deutschen Fusionskontrolle repräsentiert wahrscheinlich das umstrittenste Instrument sowohl in der juristischen als auch in der ökonomischen Fachdiskussion. Vereinfachend ausgedrückt ermöglicht die Ministererlaubnis dem Bundeswirtschaftsminister, ein Zusammenschlussverbot des Bundeskartellamtes aufgrund von erwarteten positiven Gemeinwohleffekten aufzuheben. Zu den Kritikpunkten zählt dabei, dass die tatsächlichen Erlaubnisentscheidungen weniger durch Gemeinwohlerwägungen zu begründen seien als vielmehr durch politökonomische Interessen bzw. erfolgreiche Lobbyaktivitäten. Zwar können wir im vorliegenden Beitrag nicht die tatsächlichen Motivationen der Erlaubnisentscheidungen nachweisen, aber wir können mit Hilfe von Ex-Post-Analysen zeigen, dass sich nur in einem geringen Teil der Erlaubnisfälle die Gründe, welche zur Erlaubnis führten, ex-post empirisch bestätigt haben und auch auf die Fusion zurückzuführen sind. Damit kann die Ministererlaubnis in ihrer gegenwärtigen Form nicht als effektives Instrument einer gemeinwohlorientierten Korrektur von Fusionskontrollentscheidungen eingestuft werden. |
| Keywords: | Ministererlaubnis,Wettbewerbspolitik,Zusammenschlusskontrolle,Mergers & Acquisitions,Wettbewerbsökonomik,Antitrust,Ex-Post-Analysen,Recht & Ökonomik,Fusionskontrolle,Wettbewerbsordnung,Wirtschaftspolitik |
| JEL: | L40 K21 B52 L51 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:tuiedp:124&r=all |
| By: | Chen, Lipeng (School of Economics, Fudan University); Jiang, Liang (Fanhai International School of Finance and School of Economics, Fudan University); Phang, Sock Yong (School of Economics, Singapore Management University); Yu, Jun (School of Economics and Lee Kong Chian School of Business, Singapore Management University) |
| Abstract: | We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness check. Moreover, heterogeneity analyses based on subsamples by age of household head, house type, and number of property possessed also show no significant impact of housing equity on consumption in general. Finally, we use scenario analysis to study the Lease Buyback Scheme (LBS), a novel housing equity monetization scheme which allows elderly households to unlock housing equity for retirement financing. We find LBS increases non-durable consumption by about only 0.69%, which may explain the low take-up rate for the LBS. |
| Keywords: | Housing wealth; elderly households; monetization; Singapore |
| Date: | 2019–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2019_010&r=all |
| By: | Tamm, Marcus; Görlitz, Katja |
| Abstract: | Wer in der Klasse zu den Jüngeren gehört, schneidet anfangs oft schlechter ab, kann die Nachteile aber später weitgehend ausgleichen. - Wenn ein Kind im Sommer geboren wurde, gehört es häufig zu den Jüngsten in der Klasse. Viele Eltern fragen sich deshalb: Hängen die Älteren mein Kind ab? Im Durchschnitt schneiden jüngere Kinder tatsächlich schlechter in Mathematik und Deutsch ab als ihre Klassen- kameraden - jedenfalls in der Schulzeit. Die Leistungsunterschiede fallen jedoch geringer aus, je älter die Kinder werden. Eine neue RWI-Studie zeigt, dass die Unterschiede in Mathematik und Textverständnis im späteren Leben sogar ganz verschwinden. Im Durchschnitt bleibt der Wortschatz zwar langfristig kleiner und die Abiturwahrscheinlichkeit ist geringer. Dennoch studieren Jüngere genauso häufig wie ihre älteren Mitschülerinnen und Mitschüler. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwiimp:196551&r=all |
| By: | Fels, Markus |
| Abstract: | Some consumption opportunities are both indivisible and only valuable in particular tates of nature. The existence of such state-dependent indivisible consumption opportunities influences a person's risk attitudes. In general, people are not risk averse anymore even if utility from divisible consumption is concave. I propose a definition of insurance in the context of state-dependent preferences and investigate the different motives underlying insurance demand. The same reasons that rule out risk aversion turn out to be the basis of a desire to insure. This calls into question the standard approach that bases insurance demand on risk aversion with important implications for policy and research. |
| Keywords: | risk preferences,indivisible consumption,insurance,gambling |
| JEL: | D01 D81 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:805&r=all |
| By: | Khoo, Shi Shean |
| Abstract: | A firm’s market capitalization can be influenced by internal or external factors. This may be caused by and linked to corporate governance failures and the changes of macroeconomic factors. This paper attempted to investigate the internal determinants (corporate governance index, return on assets, return on equity, Altman Z) and external determinants (gross domestic product, unemployment rates and exchange rate) of Tobin’s Q and how they influence Tobin’s Q of Honda Motor Company, Limited from 2013 to 2017. The importance of corporate governance will also be delivered indirectly in this study. Ordinary Least Square analysis (OLS) was used to study the significance of independent variables towards Tobin’s Q. The findings showed that Altman Z (internal determinant) was positively significant to the Tobin’s Q ratio and influenced Tobin’s Q the most. This study also suggested the firm to focus on its corporate governance principle, which is transparency to avoid bankruptcy. |
| Keywords: | Tobin’s Q, market capitalization, Altman Z, corporate governance |
| JEL: | B22 G3 G34 O1 O16 |
| Date: | 2019–05–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93879&r=all |
| By: | Aspiazu, Eliana |
| Abstract: | En un contexto donde la creciente participación laboral y sindical de las mujeres coexiste con múltiples situaciones de inequidad y discriminación, este artículo busca identificar el grado de reconocimiento y comprensión por parte de la dirigencia sindical argentina sobre las desigualdades de género, analizando aspectos culturales y subjetivos de la problemática. Para ello, se utiliza la metodología cualitativa de estudio de casos en dos sindicatos de la salud, por ser una de las actividades más feminizadas donde la proporción de mujeres no se ve reflejada ni en la representación sindical ni en las políticas gremiales. |
| Keywords: | Igualdad de Oportunidades; Brecha de Género; Mujeres; Sindicalismo; Salud; |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3099&r=all |
| By: | Piet, Laurent; Melot, Romain; Diop, Soukeyna |
| Abstract: | We investigate factors which may drive the number of agents who compete for a specific piece of agricultural land by fitting count data models on data originating from a local committee, the CDOA, which is responsible for agricultural guidance of the prefect in delivering the necessary ‘authorizations to farm’. We notably find that the size of the offered land positively contributes to the competitor number, and that new entrants face less competition. The seemingly counterintuitive result that a locally denser farmer population yields fewer competitors is given a line of potential explanation pertaining to the likely role of farmer unions. |
| Keywords: | Land Economics/Use |
| Date: | 2019–04–16 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288443&r=all |
| By: | Frondel, Manuel |
| Abstract: | Eine aktuelle RWI-Studie zeigt: finanzielle Anreize erhöhen die Zustimmung zu Stromtrassen nicht unbedingt, sie können sogar kontraproduktiv wirken. - Um die Energiewende zu schaffen, muss Windstrom vom Norden in den Rest des Landes transportiert werden. Die Mehrheit der Deutschen hat zwar prinzipiell nichts gegen den dafür notwendigen Netzausbau. Sobald die Stromtrasse aber vor der eigenen Haustür verlegt werden soll, regt sich vielerorts Protest. RWI-Forscher haben jetzt herausgefunden: Geldzahlungen an die angrenzenden Kommunen ändern nichts an den Zustimmungsraten zu Stromtrassen. Bekämen die Bürger selbst 100 bis 250 Euro pro Jahr vom Staat angeboten, kann das sogar negative Auswirkungen auf ihre Zustimmung zu Stromtrassen vor der eigenen Haustür haben. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwiimp:196552&r=all |
| By: | Ogundele, O. O.; Akujobi, Cajetan |
| Abstract: | Nigerian economy is suffering from recession which may have resulted from the long overreliance on mono-product ( crude oil) exploitation. There is the general view that diversifying into non-oil sector will save Nigeria from the present economic downturn. Believing that diversification into agriculture will bring a solution to the present situation. This paper aimed at identifying the agricultural product(s) that has (have) more and short-run potential of delivering the country from the recession. The analysis is descriptive using secondary data from the Central bank of Nigeria and National Bureau of Statistics for the period 2010-20 ~ 6. Findings showed that fast and high yielding crops such as maize, sesame seeds, and soybean and fish production can go ·a long way in rescuing the situation. More investments into these commodities are therefore, recommended. |
| Keywords: | Agricultural and Food Policy, Public Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288313&r=all |
| By: | Maliranta, Mika; Nurmi, Satu |
| Abstract: | Abstract We examine the growth of real value added, labour input and labour productivity of immigrant-owned firms in Finland in 2007–2016. In our analysis we use the so-called FLOWN (Finnish Longitudinal OWNer-Employer-Employee) data by Statistics Finland that allows linking register information on firms, their owners and employees. As immigrant-owned firms account for a few percent of all firms and about one percent of all labour in the business sector, their contribution to the growth of output and employment must be limited. However, the growth rate of their real value added is markedly stronger than in other firm groups. Their job creation rates are exceptionally high but their job destruction rates are, however, about the same magnitude as in the indigenous-owned firms. The immigrant-owned firms have created a relatively large amount of low productivity and low wage jobs. On an average, their wage growth has been somewhat higher than in other firms, but pro-cyclical variation of wages has been stronger. |
| Keywords: | Immigrants, Output growth, Employment growth, Productivity growth, Creative destruction |
| JEL: | J15 J21 J24 E24 |
| Date: | 2019–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:rif:report:91&r=all |
| By: | Jael, Paul |
| Abstract: | The equality between factor pay and marginal product is a major component of the neoclassical paradigm. The article begins with a brief historical review of this principle. Follows a questioning about the relevance of this law as an argument in the social debates: does marginal product represent the very contribution of the agent and if so, is it a legitimate reference for the setting of remuneration? Our answer to the first part of the question is irresolute; to the second, it is negative. But most of the article is devoted to analysing the economic realism of the said law, both empirically and theoretically. We review some statistical studies present in the literature, with particular attention for the debate regarding the regressions of Cobb and Douglas. Evidence does not strengthen the neoclassical law of retribution. The article analyses the factors that hinder either the determination of marginal product or the equalisation between it and factor's remuneration. Are analysed: - the restrictions inherent in the law of marginal productivity: constant returns to scale and perfect competition - an alternative explanation of interest: the Austrian theory - incentive wage theories: efficiency wage and tournament theory. The article then considers the particular case of the CEO's remuneration. |
| Keywords: | productivité marginale; répartition; salaire; intérêt; profit; fonction de production |
| JEL: | B21 D24 D33 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93814&r=all |
| By: | Akpan, Umoren Aniefiok; Okon, Effiong Etim; Brownson, Akpan Sunday |
| Abstract: | Instability in interest rate policy created interest rate volatility. The study investigated the relationship between the value of guaranteed loans and interest rate policy on the growth of Agricultural Credit Guarantee Scheme activities in Nigeria. Time series data collected from the staiistical bulletin of Central Bank of Nigeria were used for the analysis. Multiple regression models were used in estimating the effects of interest rate policy on the value of loans/advances accessed by agro-entrepreneurs under ACGS over the years. The results showed that value of loans/advances accessed by the loan beneficiaries under ACGS was inversely related to interest rate policy and directly influenced by outreach, loan repayment and liquidity over the years. It is recommended that incentive be created in form of increased rate for interest drawback scheme. This would assist to rebate high lending rates by the banking system |
| Keywords: | Agribusiness |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288324&r=all |
| By: | Ran Abramitzky; Leah Platt Boustan; Katherine Eriksson; James J. Feigenbaum; Santiago Pérez |
| Abstract: | The recent digitization of complete count census data is an extraordinary opportunity for social scientists to create large longitudinal datasets by linking individuals from one census to another or from other sources to the census. We evaluate different automated methods for record linkage, performing a series of comparisons across methods and against hand linking. We have three main findings that lead us to conclude that automated methods perform well. First, a number of automated methods generate very low (less than 5%) false positive rates. The automated methods trace out a frontier illustrating the tradeoff between the false positive rate and the (true) match rate. Relative to more conservative automated algorithms, humans tend to link more observations but at a cost of higher rates of false positives. Second, when human linkers and algorithms have the same amount of information, there is relatively little disagreement between them. Third, across a number of plausible analyses, coefficient estimates and parameters of interest are very similar when using linked samples based on each of the different automated methods. We provide code and Stata commands to implement the various automated methods. |
| JEL: | C81 N0 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25825&r=all |
| By: | Marc Fleurbaey (Woodrow Wilson School and Center for Human Values - Princeton University); Stéphane Zuber (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics) |
| Abstract: | Utilitarianism is a prominent approach to social justice that has played a central role in economic theory. A key issue for utilitarianism is to define how utilities should be measured and compared. This paper draws on Harsanyi's approach (Harsanyi, 1955) to derive utilities from choices in risky situations. We introduce a new normalization of utilities that ensures that: 1) a transfer from a rich to a poor is welfare enhancing, and 2) populations with more risk averse people have lower welfare. We propose normative principles that reflect these fairness requirements and characterize fair utilitarianism. We also study some implications of fair utilitarianism for risk sharing and collective risk aversion. |
| Keywords: | Fairness,social risk,utilitarianism |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01441070&r=all |
| By: | Chantal Kegels; Dirk Verwerft |
| Abstract: | This working paper analyses the economic impact of a regulated professional services reform in Belgium through simulations based on the European Commission's DSGE model QUEST III R&D |
| JEL: | D24 E17 K23 L11 |
| Date: | 2018–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1809&r=all |
| By: | Grytten, Ola Honningdal (Dept. of Economics, Norwegian School of Economics and Business Administration); Koilo, Viktoriia (HSM/NLA) |
| Abstract: | The present paper applies the financial instability hypothesis in order to explain the financial crises of 2008-2010 in eleven emerging Eastern European economies Also, it seeks to map if institutional frameworks of these countries enabled them to stand against the factors leading into the financial crisis. The paper maps cycles of three macroeconomic indicators representing the real economy, and four indicators representing financial markets. A cycle analysis is conducted with the help of a Hoderick-Prescott filter, made to isolate cycles from trends in time series. The paper concludes that there were substantial positive financial cycles previous to the financial crisis mirrored by similar cycles in the real economy. Similarly, the results show negative cycles in the same parameters during the years of crisis. It seems as an uncontrolled increase in money and credit caused the economy to overheat and thereafter contract in both substantial financial and real economy crises. Also, the paper compiles twelve different indices of institutional development. These are standardized and presented in an institutional development matrix, showing that the institutional framework for the eleven economies was weak previous to and under the melt down of the economy. The construction of an integrated institutional development index on the basis of the same twelve parameters confirm institutional shortcomings, which may have made the economies less able to guard themselves from a crisis initiated by both domestically and internationally financial instability. |
| Keywords: | Financial Crisis; Financial Instability Hypothesis; Institutional Development; Crisis Anatomy; Financial History; Eastern European Economies; Emerging Economies |
| JEL: | E32 E44 E51 E52 G15 N14 N24 |
| Date: | 2019–04–27 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2019_008&r=all |
| By: | Tiziano De Angelis; Erik Ekstr\"om |
| Abstract: | We study a class of optimal stopping games (Dynkin games) of preemption type, with uncertainty about the existence of competitors. The set-up is well-suited to model, for example, real options in the context of investors who do not want to publicly reveal their interest in a certain business opportunity. We show that there exists a Nash equilibrium in randomized stopping times which is described explicitly in terms of the corresponding one-player game. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06564&r=all |
| By: | Kataishi, Rodrigo; Pérez, Lucía; Durán, Laura |
| Abstract: | Este artículo se propone analizar los perfiles turísticos de los viajeros que visitan Ushuaia (Argentina) durante la temporada invernal en base a datos del 2015. La metodología aplicada se apoya en un relevamiento de datos implementado por la Universidad Nacional de Tierra del Fuego (UNTDF) y el Instituto Fueguino de Turismo (INFUETUR), analizado cuantitativamente de forma descriptiva y econométrica. Bajo la idea de que la comprensión de los perfiles de demanda es un insumo clave para el avance en políticas de desarrollo local y de fortalecimiento de encadenamientos productivos, se exploran dos modelos econométricos Minimum Least Square (MLS) que estudian las relaciones estadísticas entre el perfil de los visitantes y otras variables. Como resultado, se destaca que algunas actividades, como los deportes extremos de montaña y las travesías en 4x4, están asociadas a perfiles de alto gasto relativo, caracterizados por ser extranjeros, de corta estadía en la ciudad y sin hijos. Se concluye reflexionando acerca del desarrollo de propuestas de intervención en base a los perfiles de gasto identificados. |
| Keywords: | Demanda Turística; Perfil del Turista; Análisis Econométrico; Ushuaia; |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3093&r=all |
| By: | The NQP Serious Mental Illness Action Team; which included Mathematica staff. |
| Abstract: | In May 2019, NQF released the NQP Playbookâ„¢: Improving Access to High-Quality Care for Individuals with Serious Mental Illness. |
| Keywords: | mental illness, high-quality care, NQP |
| JEL: | I |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:68a32cd32deb46e4931c7c61cdc45d8a&r=all |
| By: | Jenn, Alan; Lee, Jae Hyun; Hardman, Scott; Tal, Gil |
| Abstract: | We investigate the impacts of a combination of incentives on the purchase decisions of electric vehicle (EV) buyers in California from 2010 through 2017. We employ a comprehensive survey on over 14,000 purchasers of EVs in California. The survey covers a range of purchase intentions, general demographics, and the importance of various incentives. Our results indicate that the most important incentives for plug-in electric vehicle (PEV) owners are the federal tax credit, the state rebate, and HOV lane access. In addition, the importance of the incentives and their associated effect on purchase behaviour has been changing over time: respondents are more likely to change their decisions and to not buy a vehicle at all as time passes and the technology moves away from early adopters. |
| Keywords: | Engineering, Electric vehicles, incentives, high occupancy vehicle lanes, consumer behavior, automobile ownership |
| Date: | 2019–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt0x28831g&r=all |
| By: | Dominique Guegan (UP1 - Université Panthéon-Sorbonne, Labex ReFi - UP1 - Université Panthéon-Sorbonne, University of Ca’ Foscari [Venice, Italy], CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Les ICO donnent l'opportunité aux personnes possédant des cryto-monnaies d'investir ces montants. Ces opérations se sont multipliées au cours des deux dernières années, mais elles présentent des risques importants tant pour les souscripteurs que les émetteurs. Il est urgent de leur fixer un cadre réglementaire approprié. |
| Keywords: | Blockchain,Cryptographie,Régulation,ICO |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01719901&r=all |
| By: | Pahnke, André; Schneck, Stefan; Wolter, Hans-Jürgen |
| Abstract: | Die vorliegende Untersuchung setzt sich mit der Situation von Selbstständigen in der Grund-sicherung auseinander. Ursächlich für den Bezug von ergänzenden Leistungen der Grundsi-cherung sind in den meisten Fällen deutlich rückläufige Einkommen. Tatsächlich ist die Ein-kommenssituation selbstständiger Leistungsberechtigter trotz guter Ausbildung und langer Arbeitszeiten noch deutlich schlechter als die der abhängig Beschäftigten in der Grundsiche-rung. Dennoch gelingt es den meisten Selbstständigen, die Hilfebedürftigkeit relativ schnell wieder zu beenden. Ein Teil von ihnen ist allerdings verhältnismäßig lange auf ALG II ange-wiesen. Da dies in den meisten Fällen betriebliche Gründe haben dürfte, ist hier möglicher-weise das der Selbstständigkeit zugrunde liegende Geschäftsmodell kritisch zu hinterfragen. Allgemein ist die Grundsicherung für Selbstständige jedoch ein sinnvolles Instrument, das es vielen ermöglicht, ihr Unternehmen nach einer Krise neu auszurichten und anschließend wieder auf eigenen Beinen stehen zu können. |
| Keywords: | Selbstständige,Einkommen,Erwerbsarmut,Arbeitslosengeld II,Self-Employed,Income,Working Poor,Means-Tested Benefits |
| JEL: | D31 I32 L26 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifmmat:273&r=all |
| By: | Nguyen, Trung Thanh; Tran, Viet Tuan; Nguyen, Thanh-Tung; Grote, Ulrike |
| Abstract: | Using panel data of more than 1,000 rural households from three rural provinces in Vietnam, we find that farming efficiency is a driver of cropland rental market development that enhances land use efficiency and results in an overall income gain for market participants. Our findings highlight the importance of cropland rental markets in facilitating economic transformation in rural areas of rapidly growing economies, but also indicate the need to take care of the poor to ensure that they are not left behind. |
| Keywords: | Land Economics/Use |
| Date: | 2019–04–28 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288441&r=all |
| By: | Ligon, Ethan; Schechter, Laura |
| Keywords: | Social and Behavioral Sciences |
| Date: | 2019–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:agrebk:qt6vp5g054&r=all |
| By: | Matthias Fahn; Regina Seibel (University of Zurich) |
| Abstract: | We study optimal employment contracts for present-biased employees who can conduct on-the-job search. Presuming that firms cannot offer long-term contracts, we find that individuals who are naive about their present bias will actually be better off than sophisticated or time-consistent individuals. Moreover, they search more, which partially counteracts the inefficiencies caused by their present bias. |
| Keywords: | Present bias, on-the-job search |
| JEL: | D21 D83 D90 J31 J32 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:jku:econwp:2019_09&r=all |
| By: | Eugene Braslavskiy (School of Economics, University of Adelaide); Firmin Doko Tchatoka (School of Economics, University of Adelaide); Virginie Masson (School of Economics, University of Adelaide) |
| Abstract: | This study investigates the role of punishment substitutability in the empirical estimation of the economic model of crime. Using a dynamic panel data model fitted to a panel of Local Government Areas in New South Wales, Australia, we evaluate the effects of financial penalties and imprisonment on the crime rate. Our results show that crime is clearly a dynamic phenomenon, and that failure to incorporate both financial penalties and imprisonment can lead to a misspecfied model. Furthermore, our results vary signifcantly for different crime categories, highlighting the importance of analysing specific crime categories separately. |
| Keywords: | crime, deterrence, punishment, panel data, aggregation bias |
| JEL: | K14 C23 C26 C51 |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:adl:wpaper:2019-02&r=all |
| By: | Narciso Gaia |
| Abstract: | This paper investigates the effect of commodity prices, in particular rice and coffee, on the individual decision of migrating in Viet Nam.As most coffee production is sold by households for exports, we would expect that coffee price shocks would have a direct effect on the probability of migrating. On the other hand, we would anticipate that fluctuations in rice prices have little or no effect on migration decisions, given that rice is mainly produced for household consumption.The results of the analysis confirm our assumptions. We provide evidence that the lower the coffee price, the higher the likelihood of migrating. This evidence seems to suggest that migration acts as a shock-coping strategy.We find that rice prices have no effect on the probability of migrating. We further explore the extent of migrants’ self-selection and show that lower coffee prices increase the migration probability of individuals with lower education. |
| Keywords: | Migration,Price shocks |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-142&r=all |
| By: | Suckert, Lisa |
| Abstract: | Um den Konflikt zwischen EU-Befürwortern und -Kritikern zu beschreiben, wird häufig das wirtschaftspolitische Gegensatzpaar "ökonomischer Nationalismus" versus "globalen Freihandel" bemüht. Der vorliegende Beitrag nimmt das britische EU-Referendum zum Anlass, sich kritisch mit dieser Dichotomie auseinanderzusetzen. Entlang einer wirtschaftssoziologischen, diskursanalytischen Untersuchung von rund 400 Kampagnendokumenten zeigt sich, dass dieses Gegensatzpaar die wirtschaftspolitischen Standpunkte von Gegnern und Befürwortern des Brexit nur unzureichend beschreibt. Es wird deutlich, dass insbesondere die Position der EU-Skeptiker durch die Integration gegensätzlicher wirtschaftspolitischer Idealbilder und historischer Argumente geprägt war. Diese Unbestimmtheit erlaubte wiederkehrende Verweise auf unterschiedliche wirtschaftspolitische Traditionen Großbritanniens: einer Wirtschaftsnation, deren Selbstverständnis historisch sowohl von Nationalismus als auch von Globalismus, sowohl von Liberalismus als auch von Interventionismus geprägt wurde und die daher gleichzeitig nach ökonomischer Öffnung und ökonomischer Schließung strebt. Die Fähigkeit der Brexit-Befürworter, ein heterogenes Bündnis zu mobilisieren, könnte somit auch darin begründet liegen, dass es ihnen gelang, eine potenzielle ökonomische Zukunft zu skizzieren, die verschiedene Facetten der ambivalenten ökonomischen Identität Großbritanniens anspricht und damit für verschiedene Weltanschauungen und Interessen anschlussfähig erscheint. |
| Keywords: | Brexit campaign,economic identity,economic imaginaries,economic nationalism,free trade,tradition,Brexit-Kampagne,Freihandel,ökonomische Idealbilder,ökonomische Identität,ökonomischer Nationalismus,Tradition |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mpifgd:194&r=all |
| By: | Dare, A.M.; Ayinde, I.A.; Shittu, A.M.; Akerele, D.; Sam-Wobo, S.O. |
| Keywords: | Consumer/Household Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288416&r=all |
| By: | Henstridge Mark |
| Abstract: | There are large volumes of gas offshore Tanzania, which has raised hopes of a boom. But those hopes look set to be disappointed. A boom would depend on there being a sizeable flow of revenue to government from producing and exporting gas.This paper sets out the scale of the gas, and the array of risks which currently make investment in gas production, and any associated boom, unlikely. As well as geological, engineering, and market risks, the risks to investment from public policy have been elevated over the last few years. |
| Keywords: | Boom,Developing countries,Institutions,Natural gas,Natural resources,Macroeconomics |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-177&r=all |
| By: | Etowa, Egbe B.; Elum, Zelda A.; Mwiido, Wmmanuel D. |
| Keywords: | Land Economics/Use |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288423&r=all |
| By: | Fischer, Christoph |
| Abstract: | Equilibrium real exchange rate and corresponding misalignment estimates differ tremendously depending on the panel estimation method used to derive them. Essentially, these methods differ in their treatment of the time-series (time) and the cross-section (space) variation in the panel. The study shows that conventional panel estimation methods (pooled OLS, fixed, random, and between effects) can be interpreted as restricted versions of a correlated random effects (CRE) model. It formally derives the distortion that arises if these restrictions are violated and uses two empirical applications from the literature to show that the distortion is generally very large. This suggests the use of the CRE model for the panel estimation of equilibrium real exchange rates and misalignments. |
| Keywords: | equilibrium real exchange rate,panel estimation method,correlated random effects model,productivity approach,BEER,price competitiveness |
| JEL: | F31 C23 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:142019&r=all |
| By: | Beni Kouevi Gath; Pierre-Guillaume Méon; Laurent Weill |
| Abstract: | We study the impact of banking crises on the level of democracy. We use an event-study method on a sample of up to 129 countries over the period 1975-2010 accounting for 94 systemic banking crises. We find that banking crises are followed by an improvement in democracy and report evidence suggesting that the relation is causal. The bulk of the improvement takes place between 3 and 10 year after the banking crisis. The impact of a banking crisis is greater in non-democratic countries and when the banking crisis is severe. We explain this finding by the fact that banking crises create windows of opportunity to contest autocratic regimes. |
| Keywords: | Banking crisis; Democracy; Regime change; Transitions |
| JEL: | D72 H11 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/287172&r=all |
| By: | Chen, Daniel; Hopfensitz, Astrid; van Leeuwen, Boris (Tilburg University, Center For Economic Research); van de Ven, J. (Tilburg University, Center For Economic Research) |
| Abstract: | The emotion that someone expresses has consequences for how that person is treated. We study whether people display emotions strategically. In two laboratory experiments, participants play task delegation games in which managers assign a task to one of two workers. When assigning the task, managers see pictures of the workers and we vary whether getting the task is desirable or not. We find that workers strategically adapt their emotional expressions to the incentives they face, and that it indeed pays off to do so. Yet, workers do not exploit the full potential of the strategic display of emotions. |
| Keywords: | emotions; expressions; communication; experiment; incentives |
| JEL: | D91 C91 D83 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:ab45cbcc-1ea1-4762-b5c9-ecd16a6f33af&r=all |
| By: | Catalin Goia (Academy of Economic Studies) |
| Abstract: | As long as the volatile economic terms blend with a constantly changing competitive environment, the financial services will be at a crossroads and the future of a large number of companies will be uncertain. The lack of an adequate financial supervision can lead to a financial disaster, as the one from 2007 till 2008 which started a global, unprecedented, systematic, profound, lasting crisis and nevertheless it has revealed significant gaps inside the control and supervision of the financial services on national and international level.This article wishes to present the financial supervision terms and the systemic risk through a systematic integration analysis of the scientific specialized literature without forgetting the latest information provided by the supervisors |
| Keywords: | ETF, portfolio diversification, portfolio management, investment funds, capital market, personal finance |
| JEL: | G11 G23 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0009&r=all |
| By: | Viarengo Martina; Kirchberger Martina |
| Abstract: | The construction sector plays a key role in providing structures for economies.This paper surveys the literature on key issues pertaining to the construction sector. It starts by summarizing our knowledge about differences in unit costs across time and space. It then discusses key bottlenecks in the sector related to organization and capabilities, institutional constraints, critical inputs, and governance and corruption.It concludes by outlining policy options related to institutional and regulatory reforms as well as procurement and local content. |
| Keywords: | infrastructure,Procurement,Construction industries |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-146&r=all |
| By: | Bellemare, Charles; Sebald, A.; Suetens, Sigrid (Tilburg University, Center For Economic Research) |
| Abstract: | We investigate whether the concept of guilt aversion in economics is related to the psychological characterization of the same phenomenon. For trust games and dictator games we report correlations between the guilt sensitivity measured within a framework of psychological games most common in economics and the guilt sensitivity measured using a questionnaire common in psychology (TOSCA-3). We find that the two measures correlate well and significantly in the two settings. |
| Keywords: | guilt sensitivity; psychological game theory; TOSCA; laboratory experiment; guilt aversion |
| JEL: | A13 C91 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:5dca2a21-519f-4f5a-834d-b39b71b11298&r=all |
| By: | Barbara Ubaldi; Charlotte Van Ooijen; Benjamin Welby |
| Abstract: | Over the last decade the Open Government Data movement has successfully highlighted the value of data and encouraged governments to open up information for reuse both inside, and outside the public sector. This Working Paper argues that governments now need to go further and put the role and value of data at the core of thinking about the digital transformation of government. A data-driven public sector (DDPS) recognises that data are an asset, integral to policy making, service delivery, organisational management and innovation. The strategic approach governments take to building a DDPS can have a positive impact on the results they deliver by promoting evidence-led policy making and data-backed service design as well as embedding good governance values of integrity, openness and fairness in the policy cycle. After framing the concept the paper presents the opportunities offered by embracing the DDPS approach and identifies some of the challenges that governments may face in establishing a DDPS before concluding with the discussion of the need for coherent strategic approaches that reflect the role of data across the entire public sector, not only from a policy point of view but from an operational and practical perspective. |
| Date: | 2019–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:oec:govaaa:33-en&r=all |
| By: | Athur, Mabiso; Mohamed, Abouaziza; Benjamin, D. K. Wood; Tim, Balint |
| Abstract: | This report presents results of an ex-post impact assessment (IA) of select components of the PRICE project relating to coffee, horticulture and financial services. The IA was conducted between May 2017 and July 2018 and used both qualitative and quantitative research methods. The current report mainly focuses on the quantitative results, while drawing on some of the insights from the qualitative survey. The quantitative results are based on secondary panel data of 85 coffee cooperatives observed over six years between 2012 and 2017 (510 observations) and two cross-sectional primary datasets collected using household surveys in 2018: (i) a sample of 2894 coffee farmers who are members of the coffee cooperatives observed over six years and (ii) 1584 horticulture farmers for the horticulture-finance component. We used a variety of quasi experimental and non-experimental design methods to estimate our results, namely difference-in-difference estimations for the cooperative-level panel data, inverse probability weight matching and entropy balancing approaches for the coffee household data, and regression discontinuity design for the horticulture-finance data. |
| Keywords: | Community/Rural/Urban Development, Crop Production/Industries, Demand and Price Analysis |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288462&r=all |
| By: | Tijani, I.A.; Alawode, O.O.; Fawehinmi, o.O.; Gafar, A.O; Kolade, O.A. |
| Abstract: | Thi~ paper aims at highlighting the peculiarity of agribusiness to economic growth and development. It comprehensively examines factors (policies and regulations) that hinder and or aids agribusiness development. This exercise will help put into perspective factors that are relevant for specific stages of agribusiness and agro-industrial development, via the creation of an enabling environment, by examining and identifying policies, and regulations that have bearing on agribusiness. The paper equally aims at promoting investments in agro-enterprises and agro-based value chain development. |
| Keywords: | Agribusiness, Agricultural and Food Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288323&r=all |
| By: | Hai-Anh H. Dang (World Bank); Umar Serajuddin (World Bank) |
| Abstract: | The Sustainable Development Goals (SDGs) recently adopted by the United Nations represent an important step to identify shared global goals for development over the next two decades. Yet, the stated goals are not as straightforward and easy to interpret as they appear on the surface. Review of the SDG indicators suggests that some further refinements to their wordings and clarifications to their underlying objectives would be useful. We bring attention to potential pitfalls with interpretation, where different evaluation methods can lead to different conclusions about country performance. Review of the United Nations’ SDG database highlights the overwhelming challenge with missing data: data are available for just over half of all indicators and for just 19 percent of what is needed to comprehensively track progress across countries and over time. We offer further reflections and propose some simple but cost-effective solutions to these challenges. |
| Keywords: | SDGs, monitoring, data challenges, survey data, international organization. |
| JEL: | F00 I3 O1 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2019-495&r=all |
| By: | Lundstøl Olav; Isaksen Jan |
| Abstract: | In 2008, the Government of Zambia reformed its mining tax regime for large-scale copper mines through a unilateral legislative change. The country went from having one of the lowest average effective tax rates and government take to be above the average.We focus on a particularly controversial element of the packet of changes: the windfall tax. We trace adjustments in the mining tax regimes since independence and calculate effective tax rates and the fiscal sharing between government and companies. Empirical evidence shows the 2008 mining tax regime as being both understandable and justifiable from an economic point of view, considering the nature of the state and the copper companies. |
| Keywords: | fiscal benefit sharing,Mining,windfall tax |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-51&r=all |
| By: | Khan Mushtaq |
| Abstract: | The role of institutions in Asian development has been intensely contested since Myrdal’s Asian Drama, with later contributions from institutional economics and developmental state theory.Despite much progress, the dominant approaches do not agree about the institutions that matter nor do they explain why similar institutions delivered such different results across countries.Cultural norms and informal institutions clearly matter but the appropriate norms did not already exist in successful countries; they evolved over time. The distribution of holding power across different types of organizations, the ‘political settlement’, can explain the diversity of experiences and help to develop more effective policy. |
| Keywords: | Norms,Organizations,Political settlements,Development,Industrial policy,Institutions |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-132&r=all |
| By: | Mohnen, Pierre (UNU-MERIT, and SBE, Maastricht University) |
| Abstract: | This paper reviews various technological indicators from innovation inputs to innovation outputs, pointing out their strengths and weaknesses and the consequent caution that is in order when using these data for economic analysis. It briefly explains the theoretical link between innovation and productivity growth and then compares the estimated magnitudes of that relationship using the different innovation indicators. |
| Keywords: | innovation, productivity, indicators |
| JEL: | D24 O31 O33 O47 |
| Date: | 2019–05–06 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019016&r=all |
| By: | Archil Gulisashvili; Ra\'ul Merino; Marc Lagunas; Josep Vives |
| Abstract: | In the present paper, a decomposition formula for the call price due to Al\`{o}s is transformed into a Taylor type formula containing an infinite series with stochastic terms. The new decomposition may be considered as an alternative to the decomposition of the call price found in a recent paper of Al\`{o}s, Gatheral and Radoi\v{c}i\'{c}. We use the new decomposition to obtain various approximations to the call price in the Heston model with sharper estimates of the error term than in the previously known approximations. One of the formulas obtained in the present paper has five significant terms and an error estimate of the form $O(\nu^{3}(\left|\rho\right|+\nu))$, where $\nu$ is the vol-vol parameter, and $\rho$ is the correlation coefficient between the price and the volatility in the Heston model. Another approximation formula contains seven more terms and the error estimate is of the form $O(\nu^4(1+|\rho|)$. For the uncorrelated Hestom model ($\rho=0$), we obtain a formula with four significant terms and an error estimate $O(\nu^6)$. Numerical experiments show that the new approximations to the call price perform especially well in the high volatility mode. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06315&r=all |
| By: | Jamal Bouoiyour (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour, IRMAPE - Institut de Recherche en Management et Pays Emergents - ESC Pau); Refk Selmi (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour, IRMAPE - Institut de Recherche en Management et Pays Emergents - ESC Pau) |
| Abstract: | Oil prices have tumbled after Saudi Arabia and its allies cut ties with Qatar, sparking anxiety that OPEC's fragile deal to curtail oil production could come undone. Also and although its daily oil output of around 600,000 barrels represents less than one percent of world crude production, Qatar is a major player in liquefied natural gas. This means that the current deterioration in relations among the Middle East neighbours would have significant implications for oil and gas markets.This paper is novel in its methodological approach, which is used to decompose the variance of oil stock price indices into contributions from country-specific uncertainty and uncertainty common to all countries. The analysis reveals that the contributing factors have varied over time. Prior to the blockade on Qatar, the region-specific uncertainty plays an important role in driving the volatility of oil and gas shares for all cases. In considering the post-boycott, an increasing importance of the country-specific uncertainty factor is shown. This suggests that GCC states that have long resisted making a collective effort to accomplish energy security, are now moving into a new era during which securing their own supply routes will be an indispensable part of their mode of operation. To strengthen energy cooperation, it is first necessary to rebuild trust. |
| Keywords: | oil and gas markets,country- specific uncertainty,region-specific uncertainty,Qatar diplomatic crisis |
| Date: | 2019–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02101633&r=all |
| By: | Basu Kaushik |
| Abstract: | This paper is a short history of the Indian economy since 1968.India today is a changed country from what it was half a century ago, when Myrdal published his Asian Drama. The stranglehold of low growth has been broken, its population below the poverty line has fallen markedly, and India has joined the pantheon of major players globally.This paper analyses the economic policies and the politics behind this transformation; and uses that as a backdrop to take stock of the huge challenges that lie ahead. |
| Keywords: | Growth,Gunnar Myrdal,Political economy,Technological innovations,Corruption |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-124&r=all |
| By: | Zhllima, Edvin; Imami, Drini; Rama, Klodjan |
| Abstract: | Land consolidation has been viewed by policy makers as panacea for tackling the inherited challenges of Albania´s egalitarian land reform. The paper argues that farmers´ efforts towards farm consolidation through land purchase and rent-in are affected by overall structural factors. Farm structure, farm-orientation and other socio-economic factors play an important role in farmers´ decision to purchase and rent-in agricultural land. Rental market has been the most common mechanism for consolidation, although agriculture land rent is not suitable for all agriculture activities, such as those which require long term investments. |
| Keywords: | Land Economics/Use |
| Date: | 2019–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288448&r=all |
| By: | Owoo Nkechi; Lambon-Quayefio Monica |
| Abstract: | The research explores the structure and performance of Ghana’s construction subsector, in light of the country’s 2007 oil discovery.Using primary and secondary data resources, we discuss how marginal costs and expenditure shocks may vary within the construction sector for subsectors such as housing, roads, and other important social infrastructure such as drainage.We analyse expenditure shocks that may result from inflation and price dynamics, finding that construction sector costs are closely related to exchange rate movements. We identify key bottlenecks to the supply response of the sector and recommend institutional and policy reforms to improve performance and output |
| Keywords: | Prices,Price dynamics,Construction sector,Expenditure shocks,infrastructure |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-119&r=all |
| By: | Zanfrillo, Alicia Inés; Artola, María Antonia |
| Abstract: | Los cambios establecidos por la Carta de Ottawa en la conceptualización de la salud pública sustituyeron estrategias de prevención de riesgos por otras de promoción centradas en el desarrollo de competencias. Contribuir a una mejor calidad de vida de las personas bajo condiciones sociales, políticas y económicas favorables implica asegurar los medios necesarios para un mayor control sobre las decisiones de salud con participación intersectorial conformada por diversas organizaciones. El objetivo del trabajo consiste en reconocer los modelos comunicativos en organizaciones vinculadas con la salud del Tercer Sector de la ciudad de Mar del Plata (República Argentina) en la actualidad. Sobre la población en estudio se adopta una metodología cuantitativa, descriptiva, que revela estrategias ancladas en la prevención, de carácter determinista, vertical, basadas en la difusión de contenidos y escasamente orientadas hacia la construcción colectiva de pautas de comportamiento que permitan concientizar sobre los factores contributivos al bienestar psico-bio-social. |
| Keywords: | Tercer Sector; Comunicación; Medios de Comunicación; Internet; |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3128&r=all |
| By: | Sarah Forrestal; Charlotte Cabili; Dallas Dotter; Christopher W. Logan; Patricia Connor; Maria Boyle; Ayesha Enver; Hiren Nissar |
| Abstract: | Findings from the extensive analyses of data collected in the SNMCS are presented in four report volumes. Report Volume 1(this volume) provides updated information about school meal program operations and school nutrition environments. |
| Keywords: | nutrition, meal cost, school lunch program |
| JEL: | I0 I1 |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:c7b5b069f8d84e449bb89c40ae355451&r=all |
| By: | Louis Lévy-Garboua (CIRANO - Centre interuniversitaire de recherche en analyse des organisations - UQAM - Université du Québec à Montréal , PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne); Muniza Askari (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne); Marco Gazel (PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | We design a double-or-quits game to compare the speed of learning one's specific ability with the speed of rising confidence as the task gets increasingly difficult. We find that people on average learn to be overconfident faster than they learn their true ability and we present an intuitive-Bayesian model of confidence which integrates confidence biases and learning. Uncertainty about one's true ability to perform a task in isolation can be responsible for large and stable confidence biases, namely limited discrimination, the hard–easy effect, the Dunning–Kruger effect, conservative learning from experience and the overprecision phenomenon (without underprecision) if subjects act as Bayesian learners who rely only on sequentially perceived performance cues and contrarian illusory signals induced by doubt. Moreover, these biases are likely to persist since the Bayesian aggregation of past information consolidates the accumulation of errors and the perception of contrarian illusory signals generates conservatism and under-reaction to events. Taken together, these two features may explain why intuitive Bayesians make systematically wrong predictions of their own performance. |
| Keywords: | Confidence biases , Intuitive-Bayesian , Learning , Double or quits , experimental game , Doubt , Contrarian illusory signals |
| Date: | 2017–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01558394&r=all |
| By: | George J. Borjas |
| Abstract: | Immigration is sometimes claimed to be a key contributor to economic growth. Few academic studies, however, examine the direct link between immigration and growth. And the evidence on the outcomes that the literature does examine (such as the impact on wages or government receipts and expenditures) is far too mixed to allow unequivocal inferences. This paper surveys what we know about the relationship between immigration and growth. The canonical Solow model implies that a one-time supply shock will not have any impact on steady-state per-capita income, while a continuous supply shock will permanently reduce per-capita income. The observed relationship between immigration and growth obviously depends on many variables, including the skill composition of immigrants, the rate of assimilation, the distributional labor market consequences, the size of the immigration surplus, the potential human capital externalities, and the long-term fiscal impact. Despite the methodological disagreements about how to measure all of these effects, there is a consensus on one important point: Immigration has a more beneficial impact on growth when the immigrant flow is composed of high-skill workers. |
| JEL: | J6 O4 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25836&r=all |
| By: | Dominique Guegan (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, Labex ReFi - UP1 - Université Panthéon-Sorbonne); Bertrand Hassani (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, Labex ReFi - UP1 - Université Panthéon-Sorbonne); Kehan Li (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, Labex ReFi - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | The distortion operator proposed by Wang (2000) has been developed in the actuarial literature and that are now part of the risk measurement tools inventory available for practitioners in finance and insurance. In this article, we propose an alternative class of distortion operators with explicit analytical inverse mapping. The distortion operators are based on tangent function allowing to transform a symmetrical unimodal distribution to an asymmetrical multimodal distribution. |
| Keywords: | Distortion operator,Multimodal distribution,Asymmetry,Invertibility |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01543251&r=all |
| By: | Bauer, Christine; Rock, Verena |
| Abstract: | Dieses Arbeitspapier beschäftigt sich mit der Revitalisierung von Shopping-Centern in Deutschland. Mit diesem Papier wird das zentrale Ziel verfolgt, zu analysieren, welche Auswirkungen ausgewählte, aktuelle Trends auf den Einzelhandel und auf Shopping-Center haben. Des Weiteren wird untersucht, welche Maßnahmen im Zuge einer Revitalisierung nötig sind, damit Shopping-Center in Zukunft erfolgreich am Markt bestehen können, oder ob das Konzept dieser Asset-Klasse generell nicht mehr zukunftsfähig ist. In diesem Zusammenhang werden auch Erfolgsfaktoren, Chancen und Risiken analysiert, die speziell im Zusammenhang mit der Revitalisierung von Shopping-Centern relevant sind. Um eine fundierte Ausarbeitung der genannten Punkte liefern zu können, wurde eine empirische Studie in Kooperation mit dem German Council of Shopping Centers e.V. durchgeführt. Diese wird im Rahmen des Arbeitspapiers mit der Revitalisierungsstudie von Sturm (2006), der letzten empirischen Analyse zu diesem Thema für den deutschen Markt, verglichen. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iiwmps:5&r=all |
| By: | Takuo Sugaya (Stanford Graduate School of Business); Yuichi Yamamoto (Department of Economics, University of Pennsylvania) |
| Abstract: | We study repeated games in which players learn the unknown state of the world by observing a sequence of noisy private signals. We find that for generic signal distributions, the folk theorem obtains using ex-post equilibria. In our equilibria, players commonly learn the state, that is, the state becomes asymptotic common knowledge. |
| Keywords: | repeated game, private monitoring, incomplete information, ex-post equilibrium, individual learning |
| JEL: | C72 C73 |
| Date: | 2019–04–26 |
| URL: | http://d.repec.org/n?u=RePEc:pen:papers:19-008&r=all |
| By: | Aldo González; Vicente Lagos |
| Abstract: | In developing countries, the penetration of Liquefied Petroleum Gas (LPG) is still high, and hence the entry of Natural Gas (NG) networks coexists with the use of LPG by an important fraction of households. Thus, a relevant policy question is whether the number and degree of horizontal integration among NG and LPG providers has an influence on the level of retail prices. Using selfreported LPG retail prices of the largest LPG provider in Chile for the period 2013-2014, we estimate that the presence of a competing NG network generates an average decrease of LPG retail prices within the range [-2,-4%] depending on the econometric specification. Thus, since the presence of an additional competing provider (i.e., an NG retailer) has an influence on the level of prices, LPG and NG may be indeed considered as imperfect substitutes. The main policy implication of this result is that the degree of horizontal integration between both types of providers should matter and there would be room for regulatory intervention aimed at proposing remedies in order to mitigate any potential anticompetitive effect. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:udc:wpaper:wp484&r=all |
| By: | Osmani S. |
| Abstract: | The story of South Asia is a topsy-turvy one. Soon after independence from British rule, the region seemed to have a much better prospect than many other parts of the Third World; the prospects soon dimmed, however, as South Asia crawled while East and Southeast Asia galloped away.But a large part of the region seems finally to have turned a corner and is looking forward to a much better future—in terms of both growth and human development—than was deemed possible at the time Asian Drama was written.This paper describes and explains this story in terms of the economic strategies and political economy of the region and also looks ahead to identify the major challenges that remain—focusing on Bangladesh, Pakistan, Sri Lanka, Nepal, and Bhutan. |
| Keywords: | Growth,Human development,Inequality,Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-105&r=all |
| By: | Ioana-Maria Dobjanschi (Acamedy of Economics Studies, Bucharest) |
| Abstract: | The correlation between financial market development and economic growth was and is still an intensively studied theme from the theoretical and empirical point of view. Because of this fact, the main goal of this article is to theoretically and empirically discover the relationship between thefinancial markets and economic growth using panel regression, OLS method. The database used is composed from some variables for 30 countries during the period 2006-2016 and the frequency of the data is annual. |
| Keywords: | economic growth, financial markets development, capital market, banking market, panel regression |
| JEL: | C33 E51 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0023&r=all |
| By: | Lassila, Jukka; Valkonen, Tarmo |
| Abstract: | Abstract We study the use of pension funds in the Finnish earnings-related pension system with the aim of smoothing contributions over time under demographic and economic risks. Smoothing is affected by the revisions in long-term forecasts and is thus imperfect. As a partially funded defined-benefit system, demographic risks and asset yield risks directly affect the contributions. In a general equilibrium setup, these risks also affect wages and thus pension benefits and replacement rates. We also consider alternative benefit rules where risks are transferred more to the pensioners. |
| Keywords: | Pensions, Funding, Contribution smoothing, Risks, Generational fairness |
| JEL: | E17 H55 |
| Date: | 2019–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:rif:report:90&r=all |
| By: | Agbonkpolor N.B.; Alufohai G.O.; Mesike C.S.; Adindu, A.G. |
| Abstract: | The study investigated market integration of natural rubber across three major State markets, namely Edo, Delta and Akwa-Ibom, of the Nigeria us~ng Johansen Co-integration test, and Granger Causality by VECM. Empirical results for average monthly retail price data (N/kg) of natural rubber, covering the period January, 2005 to December, 2015 (11 years) indicated that Price series were not stationary in their level form. The Delta State price appeared to respond faster to changes than the Edo and Akwa-Ibom price. The study also showed the existence of co-integration among the studied markets. Granger causality showed unidirectional causality between Akwa-Ibom and Delta bidirectional for the other two market pairs. The significant coefficient of the error correction term showed immediate adjustment to changes in the longrun equilibrium. |
| Keywords: | Marketing |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288321&r=all |
| By: | Francesco De Palma; Yann Thommen |
| Abstract: | Policy advisers repeatedly call on Western European countries to reform their employment protection legislation (EPL) by adopting layoff taxes to finance unemployment insurance (UI). This new design, partly based on the existing "experience-rating" (ER) system in the U.S., would induce firms to internalize layoff fiscal costs and hence reduce unemployment. Its success remains uncertain in economies with a collective wage-setting system, as in many Western European countries. Using a matching model with endogenous job destruction, we provide an ex-ante evaluation of this policy reform’s effects on labor market outcomes in a firm-level bargaining economy and a sector-level bargaining one. Using numerical exercises, we show that compared to a scenario of a simple increase in EPL stringency, the implementation of an ER system results in a decrease in unemployment under both bargaining regimes. Because of the possibility for firms to adjust most terms and conditions of employment (including wage) in decentralized negotiations, juxtaposing the ER system with the existing EPL yields the best labor market performance under a firm-level bargaining regime. The lack of internal flexibility in sector-level bargaining calls for accompanying the implementation of the ER with a relaxation of the existing EPL’s stringency. Lastly, we show that in industries with a turbulent economic environment, accompanying the introduction of ER while reducing the existing EPL’s strictness is recommended. |
| Keywords: | Search and matching models, Collective bargaining, Experience rating, Employment protection. |
| JEL: | E10 J48 J50 J60 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2019-16&r=all |
| By: | Jian Gao; Yi-Cheng Zhang; Tao Zhou |
| Abstract: | Uncovering the structure of socioeconomic systems and timely estimation of socioeconomic status are significant for economic development. The understanding of socioeconomic processes provides foundations to quantify global economic development, to map regional industrial structure, and to infer individual socioeconomic status. In this review, we will make a brief manifesto about a new interdisciplinary research field named Computational Socioeconomics, followed by detailed introduction about data resources, computational tools, data-driven methods, theoretical models and novel applications at multiple resolutions, including the quantification of global economic inequality and complexity, the map of regional industrial structure and urban perception, the estimation of individual socioeconomic status and demographic, and the real-time monitoring of emergent events. This review, together with pioneering works we have highlighted, will draw increasing interdisciplinary attentions and induce a methodological shift in future socioeconomic studies. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06166&r=all |
| By: | Michael Donadelli (Faculty of Economics and Business Administration and Research Center SAFE, Goethe University Frankfurt; Department of Economics, University Of Venice Cà Foscari); Luca Gerotto (University Of Venice Cà Foscari); Marcella Lucchetta (University Of Venice Cà Foscari); Daniela Arzu (University Of Venice Cà Foscari) |
| Abstract: | This paper examines the effects of changes in immigration-related uncertainty and fear on the real economic activity in four advanced economies (i.e., US, UK, Germany and France). Immigration uncertainty/fear is first captured by two news-based indicators developed by Baker et al. (2015), namely the Migration Policy Uncertainty Index (MPUI) and the Migration Fear Index (MFI), and then by a novel Google Trend Migration Uncertainty Index based on the frequency of internet searches for “immigration” (GTMU). VAR investigations suggest that the macroeconomic implications of rising immigration uncertainty/fear depend on the country under examination as well as on the way in which immigration uncertainty/fear is measured. In the US and UK, MPUI, MFI and GTMU shocks induce positive long-run effects on the real economic activity. Differently, in Germany, MPUI and MFI shocks lead to expansionary reactions whereas GTMU shocks generate significant adverse effects on the economy. This suggests that increasing media attention and rising population’s interest in immigration-related issues affect people’s mood in a different way. In France, MPUI, MFI and GTMU shocks induce negative macroeconomic effects in the long-run. A battery of robustness tests confirms our main findings. |
| Keywords: | Immigration, Uncertainty, Fear, Google Trends, Business Cycle |
| JEL: | C32 E32 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2018:29&r=all |
| By: | Maria Laura Toraldo (USI - Università della Svizzera italiana); Gazi Islam (MC - Management et Comportement - Grenoble École de Management (GEM), IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc); Gianluigi Mangia |
| Abstract: | Drawing from a participant-observer study of volunteering in the context of U.K. music festivals, we examine how the sense of meaningfulness and community relate to instrumental goals of consumption and efficiency. We argue that the liminal nature of the festival setting supports an ambivalence in which meaningfulness is established through constructions of community, while the commodification of community feelings leads to heterogeneous understandings of the work setting. Our findings reveal heterogeneous ways in which work was rendered meaningful by festival volunteers, ranging from 1.) A commodity frame, characterizing work as drudgery seeking "fun" through consumption 2.) A "communitas" frame, emphasizing a transcendental sense of collective immediacy and 3.) A cynical frame, where communitas discourse is used instrumentally by both managers and workers. We discuss meaningful work as caught between creative community and ideological mystification, and how alternative workspaces vacillate between emancipatory principles of solidarity and neo-normative forms of ideological control. |
| Keywords: | Meaningful work,volunteer,liminality,ideology,ethnography |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01959041&r=all |
| By: | Miethlich, Boris; Šlahor, Ľudomír |
| Abstract: | After an accident or illness, it may be difficult or even impossible to return to work. Although occupational safety and health (OHS) are essential elements of corporate social responsibility (CSR), support for employees returning to work or vocational rehabilitation are rarely part of the CSR strategy. The aim of this paper is to assess and synthesize the current state of research of vocational rehabilitation in the context of CSR. A literature analysis was conducted to examine the need to address vocational rehabilitation as part of the CSR strategy as well as the existing approaches for implementation. Vocational rehabilitation is an important part of a company's social responsibility towards its employees as well as towards society. The promotion of vocational rehabilitation should be an essential element of the CSR strategy and can create shared value. However, a commitment to vocational rehabilitation alone is not enough; the commitment must be explicitly described and go beyond the legal minimum. That can be done, for example, through return-to-work (RTW) policies, proactive initiation and coordination of the rehabilitation process, the adaptation of the workplace and work activities, the institutionalization of sheltered workplaces, and a specialist unit for vocational rehabilitation within the company. Particularly access for external persons to the company's sheltered workplaces, internships or entry-level positions is a critical aspect for substantially promoting vocational rehabilitation and achieving additional shared value. Vocational rehabilitation as part of the CSR strategy must continue to be examined empirically, in particular "best practice" approaches from business practice. |
| Keywords: | vocational rehabilitation,disability management,shared value,CSR |
| JEL: | J14 M14 I18 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esconf:196182&r=all |
| By: | Joel Rabinovich (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2018–02–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02098653&r=all |
| By: | Tatsuki Inoue |
| Abstract: | This study examines the role of pawnshops as a risk-coping strategy in Japan in the prewar period when poor people were highly vulnerable. Using data on pawnshop loans in more than 250 municipalities and the 1918--1920 influenza pandemic as a natural experiment, we find that the total loan amount increased because of the pandemic shock. Our results suggest that those who regularly relied on pawnshops borrowed from them more money than usual to cope with the adverse health shock, whereas others did not take out pawnshop loans. In addition, further analyses reveal that loans from pawnshops prevented an increase in the unemployment rate due to the pandemic. Pawnshops thus served as an informal social insurance mechanism in early twentieth-century Japan. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04419&r=all |
| By: | Bhaduri Amit |
| Abstract: | Macroeconomic strategies and policies have differed significantly among Asian countries over the last fifty years, and yet some common issues recur despite their immense diversity in inherited historical initial conditions, differences in political systems, geo-political situations, location and size, and natural resource endowments.The present paper examines from a comparative perspective some of the issues like unemployment, role of the state and market, domestic versus foreign market, degree of openness in trade, investment and finance, industrial and technology policy, and economic and social inequality. We attempt to ascertain why some countries have been more successful in dealing with these issues through policy and institutional innovations.Our comparative perspective presents developmental choices and challenges as moving targets requiring flexible institutional and policy response at each stage of development, which makes uniform guidelines misleadingly over-simplistic. |
| Keywords: | Decentralization,Economic inequality,Labour market,Unemployment,State |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-91&r=all |
| By: | Eduardo Perez (Département d'économie) |
| Abstract: | This note gives a new proof of Blackwell’s celebrated result. The result is a bit stronger than the classical version since the action set and the prior are fixed, and only the utility of the decision maker varies. I show directly that a decision maker has access to a larger set of joint distributions over actions and states of the world if and only if her information improves in the garbling order. |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/5nek1jrask8ija3jouajnob09e&r=all |
| By: | Eduardo Perez (Département d'économie) |
| Abstract: | This note gives a new proof of Blackwell’s celebrated result. The result is a bit stronger than the classical version since the action set and the prior are fixed, and only the utility of the decision maker varies. I show directly that a decision maker has access to a larger set of joint distributions over actions and states of the world if and only if her information improves in the garbling order. |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpecon:info:hdl:2441/5nek1jrask8ija3jouajnob09e&r=all |
| By: | Egorov, Georgy; Sonin, Konstantin |
| Abstract: | We analyze persuasion in a model, in which each receiver (of many) might buy a direct access to the sender's signal or to rely on her network connections to get the same information. For the sender, a more biased signal increases the impact per subscriber (direct receiver), yet diminishes the willingness of agents to become subscribers. Contrary to the naive intuition, the optimal propaganda might target peripheral, rather than centrally located agents, and is at its maximum level when the probability that information flows between agents is either zero, or nearly one, but not in-between. The density of the network has a non-monotonic effect on the optimal level of propaganda as well. |
| Keywords: | Bayesian persuasion; networks; percolation; Propaganda |
| JEL: | D85 L82 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13723&r=all |
| By: | Lee, Y-W.; |
| Abstract: | In the last two decades, after the Asian financial crisis, Korea has witnessed a rapid increase in the share of temporary contractual work in its employment composition. In this paper, we investigate the impact of job insecurity and job loss on children’s health using Korea Welfare Panel Study data. We find that paternal job loss and insecurity has a significantly negative effect on health, while maternal job loss and insecurity has no effect. This could be because the effects of income loss and financial hardship are greater for male workers than for females. |
| Keywords: | child health: parental job loss and insecurity; panel data estimation; Korea welfare panel study; |
| JEL: | I12 J13 J63 C33 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:yor:hectdg:19/09&r=all |
| By: | Naoki Yoshihara (Department of Economics, University of Massachusetts Amherst); Se Ho Kwak (Department of Economics, University of Massachusetts Amherst) |
| Abstract: | In contrast to Mandler’s (1999a; Theorem 6) impossibility result about the Sraffian indeterminacy of the steady-state equilibrium, we first show that any regular Sraffian steady-state equilibrium is indeterminate in terms of Sraffa (1960) under the simple overlapping generation economy. Moreover, we also check that this indeterminacy is generic. These results are obtained by explicitly defining a simple model of overlapping gener- ation economies with Leontief production techniques, in which we also explain the main source of the difference between our results and Mandler (1999a; section 6). |
| Keywords: | Sraffian indeterminacy |
| JEL: | B51 D33 D50 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2019-04&r=all |
| By: | Pavlova, Elitsa; Signore, Simone |
| Abstract: | This paper examines the impact of venture capital (VC) investments supported by the EIF on the financial growth and performance of young and innovative firms. Using a novel dataset covering European start-ups supported by VC in the years 2007 to 2014, we generate a counterfactual group of non-VCbacked firms through a combination of exact and propensity score matching. To offset the relatively limited set of observables allowed by our data, we estimate treatment propensity using a series of innovative measures based on machine learning, network theory, and satellite imagery analysis. Our results document the positive effects of EIF-supported VC investments on start-up performance, as measured through various financial indicators (e.g. assets, revenue, employment). We find that VC financing enables start-ups to prioritise long-term growth, trading off short- to medium-term profitability if necessary. Overall, our work provides meaningful evidence towards the positive effects of EIF-supported VC investment on the financial growth of young and innovative businesses in Europe. |
| Keywords: | EIF,venture capital,public intervention,real effects,start-ups,machine learning,geospatial analysis,network theory |
| JEL: | G24 L25 M13 O38 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:eifwps:201955&r=all |
| By: | Davide Debortoli; Jordi Galí; Luca Gambetti |
| Abstract: | The zero lower bound (ZLB) irrelevance hypothesis implies that the economy's performance is not affected by a binding ZLB constraint. We evaluate that hypothesis for the recent ZLB episode experienced by the U.S. economy (2009Q1-2015Q4). We focus on two dimensions of performance that were likely to have experienced the impact of a binding ZLB: (i) the volatility of macro variables and (ii) the economy's response to shocks. Using a variety of empirical methods, we find little evidence against the irrelevance hypothesis, with our estimates suggesting that the responses of output, inflation and the long-term interest rate were hardly affected by the binding ZLB constraint, possibly as a result of the adoption and fine-tuning of unconventional monetary policies. We can reconcile our empirical findings with the predictions of a simple New Keynesian model under the assumption of a shadow interest rate rule. |
| JEL: | E44 E52 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25820&r=all |
| By: | Harker, Patrick T. (Federal Reserve Bank of Philadelphia) |
| Abstract: | Fed’s Harker on Unwinding: “Walk, Don’t Run”. A slow and steady approach to unwinding the Fed’s balance sheet is Philadelphia Fed President Patrick T. Harker’s preference. “So in metaphorical terms, it is a dark and stormy night, to quote Peanuts, and we are walking in the direction of a wall,” he told a conference audience. "In that situation, most of us would give the advice of ‘walk, don’t run.’” |
| Keywords: | monetary policy; GDP; outlook |
| Date: | 2019–05–06 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpsp:165&r=all |
| By: | Miethlich, Boris; Šlahor, Ľudomír |
| Abstract: | Although companies recognize and promote the benefits of a diverse corporate culture, persons with disabilities (PWD), are more likely to be unemployed. Using secondary sources of information, this paper examines the need to address the employment of PWD as part of a Corporate Social Responsibility (CSR) strategy, highlighting various implementation measures and variants. It shows that the employment of PWD can only be promoted by companies themselves. Measures at the national and international levels have so far shown little success. For a successful implementation, an obligation in the CSR strategy is not enough, measures need to be described explicitly. At its core, it is always necessary to remove physical and mental barriers in the company in order to enable the employment of PWD. The adaptation of CSR initiatives concerning the employment of PWD should be further investigated. The research should particularly focus on “best practice” approaches from business practice. |
| Keywords: | CSR,Persons with disabilities,Diversity,Employment |
| JEL: | M14 J14 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esconf:196178&r=all |
| By: | Wang, Wenting; Wei, Longbao |
| Abstract: | As the world’s largest importer of agricultural commodities, China’s agricultural policies have significant implications for the world agricultural market. For the first time, we develop an aggregate structural econometric model of China’s soybean market with linkage to the rest of the world to analyze the worldwide impacts of China’s soybean price support policies from 2008 to 2016. We investigate the impacts of China’s policies on the variability of their domestic and world prices, and adopt a Monte Carlo simulation to evaluate the distributional and aggregate welfare effects. Results indicate that (a) China’s soybean price support policies play an effective role in stabilizing their domestic price, while its increasing imports absorb world production surplus and reduce world price swings; (b) China’s producers gain at the expense of consumers and budgetary costs, and the net welfare change in their domestic market is negative; (c) Soybean exporting countries experience considerable welfare gains, and the world net welfare change is positive. Our findings provide new insights for future trade negotiations and agricultural market reforms in developing countries. |
| Keywords: | Agricultural and Food Policy, International Relations/Trade |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea19:288334&r=all |
| By: | Mueller Daniel; Sander Renes |
| Abstract: | We elicit distributional fairness ideals of impartial spectators using an incentivized elici- tation in a large and heterogeneous sample of the German population. We document several empirical facts: i) egalitarianism is the predominant ideal; ii) females are more egalitarian than men; iii) men are relatively more efficiency minded; iv) left-leaning voters are more likely to be egalitarians whereas right-leaning voters are more likely to be efficiency minded; and v) young and highly-educated participants hold different fairness ideals than the rest of the population. Moreover, we show that the fairness ideals predict preferences for redistribution and interven- tion by the government, as well as actual charitable giving, even after controlling for a range of covariates. Hence, our paper contributes to our understanding of the underpinnings of voting behavior and ideological preferences, as well the literature that links lab and field behavior. |
| Keywords: | Distributional fairness, impartial spectator, representative sample, po- litical attitudes, voting behavior, lab to field |
| JEL: | C90 D31 D63 |
| Date: | 2019–08 |
| URL: | http://d.repec.org/n?u=RePEc:inn:wpaper:2019-08&r=all |
| By: | Hoang Trung |
| Abstract: | Using instrumental variable method and Viet Nam Access to Resources Household Surveys of 2008–16, I examine the effect of land fragmentation on child outcomes.The study shows that higher land fragmentation decreases child school dropout. Land fragmentation has significant impacts on school dropout of children aged 10–15, however, it does not have any impact on school dropout of children aged 6–10. I explain these findings through one particular mechanism—that is women empowerment.A higher level of land fragmentation increases women’s empowerment to decide on visits to family, friends or relatives, on the purchase of daily goods, on large purchases, on her own health, and on her children’s health. |
| Keywords: | Child education,Instrumental variable,Lnd fragmentation |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-125&r=all |
| By: | Wohlrabe, Klaus; Bornmann, Lutz |
| Abstract: | In this article, we revisit the analysis of Laband and Tollison (2006) who documented that articles with two authors in alphabetical order are cited much more often than non-alphabetized papers with two authors in the American Economic Review and the American Journal of Agricultural Economics. Using more than 120,000 multi-authored articles from the Web of Science economics subject category, we demonstrate first that the alphabetization rate in economics has declined somewhat over the last decade. Second, we find no statistically significant relationship between alphabetized co-authorship and citations in economics (the coefficients are very small). Third, we show that the likelihood of non-alphabetized co-authorship increases the more authors an article has. |
| Keywords: | alphabetization, co-authorship, citations, Web of Science |
| JEL: | A12 A14 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93836&r=all |
| By: | Delphine Bassilière; Ludovic Dobbelaere; Filip Vanhorebeek |
| JEL: | C5 E17 |
| Date: | 2018–09–25 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1810&r=all |
| By: | Aytul Ganioglu; Unal Seven |
| Abstract: | This paper analyzes the long-run convergence of regional house prices in Turkey. Using a non-linear time-varying factor model and quarterly house price data for the period between 2010 and 2018, we find that house prices do not converge across the 26 regions. The results reveal that the regions can be grouped into seven convergence clubs and one divergent club, confirming the heterogeneity and complexity of the Turkish housing market. These results also imply the existence of multiple steady states in the housing market. These outcomes will be beneficial to home buyers/sellers, investors, regulators and policymakers, who are interested in analyzing the dynamic interlinkages among house prices and the effects of shocks originating from the regional housing markets. |
| Keywords: | Housing market, House prices, Log-t test, Regional convergence |
| JEL: | R31 O18 C33 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1914&r=all |
| By: | Wier Ludvig |
| Abstract: | This paper provides the first direct systematic evidence of profit shifting through transfer mispricing in a developing country.Using South African transaction-level customs data, I directly test for transfer price deviations from arm’s-length pricing. I find that multinational firms in South Africa manipulate transfer prices in order to shift taxable profits to low-tax countries. The estimated tax loss is 0.5 per cent of corporate tax payments.My estimates do not support the common belief that transfer mispricing in South Africa is more severe than in advanced economies. I find that an OECD-recommended reform had no long-term impact on transfer mispricing but argue that the method used in this paper provides a cost-efficient way to curb transfer mispricing.Resources Appendix.xlsx |
| Keywords: | Multinational firms,Profit shifting,Tax,Developing countries,International taxation |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-123&r=all |
| By: | Guillaume Chevillon (Essec Business School); Alain Hecq (Department of Quantitative Economics [Maastricht] - Maastricht University [Maastricht]); Sébastien Laurent (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper shows that a large dimensional vector autoregressive model (VAR) of finite order can generate fractional integration in the marginalized univariate series. We derive high-level assumptions under which the final equation representation of a VAR(1) leads to univariate fractional white noises and verify the validity of these assumptions for two specific models. |
| Keywords: | Marginalization,Long memory,Final equation representation,Vector autoregressive model |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01980783&r=all |
| By: | Alvarez, María Julia; Labrunée, María Eugenia |
| Abstract: | Este documento analiza los avances y pendientes en los programas de inclusión laboral de personas con discapacidad intelectual ofrecidos por el estado y las organizaciones de la sociedad civil (OSC). Para esto, describe la oferta institucional vigente y la percepción sobre su funcionamiento. El acercamiento considera la perspectiva de quienes gestionan estos programas en instituciones, así como beneficiarios de Ciudad Autónoma de Buenos Aires y del Gran Buenos Aires en 2017. Es decir, el abordaje incluye un análisis de datos de fuentes secundarias e información primaria: entrevistas en profundidad con trabajadores con discapacidad intelectual y referentes de organizaciones que apoyan su inclusión laboral. Como resultado, se evidencia una incipiente mejora de los niveles de inclusión laboral de este grupo con efectos positivos en el bienestar, especialmente subjetivo, gracias al acceso a programas estatales y de diferentes OSC. Se reflexiona sobre los pasos que restan hacia una adecuada aplicación de la legislación y las mejoras necesarias para ampliar el acceso al trabajo para las personas con discapacidad e igualar sus oportunidades. |
| Keywords: | Discapacidad; Inclusión Social; Inserción Laboral; Bienestar; Política de Empleo; |
| Date: | 2019–03–18 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3092&r=all |
| By: | Li Shi; Wan Haiyuan; Li Qinghai |
| Abstract: | With the data on the top incomes collected from different sources, we combine the samples of the top incomes with a household survey to investigate changes in the income distribution with and without the top incomes.The Gini coefficient of income inequality using household survey data is 0.464 for 2016, and it jumps to 0.646 after including the samples of the top incomes, which demonstrates the great importance of the top incomes in estimating income inequality. |
| Keywords: | Pareto distribution,Top incomes,Income inequality |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-183&r=all |
| By: | Wan Guanghua; Wang Chen |
| Abstract: | This paper aims to depict the post-Second World War poverty and inequality trends in Asia, its sub-regions, and individual economies.Efforts are made to explain these trends and explore the interrelationship between growth, poverty, and inequality in Asia. Analytical results confirm significant reductions in poverty across the board due to fast growth, although the benign effect of growth on poverty was offset by worsening distribution in many economies.Looking ahead, Asia is expected to eradicate poverty but likely to continue facing high inequality, particularly as major technology breakthroughs such as artificial intelligence and the internet of things replace more and more labour. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-121&r=all |
| By: | Tolorunju, E.T.; Dipeolu, A.O.; Sansuni, R.A.; Akerele, D.; Oladeji, S.O.; Edewor, S.E.; Ogbe, A.O. |
| Keywords: | Community/Rural/Urban Development, Consumer/Household Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288345&r=all |
| By: | Ötsch, Walter; Graupe, Silja |
| Abstract: | Das Paper gibt einen Überblick über das Leben und die Bedeutung von Walter Lippmann, der in der ersten Hälfte des 20. Jahrhunderts einer der bedeutendsten Journalisten der USA war. Lippmann hat sich auch an Propagandaaktivitäten im Ersten Weltkrieg beteiligt und aufgrund dieser Erfahrung u.a. 1922 das Buch Public Opinion publiziert. Dieses Buch wird hier zusammenfassend beschrieben und in seiner Bedeutung eingeschätzt. Dies wird dann einem weiteren Buch von Lippmann Buch, nämlich The Good Society aus dem Jahre 1937, gegenübergestellt - das letztere Buch gab Anlass zum so genannten Walter Lippmann Colloque 1938 in Paris, das als die erste internationale Veranstaltung des Neoliberalismus gilt. Lippmanns Manipulationsideen werden verglichen mit denen, die Friedrich August von Hayek aus Anlass der Gründung der Mont Pèlerin Society , die als Nachfolgeorganisation des Walter Lippmann Colloque gilt: Lippmann hat vor Manipulation gewarnt, die Demokratie sei damit gefährdet. Demgegenüber wollte sich Hayek der Manipulation "der Massen" bedienen, nur so könne "die Zivilisation" gerettet werden. |
| Keywords: | Manipulation,Propaganda,Stereotype,innere Bilder,Beeinflussung des Unbewussten,Massendemokratie,Neoliberalismus,ökonomische Bildung,Marktfundamentalismus,Public Relation,Spin |
| JEL: | A11 A12 A14 A21 B25 P16 Z13 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:oek39&r=all |
| By: | Carbonnier Gilles |
| Abstract: | This paper introduces the origins and scope of humanitarian economics, a vibrant field of study and practice that deals with the economics and political economy of war, disaster, and humanitarian action.To illustrate the field’s scientific and policy relevance, the paper draws on various examples and highlights the potential of humanitarian economics to better understand and address some of today’s thorniest humanitarian challenges. Finally, the paper calls for novel interdisciplinary, cross-sector collaborations to push a pressing research agenda forward. |
| Keywords: | political economy of aid,war economics,disaster economics,Humanitarianism |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-54&r=all |
| By: | Emilio Carnevali (University of Leeds, Economics Division; and Department for Work and Pensions, UK Government.); Matteo Deleidi (University College London, Institute for Innovation and Public Purpose; and Roma Tre University, Department of Economics.); Riccardo Pariboni (Roma Tre University, Department of Economics; and Freie Universitat, Berlin.); Marco Veronese Passarella (University of Leeds, Economics Division) |
| Abstract: | We develop an ecological open-economy SFC model that enables testing cross-area interactions among productive sectors, financial markets and the ecosystem. We show that the unequal technical progress across areas, coupled with rising ecological awareness, can force governments of less ecologically efficient areas to move further away from low-carbon assets. We argue that ‘green’ monetary and fiscal policies can be used to tackle climate change and financial instability. However, their effectiveness depends crucially on the impact of cross-border financial flows and growth rate differentials on exchange rates. Without a cross-area policy coordination plan, currency fluctuations can bring about unintended consequences, undermining green policies’ effects. |
| Keywords: | Stock-Flow Consistent Models, Climate Change, Financial Stability |
| JEL: | D53 E44 F37 G17 Q54 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2019-02&r=all |
| By: | Torm Nina |
| Abstract: | In the absence of adequate institutional mechanisms, trade unions can potentially promote higher wages and other worker benefits, yet limited data availability means little is known about the effect unions have on individual earnings in developing economies.Using matched employer–employee data from 2013 and 2015 surveys, this paper examines the union wage premium among Vietnamese small and medium-sized enterprises. Controlling for firm and worker characteristics, the results show that unionized workers’ wages are 9–22 per cent higher than those of non-union workers. The wage gain is substantially larger at the upper end of the wage distribution. |
| Keywords: | Small and medium enterprises,Labor unions,Wages |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-71&r=all |
| By: | Pierre Schweitzer (LID2MS - Laboratoire Interdisciplinaire Droit des Médias et Mutations Sociales - AMU - Aix Marseille Université) |
| Abstract: | Il est devenu de bon ton de réclamer des entreprises toutes sortes de missions sans rapport avec leur objet principal. C'est particulièrement vrai pour les entreprises que l'on qualifie de GAFA (Google, Apple, Facebook, Amazon) dont beaucoup semblent attendre une responsabilité culturelle à la hauteur de leur influence. L'auteur commence par s'interroger sur la pertinence de l'acronyme GAFA, puis se demande quel peut-être la signification d'une responsabilité culturelle, et surtout si de grandes entreprises du numérique ont vocation à l'assumer, ou si comme le disait l'économiste Milton Friedman "la responsabilité sociale de l'entreprise est de faire du profit." |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02120753&r=all |
| By: | Gradín Carlos |
| Abstract: | In this paper, I quantify the contribution of a subpopulation to inequality. This is defined as the sum of the contributions of its members, with these contributions computed as the impact on inequality of a small increase in the population mass at each point of the distribution (using the Recentered Influence Function).The decomposition is shown to verify various attractive properties. I also discuss alternative approaches used in the literature of factor inequality decompositions. I show that the RIF and the marginal and Shapley factor contributions are approximately equal in the case of the Mean Log Deviation, the index with the best additive decomposability properties, when the same normalization is used. In an empirical illustration, I use the approach to identify how the richest, highly educated, and urban population has disproportionally contributed to high and increasing inequality in Mozambique in recent years. |
| Keywords: | Decomposition,Inequality,marginal,RIF,Shapley |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-60&r=all |
| By: | Dean Hyslop; Amy Rice; Hayden Skilling (Reserve Bank of New Zealand) |
| Abstract: | In this paper we document longer-term trends in the New Zealand labour market using unit-record data from the Household Labour Force Survey (HLFS) and HLFS-Income Supplement. We focus on analysing the factors behind the large increases in labour force participation over 1986-2017, as well as on decomposing wage growth into contributions from continuing workers versus compositional effects associated with flows into and out of employment. New Zealand’s aggregate labour force participation rate has steadily trended up since 1993, despite an aging population. The dampening effect from population aging has been more than offset by increasing participation among older workers, with the participation rate of those aged 55 and over increasing from around 20 percent to 50 percent. We find that increased participation among prime-age females also contributed significantly to the increase in aggregate labour force participation. Further, rising levels of education over time are estimated to have boosted participation across demographics. Inflation adjusted wages grew by about 1.5 percent annually on average over the period from 1997 to 2015. Net employment growth over the period has tended to restrict average wage growth. Average wage growth has been lower since 2008 than before, suggesting weaker economy-wide wage pressure. This is mainly due to lower wage growth among continuing workers rather than compositional changes in employment, perhaps due to firms cutting costs and loss of worker bargaining power. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nzb:nzbdps:2019/2&r=all |
| By: | Henstridge Mark |
| Abstract: | A significant natural resource discovery creates excited popular expectations of imminent wealth. But the size of a boom is usually overestimated and the delay in receiving revenues is underestimated.This paper takes stock of the sequencing, timing, and scale of the development of a natural resource endowment; reviews the ‘resource curse’ literature; looks at benchmarks of scale and timing so as to put potential booms into the context of the challenges of growth and structural change in Africa; and, finally, gathers together observations on policy and institutional changes. |
| Keywords: | Macroeconomics,Resource curse,Boom,Developing countries,Institutions,Natural resources |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-178&r=all |
| By: | Martin Paldam (Department of Economics and Business Economics, University of Aarhus) |
| Abstract: | The cross-country data for honesty/corruption and income has a correlation of about 0.75, and the data have a typical transition path; but the correlation of the growth rate and honesty is negative. Thus, the short and long-run findings are contradictory, and it is shown that the contradiction lasts a dozen years. The transition of corruption happens relatively late and works through changes in institutions. To catch all institutions the Polity-index is used for the political dimension and the Fraser-index of economic freedom for the economic one. The two indices explain as much as income, but they both have a transition, so the relations are partly spurious. To identify the non-spurious part of the relation and sort out causality, the D-index is defined as the difference between the corruption index and the transition path. Institutional instability increases corruption, but when institutions stabilize, both democracy and economic freedom increase honesty. |
| Keywords: | Corruption, cross-country, income vs institutions |
| JEL: | D73 K42 P48 |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:aah:aarhec:2019-06&r=all |
| By: | Roberto Álvarez; Aldo González; Sebastian Fernández |
| Abstract: | This paper studies the effect of the entry of branded generic medications — representing 47 molecules — between January 2002 and July 2017 in the Chilean retail pharmaceutical market. Using a differences-in-differences approach, we measure the impact on prices and quantities on the market after the entry of branded generic pharmaceuticals, following the patent expiration of innovator drugs. The results show that in a period of 48 months from the first entry, the quantities sold in the retail market increased by 148.1%. This is explained by the lower prices of the branded generics, as the gross average price is 33% cheaper than the innovator alternatives. Finally, no statistically significant effect is observed on prices and quantities for innovators, suggesting that the segmented market theory might apply to the Chilean pharmaceutical market. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:udc:wpaper:wp485&r=all |
| By: | Razvan-Gabriel Hapau (Academy of Economic Studies, Bucharest) |
| Abstract: | This paper aims to investigate the influence of capital structure on the financial performance of microfinance institutions (MFIs) using a sample of 89 institutions from 35 countries using the data provided by the MIX Market platform for the year 2015.In order to do that, the paper focus on two main objectives: the first one is to evaluate the financial performance of microfinance institutions using a synthetic measure-composite index based on principal component analysis using several financial indicators and the second one is to assess the impact of capital structure on the MFIsfinancial performance composite index using regression techniques, taking into account three proxies for capital structure(capital to asset ratio, debt to equity ratio, deposits to total assets) and controlling for a variety of MFI-specific variables.Theempirical results pointed out two important factors for the financial performance of MFIs: profit margin and yield on gross loan portfolio. Based on the results of the composite index, Mexico, Azerbaijan, Bolivia, Nepal, Romania, Moldova, Egypt, Armenia and Bolivia are considered to be poles of microfinance performance. In Romania, the best performances were recorded by Express Finance, while at the opposite side there are OMRO and Pro-Credit, which performed poorly.Analysing the influence of capital structure on the financial performance of MFIs, a significant and positive impact have been highlighted by the capital to asset ratio, while for the other two proxies any influence has been refuted. Therefore, a higher ratio of capital to total assets is positively associated with a higher MFIs financial performance. |
| Keywords: | microfinance institutions, capital structure, financial performance, principal component analysis, regression analysis |
| JEL: | G21 G32 G10 G15 C38 C40 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0015&r=all |
| By: | Eduardo Perez (Département d'économie); Vasiliki Skreta (University of Texas at Austin) |
| Abstract: | We characterize a receiver-optimal test when manipulations are possible in the form of type falsification. Optimal design exploits the following manipulator trade-off: while falsification may lead to better grades, it devalues their meaning. We show that optimal tests can be derived among falsification-proof ones. Our optimal test has a single ‘failing’ grade, and a continuum of ‘passing’ grades. It makes the manipulator indifferent across all moderate levels of falsification. Good types never fail, but bad types may pass. An optimal test delivers at least half of the full-information value to the receiver. A three-grade optimal test also performs well. |
| Keywords: | Information Design; Falsification; Tests; Manipulation; Cheating; Persuasion |
| JEL: | C72 D82 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/31aa5v8jtp9p48jlhrq44psjoa&r=all |
| By: | Eduardo Perez (Département d'économie); Vasiliki Skreta (University of Texas at Austin) |
| Abstract: | We characterize a receiver-optimal test when manipulations are possible in the form of type falsification. Optimal design exploits the following manipulator trade-off: while falsification may lead to better grades, it devalues their meaning. We show that optimal tests can be derived among falsification-proof ones. Our optimal test has a single ‘failing’ grade, and a continuum of ‘passing’ grades. It makes the manipulator indifferent across all moderate levels of falsification. Good types never fail, but bad types may pass. An optimal test delivers at least half of the full-information value to the receiver. A three-grade optimal test also performs well. |
| Keywords: | Information Design; Falsification; Tests; Manipulation; Cheating; Persuasion |
| JEL: | C72 D82 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpecon:info:hdl:2441/31aa5v8jtp9p48jlhrq44psjoa&r=all |
| By: | Thiep Do; Nhung Thi |
| Abstract: | This paper aims to evaluate the impact of accessing agricultural extension on households’ agricultural profit. Results from pooled cross-sectional data show that each additional time of access is associated with a 15.5 per cent increase in agricultural profit.However, this relation is not linear and if it exceeds 6 times, it will eventually cause more harm than good. We also construct a household and time-fixed effect model to eliminate the effect of unobserved factors.The local extension service impact on agricultural profit is 15.2 per cent for 2010–12; 19.8 per cent for 2012–14 and 25.5 per cent for 2014–16. |
| Keywords: | Agriculture,Agricultural extension,Fixed effects |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-104&r=all |
| By: | Fr\'ed\'eric Bucci; Iacopo Mastromatteo; Michael Benzaquen; Jean-Philippe Bouchaud |
| Abstract: | The notion of market impact is subtle and sometimes misinterpreted. Here we argue that impact should not be misconstrued as volatility. In particular, the so-called ``square-root impact law'', which states that impact grows as the square-root of traded volume, has nothing to do with price diffusion, i.e. that typical price changes grow as the square-root of time. We rationalise empirical findings on impact and volatility by introducing a simple scaling argument and confronting it to data. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04569&r=all |
| By: | Annie Liang (Department of Economics, University of Pennsylvania); Xiaosheng Mu (Columbia University); Vasilis Syrgkanis (Microsoft Corporation - Microsoft Research New England) |
| Abstract: | An agent has access to multiple data sources, each of which provides information about a different attribute of an unknown state. Information is acquired continuously where the agent chooses both which sources to sample from, and also how to allocate resources across them until an endogenously chosen time. We show that the optimal information acquisition strategy proceeds in stages, where resource allocation is constant over a fixed set of providers during each stage, and at each subsequent stage a new provider is added to the set. We additionally apply this characterization to derive results regarding: (1) equilibrium information provision by competing data providers, and (2) endogenous information acquisition in a binary choice problem. |
| Date: | 2019–04–15 |
| URL: | http://d.repec.org/n?u=RePEc:pen:papers:19-005&r=all |
| By: | Majah-Leah V. Ravago (Department of Economics, Ateneo de Manila University); Arlan Zandro I. Brucal (Grantham Research Institute on Climate Change and the Environment, The London School of Economics and Political Science,); James Roumasset (University of Hawaii at Manoa); Jan Carlo Punongbayan (University of the Philippines) |
| Abstract: | The Philippines provides an extreme example of Rodrik’s observation that late developing countries experience deindustrialization at lower levels of per capita income than more advanced economies. Previous studies point to the role of protectionist policies, financial crises, and currency overvaluation as explanations for the shrinking share of the industry sector. We complement this literature by examining the role of electricity prices in the trajectory of industry share. We make use of data at the country level for 33 countries over the period 1980-2014 and at the Philippine regional level for 16 regions over the period 1990-2014. We find that higher electricity prices tend to amplify deindustrialization, causing industry share to turn downward at a lower peak and a lower per capita income, and to decline more steeply than otherwise. In a two-country comparison, we find that power-intensive manufacturing subsectors have expanded more rapidly in Indonesia, where electricity prices have been low, whereas Philippine manufacturing has shifted toward less power intensive and more labor-intensive subsectors in the face of high electricity prices. |
| Keywords: | electricity prices, structural transformation, deindustrialization |
| JEL: | O10 O14 Q40 Q41 |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:hae:wpaper:2019-2&r=all |
| By: | Feldhaus, Christoph; Gleue, Marvin; Löschel, Andreas |
| Abstract: | We conduct a field experiment with the visitors of the German Catholic Convention in Münster, Germany. We aim at investigating the effect of the announced attitude of a Catholic institution concerning climate protection efforts, of people's experimentally induced religiosity (using a priming intervention) and of the corresponding interaction on people's willingness to donate to a carbon-offsetting fund. Our results suggest that the supporting signal by the Catholic institution substantially increases donations by about 56 %. We observe neither a direct effect of the induced religiosity nor an interaction with the institution's signal. Our results thus indicate that religious authorities can promote sustainable behavior. As we observe no evidence that the signalmainly influences particularly religious people, we further conclude that religious institutions may serve as more general authorities when it comes to sustainable behavior rather than solely as leaders of those aiming to follow religious prescripts. |
| Keywords: | Sustainable behavior,Field experiment,Religiosity,Priming,Carbon offsets |
| JEL: | C93 D64 D91 Q56 Z12 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cawmdp:108&r=all |
| By: | Corinne Bieder (ENAC - Ecole Nationale de l'Aviation Civile) |
| Abstract: | Training has always been an obvious response to any operational issue and safety issues are no exception. Further to an accident, training, and more specifically safety training, almost always forms part of the recommendations. More than that, safety training has always been considered by many as one of the major pillars for ensuring the safety of hazardous activities. This is the case in regulatory requirements as well as in many internal safety policies. Although this seems to make sense intuitively, intuition is not always of sound advice when it comes to safety. In reality, safety training conveys a number of implicit assumptions as to what contributes to making the operation of an organization safe. These assumptions, once made explicit, become debatable. However, unravelling them makes it possible to examine potential ways forward to reach beyond what seems to be the current safety training escalation dead-end. |
| Keywords: | Work practices,Regulatory requirements,Compliance,Safety performance |
| Date: | 2018–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02116172&r=all |
| By: | T. Tony Ke; Wenpin Tang; J. Miguel Villas-Boas; Yuming Zhang |
| Abstract: | We consider an optimal stopping problem of a $d$-dimensional Brownian motion, where the payoff at stopping is the maximum component of the Brownian motion, and there is a running cost before stopping. Applications include choosing one among several alternatives while learning simultaneously about all the alternatives (parallel search), and exercising an option based on several assets. We present necessary and sufficient conditions for the solution, establishing existence and uniqueness. We show that the free boundary is star-shaped, and present asymptotic characterization of the value function and the free boundary. We also show properties of how the distance between the free boundary and the diagonal varies with the number of alternatives. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06485&r=all |
| By: | Jiti Gao; Guangming Pan; Yanrong Yang; Bo Zhang |
| Abstract: | Accurate estimation for extent of cross-sectional dependence in large panel data analysis is paramount to further statistical analysis on the data under study. Grouping more data with weak relations (cross-sectional dependence) together often results in less efficient dimension reduction and worse forecasting. This paper describes cross-sectional dependence among a large number of objects (time series) via a factor model and parametrizes its extent in terms of strength of factor loadings. A new joint estimation method, benefiting from unique feature of dimension reduction for high dimensional time series, is proposed for the parameter representing the extent and some other parameters involved in the estimation procedure. Moreover, a joint asymptotic distribution for a pair of estimators is established. Simulations illustrate the effectiveness of the proposed estimation method in the finite sample performance. Applications in cross-country macro-variables and stock returns from S&P 500 are studied. |
| Keywords: | Cross-sectional dependence, factor model, joint estimation, large panel data analysis, marginal estimation. |
| JEL: | C21 C32 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2019-9&r=all |
| By: | Jeanne Hagenbach (Département d'économie); Frédéric Koessler (Ecole d'Économie de Paris - Paris School of Economics (PSE)) |
| Abstract: | This paper proposes an equilibrium concept, Language-Based Expectation Equilibrium, which accounts for partial language understanding in sender-receiver cheap talk games. Each player is endowed with a privately known language competence which represents all the messages that he understands. For the messages he does not understand, he has correct but only coarse expectations about the equilibrium strategies of the other player. In general, a language-based expectation equilibrium outcome differs from Nash and communication equilibrium outcomes, but is always a Bayesian solution. Partial language competence of the sender rationalizes information transmission and lies in pure persuasion problems, and facilitates information transmission from a moderately biased sender. |
| Keywords: | Analogy-based expectations; Bayesian solution; Bounded rationality, cheap talk; Language; Pure persuasion; Strategic information transmission |
| JEL: | C72 D82 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpecon:info:hdl:2441/3b2230a4419v9ojcpu27tsdrtb&r=all |
| By: | Jeanne Hagenbach (Département d'économie); Frédéric Koessler (Ecole d'Économie de Paris - Paris School of Economics (PSE)) |
| Abstract: | This paper proposes an equilibrium concept, Language-Based Expectation Equilibrium, which accounts for partial language understanding in sender-receiver cheap talk games. Each player is endowed with a privately known language competence which represents all the messages that he understands. For the messages he does not understand, he has correct but only coarse expectations about the equilibrium strategies of the other player. In general, a language-based expectation equilibrium outcome differs from Nash and communication equilibrium outcomes, but is always a Bayesian solution. Partial language competence of the sender rationalizes information transmission and lies in pure persuasion problems, and facilitates information transmission from a moderately biased sender. |
| Keywords: | Analogy-based expectations; Bayesian solution; Bounded rationality, cheap talk; Language; Pure persuasion; Strategic information transmission |
| JEL: | C72 D82 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/3b2230a4419v9ojcpu27tsdrtb&r=all |
| By: | Soares, Ana Cristina |
| Abstract: | Using firm-level data between 2004 and 2012 for eleven countries of the European Union (EU), we document the size of product and labour market imperfections within narrowly defined sectors including services which are virtually undocumented. Our findings suggest that perfect competition in both product and labour markets is widely rejected. Levels of the price-cost margin and union bargaining power tend to be higher in some service sectors depicting however substantial heterogeneity. Dispersion within sector and across countries tends to be higher in some services sectors assuming a less tradable nature which suggests that the Single Market integration is partial particularly relaxing the assumption of perfect competition in the labour market. We report also figures for the aggregate economy and show that Eastern countries tend to depict lower product and labour market imperfections compared to other countries in the EU. Also, we provide evidence in favour of a very limited adjustment of both product and labour market imperfections following the international and financial crisis. |
| Keywords: | market imperfection,market structure,nash bargaining,European Union |
| JEL: | D40 J50 L10 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwhcom:42019&r=all |
| By: | Gnangnon, Sena Kimm |
| Abstract: | This article introduces a quantitative measure of trade policy space at the national level, and investigates empirically whether it influences foreign direct investment (FDI) flows to countries. The empirical analysis covers an unbalanced panel dataset of 158 countries (both developed and developing countries), over the period 1995-2015, and uses the two-step system Generalized Methods of Moments (GMM) approach. Results suggest that the impact of trade policy space on FDI inflows is positive and increases as countries enjoy greater trade policy space. Furthermore, advanced economies tend to experience a higher positive impact of trade policy space on FDI inflows than less advanced economies. Overall, trade policy space matters significantly for countries' FDI inflows. |
| Keywords: | Trade policy space,FDI inflows |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:196149&r=all |
| By: | Alexander Ahammer |
| Abstract: | In the United States, 115 people die each day due to overdose, and a third of overdoses involve the concurrent use of opioids and a class of sedatives called benzodiazepines. Facing a similar problem in 2012, Austria responded by installing public health officers (PHOs) as third-party institutions overseeing prescriptions of the most potent and commonly abused benzodiazepine, flunitrazepam. Since December 15, 2012, every single flunitrazepam prescription must be authorized and countersigned by a PHO, prescriptions were restricted to a month’s supply of the drug, and doses must be dispensed daily, under supervision, in a pharmacy. I identify a sample of opioids addicts in administrative social security data and study their response to this reform. Event studies suggest a persistent decline in flunitrazepam prescriptions but substitution to less potent benzodiazepines following the reform. To examine subsequent health, labor market, and drug abuse-related outcomes, I additionally exploit regional variation in PHO strictness affecting the likelihood that addicts opt to quit the drug due to the reform. I find that addicts who quit after encountering a strict PHO have better health and labor market outcomes, have fewer opioid overdoses, and are less likely to take antidepressants or weak opioids. I discuss how these findings translate to the US setting, and whether a similar policy can help curb its opioid epidemic. |
| Keywords: | Opioid epidemic, addictive drugs, supply-control, prescription regulations |
| JEL: | I18 I12 H12 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:jku:econwp:2019_11&r=all |
| By: | Timmer Peter |
| Abstract: | This chapter addresses the unrelenting pessimism in Asian Drama about Indonesia’s development prospects. This pessimism was based on two key realities: the poor level of governance demonstrated by the Sukarno regime (partly a heritage of Dutch colonial policies) and the extreme poverty witnessed in rural areas.Using historical and modern data on the Indonesian economy, the chapter explains the policy approach that resulted in three decades of rapid, pro-poor growth during the Suharto regime.The Asian financial crisis in 1998 caused the Suharto regime to fall and introduced democratically elected governments. After a decade of stagnation, economic growth returned to the rapid rate seen during the first three decades of the Suharto regime, but it is no longer pro-poor. |
| Keywords: | Governance,Growth,Gunnar Myrdal,Pro-poor,Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-103&r=all |
| By: | McMahon, James |
| Abstract: | From the 1980s to the present, Hollywood's major distributors have been able to redistribute U.S. theatrical attendance to the advantage of their biggest blockbusters and franchises. At the global scale and during the same period, Hollywood has been leveraging U.S. foreign power to break ground in countries that have historically protected and supported their domestic film culture. For example, Hollywood's major distributors have increased their power in such countries as Mexico, Canada, Australia and South Korea (Jin, 2011). This paper will analyze a pertinent 'test case' for Hollywood's global power: China and its film market. Not only does China have a film-quota policy that restricts the number of theatrical releases that have a foreign distributor (~ 20 to 34 films per year), the Communist Party has also nurtured a Chinese film business that has steady film releases and its own movie star system. Theoretically, China would be a prime example of a film market that would need to be opened with the assistance of the U.S. government. Empirically, however, the case of Chinese cinema might be a curious exception; we can investigate how a political economic strategy rooted in explicit power is reaching a limit. Hollywood is, potentially without any other option, taking a more friendly, collaborative approach with China's censorship rules and its quota and film-production laws. |
| Keywords: | China,cinema,Hollywood,power,international trade,United States |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:capwps:201903&r=all |
| By: | Steckenleiter, Carina; Lechner, Michael; Pawlowski, Tim; Schüttoff, Ute |
| Abstract: | This paper analyzes the effect of local public expenditures on sports facilities on sports participation in Germany. To this end, we construct a new database containing public expenditures at the municipality level and link this information with individual level data. We form locally weighted averages of expenditures based on geographic distances since people also benefit from expenditures of neighboring municipalities. We analyze how effects of sports facility expenditures change with different expenditures levels (“dose-response relationship”) and find no effect of local public expenditures on sports facilities on the probability to practice sports. These findings are robust across different age groups and municipality sizes. |
| Keywords: | Sports, local public sports expenditure, continuous treatment, treatment effects doseresponse surface, semiparametric estimation |
| JEL: | H72 H75 C21 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:usg:econwp:2019:05&r=all |
| By: | Francesco Scervini (Department of Economics, University of Pavia); Serena Trucchi (Department of Economics, University Of Venice Cà Foscari) |
| Abstract: | This paper examines the interaction between altruism towards offspring and precautionary savings. It investigates whether increased uncertainty in children labor income fosters savings of parents. We first construct a two-periods and two-generations model, to underline which are the mechanisms behind the intergenerational precautionary motive for savings. Second, we exploit two micro datasets to test the main theoretical implications. Parents’ consumption turns out to respond to the offspring’s income risk. This result is robust to the presence of family fixed effects and to many alternative empirical specifications. |
| Keywords: | Precautionary savings, consumption, income risk, offspring |
| JEL: | D13 C23 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2019:13&r=all |
| By: | Pierre Henry-Labordère (Societe Generale - Société Générale) |
| Abstract: | In this paper, we introduce a primal-dual algorithm for solving (martingale) optimal transportation problems, with cost functions satisfying the twist condition, close to the one that has been used recently for training generative adversarial networks. As some additional applications, we consider anomaly detection and automatic generation of financial data. |
| Date: | 2019–04–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02095222&r=all |
| By: | Fuentes-Doria, Deivi D.; García-Alarcón, Héctor A.; Toscano-Hernández, Aníbal E. |
| Abstract: | El objetivo de esta investigación fue identificar las razones por las cuales las pequeñas y medianas empresas (en adelante PyMEs) de la ciudad de Montería, registran retrasos en la implementación de las Normas Internacionales de Información Financiera (en adelante NIIF). En concreto, los indicadores evaluados en este trabajo se concentraron en: 1) la identificación de las empresas que han realizado procesos de adopción de NIIF; 2) las dificultades en la construcción del estado financiero de apertura (en adelante ESFA); y 3) los mayores problemas relacionados con el conocimiento de las normas, recursos económicos y tecnológicos. Se utilizó una metodología de carácter descriptivo y no experimental de campo a partir de la aplicación de una encuesta estructurada a una muestra de 36 PyMEs de la ciudad de Montería (Colombia). Los hallazgos reflejan que el 44% de las empresas han iniciado el proceso de adopción de NIIF y solo un 5% han presentado informes de acuerdo a los estándares internacionales. El 39% promedio restante se encuentra en proceso de revisión de saldos, auditoria de cuenta y procesos de capacitación. En definitiva, se evidencia que los principales factores que inciden negativamente en los procesos de implementación de NIIF son: 1) desconocimiento de las normas contables, 2) bajo nivel en los procesos de capacitación profesional por parte de las empresas, y 3) dificultades en los recursos tecnológicos y económicos. |
| Keywords: | Normas Contables; Pequeñas y Medianas Empresas; Colombia; |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3096&r=all |
| By: | Falvey, Rod (rfalvey@bond.edu.au); Foster-McGregor, Neil (UNU-MERIT) |
| Abstract: | We use recently available data on the core economic provisions of PTAs to identify which (types of) provisions seem to promote bilateral exports and the intensive and extensive margins of exports. Our evidence suggests that measures applied at the border tend to be aimed at expanding existing trade, while measures applied behind the border are aimed at creating trade in new products. Preferential measures tended to increase bilateral total exports and bilateral exports at the intensive margin, but have no significant effect on bilateral exports at the extensive margin. Measures applied on an MFN basis are unlikely to provide improved market access for PTA partners. When includeds individually we find that no provision has a statistically significant effect of the same sign on both trade margins, confirming the view that existing and potential exporters have opposing interests in PTA formation. Finally, we provide estimated effects for selected PTAs. |
| Keywords: | PTA Breadth, Trade Margins, Gravity Equation |
| JEL: | F10 F15 |
| Date: | 2019–04–15 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019012&r=all |
| By: | Alessandra, Garbero; Martina, Improta; Sónia, Gonçalves |
| Abstract: | Despite the progress made over the last decades across several socio-economic indicators, poverty incidence remains persistently high in São Tomé e Príncipe, with over two-thirds of the population living below the poverty line of US$3.2 (World Bank 2018). A set of constraints imposed by the country’s insularity, small market size and agroecological conditions make the country extremely vulnerable to market and climate shocks. Its economy relies heavily on imports, which are counterbalanced by a narrow set of exports, with cacao taking the lion share (approximately 70% of total exports, World Bank 2018). Agricultural production, however, has declined since the country’s independence in 1975 and productivity has remained consistently low, hindering economic wellbeing and progress of rural livelihoods, particularly of those relying on small-scale farming as a key source of income. The two projects evaluated in this report - the Participatory Smallholder Agriculture and Artisanal Fisheries Development Programme (PAPAFPA; implemented 2003-15) and, its successor, the Smallholder Commercial Agriculture Project (PAPAC; 2015-2020) – focus on this group of farmers and on three value chains: cacao, coffee and pepper. The projects interventions revolve around the promotion of certified organic farming and the creation of export-oriented cooperatives in each value chain, together with the investment in rural infrastructure. The projects’ cooperatives play a key role in the implementation of the interventions in the field, by working closely with the farmers and their associations, providing professional training, productive assets and facilitating linkages to the market. The interventions aim at increasing agricultural production in a sustainable manner via organic farming, enhancing market access and resilience to shocks, thereby promoting small farmers’ income stability and food security. Organic certification labels have been increasingly used across the world to pursue social and environmental sustainability in supply chains for agricultural products. However, there is still considerable debate surrounding their effectiveness in achieving those goals. Robust quantitative evidence of their impact on crop prices, productivity and overall welfare of rural livelihoods is scarce, and for São Tomé e Príncipe inexistent. Thus, the current impact assessment fills a gap in this literature by using a mixed-methods approach to assess and quantitatively estimate the impact of a project centred around certification schemes through rigorous counterfactual-based methods. Given the fundamental role played by the value-chain cooperatives in the project, it also contributes to a growing literature on the impact of associativism and cooperativism on the economic mobility of farmers and rural households. |
| Keywords: | Agricultural Finance, Community/Rural/Urban Development |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288466&r=all |
| By: | Bergh, Andreas (Research Institute of Industrial Economics (IFN)); Bjørnskov, Christian (Aarhus University) |
| Abstract: | While the association between economic freedom and long-run economic growth is well documented, the parallel research literature on the distributional consequences of economic freedom is full of conflicting findings. In this paper, we take a step towards reconciling the two literatures by exploring the within-quintile growth consequences of changes in three different types of economic freedom: the size of government, institutional quality and policy quality. While the associations are theoretically ambiguous, we find evidence that economic freedom affects all parts of the income distribution equally, and some indications that the growth effects are largest for the poorest and richest quintiles. |
| Keywords: | Economic freedom; Liberalization; Economic growth; Income inequality |
| JEL: | O40 O43 P16 |
| Date: | 2019–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1276&r=all |
| By: | S\"oren Christensen; Luis H. R. Alvarez E |
| Abstract: | According to conventional wisdom, ambiguity accelerates optimal timing by decreasing the value of waiting in comparison with the unambiguous benchmark case. We study this mechanism in a multidimensional setting and show that in a multifactor model ambiguity does not only influence the rate at which the underlying processes are expected to grow, it also affects the rate at which the problem is discounted. This mechanism where nature also selects the rate at which the problem is discounted cannot appear in a one-dimensional setting and as such we identify an indirect way of how ambiguity affects optimal timing. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05429&r=all |
| By: | Ciprian Nicolae (Acamedy of Economics Studies, Bucharest) |
| Abstract: | For the public authorities and institutions in Romania, risk management is an obligation established by the regulations on internal managerial control. Therefore, any changes to these regulations have an impact on the consistency and sustainability of the risk management measures implemented, including in the case of non-reimbursable financing programs.This paper analysesthe provisions of the internal managerial control regulations in view of the impact they may have on the implementation of a unitary risk management methodology for all non-reimbursable funds in Romania.The proposed methodology would apply to all non-reimbursable grants in Romania, both nationally and from international donors (the European Union, the Governments of Norway, Iceland and Liechtenstein, etc.), as the logic of non-reimbursable funding is the same for all funding programs.The proposed methodology also aims at computerizing the risk management process based on a unique risk register and rigorous organization of information collection and use of the risks, causes and effects. |
| Keywords: | risk, risk management, non-reimbursable financing, projects, managerial internal control |
| JEL: | G32 H83 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0021&r=all |
| By: | Di Bucchianico, Stefano (Roma Tre University) |
| Abstract: | The present work, by making use of the ‘integrated wage-goods sector’ methodology proposed by Gareg-nani, investigates some channels through which financialization may impact the normal rate of profit. We analyze the effect of a higher profit share in the financial sector, the technical innovations in the financial sector and rising household indebtedness. We find that none of them influences normal profitability, with the exception of one type of technical innovation. We subsequently critically discuss some Marxian strands of analysis that describe financialization as a temporary countertendency to supposed falling gen-eral profitability. We argue in favor of a separate analysis between growth caused by private borrowing and the study of a normal distribution. Finally, a recent attempt to read the ‘sixth’ countertendency to the falling rate of profit listed by Marx as an anticipation of the phenomenon of financialization is criticized, proposing an alternative interpretation. |
| Keywords: | falling profitability; financialization; financial crisis; rate of profit |
| JEL: | B14 B51 P12 |
| Date: | 2019–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:ris:sraffa:0036&r=all |
| By: | Creane, Anthony |
| Abstract: | Production runs suffer from inadvertent quality variation. There are good apples; there are bad apples (also known as “seconds”). The Alchian-Allen theorem states that a common perunit charge on two goods differentiated only by quality, increases the relative export demand for the higher quality good leading to local consumers lamenting that they cannot find them locally. While usually stated for competitive markets, firms with market power also suffer from inadvertent seconds in their production. For example, brand-name retailers send their seconds to outlets, even though this undercuts the demand for their firsts. A model is presented of oligopolistic firms choosing production and what fraction of their first and seconds to export: a model of “shipping the good apples” with strategic competition. In this model an increase in the per-unit charge can increase the absolute fraction of high quality exported. Despite this, shipping the good apples may not hold, that is, an increase in the per-unit charge can decrease the quantity demanded of good apples relative to bad ones. Rather, shipping the good apples holds when the export market’s willingness-to-pay for high quality is greater (or greater value for “quality upgrading” (Johnson and Myatt, 2006)). Despite the consumers’ lament, domestic consumer welfare increases with exporting |
| Keywords: | Market power, Cournot, quality, trade |
| JEL: | D43 F12 L2 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93744&r=all |
| By: | Søren Kjærgaard (University of Southern Denmark); Yunus Emre Ergemen (University of Aarhus and CREATES); Malene Kallestrup-Lamb (University of Aarhus and CREATES); Jim Oeppen (University of Southern Denmark); Rune Lindahl-Jacobsen (University of Southern Denmark) |
| Abstract: | Cause-specific mortality forecasting is often based on predicting cause-specific death rates independently. Only a few methods have been suggested that incorporate dependence among causes. An attractive alternative is to model and forecast cause-specific death distributions, rather than mortality rates, as dependence among the causes can be incorporated directly. We follow this idea and propose two new models which extend the current research on mortality forecasting using death distributions. We find that adding age, time, and cause-specific weights and decomposing both joint and individual variation among different causes of death increased the forecast accuracy of cancer deaths using data for French and Dutch populations |
| Keywords: | Cause-specific mortality, Cancer forecast, Forecasting methods, Compositional Data Analysis, Population health |
| JEL: | C22 C23 C53 I12 |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2019-07&r=all |
| By: | C\'elestin Coquid\'e; Jos\'e Lages; Dima L. Shepelyansky |
| Abstract: | We apply the recently developed reduced Google matrix algorithm for the analysis of the OECD-WTO world network of economic activities. This approach allows to determine interdependences and interactions of economy sectors of several countries, including China, Russia and USA, properly taking into account the influence of all other world countries and their economic activities. Within this analysis we also obtain the sensitivity of economy sectors and EU countries to petroleum activity sector. We show that this approach takes into account multiplicity of network links with economy interactions between countries and activity sectors thus providing more rich information compared to the usual export-import analysis. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06489&r=all |
| By: | Lombe Wilfred |
| Abstract: | This paper traces the role of local content in Zambia’s mining sector in supporting industrialization and economic diversification. It assesses productive linkages and manufacturing competitiveness during import-substitution industrialization and post-1991 liberalization and privatization, and the adequacy of the current policy environment.Despite diminished productivity and export competitiveness during import-substitution industrialization, that era was successful in terms of domestic manufacture of mining goods. Privatization and liberalization stymied local content capabilities, retarding industrialization and economic diversification.Post-2000 policies emphasize local content development and export competitiveness. Their success, however, depends on addressing continuing weaknesses in the regulatory environment; human and technological capital; endogenous entrepreneurship; and the macroeconomic environment. |
| Keywords: | Mining,Economic linkages,Local content,Manufacturing,Industrialization,Productivity |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-118&r=all |
| By: | Gu, Yan (Tilburg University, School of Economics and Management); Zheng, Yeqiu (Tilburg University, School of Economics and Management); Swerts, Marc (Tilburg University, School of Economics and Management) |
| Abstract: | Mandarin speakers often use gestures to represent time laterally, vertically, and sagittally. Chinese Sign Language (CSL) users also exploit signs for that purpose, and can differ from the gestures of Mandarin speakers in their choices of axes and direction of sagittal movements. The effects of sign language on co-speech gestures about time were investigated by comparing spontaneous temporal gestures of late bimodal bilinguals (Mandarin learners of CSL) and non-signing Mandarin speakers. Spontaneous gestures were elicited via a wordlist definition task. In addition to effects of temporal words on temporal gestures, results showed significant effects of sign. Compared with non-signers, late bimodal bilinguals (1) produced more sagittal but fewer lateral temporal gestures; and (2) exhibited a different temporal orientation of sagittal gestures, as they were more likely to gesture past events to their back. In conclusion, bodily experience of sign language can not only impact the nature of co-speech gestures, but also spatio-motoric thinking and abstract space-time mappings. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:5452aaf7-4ca1-4d5e-9775-31ba21a6bf50&r=all |
| By: | Thomas, Alastair |
| Abstract: | This paper provides the first estimates of a Quadratic Almost Ideal Demand System (QUAIDS) for New Zealand and uses this model to investigate the distributional effects of a move to a multi-rate GST system. The estimated QUAIDS model covers nine non-durable expenditure groups and produces highly plausible expenditure and price elasticity estimates. Behavioural simulation results show that a multi-rate GST structure would, on average, benefit poorer households relative to richer households – both in terms of the tax households pay and money-metric welfare. However, around 27% of the poorest decile would lose from the reform due to their particular consumption preferences, while around 19% of the richest decile would gain. Behavioural simulation results also confirm the finding from previous non-behavioural analysis that the distributional impact of reduced GST rates can vary significantly depending on the type of expenditure subject to the reduced rate. Overall, the GST system is found to be a poor mechanism for targeting support to poorer households. |
| Keywords: | GST, VAT, QUAIDS, Reduced rates, Distributional effects, |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:vuw:vuwcpf:8127&r=all |
| By: | Graupe, Silja; Steffestun, Theresa |
| Abstract: | Das Paper analysiert den bisher kaum beachteten Gebrauch von Metaphern in ökonomischen Standardlehrbüchern am Beispiel der Lehrtexte von Paul A. Samuelson und N. Gregory Mankiw. Dabei steht die metaphorische Semantik des abstrakten Konzeptes "des Marktes" im Zentrum der Untersuchungen. Mittels textanalytischer Methoden und mit Rückgriff auf die Conceptual Metaphor Theory verfolgen die Autorinnen die Einführung des Konzeptes "der Markt" als abstraktes und weitestgehend inhaltsleeres Konzept, die (Um-)Deutungen des Konzepts mithilfe von Entitätsmetaphern, Personifizierungen und Orientierungsmetaphern und die Verbindung des Begriffes mit politisch-ideologischen Wertungen. Hauptergebnisse sind: (1) Ökonomische Standardlehrbücher weisen einen massiven und stillschweigenden Gebrauch von Metaphern auf. (2) Dieser Gebrauch kann das kognitive Unbewusste der Leser_innen beeinflussen, und (3) Reflexive ökonomische Bildung kann zu einem verantwortungsvollen Umgang mit Metaphern befähigen. |
| Keywords: | Metaphern,Lehrbücher,Paul A. Samuelson,N. Gregory Mankiw,Conceptual Metaphor Theory,Beeinflussung des Unbewussten,ökonomische Bildung |
| JEL: | A10 A11 A12 A21 B49 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:oek38&r=all |
| By: | Stefano Baccarin (Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino, Italy) |
| Abstract: | We study a dynamic portfolio optimization problem where it is possible to invest in a risk-free bond, in a risky stock modeled by a lognormal diffusion and in call options written on the stock. The use of the options is limited to static strategies at the beginning of the investment period. The investor faces transaction costs with a fixed component and solvency constraints and the objective is to maximize the expected utility of the final wealth. We characterize the value function as a constrained viscosity solution of the associated quasi-variational inequality and we prove the local uniform convergence of a Markov chain approximation scheme to compute numerically the optimal solution. Because of transaction costs and solvency constraints the options cannot be pefectly replicated and despite the restriction to static policies our numerical results show that in most cases the investor will keep a significant part of his portfolio invested in options. |
| Keywords: | Dynamic Portfolio Management, Incomplete Markets, Static Use of Options, Impulse Control, Viscosity Solutions, Markov Chain Approximations. |
| JEL: | C61 C63 G11 G13 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:tur:wpapnw:063&r=all |
| By: | Fernando Fernandes Neto; Claudio Garcia, Rodrigo de Losso da Silveira Bueno, Pedro Delano Cavalcanti, Alemayehu Solomon Admas |
| Abstract: | The aim of this paper is to discuss the use of Haar scattering networks, which is a very simple architecture that naturally supports a large number of stacked layers, yet with very few parameters, in a relatively broad set of pattern recognition problems, including regression and classification tasks. This architecture, basically, consists of stacking convolutional filters, that can be thought as a generalization of Haar wavelets, followed by nonlinear operators which aim to extract symmetries and invariances that are later fed in a classification/regression algorithm. We show that good results can be obtained with the proposed method for both kind of tasks. We outperformed the best available algorithms in 4 out of 18 important data classification problems, and obtained a more robust performance than ARIMA and ETS time series methods in regression problems for data with invariances and symmetries, with desirable features, such as possibility to evaluate parameter stability and easy structural assessment. |
| Keywords: | Haar Scattering Network; Pattern Recognition; Classification; Regression; Time Series. |
| JEL: | C38 C45 C52 C63 |
| Date: | 2019–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:spa:wpaper:2019wpecon16&r=all |
| By: | Plogmann, Jana; Mußhoff, Oliver; Odening, Martin; Ritter, Matthias |
| Abstract: | In this paper, we apply the dynamic Gordon growth model to Western Germany and decompose the rent-price ratio into the expected present values of rental growth rates, real interest rates, and a land premium, i.e., the excess return on investment. This analysis reveals that the recent price surge on agricultural land markets was not unprecedented; that the land market rent-price ratio is rather low compared to other markets and varies considerably among federal states; and that (expected) premia for land are mostly negative, rendering investments in farmland unprofitable for financial investors. Finally, we find that changing expected present values of returns on land investments are the major driver for land price volatility. |
| Keywords: | Land Economics/Use |
| Date: | 2019–04–16 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288444&r=all |
| By: | Roux-Rosier Anahid (IRPhiL - Institut de recherches philosophiques de Lyon - UJML - Université Jean Moulin - Lyon III - Université de Lyon); Ricardo Azambuja (MC - Management et Comportement - Grenoble École de Management (GEM)); Gazi Islam (MC - Management et Comportement - Grenoble École de Management (GEM), IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc) |
| Abstract: | The current paper uses the concept of imaginaries to understand how permaculture provides alternative ways of organizing in response to the Anthropocene. We argue that imaginaries provide ways of organizing that combine ideas and concrete practices, imagining organizational alternatives by enacting new forms of collective practice. Permaculture movements, because of their combination of local, situated design practices and underlying social and political philosophies, provide an interesting case of imaginaries that make it possible to reimagine the relations between humans, non-human species and the natural environment. We identify and describe three imaginaries found in permaculture movements, conceiving of permaculture respectively as a technical design practice, a holistic life philosophy, and an intersectional social movement. These imaginaries open up possibilities for political and social alternatives to industrially organized agriculture, but are also at risk of various forms of ideological co-optation based on their underlying social premises. We discuss our perspective in terms of developing the concept of imaginaries in relation to organizational scholarship, particularly in contexts where fundamental relations between humans and the natural environment must be reimagined, as in the case of environmentalist organizing in response to the Anthropocene. |
| Keywords: | Environmental Imaginaries,Anthropocene,Permaculture,Imaginaries,Social Imaginaries,Organizing,Collective |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01958956&r=all |
| By: | Thorbecke Erik |
| Abstract: | This paper is essentially autobiographical and describes Erik Thorbecke’s journey through the history of development economics between the 1950s and the present.The paper consists of four parts. First, an introduction reviews briefly his professional career as a development economist and his research interactions with major contributors to the discipline. The next three parts review critically his contributions to research on and training in, respectively, (i) the ongoing process of African development; (ii) income distribution, inequality, and poverty; and (iii) economic structure, interdependence, and quantitative development analysis. |
| Keywords: | Development doctrine,Economic structure,Inequality,Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-138&r=all |
| By: | Maria Kravtsova (National Research University Higher School of Economics); Aleksey Oshchepkov |
| Abstract: | Economists tend to reduce all corruption to impersonal market-like transactions, ignoring the role of social ties in shaping corruption. In this paper, we show that this simplification substantially limits the understanding of corruption. We distinguish between market corruption (impersonal bribery), and network (or parochial) corruption which is conditional on the social connections between bureaucrats and private agents. We argue, both theoretically and empirically, that these types of corruption have different qualities. Using data from the Life in Transition Survey (LiTS) which covers all post-socialist countries we show, first, that the correlation between market and network corruption is weak, which implies that ignoring network corruption leads not only to an underestimation of the overall scale of corruption but also biases national corruption rankings. Secondly, in line with theoretical expectations, we find that network corruption is more persistent over time, less related to contemporary national socio-economic and institutional characteristics and has stronger historical roots than market corruption. Yet, network corruption, unlike bribery, is not able to ‘grease the wheels’ and is not associated with political instability. Lastly, we show that the decline in bribery which was observed in almost all post-socialist countries in the period from 2010 to 2016 was accompanied by rising network corruption in many of them, which has important policy implications. |
| Keywords: | market corruption, parochial corruption, network corruption, blat, bribery, postsocialist countries |
| JEL: | D73 Z13 L26 |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:ost:wpaper:380&r=all |
| By: | Carlsson, Fredrik (Department of Economics, School of Business, Economics and Law, Göteborg University); Jacobsson, Gunnar (Center for Antibiotic Resistance Research (CARe), University of Gothenburg, Gothenburg, Sweden); Jagers, Sverker C. (Centre for Collective Action Research (CeCAR), University of Gothenburg, Gothenburg, Sweden); Lampi, Elina (Department of Economics, School of Business, Economics and Law, Göteborg University); Robertsson, Felicia (Center for Antibiotic Resistance Research (CARe), University of Gothenburg, Gothenburg, Sweden); Rönnerstrand, Björn (Center for Antibiotic Resistance Research (CARe), University of Gothenburg, Gothenburg, Sweden) |
| Abstract: | This paper deals with the collective action dilemma of antibiotic resistance. Despite the collective threat posed by antibiotic resistance, there are limited incentives for individuals to consider the contribution of their decisions to use antibiotics to the spread of resistance. Drawing on a novel survey of Swedish citizens (n=1,906), we study factors linked to i) willingness to accept a physician’s decision not to prescribe antibiotics and ii) willingness to limit personal use of antibiotics voluntary. In our study, 53 percent of the respondents stated that they would be willing to accept the physician’s decision despite disagreeing with it, and trust in the healthcare sector is significantly associated with acceptance. When it comes to people’s willingness to voluntarily abstain from using antibiotics, a majority stated that they are willing or very willing not to take antibiotics. The variation in willingness is best explained by concerns about antibiotic resistance and experience of antibiotic therapy, especially if a respondent has been denied antibiotics. Generalized trust seems to be unrelated to willingness to abstain, but the perception that other people limit their personal use of antibiotics is linked to respondents’ own willingness to do so. Few of the individual characteristics can explain the variation in that decision. |
| Keywords: | collective action; antibiotics use; antibiotic resistance; willingness to abstain |
| JEL: | D90 I12 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:gunwpe:0762&r=all |
| By: | Alessandra, Garbero; Tisorn, Songsermsawas |
| Abstract: | Improving market access of smallholder farmers in the developing world is considered an important approach to moving them out of poverty and increasing their economic mobility. In China, rural poverty has declined at a phenomenal speed within just two decades, and much of this success story is attributable to rapid income growth in rural areas. Thus, having a good understanding of how development efforts in rural China may help alleviate poverty and improving economic mobility is of particular interest for policy, as they are instrumental in informing future project design and scaling-up of success stories to other regions in China as well as to other countries. The Guangxi Integrated Agricultural Development Project (GIADP) is an example of a development effort aimed at increasing rural household income in China through three project components: community infrastructure development, agricultural production and marketing support, and rural environmental improvement. The project was approved by the Executive Board of the International Fund for Agricultural Development (IFAD) in December 2011, entered into effect in January 2012, and ran until March 2017. Interventions delivered covered three main components: community infrastructure improvements, agricultural production and marketing support, and interventions aimed at preserving the rural environment. |
| Keywords: | Agribusiness, Farm Management, Food Security and Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288456&r=all |
| By: | Adrián Rodríguez Miranda (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Pablo Galasso (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Pedro Argumedo (Fundación Salvadoreña para el Desarrollo (El Salvador)); Sebastián Goinheix (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Camilo Martínez (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Fernando Masi (Centro de Análisis y Difusión de la Economía Paraguaya (Paraguay)); Santiago Picasso (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Ignacio Rodríguez (Universidad de la Frontera (Chile)); Paulina Sanhuezad (Universidad de la Frontera (Chile)); Belén Servin (Centro de Análisis y Difusión de la Economía Paraguaya (Paraguay)) |
| Abstract: | This research has two aims. First, it characterizes regional development in the four selected countries. Second, it analyzes cooperation networks between firms and organizations, in 24 clusters in different regions of the four countries. Regarding the first aim, the work analyzes in each region the generation of wealth, the development of small business sector and socioeconomic conditions of the environment, complemented by the identification of the productive specializations in each region. Results show that economic development is not evenly distributed in the territory. Certain sub-national patterns in terms of economic development were found. In addition, there is a strong concentration of economic activity in the regions where the national capitals are located (except for the regions rich in mining or energy resources). The analysis of local business development and the socioeconomic environment shows that, in addition to external factors, a region must develop its own local capacities to take advantage of these external impulses and transform them into local development. Regarding the second objective, the study of 24 cooperation networks in clusters proves that organizations are the key actors to keep the networks connected. On the other hand, the level of cooperation among firms is, on average, low. In this sense, the countries under study do not present, in general, regions with high levels of local business capacity that can be the main support of cooperation networks. Therefore, organizations play an intermediary role between firms and provide access to external sources of innovation that can be disseminated through the network. Finally, the combination of social network analysis with econometric regression techniques revealed a positive relationship between the cooperation in networks and the economic performance of firms. |
| Keywords: | regional development, productive specializations, clusters, social network analysis, business cooperation, Latin America |
| JEL: | O18 O31 O32 O54 R11 R58 |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:ulr:wpaper:dt-02-19&r=all |
| By: | Celso José Costa Junior (Ministerio de Economía, Universidad Estadual de Ponta Grossa (UEPG) & Fundação Getúlio Vargas (FGV), Brasil); Alejandro C. García Cintado (Universidad Pablo de Olavide (UPO) & UEPG); Manuel Alejandro Hidalgo Pérez (UPO & Secretaría General de Economía – Junta de Andalucía) |
| Abstract: | This paper uses a DSGE model with political-regime-dependent fiscal and monetary policies so as to examine political-business cycles in an emerging market such as Brazil under three different regimes – an "opportunistic regime" and "two partisan ones". The former regime seeks to identify whether within the period of seven quarters prior to the elections, the government manipulated the economy to increase the chances of getting reelected (or securing a successor). As for the latter two, they try to verify whether the macroeconomic strategies pursued by the "more leftist" governments differed from their "more right-wing" predecessors’ monetary and fiscal policies. Our results show that there exists an opportunistic behavior by all the governments studied as regards fiscal policy, and that from a macroeconomic viewpoint, President Rouseff’s administration fared differently than previous governments. However, monetary policy turns out to be independent of the regimes considered. |
| Keywords: | political cycles, monetary policy, fiscal policy, Oaxaca model, Dynamic Stochastic General Equilibrium (DSGE) model. |
| JEL: | E32 E52 E62 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pab:wpaper:19.09&r=all |
| By: | Neha Hui (Department of Economics, University of Reading) |
| Abstract: | This paper examines the effects of persistent political conflict on domestic violence in Nigeria and contributes to an emerging literature on the indirect effects of political conflict on the wellbeing of civilians. Using data from Demographic and Health Survey (DHS) and Armed Conflict Location and Event Data (ACLED), I find that after controlling for omitted variable bias by using an appropriate instrument (distance from pre-colonial ethnic society border), increased exposure to political conflict leads to a higher incidence of domestic violence. One additional event of political conflict within a 20 Km buffer in the ten-year period preceding the year of interview implies a 9.3 percent increase in domestic violence with respect to the sample mean. The magnitude of the effect of political conflict on domestic violence increases when we consider a smaller time frame (of two years preceding the year of interview), as well as more intense events of political violence(high fatality events, events of battles and events involving violence against civilians) and decreases when we increase the size of the buffer zone. Political conflict also seems to reduce overall bargaining power or agency of women and increase the controlling behaviour of men. Thus, it is argued here that the increased violence is the consequence of reduced agency or autonomy of the victim and increased violent behaviour of the inflictor. |
| Keywords: | domestic violence, political violence, controlling behaviour, autonomy |
| JEL: | J12 J15 J16 O12 |
| Date: | 2019–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:rdg:emxxdp:em-dp2019-08&r=all |
| By: | Simplice A. Asongu (Yaoundé/Cameroon) |
| Abstract: | Linkages between foreign aid, terrorism and natural resource (fuel and iron ore) exports are investigated in this study. The focus is on 78 developing countries with data for the period 1984 to 2008. The generalised method of moment is employed as empirical strategy. Three main foreign aid variables are used for the analysis, namely: bilateral aid, multilateral aid and total aid. The corresponding terrorism variables employed are: domestic terrorism, transnational terrorism, unclear terrorism and total terrorism. The following findings are established. First, the criteria informing the validity of specifications corresponding to iron ore exports do not hold. Second, there is evidence of convergence in fuel exports. Third, whereas the unconditional impacts of aid dynamics are not significant, the unconditional impacts of terrorism dynamics are consistently positive on fuel exports. Fourth, the interaction between terrorism and aid dynamics consistently display negative signs, with corresponding modifying aid thresholds within respective ranges. Unexpected signs are elicited and policy implications discussed. Given the unexpected results, an extended analysis is performed in which net effects are computed. These net effects are constitutive of the unconditional effect from terrorism and the conditional impacts from the interaction between foreign aid and terrorism dynamics. Based on the extended analysis, bilateral aid and total aid modulate terrorism dynamics to induce net positive effects on fuel exports while multilateral aid moderates terrorism dynamics to engender negative net effects on fuel exports. The research improves extant knowledge on nexuses between resources, terrorism and foreign aid. |
| Keywords: | Foreign Aid; Exports; Natural Resources; Terrorism; Economic Development |
| JEL: | F40 F23 F35 Q34 O40 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:19/023&r=all |
| By: | Bullock, David W.; Wilson, William W. |
| Abstract: | Growth in the export marketing of soybeans has drawn attention to the basis volatility in these market channels. Indeed, there has been greater growth in soybean exports compared to other commodities and this is due in part to the growth of exports to China. Concurrently, there has been substantial volatility in the basis at the primary U.S. export locations: the U.S. Gulf and the Pacific Northwest (PNW). This variability is caused by traditional variables affecting the basis but is also influenced by shipping costs, international competition, and inter-port relationships. Further, there seems to be distinct seasonal patterns that vary across marketing years. The purpose of this study is to examine the impact of supply/demand, export competition and logistical variables on both the average level and seasonality of U.S. export basis values for the 2004/05 through 2015/16 marketing years (September through August for U.S. soybeans). This study examines the impact of a wide range of supply, demand, transportation, and other market variables upon both the average level and seasonality (by marketing year) of the basis at the two major U.S. export locations, Gulf and Pacific Northwest (PNW). The explanatory dataset contains more variables (27) than observations (12 marketing years from 1994/95 through 2015/16); therefore, it presents challenges from both a sparsity and a multicollinearity perspective. To address these issues, a statistical regression technique, called partial least squares (PLS) is utilized. This technique has advantages over using principal components regression (PCR) since derivation of the components is directed towards maximizing the covariance between the dependent (Y) and explanatory (X) variable sets rather than just explaining the variance of X. Seasonality is investigated in this study utilizing agglomerative hierarchal clustering (AHC) to group similar marketing years by seasonal pattern called seasonal analogs. These seasonal analogs were then related to the explanatory variable set using a two-sample statistical test (Lebart, Morineau and Piron 2000) that compares the means of a subset and its parent set to explain the impact of the explanatory variables. The results indicate that the average market year level of the basis is primarily influenced by export competition from Brazil and export demand – particularly from China; however, domestic demand (soybean crush) also has some influence. Rail transportation costs to both the Gulf and PNW have an influence on the basis level; however, barge and ocean freight rates appear to not have a significant influence on the level of the basis. Application of AHC resulted in the identification of 5 and 4 distinct analogs (over the 12 marketing years in the dataset) for the Gulf and PNW respectively. Application of the two-sample mean difference tests to the analogs indicate that the seasonal pattern of the export basis is more heavily influenced by internal logistical conditions (late railcar placement and secondary railcar values), pace of farmer marketings, transportation cost differentials (between ports), and individual port export activity (ships in port and export inspections) rather than international and domestic demand. |
| Keywords: | Demand and Price Analysis, International Relations/Trade |
| Date: | 2019–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:ags:nddaae:288512&r=all |
| By: | João Tovar Jalles |
| Abstract: | In this paper, we empirically assess by means of the local projection method, the impact of different types of financial crises on a variety of pollutant emissions categories for a sample of 86 countries between 1980-2012. We find that financial crises in general lead to a fall in CO2 and methane emissions. When hit by a debt crisis, a country experiences a rise in emissions stemming from either energy related activities or industrial processes. During periods of slack, financial crises in general had a positive impact on both methane and nitrous oxide emissions. If a financial crisis hit an economy when it was engaging in contractionary fiscal policies, this led to a negative response of CO2 and production-based emissions. |
| Keywords: | pollution, greenhouse gases, local projection method, impulse response functions, recessions, fiscal expansions |
| JEL: | E32 E6 G01 O44 Q54 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp0832019&r=all |
| By: | Rongen Gerton |
| Abstract: | This paper applies a novel inequality estimation method to household consumption expenditure in Mumbai, India.Since the richest households may be missing in survey data, this re-estimated inequality figure takes them into account by combining survey data with house price data. However, application of this method does not indicate that the survey-based Gini coefficient of 0.447 underestimates consumption inequality in Mumbai; none of the ten investigated scenarios yields a higher estimate.Further analyses are necessary to assess the robustness of estimates and the usefulness of applying this method to the whole of urban India. |
| Keywords: | Economic inequality,House prices,Household consumption,Household income,Household survey |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-181&r=all |
| By: | Nicolas Jacquemet (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Alexander James (University of Oxford [Oxford]); Stéphane Luchini (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique - AMU - Aix Marseille Université - EHESS - École des hautes études en sciences sociales); Jason Shogren (Departement of Economics and Finance, University of Wyoming - UW - University of Wyoming) |
| Abstract: | Herein we explore whether a solemn oath can eliminate hypothetical bias in a voting referenda, a popular elicitation mechanism promoted in non-market valuation exercises for its incentive compatibility properties. First, we reject the null hypothesis that a hypothetical bias does not exist. Second, we observe that people who sign an oath are significantly less likely to vote for the public good in a hypothetical referenda. We complement this evidence with a self-reported measure of honesty which confirms that the oath increases truthfulness in answers. This result opens interesting avenues for improving the elicitation of preferences in the lab and beyond. |
| Keywords: | Hypothetical bias,Oath,Dichotomous Choice Mechanism,Preference revelation |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01301784&r=all |
| By: | Stefano Gagliarducci; M. Daniele Paserman; Eleonora Patacchini |
| Abstract: | This paper studies how politicians and voters respond to new information on the threats of climate change. Using data on the universe of federal disaster declarations between 1989 and 2014, we document that congress members from districts hit by a hurricane are more likely to support bills promoting more environmental regulation and control in the year after the disaster. The response to hurricanes does not seem to be driven by logrolling behavior or lobbysts' pressure. The change in legislative agenda is persistent over time, and it is associated with an electoral penalty in the following elections. The response is mainly promoted by representatives in safe districts, those with more experience, and those with strong pro-environment records. Our evidence thus reveals that natural disasters may trigger a permanent change in politicians' beliefs, but only those with a sufficient electoral strength or with strong ideologies are willing to engage in promoting policies with short-run costs and long-run benefits. |
| JEL: | D70 D72 H50 Q54 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25835&r=all |
| By: | Salih Fendoglu; Eda Gulsen; Josè-Luis Peydro |
| Abstract: | We show that global liquidity limits the transmission of local monetary policy on credit markets. For identification, we exploit global liquidity shocks in conjunction with monetary policy changes and exhaustive loan-level data (the credit and international interbank market registers) from a large emerging market, Turkey. We show that softer global liquidity conditions —proxied by lower VIX or expansionary US monetary policy— attenuate the pass-through of local monetary policy tightening on loan rates, especially for banks that borrow ex-ante more from international wholesale markets. Effects are also important for other credit margins and for bank risk-taking —especially for risky borrowers in FX loans. The mechanism at work is via a bank carry trade from international markets when local monetary conditions tighten. |
| Keywords: | Global liquidity, Global financial cycle, Monetary policy transmission, Emerging markets, Banks |
| JEL: | E52 F30 G01 G15 G21 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1913&r=all |
| By: | Anabela Santos; Michele Cincera; Paulo Neto; Maria Manuel Serrano |
| Abstract: | A wide range of empirical studies have analyzed which firm characteristics influence government evaluators on the decision to select specific firms for participating in Research and Development and Innovation subsidy programs. However, few authors have provided a precise analysis about the selection process of submitted applications for a public support. The aim of the present paper is to assess the effectiveness in the selection process and to understand which kind of projects are selected for being subsidized. The analysis is focused on the case study of applications submitted to the Portuguese Innovation Incentive System (SI Innovation) between 2007 and 2013. Once the selection criterion for accessing to this program is essentially based on competitiveness, namely in terms of internationalization and productivity, special attention was given on assessing the determinants of selection process regarding to these topics. Using a counterfactual analysis and Propensity Score Matching estimators, results show that the selection process to SI Innovation is more focused on expecting an increase of the internationalization and productivity of firms than in the efficiency of public expenditures and firm innovativeness. The conclusions of this paper could be useful for policy makers, once it identifies some failures in selection process, which according to other authors, could explain some disappointing results of public intervention in this field. |
| Keywords: | Subsidy, Innovation, Internationalization, Competitiveness, Propensity Score Matching |
| JEL: | O38 O31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:mde:wpaper:0121&r=all |
| By: | Wen, Lei; Zhou, Haiwen |
| Abstract: | Impact of economic integration on unemployment is studied in a general equilibrium model in which unemployment is a result of the existence of efficiency wages. Banks provide capital to manufacturing firms and engage in oligopolistic competition. Manufacturing firms choose technologies and also engage in oligopolistic competition. A country with a more efficient financial sector has a lower unemployment rate and a comparative advantage in producing manufactured goods. Trade integration decreases the unemployment rate and increases the wage rate and the equilibrium level of technology. An additional financial integration will decrease the unemployment rate and increase the wage rate and the level of technology further. |
| Keywords: | Unemployment, economic integration, efficiency wages, choice of technology, two-tier oligopoly |
| JEL: | E24 F12 J64 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93835&r=all |
| By: | Nathan Faivre (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, LNCO - Laboratory of Cognitive Neuroscience - EPFL - Ecole Polytechnique Fédérale de Lausanne); Anat Arzi (CAM - University of Cambridge [UK]); Claudia Lunghi (Department of Translational Research on New Technologies in Medicine and Surgery - University of Pisa - Università di Pisa); Roy Salomon (LNCO - Laboratory of Cognitive Neuroscience - EPFL - Ecole Polytechnique Fédérale de Lausanne) |
| Abstract: | Over the last 30 years, our understanding of the neurocognitive bases of consciousness has improved, mostly through studies employing vision. While studying consciousness in the visual modality presents clear advantages, we believe that a comprehensive scientific account of subjective experience must not neglect other exteroceptive and interoceptive signals as well as the role of multisensory interactions for perceptual and self-consciousness. Here, we briefly review four distinct lines of work which converge in documenting how multisensory signals are processed across several levels and contents of consciousness. Namely, how multisensory interactions occur when consciousness is prevented because of perceptual manipulations (i.e. subliminal stimuli) or because of low vigilance states (i.e. sleep, anesthesia), how interactions between exteroceptive and interoceptive signals give rise to bodily self-consciousness, and how multisensory signals are combined to form metacognitive judgments. By describing the interactions between multisensory signals at the perceptual, cognitive, and metacognitive levels, we illustrate how stepping out the visual comfort zone may help in deriving refined accounts of consciousness, and may allow cancelling out idiosyncrasies of each sense to delineate supramodal mechanisms involved during consciousness. |
| Keywords: | contents of consciousness,unconscious processing,metacognition,states of consciousness,self |
| Date: | 2017–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01492508&r=all |
| By: | Gualdoni, Patricia; Baltar, Fabiola; Pagani, Andrea N.; Gaviola, Saúl Ricardo |
| Abstract: | En 2010, la implementación de las cuotas individuales transferibles de captura (CITC) en Argentina puso en debate una de las desventajas del sistema: la concentración pesquera. Desde la teoría económica, se demuestra que la eficiencia económica se logra en los mercados competitivos, por lo que el término concentración tiene una connotación negativa. El objetivo de este trabajo es analizar, desde una perspectiva teórica, si el sector pesquero presenta rasgos no competitivos y los efectos sobre la eficiencia económica. El sector presenta desvíos respecto de un mercado competitivo. Los efectos de la concentración sobre la eficiencia asignativa pierden relevancia cuando se utiliza un alto porcentaje de la cuota global y cuando la misma se constituya en una restricción fuerte a la oferta o cuando el destino de la producción es principalmente el mercado externo. El logro de la eficiencia productiva depende de cómo se estructura la posibilidad de obtener o ceder cuotas. |
| Keywords: | Concentración Económica; Cuota de Pesca; Argentina; |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3095&r=all |
| By: | Quentin Couix (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | This paper proposes a historical and epistemological account of one of the key controversy between natural resources economics and ecological economics, lasting from early 1970s to the end of 1990s. It shows that the theoretical disagreement on the scope of the economy's dependence to natural resources, such as energy and minerals, has deep methodological roots. On one hand, Solow's and Stiglitz's works are built on a "model-based methodology", where the model precedes and supports the conceptual foundations of the theory and in particular the assumption of "unbounded resources productivity". On the other hand, Georgescu-Roegen's counter-assumption of "thermodynamic limits to production", later revived by Daly, rest on a methodology of "interdisciplinary consistency" which considers thermodynamics as a relevant scientific referent for economic theory. While antagonistic, these two methodologies face similar issues regarding the conceptual foundations that arise from them, which is a source of confusion and of the difficult dialogue between paradigms. |
| Keywords: | natural resources,thermodynamics,growth,sustainability,model,theory,methodology |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01702401&r=all |
| By: | Fortuna Casoria (Univ Lyon, CNRS, GATE UMR 5824, F-69130 Ecully, France); Alice Ciccone (Institute of Transport Economics, Oslo, Norvège) |
| Abstract: | We investigate whether upfront investments increase cooperation in settings with no enforcement mechanism, where cooperation is not easily sustained voluntarily. Such investments are a cost that individuals incur before deciding whether to cooperate and increase cooperation payoff. We find that cooperation rarely emerges in treatments without investments, while both endogenous and exogenous investments boost overall cooperation levels. For low endogenous investments, cooperation is lower than when the same investments are exogenous. For high investments, cooperation is not significantly different between endogenous and exogenous conditions. This supports low investments being interpreted as a signal of unwillingness to cooperate, triggering non-cooperative choices. |
| Keywords: | KeyCooperation, Upfront investments, Prisoners' dilemma, Experiment |
| JEL: | C7 C72 C73 C9 C91 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1918&r=all |
| By: | Masaaki Fukasawa; Tetsuya Takabatake; Rebecca Westphal |
| Abstract: | Rough volatility models are continuous time stochastic volatility models where the volatility process is driven by a fractional Brownian motion with the Hurst parameter less than half, and have attracted much attention since a seminal paper titled "Volatility is rough" was posted on SSRN in 2014 claiming that they explain a scaling property of realized variance time series. From our point of view, the analysis is not satisfactory because the estimation error of the latent volatility was not taken into account; we show by simulations that it in fact results in a fake scaling property. Motivated by this preliminary finding, we construct a quasi-likelihood estimator for a fractional stochastic volatility model and apply it to realized variance time series to examine whether the volatility is really rough. Our quasi-likelihood is based on a central limit theorem for the realized volatility estimation error and a Whittle-type approximation to the auto-covariance of the log-volatility process. We prove the consistency of our estimator under high frequency asymptotics, and examine by simulations the finite sample performance of our estimator. Our empirical study suggests that the volatility is indeed rough; actually it is even rougher than considered in the literature. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04852&r=all |
| By: | Fortuna Casoria (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Alice Ciccone (Institute of Transport Economics - Institute of Transport Economics) |
| Abstract: | We investigate whether upfront investments increase cooperation in settings with no enforcement mechanism, where cooperation is not easily sustained voluntarily. Such investments are a cost that individuals incur before deciding whether to cooperate and increase cooperation payoff. We find that cooperation rarely emerges in treatments without investments, while both endogenous and exogenous investments boost overall cooperation levels. For low endogenous investments, cooperation is lower than when the same investments are exogenous. For high investments, cooperation is not significantly different between endogenous and exogenous conditions. This supports low investments being interpreted as a signal of unwillingness to cooperate, triggering non-cooperative choices. |
| Keywords: | Prisoners' dilemma,Experiment,Cooperation,Upfront investments |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-02121193&r=all |
| By: | Ivan Arraut; Alan Au; Alan Ching-biu Tse; Carlos Segovia |
| Abstract: | We introduce a new tool for predicting the evolution of an option for the cases where at some specific time, there is a high-degree of uncertainty for identifying its price. We work over the special case where we can predict the evolution of the system by joining a single price for the Option, defined at some specific time with a pair of prices defined at another instant. This is achieved by describing the evolution of the system through a financial Hamiltonian. The extension to the case of multiple prices at a given instant is straightforward. We also explain how to apply these results in real situations. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05813&r=all |
| By: | Philippe Cohard (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier) |
| Abstract: | Modeling and simulation are now topics with major interest for researchers and practitioners. Markov chain is a powerful approach of modeling that could be used in multiple areas. For example, in management this approach can give numerous opportunities to better understand phenomena. Thus we ask the question: "How can Markov chains be useful for modeling processes? ". This paper is our answer. With Markov chains we show the possibilities to better understand management project. We also propose two programs which explain how to implement these models based on Markov chains. The results show that Markov chains approach of modeling can be useful for teaching and explaining processes. Modeling gives data to analyze what can be compared with empirical data or tested for coherence. Modeling with Markov chains can be interpreted and give insights on real causes of complex phenomena. |
| Keywords: | Markov chains,modeling,process,simulation,program |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02091773&r=all |
| By: | Isabelle Tritsch (UMR ECOFOG - Ecologie des forêts de Guyane - UG - Université de Guyane - AgroParisTech - CNRS - Centre National de la Recherche Scientifique - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - UA - Université des Antilles - INRA - Institut National de la Recherche Agronomique); Gwenolé Le Velly (CEE-M - Centre d'Economie de l'Environnement - Montpellier - FRE2010 - INRA - Institut National de la Recherche Agronomique - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Benoit Mertens (ATILF - Analyse et Traitement Informatique de la Langue Française - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique); Patrick Meyfroidt (Earth and Life Institute [Louvain-La-Neuve] - UCL - Université Catholique de Louvain); Christophe Sannier (SIRS - Systèmes d'Information à Référence Spatiale - Systèmes d'Information à Référence Spatiale); Jean-Sylvestre Makak (Geospatial Company); Kenneth Houngbedji (AFD - Agence française de développement) |
| Abstract: | To allow for the production of timber while preserving conservation values, forestry regulations in the Congo Basin have made Forest Management Plans (FMPs) mandatory in logging concessions. This paper uses original highresolution maps of forest-cover changes and official records on the activities of logging concessions to analyze the impact of FMPs on deforestation in this region. We apply quasi-experimental and difference-in-difference approaches to evaluate the change in deforestation in concessions that implemented an FMP. We find that between 2000 and 2010, deforestation was 74% lower in concessions with an FMP compared to others. Building on a theory of change, further analyses revealed that this decrease in deforestation takes at least five years to occur, and is highest around communities located in and nearby logging concessions and in areas close to previous deforestation. These findings suggest that FMPs reduce deforestation by allowing concessions to rotate cycles of timber extraction, thereby avoiding the overexploitation of areas that were previously logged, and by the better regulation of access to concessions by closing former logging roads to limit illegal activities such as slash and burn agriculture, hunting and the illegal harvest of timber or fuelwood. |
| Keywords: | forest management plan,FSC certification,deforestation,quasi-experimental matching,causal mechanisms,Congo Basin |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpceem:halshs-02103836&r=all |
| By: | Beetsma, Roel; de Jong, Frank; Giuliodori, Massimo; Hanson, Jesper |
| Abstract: | We use information on new sovereign debt issues in the euro area to explore the drivers behind the debt maturity decisions of governments. We set up a theoretical model for the maturity structure that trades off preference for liquidity services of short-term debt, roll-over risk and price risk. The average debt maturity is negatively related to both the level and the slope of the yield curve. A panel VAR analysis shows that positive shocks to risk aversion, the probability of non-repayment and the demand for the liquidity services of short-term debt all have a positive effect on the yield curve level and slope, and a negative effect on the average maturity of new debt issues. These results are partially in line with our theory. A forecast error variance decomposition suggests that changes in non-repayment risk as captured by credit default spreads are the most important source of shocks. |
| Keywords: | euro-area public debt auctions; expected repayment probability; liquidity services of short debt; Maturity; risk aversion; yield curve |
| JEL: | E62 G11 G12 G18 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13729&r=all |
| By: | Gupta, Manish (National Institute of Public Finance and Policy); Chakraborty, Pinaki (National Institute of Public Finance and Policy) |
| Abstract: | While the Constitution provides for setting up of SFCs at regular intervals, this has not been adhered to by the states. The paper reviews the reports of the latest SFCs of 25 states in India. This involves examining the status of constitution of SFCs, their functioning and the approach adopted by them in carrying out their task and the principles adopted by them in allocating resources to local governments both vertically and horizontally. It also quantifies the devolution recommended by the SFCs in order to get a comparative picture of funds devolved by them across states. It is observed that there is huge variation in the recommended per capita devolution across States. We do not find any relation be-tween the recommended per capita devolution and per capita income of States, but per capita devolution is in general very low across states in India. Is it that the state govern-ments arbitrarily reject the recommendations or are the SFCs themselves to be blamed for non-acceptance of their recommendations? The paper also examines the quality of SFC reports from the point of view of their implementability and finds that at times state gov-ernments are constrained to implement these recommendations on the grounds of poor quality of SFC reports. |
| Keywords: | Fiscal Decentralisation ; Local governments ; State Finance Commissions |
| JEL: | H7 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:19/263&r=all |
| By: | Lawrence J. White |
| Abstract: | Until slightly more than a decade ago, the credit rating industry was largely a little-recognized and little-understood part of the financial system “plumbing†. This obscurity changed with the financial crisis of 2008 and its aftermath. After a few years of intensive attention, however, the CRAs have retreated back to semi-obscurity and attract little media or political attention. The tools of industrial organization (IO) can help us understand this industry: its structure; its behavior; and its outcomes; and the public policies that are likely to improve its functioning. |
| Keywords: | credit rating agency (CRA); prudential regulation; barriers to entry; asymmetric information |
| JEL: | G14 L59 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ste:nystbu:19-02&r=all |
| By: | David S. Jacks; Dennis Novy |
| Abstract: | What precisely were the causes and consequences of the trade wars in the 1930s? Were there perhaps deeper forces at work in reorienting global trade prior to the outbreak of World War II? And what lessons may this particular historical episode provide for the present day? To answer these questions, we distinguish between long-run secular trends in the period from 1920 to 1939 related to the formation of trade blocs (in particular, the British Commonwealth) and short-run disruptions associated with the trade wars of the 1930s (in particular, large and widespread declines in bilateral trade, the narrowing of trade imbalances, and sharp drops in average traded distances). We argue that the trade wars mainly served to intensify pre-existing efforts towards the formation of trade blocs which dated from at least 1920. More speculatively, we argue that the trade wars of the present day may serve a similar purpose as those in the 1930s, that is, the intensification of China- and US-centric trade blocs. |
| JEL: | F1 F3 N7 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25830&r=all |
| By: | Colonnelli Emanuele; Ntungire Nicole |
| Abstract: | As it transitions to an oil-producing country, Uganda’s investments in infrastructure and physical capital will increasingly depend on the ability of the construction sector to respond to surges in demand and transform investment effort into outcomes.Using administrative and survey data, this paper sets out to examine the current bottlenecks to production faced by the construction sector in Uganda and identifies possible policy remedies to relieve them.A secondary point of emphasis in the paper’s analysis is the interaction between government and construction firms through public procurement, and the instrumental role procurement plays in the efficient development of the industry. |
| Keywords: | Survey data,Construction sector,Economic policy,Natural resources,Procurement |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-180&r=all |
| By: | Ricciuti Roberto; Baronchelli Adelaide |
| Abstract: | This paper analyses the relationship between climate and migration in rural households in Viet Nam.We propose an instrumental variable approach that controls for the potential endogeneity between crop production and migration using monthly minimum temperatures in the growing season as an instrument of rice production. Results show that the rise in minimum temperature during the core month of the growing season (i.e. June) does cause a reduction in rice production which, in turn, has a positive impact on people’s propensity to migrate.This finding is robust to the use of different estimators and plausible violations to exogeneity of the instrument. |
| Keywords: | Food industry and trade,Migration,Climate change |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-86&r=all |
| By: | Tavrov, Dan; Nivievskyi, Oleg |
| Abstract: | Land markets all over the world are diversely regulated, although a vast stock of empirical literature seems to suggest that unrestricted land market is the best policy design option. Since diversity of regulations proves this unlikely, it is surprising that little attention is paid in academic literature to theory that would allow to choose land market design based on welfare implications of various restrictions. In this paper, we build upon the framework described in the literature and develop a theoretical model that enables to infer an optimal choice of (maximum land holdings) restrictions in the presence of land market imperfections. |
| Keywords: | Land Economics/Use |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288446&r=all |
| By: | Gradín Carlos |
| Abstract: | In this paper, I show that occupations in South Africa are segregated and stratified not only by race, but also by gender. While some women (mostly black and Coloured) overwhelmingly fill low-paying jobs, others (mostly white and Indian/Asian but also Coloured) tend to fill higher-paying professional positions.I find some evidence of a long-term reduction in gender segregation and stratification, with women and men entering occupations previously dominated by the other gender, although this trend is sensitive to several data considerations. Most recent evidence, however, points at stagnation in this process. Distinct worker characteristics by gender, such as education, location, or age, cannot explain existing segregation or women’s overrepresentation in low-paying jobs, compared with men. They do, however, partially explain their overrepresentation in higher-paying positions. |
| Keywords: | Gender,low pay,Occupational segregation,post-apartheid,Stratification |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-53&r=all |
| By: | Verhaagh, Mandes; Deblitz, Claus |
| Abstract: | Das Verbot der betäubungslosen Kastration von Ferkeln sollte am 01.01.2019 in Kraft treten. Am 29. November 2019 verlängerte der Deutsche Bundestag diese Frist um zwei Jahre, weil Politik und Wirtschaft nicht in der Lage waren, sich auf eine oder mehrere der verfügbaren Alternativen einzulassen. Die Gesetzesänderung bedeutet für die schweinehaltenden Betriebe in Deutschland eine Umstellung ihrer bisherigen Praxis. Als Strategien werden die Jungebermast, die Impfung gegen Ebergeruch (die sogenannte Immunokastration), die Kastration unter Anwendung verschiedener Vollnarkoseverfahren und die Lokalanästhesie diskutiert. Zielsetzung dieser Studie ist es, aufbauend auf dem Working Paper 64 (Verhaagh & Deblitz, 2016) eine aktualisierte Analyse der betriebswirtschaftlichen Auswirkungen dieser alternativen Verfahren und einen Vergleich der Wirtschaftlichkeit zu erstellen. Im ersten Schritt wird eine Referenzsituation (Baseline) mit der derzeit praxisüblichen betäubungslosen Kastration männlicher Ferkel spezifiziert. Hierfür wurden Daten von 11 typischen Betrieben mit Schweinehaltung in den wichtigsten Regionen in Deutschland sowie mit unterschiedlichen Tierzahlen und Produktionsrichtungen (spezialisierte Ferkelproduktion bzw. Schweinemast, geschlossenes System) verwendet. Anschließend werden die Alternativen der derzeitigen Praxis und ihre Auswirkungen auf die Leistungsdaten sowie die Kosten und ggf. Erlöse definiert. Die Baseline und die Alternativen werden als Vollkostenrechnungen ausgewertet, weil neben den Direktkosten auch Investitionen und Gemeinkosten betroffen sind. Variationsrechnungen zu Preisen, Leistungsdaten und Anwendungsverfahren ergänzen die Analyse. Die Kosten der Ebermast mit Impfung (Immunokastration) werden durch die höhere Leistung der Tiere und eine bessere Futterverwertung kompensiert. Die Ebermast - also ein Verzicht auf Kastrationsmaßnahmen - schneidet aufgrund der geringeren Bezahlung durch die deutsche Schlachtindustrie (Eberpreismaske) etwas schlechter ab. Bei beiden Verfahren bestehen außerdem regionale Unterschiede. Die Auswirkungen der chirurgischen Verfahren sind hinsichtlich ihrer Ergebnisse zwischen den einzelnen Produktionsrichtungen und Regionen in Deutschland homogener: Unter den beiden Verfahren der Vollnarkose ist die Injektionsnarkose das teuerste der untersuchten Verfahren, gefolgt von der Inhalationsnarkose mit Isofluran. Die auch als 'vierter Weg' bekannte Lokalanästhesie (Betäubung der Hoden bei der Kastration) ist hingegen deutlich kostengünstiger. Ein wichtiger Grund für die höheren Kosten der Betäubungsverfahren ist die Tatsache, dass diese beim jetzigen Stand nur durch Tierärzte durchgeführt werden dürfen. Variationsrechnungen zeigen, dass die Kosten für diese Verfahren unter der Annahme sinken, dass die Landwirte diese selbst durchführen dürfen. Eine entsprechende Durchführungsverordnung für die Isoflurannarkose befindet sich in Vorbereitung. |
| Keywords: | Betäubungslose Ferkelkastration,Ebermast,Immunokastration,Kastration mit Narkoseverfahren,Lokalanästhesie,betriebswirtschaftliche Auswirkungen,piglet castration,boar fattening,immunocastration,castration with(-out) anesthesia,local anesthesia,farm economic impact |
| JEL: | Q12 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:jhtiwp:110&r=all |
| By: | Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Grupo Estudios del Trabajo |
| Abstract: | En esta nueva edición del Informe Sociolaboral del Partido de General Pueyrredon se analiza el impacto de las políticas económicas sobre mercado laboral local y nacional hasta el cuarto trimestre de 2018. El año cerró con una caída de los niveles de producto, consumo privado, consumo público e inversión, así como una persistencia del déficit fiscal debido a la mayor carga de intereses de la deuda en su composición. En contrapartida hubo un crecimiento de los depósitos como parte de un esquema monetario que pretende evitar una corrida cambiaria, en el marco de las limitaciones de política económica que impone el FMI. Este contexto repercutió en un deterioro de las condiciones del mercado de trabajo. A nivel nacional, aumentó la desocupación y subocupación junto con una leve caída de la tasa de empleo. Asimismo, los efectos no sólo se dieron en la cantidad sino también en la calidad, dado que se produjo una significativa destrucción de trabajo registrado. En el ámbito local las tasas de desocupación y subocupación ubican nuevamente a la ciudad a la cabeza del ranking nacional, con niveles cercanos o superiores a los máximos históricos que se habían registrado hasta el momento. Asimismo, hay más ocupados que buscan trabajo, en un esquema de baja proporción de asalariados, y alto porcentaje de "empleo en negro". Por último, se presenta una estimación de la pobreza en Mar del Plata para el cuarto trimestre de 2018, como medida complementaria al dato semestral que recientemente publicara el INDEC. En rigor, la pobreza se habría acelerado a fin de año alcanzando a 182.500 personas (28,7%). |
| Keywords: | Actividad Económica; Política Económica; Mercado de Trabajo; Precarización Laboral; Desempleo; Mar del Plata; Batán; Partido de General Pueyrredon; |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3103&r=all |
| By: | Dominique Guegan (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, Labex ReFi - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | La blockchain est un sujet très prisé dans le milieu bancaire et de l'assurance, de quoi s'agit-il ? La notion de blockchain émane de la cryptographie et il s'agit d'un protocole permettant de transmettre des informations de manière sécurisée. Nous distinguerons deux approches, l'approche publique décentralisée et l'approche privée centralisée. Le concept de blockchain est apparu grâce à l'émergence de crypto-monnaie et en particulier du Bitcoin. Si la blockchain doit devenir un outil important au sein des banques alors il est nécessaire d'avoir une connaissance assez juste des outils sous-jacents et des enjeux associés à cette nouvelle technologie. En effet, il apparait nécessaire d'identifier les risques qui y sont associés et de proposer des stratégies en vue de les contrôler. |
| Keywords: | Blockchain,Bitcoin,Régulation |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01673321&r=all |
| By: | Ayala-cantu Luciano; Morando Bruno |
| Abstract: | The way property rights affect land rental market behaviour is one of the key issues in development economics. In this paper we show the relationship between land use certificates and the compensation landlords receive when they lease out land to their relatives.We find that female-headed households who rent out land to their relatives are less likely to receive a payment (monetary or in-kind), unless they possess a title for the land leased. A regional decomposition of our results shows that this effect is more predominant in the North of Viet Nam.This suggests that female-headed households may have weaker de facto rights over land, particularly in the Northern provinces, and that formal legal documents are potentially a useful tool to improve their bargaining power in negotiating land rental terms. |
| Keywords: | Gender,Land titling,Land use |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-96&r=all |
| By: | Christopher Hoy (Australian National University); Russell Toth (University of Sydney, Australia) |
| Abstract: | Are differences in preferences for redistribution between right- and left-wing voters amplified because of misperceptions of inequality? To address this question, we conduct a nationally representative, randomized survey experiment of 3,402 Australians, in which respondents are informed about either the level of national inequality and economic mobility, their position in the national income distribution, their household income per capita, or given no information. We show that correcting misperceptions of inequality reduces the gap between right- and left-wing voters‘ level of support for redistribution by at least 24 percent. This is predominantly due to right-wing voters becoming more supportive of redistribution. |
| Keywords: | Inequality, social mobility, redistribution, political economy. |
| JEL: | D31 D63 D72 D83 O50 P16 H23 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2019-494&r=all |
| By: | Ioana Ana-Maria Codescu (Nicolae Titulescu University, Bucharest, Romania and Commerzbank AG, Frankfurt am Main, Germany) |
| Abstract: | The Anti-Money Laundering („AML”) internal controls of financial institutions are no longer implemented to satisfy the supervision authorities, but precisely to prevent risks from materializing, risks which are much higher than just a fine, such as legal, reputational or substantial financial risks. Thus, we are welcoming institutional changes on the mentality and organizational culture, with the purpose of preventing the use of the financial institutions as means for money laundering, terrorist financing or other fraud schemes.This paper will firstly approach the „need” evolution with respect to AML measures, continuing by detailing the trends for assessing these measures. Basically, we would like to highlight that the Compliance function, especially from the AML point of view,should represent a business actual support and not an encumbrance. In this way, compliance and business should go in the same direction, whichis business development in a safe and legal environment. |
| Keywords: | anti-money laundering, counter terrorist financing, risk assessment, risk exposure, compliance, financial institutions, best practices |
| JEL: | B41 C80 G21 G32 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0024&r=all |
| By: | Gannon, Kim (The Abdul Latif Jameel Poverty Action Lab); Zhang, Hanzhe (Michigan State University, Department of Economics) |
| Abstract: | This paper provides an evolutionary justification for overconfidence. Players are pairwise matched to fight for a resource and there is uncertainty about who wins the resource if they engage in the fight. Players have different confidence levels about their chance of winning although they actually have the same chance of winning in reality. Each player may know or may not know her opponent’s confidence level. We characterize the evolutionary stable equilibrium, represented by players’ strategies and distribution of confidence levels. Under different informational environments, majority of players are overconfident, i.e. overestimate their chance of winning. We also characterize the evolutionary dynamics and the rate of convergence to the equilibrium. |
| Keywords: | overconfidence; evolutionary game |
| JEL: | C73 D83 |
| Date: | 2019–04–25 |
| URL: | http://d.repec.org/n?u=RePEc:ris:msuecw:2019_004&r=all |
| By: | Guillaume Monchambert (LAET - Laboratoire Aménagement Économie Transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique, UL2 - Université Lumière - Lyon 2, Université de Lyon) |
| Abstract: | Long-distance carpooling is an emerging mode in France and Europe, but little is known about monetary values of this mode attributes in transport economics. We conducted a discrete choice experiment to identify and measure the values of attributes of long-distance transport modes for a trip as a driver and as a passenger, with a special focus on carpooling. Around 1.700 French individuals have been surveyed. We use discrete mixed logit models to estimate the probability of mode choice. We find that the value of travel time for a driver who carpools is on average 13% higher than the value of travel time when driving alone in his/her car. The average value of travel time for a carpool trip as passenger is around 26 euros per hour, 60% higher than for a train trip and 20% higher than for a bus trip. Moreover, our study confirms a strong preference for driving solo over taking carpoolers in one's car. We also show that individuals traveling as carpool passenger incur a "discomfort" cost of on average 4.5 euros per extra passenger in the same vehicle. Finally, we identify robust socioeconomic effects affecting the probability of carpooling, especially gender effects. When they drive a car, females are less likely to carpool than male, but they prefer to carpool two passengers over only one passenger. JEL Codes: R41; C35 |
| Keywords: | Value of time,Long-distance,Carpooling,Discrete choice experiment |
| Date: | 2019–05–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02121589&r=all |
| By: | Philipp Biermann (Otto von Guericke University Magdeburg); Heinz Welsch (University of Oldenburg, Department of Economics) |
| Abstract: | We decompose the persistent satisfaction gap between East and West Germany into effects of objective circumstances and subjective mentality, the latter presumed to be a legacy of communist socialization. Using the methodology proposed by Senik (2014) in a cross-national context, we capture circumstances by the region of residence (East vs. West) and mentality by whether an individual is a “native” of the respective region or has moved (“migrated”) to that region. We differentiate our analysis by years since German unification, birth cohorts, and the length of time a “migrant” has lived in her current region of residence. Using about 420,000 observations, 1990-2016, we find 54.4 percent of the satisfaction gap to be attributable to mentality. The mentality gap in the overall sample is driven by birth cohorts socialized under communism, the contribution of mentality to the satisfaction gap being 81.2 percent in this cohort group. While the circumstance-related gap diminished steadily over time, the mentality-related gap changed non-monotonically, reflecting different happiness responses of East and West Germans to politico-economic shocks. Exploiting the panel nature of our data, we find the mentality-related gap to show little indication of within-person changes over time. |
| Keywords: | Germany; happiness; life satisfaction; unification; mentality; communism |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:old:dpaper:422&r=all |
| By: | Checchi Daniele; Cupak Andrej; Munzi Teresa; Gornick Janet |
| Abstract: | This study presents new empirical results, using microdata from the LIS database, on development patterns in economic inequality for a set of countries that are less covered in the empirical literature, mostly due to the lack of appropriate data.After discussing the main challenges when harmonizing income and consumption microdata from middle-income countries, we focus on Brazil, China, India, Russia, and South Africa, in a comparative perspective, and we compare them with a selection of benchmark middle- and high-income countries. We also run country-level regressions to correlate the inequality measures with selected macroeconomic indicators. |
| Keywords: | Middle-income countries,Survey data,Economic development,Equality |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-149&r=all |
| By: | Luc Behaghel (PSE - Paris School of Economics); Karen Macours (PSE - Paris School of Economics); Julie Subervie (CEE-M - Centre d'Economie de l'Environnement - Montpellier - FRE2010 - INRA - Institut National de la Recherche Agronomique - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier) |
| Abstract: | We illustrate how randomized controlled trials (RCTs) could be used as a learning tool to shed light on various aspects of the Common Agricultural Policy (CAP). RCTs are quasi-absent from the CAP evaluation toolbox, despite their frequent use to evaluate other European Union policies, or agricultural policies in developing countries. We draw upon existing debates on the role of RCTs in policy-making to derive a list of points of attention. We then consider four specific examples of evaluation questions for the CAP, and based on examples drawn from agricultural and social policies in developing and developed countries, argue that the RCT toolbox has the potential to significantly add to existing approaches to evaluating and designing components of the CAP. |
| Keywords: | field experiments,Common agricultural policy,Impact evaluation,Policy design,Field experiments JEL codes: C93,Q18 |
| Date: | 2018–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02112625&r=all |
| By: | Lukas Gonon; Johannes Muhle-Karbe; Xiaofei Shi |
| Abstract: | We study risk-sharing equilibria with general convex costs on the agents' trading rates. For an infinite-horizon model with linear state dynamics and exogenous volatilities, the equilibrium returns mean-revert around their frictionless counterparts -- the deviation has Ornstein-Uhlenbeck dynamics for quadratic costs whereas it follows a doubly-reflected Brownian motion if costs are proportional. More general models with arbitrary state dynamics and endogenous volatilities lead to multidimensional systems of nonlinear, fully-coupled forward-backward SDEs. These fall outside the scope of known wellposedness results, but can be solved numerically using the simulation-based deep-learning approach of \cite{han.al.17}. In a calibration to time series of returns, bid-ask spreads, and trading volume, transaction costs substantially affect equilibrium asset prices. In contrast, the effects of different cost specifications are rather similar, justifying the use of quadratic costs as a proxy for other less tractable specifications. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05027&r=all |
| By: | Börnhorst, Claudia; Heger, Dörte; Mensen, Anne |
| Abstract: | Many studies have shown that childhood circumstances can have long term consequences that persist until old age. To better understand the transmission of early life circumstances, this paper analyses the effects of health and financial situation during childhood on quality of life after retirement as well as the mediating role of later life health, educational level, and income in this association. Moreover, this study is the first to compare these pathways across European regions. The analyses are based on data of 13,092 retirees aged > 60 and |
| Keywords: | early life circumstances,life course epidemiology,retirement phase,quality of life,path analysis |
| JEL: | H75 I31 J14 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:795&r=all |
| By: | Serge Darolles (DRM-Finance - DRM - Dauphine Recherches en Management - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique); Christian Francq (EQUIPPE - Economie Quantitative, Intégration, Politiques Publiques et Econométrie - Université de Lille, Sciences et Technologies - Université de Lille, Sciences Humaines et Sociales - PRES Université Lille Nord de France - Université de Lille, Droit et Santé); Sébastien Laurent (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper proposes a new model with time-varying slope coefficients. Our model, called CHAR, is a Cholesky-GARCH model, based on the Cholesky decomposition of the conditional variance matrix introduced by Pourahmadi (1999) in the context of longitudinal data. We derive stationarity and invertibility conditions and prove consistency and asymptotic normality of the Full and equation-by-equation QML estimators of this model. We then show that this class of models is useful to estimate conditional betas and compare it to the approach proposed by Engle (2016). Finally, we use real data in a portfolio and risk management exercise. We find that the CHAR model outperforms a model with constant betas as well as the dynamic conditional beta model of Engle (2016). |
| Keywords: | Multivariate-GARCH,Conditional betas,Covariance |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01980815&r=all |
| By: | Dang Duc; Dang Kim; Vu Thi |
| Abstract: | This paper examines how the interaction of social trust and institutions, such as land administration, affects household economic decisions in Viet Nam.Using a panel dataset of rural households from 2008 to 2014, we show that negative consequences of the duration of land administration on credit access, agricultural investment, and land use rights have been mitigated in communes with higher level of trust.These results support the view that trust complements formal institutions. |
| Keywords: | Trust,Agricultural industries,Land rights |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-98&r=all |
| By: | Raphael Gouvea (Institute for Applied Economic Research and Department of Economics, University of Massachusetts Amherst); Daniele Girardi (Department of Economics, University of Massachusetts Amherst) |
| Abstract: | We study the role of political parties in shaping local fiscal policy in the context of Brazilian cities in the 2004-2016 period. Using a regression-discontinuity design, we find no effect of left-wing mayors on the size of the city government nor on the allocation of spending across main budget categories (current spending, investment and personnel). We do find a modest, significant and robust positive effect on the share of social expenditures. The (close) election of a left-wing mayor tends to raise the share of social expenditures by around 0.6 percentage points in our preferred RD specification. We then explore possible mechanisms which could bring about substantial fiscal policy convergence between political parties in Brazilian cities. We exploit oil-related revenue windfalls to explore the role of institutional constraints, and build an index of Tiebout competition to measure the role of the latter. We find support for the institutional constraints hypothesis in explaining the limited extent of spending allocation effects, and little support for the Tiebout-competition hypothesis. |
| Keywords: | Partisanship, Local Fiscal Policy, Brazil, Regression-Discontinuity, Elections, Oil Windfalls, Tiebout Competition |
| JEL: | H7 L38 D72 P16 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2019-06&r=all |
| By: | Vincenzo Prete (Department of Economics, University Of Verona); Claudio Zoli (Department of Economics, University Of Verona) |
| Abstract: | We propose a political economy model to explain cross-country differences observed in educational policies and to show how such heterogeneity is associated with the level of a country’s development and inequality. Parents, heterogeneous in terms of income and their child’s ability, vote over the educational policy, by deciding the allocation of a given public budget between basic and higher education. Parents can invest in supplemental private education to increase the probability of their children of being admitted to higher education. When the level of development is low and inequality between social classes is sufficiently large, there is low exchange social mobility in the access to higher education, and educational policies are characterized by a large relative per-student expenditure in higher education. |
| Keywords: | Education, Voting, Development, Inequality, Mobility |
| JEL: | D31 H52 I24 I25 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2019:14&r=all |
| By: | Deepankar Basu (Department of Economics, University of Massachusetts Amherst); Leila Gautham (Department of Economics, University of Massachusetts Amherst) |
| Abstract: | This paper uses a novel empirical strategy to present empirical estimates of the effect of an exogenous shock to distribution on demand and accumulation for the US economy from 1973 to 2018. We use recursive vector autoregressions to identify the impact of shocks to the wage share. We impose restrictions motivated by a simple neo-Kaleckian open-economy model, and build on the recursive identification scheme in Christiano, Eichenbaum and Evans (1999) to show that this small set of plausible and transparent assumptions are sufficient to identify the impact of shocks to distribution. We find that positive shocks to the wage share have long-lasting negative impacts on demand and growth. Our results are robust to the inclusion of additional variables and to differences in specification. |
| Keywords: | Demand-distribution dynamics, neo-Kaleckian models, functional income distribution, VAR estimation |
| JEL: | D3 C32 E25 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2019-08&r=all |
| By: | Hélène Picard (GEM - Grenoble Ecole de Management - Grenoble École de Management (GEM)); Gazi Islam (MC - Management et Comportement - Grenoble École de Management (GEM), IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc) |
| Abstract: | The current study examines the phenomenon of "liberating leadership", an emerging trend promising self-mastery and collective unity, resonating with the literature on post-heroic leadership. We evaluate the claims of liberating leadership from a psychodynamic perspective, using a Lacanian approach. We examine how post-heroic forms of leadership reconfigures the symbolic and imaginary aspects of follower identification, with ambivalent effects. Drawing empirically on a case study of a Belgian banking department, we trace how a "liberating" leader was able to garner intense psychological attachment among followers, accompanied by the "dark sides" of personal exhaustion and breakdown, normative pressure to be overly happy, and the scapegoating of contrarian managers who represented symbolic prohibition. We discuss the implications of our study for psychodynamic approaches to leadership, and more generally, for critical research on the recent trends toward the humanistic, post-heroic turn in leadership practices. |
| Keywords: | leadership,liberated companies,symbolic authority,superego,imaginary,jouissance,Lacan |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01958935&r=all |
| By: | Ademmer, Martin; Boysen-Hogrefe, Jens |
| Abstract: | We investigate the impact of errors in medium run tax revenue forecasts on the final budget balance. Our analysis is based on fiscal data for the entirety of German states and takes advantage of revenue forecasts and respective errors that can be considered as exogenously given in the budgeting process. We find that forecast errors at various forecast horizons translate considerably into the final budget balance, indicating that expenditure plans get only marginally adjusted when revenue forecasts get revised. Consequently, the accuracy of medium run forecasts considerably affects the sustainability of public finances. Our calculations suggest that a significant share of total debt of German states results from revenue forecasts that were too optimistic. |
| Keywords: | fiscal policy,fiscal planning,medium run forecasting,budget balance,public debt |
| JEL: | E62 H61 H68 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2123&r=all |
| By: | Sebastian Weinand; Ludwig von Auer |
| Abstract: | Over the last three decades the supply of economic statistics has vastly improved. Unfortunately, statistics on regional price levels (sub- national purchasing power parities) have been exempt from this positive trend, even though they are indispensable for meaningful spatial comparisons of regional output, income, wages, productivity, standards of living, and poverty. To improve the situation, our paper demonstrates that a highly disaggregated and reliable regional price index can be compiled from data that already exist. We use the micro price data that have been collected for Germany’s Consumer Price Index in May 2016. For the computation we introduce a multi-stage version of the Country-Product-Dummy method. The unique quality of our price data set allows us to depart from previous spatial price comparisons and to compare only exactly identical products. We find that the price levels of the 402 counties and cities of Germany are largely driven by the cost of housing and to a much lesser degree by the prices of goods and services. The overall price level in the most expensive region, Munich, is about 27 percent higher than in the cheapest region. Our results also reveal strong spatial autocorrelation. |
| Keywords: | spatial price comparison, regional price index, PPP, CPD-method, hedonic regression, consumer price data |
| JEL: | C21 C43 E31 O18 R10 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:rsw:rswwps:rswwps268&r=all |
| By: | Stephanie Lluis (Department of Economics, University of Waterloo); Brian McCall (University of Michigan) |
| Abstract: | In this paper, we study the impact of increased generosity in the unemployment insurance system on labour supply adjustments of a spouse following the job loss of his/her partner. We exploit the longitudinal household format of the Canadian Labour Force Survey following labour force transitions of each spouse over time and estimate spousal labour supply responses arising from an added worker effect, whereby spousal labour supply increases following the partner’s job loss. We study whether the additional weeks of benefits offered by the Extended Weeks (EW) pilot, an initiative of the Employment Insurance program implemented in a subset of regions, had a differential impact on spousal labour supply. We use a difference-in-difference (DiD) approach to identify (separately from the added worker effect) a crowding-out effect of EI on the spousal labour supply resulting from the greater generosity of the added benefits weeks. Our fixed-effect estimation results show a statistically significant and substantial added worker effect for married women. Our DiD results show evidence of EI crowding-out the labour supply of wives whose spouse’s job loss qualifies for EI benefits. The crowding-out effect of EI diminishes about 55% of the added worker effect. |
| JEL: | J62 J65 |
| URL: | http://d.repec.org/n?u=RePEc:wat:wpaper:1810&r=all |
| By: | Guilherme Bandeira (Bank of Spain); Jordi Caballe (Universitat Autonoma de Barcelona and Barcelona GSE); Eugenia Vella (University of Sheffield and MOVE, Universitat Autonoma de Barcelona) |
| Abstract: | In this paper we propose a new channel through which fiscal austerity affects the macroeconomy. To this end, we introduce endogenous migration both for the unem- ployed and the employed members of the household in a small open economy New Keynesian model with labour market frictions. Our model-based simulations for the austerity mix implemented in Greece over the period 2010-2015 show that the model is able to match the total size of half a million emigrants and output drop of 25%, while the model without migration generates an output drop of 20%. Having established that the model delivers empirically plausible results, we then use it to investigate (i) the two-way relation between migration and austerity, and (ii) the role of migration as shock absorber. We find that tax hikes induce prolonged migration outflows, while the effect of spending cuts is hump-shaped. In turn, emigration implies an increase in both the tax hike and time required to achieve a given size of debt reduction. As a result of the labour-reducing effect of these higher tax hikes, the unemployment gains from migration are only temporary in the presence of austerity and are substantially reversed over time. |
| Keywords: | Fiscal consolidation, migration, matching frictions, on-the-job search |
| JEL: | E32 F41 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:shf:wpaper:2019009&r=all |
| By: | Elizabeth Gearan; Mary Kay Fox; Katherine Niland; Dallas Dotter; Liana Washburn; Patricia Connor; Lauren Olsho; Tara Wommack |
| Abstract: | Findings from the extensive analyses of data collected in the SNMCS are presented in four report volumes. Report Volume 2 (this volume) provides information on the food and nutrient content of reimbursable meals and afterschool snacks and overall nutritional quality of meals. |
| Keywords: | nutrition, meal cost, school lunch program |
| JEL: | I0 I1 |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:45b88330c2754ad1b304205bb306a0ee&r=all |
| By: | Dominique Guegan (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, Labex ReFi - UP1 - Université Panthéon-Sorbonne, IPAG Business School) |
| Abstract: | Ethéreum est un protocole d'échanges décentralisés qui ne produit pas seulement une crypto-monnaie, mais permet aussi la création par les utilisateurs de smart contrats. Mais si la plateforme laisse beaucoup de libertés aux acteurs en termes de développement d'applications, des questions de sécurité et de robustesse se posent encore concernant le protocole, les plateformes, les bugs dans le code des contrats. |
| Keywords: | régulation,Blockchain,Smart Contrat,Ethéreum |
| Date: | 2017–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01673329&r=all |
| By: | meiyi, chen |
| Abstract: | With the rapid development of technology and the economy, more and more companies realized that the macroeconomic factors are quite important in terms of the big changes of them might carry the systematic risks to the whole system. For example, the subprime crisis happened in the United States in 2007 and eventually caused the financial crisis to the whole world. Therefore, this paper will choose the GSK corporation as the sample and analyze the inflation risk and the determinants of it. During this paper, the author used the inflation rate as dependent variables and ROA, ROE, corporate governance index, Tobin’s Q, Altman-Z score, GDP growth rate and the unemployment rate as the independent variables in order to find the relationship among these variables. |
| Keywords: | Inflation, GDP, Unemployment Rate |
| JEL: | E24 E3 |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93779&r=all |
| By: | Elise Boucq; Maritza López-Novella |
| Abstract: | The ‘first recruitments' measure aims at supporting job creation in new and small firms through a reduction in employers' social security contributions. However, part of the eligible employers does not claim this reduction. Using administrative data from the National Social Security Office, we seek to quantify this phenomenon, which may bias the intended effect of the measure, and to identify profiles of non-take-up. |
| JEL: | J23 J31 M13 M51 |
| Date: | 2018–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1806&r=all |
| By: | João Tovar Jalles |
| Abstract: | This paper provides a novel dataset of time-varying measures of social spending cyclicality for an unbalanced panel of 45 developing economies from 1982 to 2012. More specifically, we focus on four categories of government social expenditure: health, social protection, pensions and education. We find that social spending has generally been acyclical over time in developing countries, with the exception of spending on pensions.However, sample averages high marked heterogeneity across countries with the majority showing procyclical behaviour in different social spending categories. In addition,by means of weighted least squares panel regressions with country and time effects, we find that the degree of social spending [pro]cyclicality is generally negatively associated with financial deepening, the level of economic development, trade openness, government size as well as political constraints on the executive. |
| Keywords: | education, health, pensions, time-varying coefficients, weighted least squares, financial development, institutions |
| JEL: | C22 C23 H50 H60 H62 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp0822019&r=all |
| By: | Renaud Bourlès (Aix-Marseille School of Economics (CNRS / AMU / EHESS) (AMSE)); Yann Bramoullé (Aix-Marseille School of Economics (CNRS / AMU / EHESS)); Eduardo Perez (Département d'économie) |
| Abstract: | We provide the first analysis of the risk-sharing implications of altruism networks. Agents are embedded in a fixed network and care about each other. We study whether altruistic transfers help smooth consumption and how this depends on the shape of the network. We identify two benchmarks where altruism networks generate efficient insurance: for any shock when the network of perfect altruism is strongly connected and for any small shock when the network of transfers is weakly connected. We show that the extent of informal insurance depends on the average path length of the altruism network and that small shocks are partially insured by endogenous risk-sharing communities. We uncover complex structural effects. Under iid incomes, central agents tend to be better insured, the consumption correlation between two agents is positive and tends to decrease with network distance, and a new link can decrease or increase the consumption variance of indirect neighbors. Overall, we show that altruism in networks has a first-order impact on risk and generates specific patterns of consumption smoothing. |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpecon:info:hdl:2441/cpem82ltk8fgprl50i20pgomf&r=all |
| By: | Renaud Bourlès (Aix-Marseille School of Economics (CNRS / AMU / EHESS) (AMSE)); Yann Bramoullé (Aix-Marseille School of Economics (CNRS / AMU / EHESS)); Eduardo Perez (Département d'économie) |
| Abstract: | We provide the first analysis of the risk-sharing implications of altruism networks. Agents are embedded in a fixed network and care about each other. We study whether altruistic transfers help smooth consumption and how this depends on the shape of the network. We identify two benchmarks where altruism networks generate efficient insurance: for any shock when the network of perfect altruism is strongly connected and for any small shock when the network of transfers is weakly connected. We show that the extent of informal insurance depends on the average path length of the altruism network and that small shocks are partially insured by endogenous risk-sharing communities. We uncover complex structural effects. Under iid incomes, central agents tend to be better insured, the consumption correlation between two agents is positive and tends to decrease with network distance, and a new link can decrease or increase the consumption variance of indirect neighbors. Overall, we show that altruism in networks has a first-order impact on risk and generates specific patterns of consumption smoothing. |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/cpem82ltk8fgprl50i20pgomf&r=all |
| By: | de Meza, David; Reito, Francesco |
| Abstract: | In a simple model of the consumer credit market, we show that asymmetric information may enhance welfare relative to full information. The advantage of hidden types is that solvency and default constraints are relaxed, allowing beneficial lending. Prohibiting the use of observable information may therefore be efficient. It is also shown that rather than the nature of borrower heterogeneity, whether asymmetric information involves adverse or advantageous selection depends on the magnitude of default costs. Even when selection is adverse, lending and welfare may be higher under asymmetric information than under symmetric information. |
| Keywords: | consumer credit, overlending, credit rationing. |
| JEL: | D40 D6 D8 H2 |
| Date: | 2019–05–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93700&r=all |
| By: | Kimbrough, Gray |
| Abstract: | Research into the relationships between commuting and other activities has been hampered by the lack of suitably comprehensive datasets. This paper identifies a possible source of detailed information for such studies, the American Time Use Survey (ATUS). This paper surveys approaches used by researchers to analyze commuting in the ATUS and outlines a method of measuring commuting in a clear and consistent way. This analysis details the advantages of this method over other approaches. Commuting measured in the ATUS using this methodology is shown to be consistent with commuting measures in other large, nationally representative studies. The proposed methodology makes possible a range of analyses exploiting the unique information in the ATUS. |
| Keywords: | commuting, time use data, travel classification, American Time Use Survey |
| JEL: | J22 R41 |
| Date: | 2019–05–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93239&r=all |
| By: | Joel Horowitz; Sokbae Lee |
| Abstract: | This paper describes a method for carrying out non-asymptotic inference on partially identified parameters that are solutions to a class of optimization problems. The optimization problems arise in applications in which grouped data are used for estimation of a model's structural parameters. The parameters are characterized by restrictions that involve the population means of observed random variables in addition to the structural parameters of interest. Inference consists of finding confidence intervals for the structural parameters. Our method is non-asymptotic in the sense that it provides a finite-sample bound on the difference between the true and nominal probabilities with which a confidence interval contains the true but unknown value of a parameter. We contrast our method with an alternative non-asymptotic method based on the median-of-means estimator of Minsker (2015). The results of Monte Carlo experiments and an empirical example illustrate the usefulness of our method. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06491&r=all |
| By: | Yadong Li; Dimitri Offengenden; Jan Burgy |
| Abstract: | We formulate banks' capital optimization problem as a classic mean variance optimization, by leveraging an accurate linear approximation to the Shapely or Constrained Aumann-Shapley (CAS) allocation of max or nested max cost functions. This reduced form formulation admits an analytical solution, to the optimal leveraged balance sheet (LBS) and risk weighted assets (RWA) target of banks' business units for achieving the best return on capital. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05911&r=all |
| By: | Sofianne Messaoudi Escarabajal (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Régis Meissonier (CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UPJV - Université de Picardie Jules Verne); Claudio Vitari (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM)) |
| Abstract: | Notre recherche se porte sur les Organismes de Gestion de l'Enseignement Catholique (OGEC). Ces organisations sont chargées de l'administration des établissements éducatifs privés et présentent toutes les caractéristiques identifiées de la littérature néo-institutionnaliste. Nous souhaitons, dans le cadre d'une recherche qualitative, analyser les réactions du manager en Technologies de l'Information, ou en Systèmes d'Information, face aux pratiques institutionnalisées qui semblent apparaitre au sein de ces constructions sociales culturellement originales. |
| Date: | 2018–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02062762&r=all |
| By: | Lin Justin |
| Abstract: | Myrdal did not cover China in his Asian Drama. If he did, he would have been most likely pessimistic about China, as he was about other Asian countries in his book. However, China has achieved miraculous growth since the transition from a planned economy to a market economy at the end of 1978.This paper provides answers to the questions: Why was China trapped in poverty before 1978? How was it possible for China to achieve an extraordinary performance during its transition? Why did most other transition economies fail to achieve a similar performance? What price did China pay for its success? Can China continue its dynamic growth in the coming decades? What lessons can we draw from China’s development experiences in view of Asian Drama.The paper concludes on a positive note: if a developing country adopts a pragmatic approach to developing its economy along its comparative advantages in a market economy and taps into the potential of latecomer advantages with a facilitating state, the country can grow dynamically like China. |
| Keywords: | Transitional economies,Economic growth,Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-92&r=all |
| By: | M. Koray Kalafatcilar |
| Abstract: | This study firstly introduces demographic concepts and reveals the different dynamics displayed by emerging and advanced economies. Then, the links between demographic developments and economic activity are discussed. We aim to support our arguments with quantitative findings obtained through a New-Keynesian general equilibrium model. The general equilibrium model, which is calibrated for Turkey, is simulated for the period until 2050 in accordance with changes in demographic exogenous variables. Through this simulation, the path that main macroeconomic variables follow is analyzed. The simulation exercise, conducted through the model which is de-trended with the increases in productivity and population, reveals that, compared to the initial steady state, production factor prices significantly change; real interest rate declines and real wage increases. |
| Keywords: | Demography, Overlapping generations, Savings, General equilibrium |
| JEL: | J11 E21 C61 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1911&r=all |
| By: | Wade Robert |
| Abstract: | Few non-western countries have reached the general prosperity of Western Europe and North America in the past two centuries. The core–periphery structure of the world economy created in the early decades of the Industrial Revolution has proved robust, even after seven decades of self-conscious ‘development’ following the Second World War.Just about all the countries which were in the periphery in 1960 remain in the periphery today. The clearest exceptions are in capitalist Northeast Asia, namely, Japan, Taiwan, and South Korea; to which the island states of Singapore and Hong Kong might be added. How did they escape? |
| Keywords: | Growth,state capacity |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-101&r=all |
| By: | Kikwasi Geraldine; Escalante Cecilia |
| Abstract: | The construction sector is a key enabler for social and economic development worldwide. In Tanzania, the sector growth rate is well above the general economy and has maintained positive growth in response to the country’s investments in commercial and residential buildings and infrastructure projects.Despite the promising growth, the sector encounters bottlenecks and challenges in the areas of access to land, construction permits, skills, and availability of materials and equipment that hinder the potential of the sector as a contributor for achieving the vision of reaching middle-income country status.The structure of the sector, underlying policies, challenges, and recommendations are at the centre of discussion in this paper. |
| Keywords: | Construction sector,Contractors,Land,Skills |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-131&r=all |
| By: | Pierre Dehez; Victor Ginsburgh |
| Abstract: | Approval voting allows electors to list any number of candidates and their scores are obtained by summing the votes cast in their favor. Equal-and-even cumulative voting instead follows the One-person-one-vote principle by endowing electors with a single vote that they may evenly distribute among several candidates. It corresponds to satisfaction approval voting introduced by Brams and Kilgour (2014) as an extension of approval voting to a multiwinner election. It also corresponds to the concept of Shapley ranking introduced by Ginsburgh and Zang (2012) as the Shapley value of a cooperative game with transferable utility. In the present paper, we provide an axiomatic foundation of Shapley ranking and analyze the properties of the resulting social welfare function. |
| Keywords: | Search and matching models, Collective bargaining, Experience rating, Employment protection. |
| JEL: | D71 C71 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2019-17&r=all |
| By: | Iftekhar Hasan (Fordham University and Bank of Finland); Roman Horvath; Jan Mares |
| Abstract: | Using a global sample, this paper investigates the determinants of wealth inequality capturing various economic, financial, political, institutional, and geographical indicators. Using instrumental variable Bayesian model averaging, it reveals that only a handful of indicators robustly matter and finance plays a key role. It reports that while financial depth increases wealth inequality, efficiency and access to finance reduce inequality. In addition, redistribution and education are associated with lower inequality whereas wars and openness to international trade contribute to greater wealth inequality. |
| Keywords: | Wealth inequality, finance, Bayesian model averaging |
| JEL: | D31 E21 |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:ost:wpaper:378&r=all |
| By: | Abu, Orefi |
| Abstract: | This study analyzed the relationship among producer prices, area harvested and yield of cassava in Nigeria. The study used annual time series data spanning from 1991 to 2014. Results from Augmented Dickey Fuller test showed that the series were integrated of order one, 1(1 ). Johansen cointegration test showed there was no long-run relationship among the variables. Results from the VAR estimates showed that producer prices have significant influence on area harvested and yield of cassava even though there was no long-run relationship among the variables during the period of study. Also the variance decomposition analyses showed that over time the results reveal that only about 26.21 and 27.91 percent of changes in producer prices is explained by changes in area harvested and yield respectively. This implies that producer prices are mainly influenced by changes in its own shock and not changes in area harvested and yield. Results showed that there exist bidirectional causalities between yield and area harvested, while a unidirectional causality was found to exist between producer prices and area harvested as well as between yield and producer prices. Consequently, given the influence of producer prices on the area harvested and yield of cassava, price policies that will encourage farmers to put additional area into the cultivation of cassava ought to be promoted. |
| Keywords: | Demand and Price Analysis |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288320&r=all |
| By: | Messer, Julia; Martin, Alexander |
| Abstract: | Die vorliegende Arbeit liefert einen Beitrag zum näheren Verständnis über die Treiber von Open Innovation in kleineren und mittleren Unternehmen (KMU). Im Vordergrund der Überlegungen steht die Frage, welche Faktoren zur Einführung von Open Innovation in KMU führen. Zur Beantwortung der Forschungsfrage wurde in enger Anlehnung an Drechsler und Natter (2012) ein Modell entwickelt, welches Wettbewerbsintensität, F&E-Intensität und Internationalisierung als zentrale Prädiktoren für Open Innovation betrachtet. Zur Überprüfung des Modells wurden drei Hypothesen formuliert und mittels einer hierarchischen Regressionsanalyse empirisch überprüft. Datenbasis bildet das Mannheimer Innovationpanel 2013. Die Stichprobe umfasst 1.514 innovative KMU mit Sitz in Deutschland. Die empirische Analyse konnte die bisherigen Forschungsergebnisse in weiten Teilen bestätigen, zeigt aber auch gewisse Unterschiede zu bisherigen Erkenntnissen auf. Der F&E-Intensität kommt als Treiber von Open Innovation in KMU der größte Einfluss zu, Internationalisierung besitzt hingegen den geringsten Einfluss. Insgesamt ist jedoch festzustellen, dass durch die drei berücksichtigen Faktoren nur 18,5 Prozent der vorgefundenen Varianz in Bezug auf Open Innovation in KMU erklärt werden können. Das heißt, es sind zukünftig weitere Faktoren für das Verständnis über die relevanten Treiber von Open Innovation in KMU heranzuziehen. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:dwjzhe:18&r=all |
| By: | Lim, Guan Ta |
| Abstract: | The aim of this study is to examine the relationship between Corporate Governance Index and with its dependents. This Samsung Company had been chosen as the focus of our studies. Five years of data were collected from Samsung’s annual reports and websites from the year 2014 until the year 2018. The data collected is used to calculate the descriptive analysis which will be shown in the reports. Based on our studies, the dependent variables were the Corporate Governance Index. And for the independent variables, We had chosen Return on Asset (ROA), Return On Equity (ROE), Tobin’s Q, and Altman Z as the Internal factors and for the data like GDP per capita, Unemployment rate, and Exchange rate had been chosen as the external factors. The Stepwise method is used to claiming the results for the Correlations, regression results and etc to observe the most significant with the corporate governance index. Only the unemployment rate shows the most influence on the Corporate Governance Index. |
| Keywords: | Corporate Governance, Corporate Governance Index, ROA, ROE Unemployment Rate, GDP per capita |
| JEL: | B21 B22 E24 G3 G33 G34 O16 |
| Date: | 2019–05–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93759&r=all |
| By: | Fuchs, Andreas; Öhler, Hannes |
| Abstract: | Little is known about foreign aid provided by private donors. This paper contributes to closing this research gap by comparing the allocation of private humanitarian aid to that of official humanitarian aid awarded to 140 recipient countries over the 2000-2016 period. We construct a new database that offers information on the country in which the headquarters of private donors are located to test whether private donors follow the aid allocation pattern of their home country. Our empirical results confirm that private aid "follows the flag." This finding is robust against the inclusion of various fixed effects, estimating instrumental variables models, and disaggregating private aid into corporate aid and NGO aid. Donor country-specific estimations reveal that private aid from China, Sweden, the United Kingdom, and the United States "follow the flag". |
| Keywords: | foreign aid,humanitarian assistance,disaster relief,aid allocation,private donors,non-governmental organizations,corporations,private foundations |
| JEL: | H84 F35 F59 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2128&r=all |
| By: | Romina, Cavatassi; Paola, Mallia |
| Abstract: | The Republic of Tajikistan is a land locked country, where most of the territory (93%) is occupied by mountains. Poverty is quite widespread with about half of the country’s population living below the poverty line. The poorest people in the country reside in the Khatlon region, where 78 per cent of the population lives under the national poverty line and where land is degraded, the availability of inputs and credit is limited, irrigation facilities are lacking, and access to improved technologies and markets is poor (World Bank, 2015). About 50 per cent of the population depends on agriculture for livelihood, and most farmers lack access to adequate inputs, resources, technology and markets. Livestock is a key part of the agricultural sector and it is of critical importance in the livelihood strategy of poor rural households in Tajikistan. The pasture management system in Tajikistan remains largely unchanged since Soviet times with the exception that the lowest rung in the management system (corporate farms) no longer has adequate resources for pasture upkeep nor an adequate management system. The inadequacy of such a centralized management system is reflected in the overexploitation of pasture which has led to a vicious cycle of ever-lower animal yields and rural income, which is triggered by the legitimate will of farmers to increase their livestock production by adding animal units. This, in turn, has created a greater demand for feed, leading to a decrease in the feed per animal ratio, to a deterioration of the grazing land and to a further fall in animal weight. As a result, the rise in livestock inventories coupled with the fall in feed supplies has meant the dramatic fall of livestock productivity, low milk and meat yields and land degradation in the country, further worsening poverty among households. To address and overcome these problems, the Government of Tajikistan launched the Livestock and Pasture Development Project (LPDP) in August 2011, a project financed jointly by IFAD and the Government of the Republic of Tajikistan. The project had the goal of reducing poverty in the Khatlon region, increasing the nutritional status and incomes of rural poor households by boosting livestock productivity through the improvement of the productive capacity of pastures. |
| Keywords: | Farm Management, Food Security and Poverty, Productivity Analysis |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288452&r=all |
| By: | Atzmueller, Martin (Tilburg University, School of Economics and Management); Kolkman, Daan; Liebregts, Werner (Tilburg University, School of Economics and Management); Haring, Arjan (Tilburg University, School of Economics and Management) |
| Abstract: | Social sensing provides many opportunities for observing human behavior utilizing objective (sensor) measurements. This paper describes an approach for analyzing organizational social networks capturing face-to-face contacts between individuals. Furthermore, we outline perspectives and scenarios for an extended analysis in order to estimate happiness in the context of organizational social networks. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:530b747c-a4d5-478a-b6a2-d02eee77bc38&r=all |
| By: | Shikhar Sarin (Boise State University); Christophe Haon (GEM - Grenoble Ecole de Management - Grenoble École de Management (GEM), IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc); Mustapha Belkhouja (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM)) |
| Abstract: | This essay takes a longitudinal look at the knowledge flow patterns between major technology and innovation man- agement (TIM) journals and the effect on their impact factors. We analyze the flow of 29,776 citations from 4171 articles published in the top six dedicated TIM journals between 1999 and 2013. Findings indicate one subset of journals becoming more firmly rooted in the TIM domain, while the others becoming increasingly insulated from it. JPIM displays peculiar knowledge flow patterns, suggesting a broadening of its knowledge base and impact. Our bibliometric analysis provides one of the most comprehensive and detailed year-by-year looks at the intradomain knowledge exchange patterns over a 15-year period. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01705065&r=all |
| By: | Nehring, Klaus; Puppe, Clemens |
| Abstract: | We propose a model of "frugal aggregation" in which the evaluation of social welfare must be based on information about agents' top choices plus general qualitative background conditions on preferences. The former is elicited individually, while the latter is not. We apply this model to problems of public budget allocation, relying on the specific assumption of separable and convex preferences. We propose and analyze a particularly aggregation rule called "Frugal Majority Rule." It is defined in terms of a suitably localized net majority relation. This relation is shown to be consistent, i.e. acyclic and decisive; its maxima minimize the sum of the natural resource distances to the individual tops. As a consequence of this result, we argue that the Condorcet and Borda perspectives - which con ict in the standard, ordinal setting - converge here. The second main result provides a crisp algorithmic characterization that renders the Frugal Majority Rule analytically tractable and efficiently computable. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:kitwps:131&r=all |
| By: | Elise Boucq; Maritza López-Novella |
| Abstract: | This study seeks to identify the reasons for non-take-up by employers. It uses a mixed methods research: we have first explored the issue through in-depth interviews with key stakeholders, then carried out a quantitative survey among employers and finally sought to enhance the survey results through interviews and focus groups. The interpretation of this phased approach has provided elements for making recommendations to reduce non-take-up. |
| JEL: | J23 J31 M51 C38 C83 |
| Date: | 2018–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1808&r=all |
| By: | Riccardo Fiorentini (Department of Economics (University of Verona)) |
| Abstract: | On January 22, 2018, the Trump administration imposed Safeguard Tariffs on $8.5 billion of imports of solar panel and $1.8 billion for washing machines. This move marked the beginning of what is now considered a trade war the USA is fighting against China and other traditional American trade partners such as EU and NAFTA members states. The “official” motivation for Trump’s trade war is that the persisting US trade deficit depends on “unfair competition” by trade partners. Tariffs are therefore seen as a political tool for levelling the field of international trade. In this paper we present and discuss two main objections to this view: the first is that current and trade account disequilibria are ultimately due to differences between domestic savings and investments driven by macroeconomic fundamentals which in general do not depend only on the trade policies of foreign countries. The second objection consists in the fact that the role of the US dollar as the “world’s money” in the current asymmetric international monetary system makes the US trade deficit both inevitable and sustainable in the long run. Unless protectionist measures permanently affect the domestic savings-investment balance they alone cannot eliminate a structural trade deficit. |
| Keywords: | Trade, tariffs, trade war, Trump, China |
| JEL: | F13 F33 F41 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ver:wpaper:03/2019&r=all |
| By: | Gisèle Umbhauer |
| Abstract: | We go into classroom experiments on the Traveler’ Dilemma in order to show the impact of the common knowledge of the value of the luggage. This value becomes a focal point that canalizes the behavior of the students. This leads us to commenting on the impact of such focal points both on the reasoning of the players and on the structure of the game. We construct a new game which models this impact and we study its Nash equilibrium. |
| Keywords: | traveler’s dilemma, Nash equilibrium, focal point, classroom experiment, fairness, honesty.. |
| JEL: | C72 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2019-13&r=all |
| By: | Cipullo, Davide (Uppsala University); Reslow, André (Uppsala University) |
| Abstract: | This paper introduces macroeconomic forecasters as political agents and suggests that they use their forecasts to influence voting outcomes. We develop a probabilistic voting model in which voters do not have complete information about the future states of the economy and have to rely on macroeconomic forecasters. The model predicts that it is optimal for forecasters with economic interest (stakes) and influence to publish biased forecasts prior to a referendum. We test our theory using high-frequency data at the forecaster level surrounding the Brexit referendum. The results show that forecasters with stakes and in uence released much more pessimistic estimates for GDP growth in the following year than other forecasters. Actual GDP growth rate in 2017 shows that forecasters with stakes and in uence were also more incorrect than other institutions and the propaganda bias explains up to 50 percent of their forecast error. |
| Keywords: | Brexit; Interest Groups; Forecasters Behavior; Voting |
| JEL: | D72 D82 E27 H30 |
| Date: | 2019–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0364&r=all |
| By: | A., Obisesan Adekemi; A., Olasoji Oluwaseyi |
| Abstract: | Information on consumers' preference plays a key role in food industry development and offers new opportunities in agribusiness. The study examined the consumers' preference for honey and its attributes in Ibadan North Local Government Area of Oyo State, Nigeria. Primary data were collected from 100 respondents with the aid of a well-structured questionnaire using multi-stage sampling procedure. The data were analyzed using descriptive statistics and Probit regression model. The mean age and household size of the respondents were 38 years and 5 persons respectively. Seventy-five percent of the respondents were aware of the health benefits of hone:, and consumed honey. Majority (93.2%) of the consumers preferred honey to other sweeteners with local honey being commonly consumed. Supermarkets and local markets were the common points of purchase. The preferred attributes considered in the purchase of honey were: quality of honey. packaging, labeling and price. Household size, health benefit awareness and quality significantly influenced consumers' preference for honey. The study recommends that local honey processors and distributors should improve on the quality, packaging and labeling of honey in Nigeria. |
| Keywords: | Consumer/Household Economics, Crop Production/Industries |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288346&r=all |
| By: | Imbs, Jean; Pauwels, Laurent |
| Abstract: | Global trade can give rise to global hubs, centers of activity whose influence on the global economy is large enough that local disturbances have consequences in the aggregate. This paper investigates the nature, existence, and rise of such hubs using the World Input-Output Tables (WIOT) to evaluate the importance of vertical trade in creating global hubs that significantly affect countries volatility and their co-movement. Our results suggest that the world has become more granular since 1995, with significant consequences on GDP volatility and co-movements especially in developed countries. These consequences are well explained by international trade. |
| Keywords: | Aggregate volatility; GDP synchronization; global hubs; input-output linkages; World Input-Output Tables |
| Date: | 2019–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:syb:wpbsba:2123/20386&r=all |
| By: | Filipe Silva; Carlo Menon; Paolo Falco; Duncan MacDonald |
| Abstract: | This report investigates the factors associated with the intensity of “mass lay-offs” across countries and industries, controlling for the dynamics of overall employment. The results suggest that some important drivers of structural transformation (e.g. digitalisation and globalisation) are not as clearly linked to mass lay-offs as one might expect, once their impact on overall job destruction is accounted for. The report also investigates the re-employability prospects of workers in sectors at high risk of mass lay-offs. Finally, the paper draws implications for different areas of policymaking, from labour market policy to industrial policy and also trade policy. |
| Date: | 2019–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stiaac:72-en&r=all |
| By: | Carrillo, Bladimir |
| Abstract: | This paper examines the long-run impacts of income shocks by exploiting variation in coffee cultivation patterns within Colombia and world coffee prices during cohorts' school-going years in a differences-in-differences framework. The results indicate that cohorts who faced higher returns to coffee-related work during school-going years completed fewer years of schooling and have lower income in adulthood. These findings suggest that leaving school during temporary booms results in a significant loss of long-term income. This is consistent with the possibility that students may ignore or heavily discount the future consequences of dropout decisions when faced with immediate income gains. |
| Keywords: | Research Methods/ Statistical Methods |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemth:288455&r=all |
| By: | Todd E. Elder; David N. Figlio; Scott A. Imberman; Claudia I. Persico |
| Abstract: | We use linked birth and education records from Florida to investigate how the identification of childhood disabilities varies by race and school racial composition. Using a series of decompositions, we find that black and Hispanic students are identified with disabilities at lower rates than are observationally similar white students. Black students are over-identified in schools with relatively small shares of minorities and substantially under-identified in schools with large minority shares. We find similar gradients among Hispanic students but opposite patterns among white students. We provide suggestive evidence that these findings are unlikely to stem from differential resource allocations, economic characteristics of students, or achievement differences. Instead, we argue that the results are consistent with a heightened awareness among school officials of disabilities in students who are racially and ethnically distinct from the majority race in the school. |
| JEL: | I21 I24 J70 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25829&r=all |
| By: | Wolf Sebastian; Potluri Vishal |
| Abstract: | We study Uganda’s journey to become a petroleum producer and provide estimates regarding the size and timing of the oil revenues to be expected. At an average US$38 per capita per year over a 33-year period, oil revenue by itself will not be transformational for the Ugandan economy, but it could provide a welcome boost.The question is whether the Ugandan government will manage to avoid squandering it, and will transform the country’s natural resource assets into productive assets. To this end, the government has made significant additions and changes to the policy and institutional framework that will govern the use of revenues, adapted from the Norwegian model.We study the framework put in place and identify a number of potential shortcomings. Weaknesses in public investment management further raise doubts about the transformational impact of the planned investments. |
| Keywords: | Extractive industries,Extractives,Oil,Petroleum revenues,structural change |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-179&r=all |
| By: | Ross Hickey (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne); Steeve Mongrain (Simon Fraser University); Joanne Roberts (Yale-NUS); Tanguy van Ypersele (Aix-Marseille University – AMSE) |
| Abstract: | This paper looks carefully at situations in which public and private protection are complementary, that is, when private protection must be coordinated with public protection to be effective. For example, home alarms deter theft by being connected to a local police station: if the police do not respond to a home alarm, the home alarm on its own is virtually useless in halting a crime in action. We make a distinction between gross and net complementarity and substitution, where the latter takes into account the effect on the crime rate. We show that when public and private protection are complements the optimal provision of public protection trades offs the manipulation effect of encouraging private protection with the compensatory effect of providing protection to households that do not privately invest. We discuss the implications of our results for policy and empirical research in this area. |
| Keywords: | crime, private protection, policing, externalities |
| JEL: | H41 H42 K42 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2019n04&r=all |
| By: | ALIEVA Aigul; HILDEBRAND Vincent |
| Abstract: | Educational tracking is one of the institutional barriers to more equitable societies. Students with a modest social origin and/or an immigration background are underrepresented in the academic programs of secondary schools that would make them eligible later to access tertiary education. Literature on whether track placement reflects a student's aptitude remains largely scarce. We aim to contribute to this research strand and analyze the role of achievement prior to tracking on the odds of placement in an academic program among immigrant students and native peers with a similar level of academic ability. While the overall results suggest no disadvantage among immigrant students, the results by ethnicity and geographic region of origin reveal a large ethnic penalty for those of African, Turkish, Middle Eastern, or South European background. Our paper highlights the pertinence of students' origin on educational trajectories and the persisting bias in tracking policy in European school systems. |
| Keywords: | academic track; vocational track; immigrant students; Europe; ethnicity and origin |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:irs:cepswp:2019-09&r=all |
| By: | Pandey, Radhika (National Institute of Public Finance and Policy); Patnaik, Ila (National Institute of Public Finance and Policy) |
| Abstract: | India's financial landscape has changed dramatically over the last decade. While India's financial needs are growing, the current regulatory arrangements inhibit growth. This paper discusses the limitations of the present financial regulatory system. The evolving discourse on financial regulatory reforms recognises that the motivation for state intervention in finance must be guided by an understanding of the sources of market failure. This paper summarises the sources of market failure and identifies areas of state intervention in finance. Drawing on this approach, the Government backed Financial Sector Legislative Reforms Commission (FSLRC) prepared a single unified law- the Indian Financial Code (IFC) that seeks to modernise the Indian financial system by transforming the laws, the regulatory architecture and the working of the regulators. This paper discusses the components of the draft Indian Financial Code and describes the state of progress in implementing the IFC framework. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:19/267&r=all |
| By: | Schreiner, Ragnhild C. (Dept. of Economics, University of Oslo) |
| Abstract: | This paper examines the effect of being granted temporary disability insurance (TDI), as opposed to a non-health related benefit, on later labor market outcomes of youths who are seeking temporary income support from the state. In Norway, there has been a development over time towards a more lenient screening to TDI, and this development has been more pronounced in some municipalities than in others. Using local screening leniency as an instrument for TDI receipt, I find that being granted TDI benefits significantly reduces later labor market attachment of youths whose benefit receipt would differ according to their municipality of residence, and the year of entry to the benefit system. |
| Keywords: | Social insurance; disability screening; youth unemployment; program evaluation |
| JEL: | C21 C26 H55 I18 |
| Date: | 2019–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:osloec:2019_005&r=all |
| By: | Yongchen Zhao (Department of Economics, Towson University) |
| Abstract: | Using data from the New York Fed's Survey of Consumer Expectations, we examine the information content of the updates to household inflation expectations. We find that, although consumers frequently revise their expectations, the adjustments are largely uninformative. |
| Keywords: | Inflation expectations, revisions to expectations, household surveys, rational inattention. |
| JEL: | E31 D82 D84 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:tow:wpaper:2019-01&r=all |
| By: | Rujin, Svetlana |
| Abstract: | How do international labor markets respond to a technology shock and what is the main transmission channel across countries with different labor market institutions? To answer these questions, I identify technology shocks using the approach of Galí (1999) and decompose the responses of total hours worked into movements along the extensive and the intensive margins. Overall, my analysis shows that technology shocks have a negative effect on total hours. This effect is stronger in countries with flexible labor markets, where the adjustment takes place along both margins. In contrast, the responses of total hours are smaller in countries with strict labor market legislation, where labor adjustment takes place along the intensive margin. These differences can be linked to the strictness of institutions that target quantity and price adjustments in the labor market. |
| Keywords: | technology shocks,labor markets,business cycle fluctuations,structural identification |
| JEL: | O40 O57 E32 C32 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:806&r=all |
| By: | Shorrocks Anthony; Davies James |
| Abstract: | This paper is the first to compare global trends in income and wealth inequality this century. It is based on large income and wealth microdata samples designed to be representative of all countries in the world.Measured by the Gini coefficient, inequality between countries accounts for about two-thirds of global income inequality, but noticeably less— around one half—of wealth inequality. Broadly similar results are found for different years and different inequality indices, bar the share of the top 1 per cent. Over time, changes in countries’ mean income and wealth, and population sizes, have reduced world inequality.Income inequality has changed little within countries, so the downward trend remains intact. However, within-country wealth inequality has risen, halting the downward shift in global wealth inequality and raising the share of the top 1 per cent after 2007. |
| Keywords: | World,Distributions,Global,Income inequality,Inequality,Wealth |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-160&r=all |
| By: | Adriano Koshiyama; Nick Firoozye |
| Abstract: | Systematic trading strategies are rule-based procedures which choose portfolios and allocate assets. In order to attain certain desired return profiles, quantitative strategists must determine a large array of trading parameters. Backtesting, the attempt to identify the appropriate parameters using historical data available, has been highly criticized due to the abundance of misleading results. Hence, there is an increasing interest in devising procedures for the assessment and comparison of strategies, that is, devising schemes for preventing what is known as backtesting overfitting. So far, many financial researchers have proposed different ways to tackle this problem that can be broadly categorised in three types: Data Snooping, Overestimated Performance, and Cross-Validation Evaluation. In this paper, we propose a new approach to dealing with financial overfitting, a Covariance-Penalty Correction, in which a risk metric is lowered given the number of parameters and data used to underpins a trading strategy. We outlined the foundation and main results behind the Covariance-Penalty correction for trading strategies. After that, we pursue an empirical investigation, comparing its performance with some other approaches in the realm of Covariance-Penalties across more than 1300 assets, using Ordinary and Total Least Squares. Our results suggest that Covariance-Penalties are a suitable procedure to avoid Backtesting Overfitting, and Total Least Squares provides superior performance when compared to Ordinary Least Squares. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05023&r=all |
| By: | Ion Stancu (Institute of Financial Studies Bucharest); Andrei Tudor Stancu (Norwich Business School, UK); Iulian Panait (Financial Supervisory Authority) |
| Abstract: | There is a vast literature on developing a composite index of relevant macroeconomic indicators that predicts the real economic growth. This is of great importance not only for international financial institutions (e.g. IMF, ECB), central banks, and financial supervisory authorities, but also for the private sector (credit rating agencies). Our goal is to build a Financial Stability Index (FSI) or financial stress index that tracks economic growth in Romania. We constructed a composite index using a linear combination of financial variables that are considered to have a significant impact on economic activity. These financial variables are weighted with respect to their cumulated two quarters impulse response on GDP growth, as estimated by a VAR model. Developing such a composite index of financial stability or financial stress has two main utilities: • The analysis of the correlation between financial variables and the real economy placed in the context of different historical episodes of financial crisis. Also, this correlation analysis reveals, in each period, the significant positive or negative contribution of each financial variable to real economic growth. Following this analysis, the FSI can measure the impact of economic and financial policy measures aimed at mitigating financial crises. • The short-term prediction of real economic growth estimated by forecasting the next period evolution of the real economic activity (GDPt+1) using current period GDPt and FSIt. Keywords: composite index, financial stress index, economic growth, VAR model, shortterm prediction JEL Classification: E63; G01; G28 |
| Keywords: | composite index, financial stress index, economic growth, VAR model, shortterm prediction |
| JEL: | E63 G01 G28 |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0001&r=all |
| By: | Laurent Franckx |
| Abstract: | The new Belgian CAr Stock MOdel, which is linked to the national transport demand model PLANET, is structured as follows: (a) The total desired car stock in each future year is a function of the country's population and GDP per capita. (b) The probability that a car is scrapped is modelled as a function of its age and accumulated mileage. The desired car stock is then confronted with the remaining car stock to determine total car purchases. (c) Total sales are allocated to individual emission classes, using the parameter values of a Stated Preference discrete choice model. The model is then calibrated in order to reflect the current market and policy context in Belgium (d) The results are mapped into an inventory that is aggregated according to the EURO emission class. (e) In order to represent that the non-price barriers to electrified cars will decrease over time, we have implemented an alternative approach where the perceived acquisition costs decrease over time. Alternatively, this approach can be used to explore what would be the required decrease in subjective costs to reach a given future market share. |
| JEL: | R00 R20 R40 C25 Q50 |
| Date: | 2019–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1901&r=all |
| By: | Aurélien Goutsmedt (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, Chaire Energie & Prospérité - ENS Paris - École normale supérieure - Paris - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - Institut Louis Bachelier); Erich Pinzón-Fuchs (Universidad de los Andes [Bogota]); Matthieu Renault (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne); Francesco Sergi (University of Bristol [Bristol]) |
| Abstract: | We illustrate how the Lucas Critique was called into question by Keynesian macroeconomists during the 1970s and 1980s. Our claim is that Keynesians' reactions were carried out from a pragmatic approach, which addressed the empirical and practical relevance of the Critique. Keynesians rejected the Critique as a general principle with no relevance for concrete macroeconometric practice; their rejection relied on econometric investigations and contextual analysis of the U.S. 1970s stagflation and its aftermath. Keynesians argued that the parameters of their models remained stable across this period, and that simpler ways to account for stagflation (such as the introduction of supply shocks into their models) provided better alternatives to improve policy evaluation. |
| Keywords: | History of macroeconomics,Lucas Critique,Keynesian macroeconometrics,Stagflation |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01625169&r=all |
| By: | Liu, Yong; Ker, Alan P. |
| Abstract: | The Federal Crop Insurance Program -- operated by the United States Department of Agriculture's Risk Management Agency (RMA) -- offers various types of insurance, covers a multitude of crops, carries significant liability, and is the cornerstone of domestic farm policy. Currently, RMA uses county yield data from the 1950s onwards to set guarantees and estimate premium rates for their area yield and revenue insurance products but trims yield data prior to 1991 in rating their newer shallow loss products. The past 70 years reflect very significant innovations in both seed and farm management technologies; innovations that have likely moved mass all around the support of the yield distribution. Although the RMA rating methodology corrects for time-varying movements in the first two moments, it is unclear whether using the entire yield series remains appropriate. We use distributional tests and an out-of-sample retain-cede rating game to answer if RMA should or should not historically trim yields in estimating their premium rates. Despite small sample sizes and the need to estimate tail probabilities, the historical data appears to be sufficiently different such that trimming is justified. While we caution against extrapolation of our results, they do give cause for consideration in other empirical analyses using historical yield data. |
| Keywords: | Agricultural and Food Policy |
| Date: | 2019–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:ags:uguiwp:288449&r=all |
| By: | Araujo P., Maria Daniela |
| Abstract: | In the last decade, several Latin American governments have implemented new teacher recruitment policies based on evaluations of candidates' competency and knowledge so as to raise the quality of their teachers and schools. Since 2007, the Ecuadorian government has required teacher candidates to pass national standardized tests before they can participate in merit-based selection competitions for tenure at public schools. Has this new recruitment system served as an effective screening device? Has it ultimately helped to raise student learning? To answer these questions, I analyze data from a unique Ecuadorian survey of schools in the academic year 2011-2012. I first estimate the value-added to student achievement using OLS and hierarchical linear regressions to evaluate the effect of Ecuador's new competitive recruitment policy. I then use propensity score matching to simulate a random assignment of students to teachers and estimate causal treatment effects. The evidence suggests that teachers who were granted tenure through the new competitive recruitment policy were no more effective, overall, in raising students' learning in reading or math than their peers at schools. Nonetheless, poorer children who were assigned to these teachers had significantly better scores in reading. Furthermore, test-screened teachers, regardless of their tenure status, seem to have had positive significant effects in reading, particularly for students living in poverty. This finding suggests that Ecuador's teacher recruitment policy had a positive impact on the nation's most vulnerable students. |
| Keywords: | teacher quality,education policy,education reform,Latin America |
| JEL: | I20 I21 I28 J45 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bamber:150&r=all |
| By: | Ozgur Ozel; Aysu Celgin; Mert Gokcu |
| Abstract: | [TR] Bu notta Turkiye’nin reel ihracatinda ve ithalatinda gelir ve goreli fiyat etkilerinin ayristirilmasi amaclanmaktadir. Calismada altin haric ihracat ve ithalat yapisal degiskenler iceren denklemler kullanilarak ceyreklik olarak tahmin edilmektedir. Daha sonra, altin haric reel ihracat ve ithalattaki degisimlerin kaynaklari bu degiskenlere gelen soklar ve degiskenlerin katsayilari kullanilarak ayristirilmaktadir. Yapilan analiz, onceki calismalarla uyumlu olarak, ihracatin dis talebe reel kurdan daha duyarli oldugunu; reel ithalat degisimlerinin ise yurt ici talep ve reel kurdan daha cok etkilendigini ortaya koymaktadir. Ayrica, 2011-2018 doneminde reel ihracat ve ithalattaki toplam degisimin gelir ve goreli fiyat degisimlerinden kaynaklanan kisimlari ayri ayri hesaplanmistir. Bu donemde, mal ihracatindaki degisimde gelir etkisi daha belirleyici iken, hizmet ihracatina gelir ve goreli fiyatlarin dengeli bir katki verdigi gorulmektedir. Toplam ithalattaki degisimde de mal ihracatina benzer bir sekilde gelir etkisi one cikmaktadir.[EN] The aim of this note is to decompose income and relative price effects for real exports and imports of Turkey. In this work exports and imports excluding gold are estimated quarterly employing structural variables. Next, the sources of the changes in real exports and imports excluding gold are decomposed using the shocks and the estimated parameters. The analysis, in accordance with previous research, reveals that exports are more sensitive to foreign demand compared to the real exchange rate. Real imports, on the other hand, are affected primarily from domestic demand and real exchange rate rather than real exports. Moreover, the total change in real exports and imports during 2011-2018 period stemming from income and relative price changes are calculated separately. In this period, while income has more pronounced effect on exports of goods, income and relative prices exhibit a more balanced effect on exports of services. Similar to the exports of goods, income effect accounts for a larger amount of the changes in imports. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:econot:1905&r=all |
| By: | Addison Tony |
| Abstract: | The extractives industries must adjust their operations to shifting patterns of demand for oil, natural gas, and coal together with metals and minerals – as policies and new technologies encourage progress along low-carbon pathways in energy, transportation and construction to combat climate change.Adoption of renewable energy is accelerating across the world, but fossil fuels will be in use for many years (with natural gas replacing coal in electricity generation, especially in Asia). Large amounts of fossil-fuels will eventually be unusable (‘stranded’) if international goals to contain greenhouse gas emissions are to be met.Low-carbon technologies and pathways are likely to be more intensive in metals and materials than existing fossil-fuel technologies. This offers great opportunities for countries with mining sectors, but there are major concerns over the distribution of the economic benefits, and mining itself must reduce its environmental footprint together with its own greenhouse gas emissions. |
| Keywords: | Natural gas,Oil,Climate change,Energy,Extractives |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-84&r=all |
| By: | Edewor, S. E.; Dipeolu, A.O.; Ashaolu O. F.; Akinbode, S.O.; Ogbe, A. O.; Edewor, A.O.; Tolorunju, E. T.; Oladeji S.O. |
| Abstract: | Over the past few years, Nigeria has been faced with a series of policy changes and political instability that has somewhat led to the incidence of capital flight from Nigeria. This study sought to examine the contribution of Foreign Direct Investment (FDI) into the Agricultural Sector. The study made use of annual time series of some macroeconomic variables and agricultural productivity spanning the period 1990 to 2016. The data was analysed using descriptive statistics and Multiple Regression Model. The data was further tested for stationarity using the Augmented Dicky-Fuller unit root test where it was ascertained that the entire hypothesized variable were stationary were significant(p<0.01) at first difference. The study revealed that the amount allocated to agricultural sector declined steadily over the years with all-time highest in the 90's. Similarly, the determinants of agricultural productivity include exchange rate, interest rates, GDP and FDI inflow into the agricultural sector. The study therefore recommends that an enabling environment be created through stable macroeconomic policies (monitoring of interest and exchange rates) and political stability be promoted so as to attract both domestic and foreign investors to the country. |
| Keywords: | Agricultural and Food Policy, Productivity Analysis |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288322&r=all |
| By: | Marek Hudon; Marc Labie; Ariane Szafarz |
| Abstract: | Much has been learnt in microfinance over the last ten years. But there is yet so much to discover on how to improve financial inclusion and development. This paper offers an—evidently subjective—microfinance alphabet, hoping to so provide the microfinance scientific community with an opportunity to “read together” both where we stand and where we are heading. |
| Keywords: | Microfinance; Microcredit; Financial inclusion; Social finance; Hybrid organizations; Portsmouth |
| JEL: | G21 G23 O16 G32 O19 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/287174&r=all |
| By: | Gustafsson Björn; Wan Haiyuan |
| Abstract: | We investigate the evolution of wage levels, wage inequality, and wage determinants among urban residents in China using China Household Income Project data from 1988, 1995, 2002, 2007, and 2013.Average wage grew impressively between each pair of years. Wage inequality had long been on the increase, but between 2007 and 2013 no clear changes occurred. In 1988, age and wages were positively related throughout working life, but more recently older workers’ wages have been lower than those of middle-aged workers.The relationship between education and wages was weak in 1988 but strengthened rapidly thereafter—a process that came to a halt in 2007. During the period in which China was a planned economy the gender wage gap was small in urban China, but it widened rapidly between 1995 and 2007.We also report the existence of a premium for being employed in a foreign-owned firm or in the state sector. |
| Keywords: | Income inequality,Labour market,Wage function,Wage growth,Wages |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-163&r=all |
| By: | Stephanie Lluis (Department of Economics, University of Waterloo); Yazhuo (Annie) Pan (Department of Economics, University of Waterloo) |
| Abstract: | In this paper, we study whether and if so how changes in the marital property law following the amendment of the Civil Code of Quebec to improve economic equality between spouses impacted household labour supply and individuals' marital decisions. We exploit detailed information on individuals' labour market and marital status from the Labour Force Survey to analyze short-term changes in labour supply and marital decisions before and after the reforms in Quebec relative to other provinces, which did not experience the changes in the marital property law over that time period. Investigating the labour supply and marital decisions' responses to a policy changing the distribution of resources between men and women may assist welfare agencies in the design of family reforms and more generally, help further reduce women's entry into poverty. Furthermore, analyzing whether the Quebec marital property law changed the demographic mix of couples may further inform policymaker about possible ways to improve gender equality. |
| JEL: | C21 H75 J12 J22 |
| Date: | 2018–11–12 |
| URL: | http://d.repec.org/n?u=RePEc:wat:wpaper:1809&r=all |
| By: | Michel Dumont |
| Abstract: | Belgium has committed to raise investment in research and development (R&D) to 3% of GDP by 2020. In fulfilment of this commitment, the federal government introduced different tax incentives in support of business R&D. This paper presents the results of the third evaluation of the efficiency of these tax incentives, covering the period 2003-2015. |
| Keywords: | R&D |
| JEL: | H32 O32 O38 |
| Date: | 2019–04–29 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1904&r=all |
| By: | List, John; Momeni, Fatemeh; Zenou, Yves |
| Abstract: | We estimate the direct and spillover effects of a large-scale early childhood intervention on the educational attainment of over 2,000 disadvantaged children in the United States. We show that failing to account for spillover effects results in a severe underestimation of the impact. The intervention induced positive direct effects on test scores of children assigned to the treatment groups. We document large spillover effects on both treatment and control children who live near treated children. On average, spillover effects increase a child's non-cognitive (cognitive) scores by about 1.2 (0.6 to 0.7) standard deviations. The spillover effects are localized, decreasing with the spatial distance to treated neighbors. Our evidence suggests the spillover effect on non-cognitive scores are likely to operate through the child's social network. Alternatively, parental investment is an important channel through which cognitive spillover effects operate. We view our results as speaking to several literatures, perhaps most importantly the role of public programs and neighborhoods on human capital formation at an early age. |
| Keywords: | early education; field experiment; neighborhood; non-cognitive skills; spillover effects |
| JEL: | C93 I21 R1 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13725&r=all |
| By: | Hiroaki SAKAMOTO; Larry KARP |
| Abstract: | We analyze a dynamic model of international environmental agreements (IEAs) where countries cannot make long-term commitments or use sanctions or rewards to induce cooperation. Countries can communicate with each other to build endogenous beliefs about the random consequences of (re)opening negotiation. If countries are patient, an effective agreement can be reached after a succession of short-lived ineffective agreements. This eventual success requires \sober optimism": the understanding that cooperation is possible but not easy to achieve. Negotiations matter because beliefs are important. An empirical application illustrates the importance of sober optimism in the climate agreement. |
| Keywords: | Environmental agreements; Climate change; Dynamic game |
| JEL: | C72 C73 D62 H41 Q54 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:kue:epaper:e-19-002&r=all |
| By: | Mounir Amdaoud (Centre d'Economie de l'Université de Paris Nord (CEPN)) |
| Abstract: | Les ressources naturelles ont été souvent analysées dans la littérature économique comme étant non compatibles avec le développement économique (Auty, 2001 ; Gylfason, 2001 ; Sacks & Warner, 1995). L’objet de ce papier est de revenir sur l’analyse du lien qui caractérise les ressources naturelles et le développement économique. Pour ce faire, nous mobilisons une nouvelle approche basée sur les théories évolutionnistes et institutionnelle qui porte la focale sur l’importance de la dynamique d’apprentissage et de création de nouvelles connaissances notamment dans les économies riches en ressources naturelles. Les résultats obtenus dans notre étude sur près de 100 pays montrent que certaines des économies les plus avancés et les plus riches au monde sont des économies basées sur les ressources naturelles. Par conséquent, la malédiction serait davantage dans l’apprentissage et la construction de compétences que dans les ressources. |
| Keywords: | Ressources naturelles, rente, croissance économique, institutions, innovation, apprentissage, compétences. |
| JEL: | O13 O31 O43 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:upn:wpaper:2019-06&r=all |
| By: | Jean-Charles Pillet (ESC Grenoble - Ecole Supérieure de Commerce de Grenoble - Grenoble École de Management (GEM)); Kevin Carillo; Federico Pigni (CETIC asbl - Centre d’Excellence en Technologies de l’Information et de la Communication); Claudio Vitari (AMU - Aix Marseille Université) |
| Abstract: | Information technologies (IT) have reached such degrees of functional richness that forming a complete, coherent, and stable understanding of a given IT product may be challenging for some users. The need to theorize this phenomena and to measure its effect on IT adoption empirically is rife. This paper introduces the construct of perceived IT ambiguity (PITA), which captures the extent to which a user has difficulties making sense of an IT artifact. A multi-item measurement scale is developed and its validity and reliability pre-tested on a pilot sample. The effect of the focal variable on technology adoption is tested using covariance-based SEM. Preliminary results indicate that ambiguity is a double-edged sword that simultaneously boosts and impede IT adoption. |
| Keywords: | Survey instrument development,technology adoption,theory of planned behavior,consumer,social media,ambiguity |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01923605&r=all |
| By: | Ion Stancu (Institute of Financial Studies Bucharest); Andrei Tudor Stancu (Norwich Business School, UK); Iulian Panait (Financial Supervisory Authority) |
| Abstract: | In each issue of the Financial Studies Review, we update and publish the Financial Stability Index (FSI) of our Institute of Financial Studies, which tracks the correlation between economic growth and macroeconomic and financial factors in Romania.We constructeda composite index using a linear combination of financial variables that are considered to have a significant impact on economic activity. These financial variables are weighted with respect to their cumulated two quarters impulse response on GDP growth, as estimated by a VAR model.Developing such a composite index of financial stability or financial stresshas two main utilities:•The analysis of the correlation between financial variables and the real economy placed in the context of different historical episodes of financial crisis. Also, this correlation analysis reveals, in each period, the significant positive or negative contribution of each financial variable to real economic growth. Following this analysis, the FSIcan measure the impact of economic and financial policy measures aimed at mitigating financial crises. The short-term prediction of real economic growth estimated by forecasting the next period evolution of the real economic activity (GDPt+1) using current period GDPtand FSItand economic and financial variables in the FSItcomposition. |
| Keywords: | composite index, financial stress index, economic growth, VAR model, short-term prediction |
| JEL: | E63 G01 G28 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0018&r=all |
| By: | Gabriel Mitache (Academy of Economic Studies, Bucharest and National Bank of Romania) |
| Abstract: | Before the 2007-2008 financial crisis, creditinstitutions were assured (though not officially or formally) that if they were large enough they would be rescued with tax-payers’ money, an action also known as bail-out, denoting what became known as the “too big to fail” paradigm. The introduction of the Bank Recovery and Resolution Directive (2014/59/EU) proposes a legal framework that aims at eliminating the possibility of bailing-out institutions. This paper has the objective of assessing througha game theory approachto what extent the BRRDirectivehas the potential to achieve its purpose and if there are identifiable possible improvements to this framework that could be considered for practical purposes or for a possible future review of the legal framework.The term institution, for the purpose of this paper, refers to credit institutions but can also be read as referring to other types of financial institutions such as investment firms or insurance companies |
| Keywords: | banking, banking union, bank resolution, central banking, bank recovery, bank supervision, BRRD, game theory |
| JEL: | D04 E61 G18 G21 G28 H12 K23 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0013&r=all |
| By: | Nelly El-Mallakh (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | Did the Egyptian protests lead to political change? I examine the effects of the first and second waves of Egyptian protests that started in 2011, on voting outcomes during Egypt's first free Presidential elections that took place between May and June 2012. I geocoded the "martyrs" - demonstrators who died during the protests - using unique information from the Statistical Database of the Egyptian Revolution and exploited the variation in districts' exposure to the Egyptian protests. Using official elections' results collected from the Supreme Presidential Electoral Commission (SPEC) and controlling for districts' characteristics using Census data, I find suggestive evidence that higher exposure to protests' intensity leads to a higher share of votes for former regime candidates, both during the first and second rounds of Egypt's first presidential elections after the uprisings. From the period of euphoria following the toppling of Mubarak to the sobering realities of the political transition process, I find that protests led to a conservative backlash, alongside negative economic expectations, general dissatisfaction with government performance, decreasing levels of trust towards public institutions, and increasing recognition of limitations on civil and political liberties. |
| Keywords: | Egyptian protests,Presidential elections,voting outcomes,martyrs |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01625199&r=all |
| By: | Evdokia Moïsé; Silvia Sorescu |
| Abstract: | Corruption at the border distorts resource allocation, undermines the level playing field for businesses, hampers the attractiveness of affected markets, and may result in significant revenue losses for developing countries. Trade facilitation policies could potentially reduce the incentives and the opportunities for corruption. This paper explores potential determinants of border-related corruption and trade facilitation policies most likely to address it. Countries with higher integrity at the border are found to also have more efficient border processes. Measures that appear to particularly support integrity at the border include transparency and predictability, streamlining of formalities – through simplification of documents, more automation of processes at different levels of complexity, or improved procedures along the border transaction chain – and coordinated border management. |
| Keywords: | corruption, customs, integrity, simplification, trade facilitation, transparency |
| JEL: | F13 D73 |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:oec:traaab:228-en&r=all |
| By: | Ambre Nicolle (Télécom ParisTech); Lukasz Grzybowski (Télécom ParisTech); Christine Zulehner (University of Vienna [Vienna]) |
| Abstract: | In this paper, we assess the impact of competition, investment and regulation on prices of mobile services in France. We estimate hedonic price regressions using data on tariff plans offered by the main mobile telecommunications operator in France between May 2011 and December 2014. In this time period, the obtained quality-adjusted price index decreased by about 42.8% as compared to a decline in weighted average prices without quality-adjustment of 8.7%. In a second step, we relate the quality-adjusted prices to a set of competition, investment and regulation variables and find that the launch of 4G networks by mobile operators was the main driver of price reductions for classic tariffs with commitment. Low-cost tariffs without commitment which were introduced to preempt the entry of low-cost competitor declined at the time of entry. Moreover, we find that regulation, which is approximated by the level of mobile termination charges and international roaming price caps for voice and data, has a joint significant impact on quality-adjusted prices. In percentage terms, competition is responsible for about 23.4% of total price decline and investments in 4G for 56.1%. |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02102353&r=all |
| By: | Takayuki Toda; Ayako Wakano; Takahiro Hoshino |
| Abstract: | We propose a new estimation method for heterogeneous causal effects which utilizes a regression discontinuity (RD) design for multiple datasets with different thresholds. The standard RD design is frequently used in applied researches, but the result is very limited in that the average treatment effects is estimable only at the threshold on the running variable. In application studies it is often the case that thresholds are different among databases from different regions or firms. For example thresholds for scholarship differ with states. The proposed estimator based on the augmented inverse probability weighted local linear estimator can estimate the average effects at an arbitrary point on the running variable between the thresholds under mild conditions, while the method adjust for the difference of the distributions of covariates among datasets. We perform simulations to investigate the performance of the proposed estimator in the finite samples. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04443&r=all |
| By: | Ewen Gallic (Aix-Marseille Univ., CNRS, EHESS, Centrale Marseille, AMSE); Gauthier Vermandel (Paris-Dauphine and PSL Research Universities & France Stratégie, Services du Premier Ministre) |
| Abstract: | How much do weather shocks matter? The literature addresses this question in two isolated ways: either by looking at long-term effects through the prism of theoretical models, or by focusing on short-term effects using empirical analysis. We propose a framework to bring together both the short and long-term effects through the lens of an estimated DSGE model with a weather-dependent agricultural sector. The model is estimated using Bayesian methods and quarterly data for New Zealand using the weather as an observable variable. In the short-run, our analysis underlines the key role of weather as a driver of business cycles over the sample period. An adverse weather shock generates a recession, boosts the non-agricultural sector and entails a domestic currency depreciation. Taking a long-term perspective, a welfare analysis reveals that weather shocks are not a free lunch: the welfare cost of weather is currently estimated at 0.19% of permanent consumption. Climate change critically increases the variability of key macroeconomic variables (such as GDP, agricultural output or the real exchange rate) resulting in a higher welfare cost peaking to 0.29% in the worst case scenario. |
| Keywords: | agriculture, business cycles, climate change, weather shocks |
| JEL: | C13 E32 Q54 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:aim:wpaimx:1915&r=all |
| By: | Lisa Bruttel (University of Potsdam) |
| Abstract: | This paper presents an experiment on the effect of retroactive price-reduction schemes on buyers’ repeated purchase decisions. Such schemes promise buyers a reduced price for all units that are bought in a certain time frame if the total quantity that is purchased passes a given threshold. This study finds a loyalty-enhancing effect of retroactive price-reduction schemes only if the buyers ex-ante expected that entering into the scheme would maximize their monetary gain, but later learn that they should leave the scheme. Furthermore, the effect crucially hinges on the framing of the price reduction. |
| Keywords: | rebate and discount, buyer behavior, risk aversion, loss aversion, regulation of dominant firms, experiment |
| JEL: | C91 D03 D81 L42 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:05&r=all |
| By: | Miethlich, Boris |
| Abstract: | The constant above-average unemployment rate of people with disabilities (PWD) and the failure of government measures to date indicate the need for companies to address this issue themselves. A reliable understanding of the effects and implications of employment of PWD and vocational rehabilitation for strategic corporate management is therefore required to specifically promote the integration of PWD into the labor market. This paper compares the impacts of the two concepts from a management perspective. A literature review was conducted to collect and analyze the state of research for similarities and differences regarding the categories government policies, corporate social responsibility (CSR), benefits and consequences for companies and business opportunities using a summary content analysis. The results suggest that the effects on companies and the resulting implications are identical, at least over a longer period. The employment of PWD, as well as vocational rehabilitation, can be a key to attracting customers with disabilities and thus allowing to enter new market segments. |
| Keywords: | vocational rehabilitation,employment of persons with disabilities,CSR,strategic management |
| JEL: | J14 M14 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esconf:196179&r=all |
| By: | Leonardo Badea (Financial Supervisory Authority); Ion Stancu (Institute of Financial Studies Bucharest); Adina-Alexandra Darman-Guzun (West University Timisoara) |
| Abstract: | Recent phenomena on the aging of the population due to the improvement of the quality of life, the decrease of the population, the decrease in the fertility rate and the development of the capital markets have led to the encouragement of private pension funds. The private pension system is essential to any modern and prosperous economy; the competitive allocation of capital under this scheme ensures the maintenance / increase of the purchasing power of future earnings from pensions, as well as the most appropriate way to finance national economic development.Basedon extensive literature on the optimization of financial investment portfolios and efficient management of private pension funds, our main objective is to optimize portfolios of private pension funds in relation to the degree of risk assumed by the managers of these funds. In concrete terms, we report optimal weights for the allocation of pension funds in five asset categories (shares, corporate bonds, participation funds, government securities and bank deposits) by using three optimal portfolios models: equipping, minimizing standard deviation and risk minimization.The database includes the monthly profitability of the five asset fund categories of pension funds, as well as the VUAN evolution of pension funds and the profitability of pension fund managersfor the period from August 2013 to July 2018 (5 years). The results obtained will constitute recommendations for private pension fund managers both in choosing the portfolio optimization model and as choices for choosing the optimal combination of assets at a discounted profitability of the portfolio in relation to the assumed degree of risk by each administrator. |
| Keywords: | private pension system; optimal financial investment portfolios, the Markowitz model (average variance, MV), the average MCVaR model, the unit value of the net asset (VUAN), the profitability of private pension fund managers |
| JEL: | G11 G23 J32 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0020&r=all |
| By: | Ojo, Marianne |
| Abstract: | Whilst the legal and economic challenges presented by Brexit are gradually becoming more evident, observations and recommendations are already being drawn from consequences of a “ no deal scenario” and particularly the possibilities of entering into a variant of a Free Trade Agreement which should, prevent a “no deal” situation. Such a Free Trade Agreement existing between the current 28 EU Member States and the three EEA European Free Trade Association (EFTA) States Iceland, Liechtenstein and Norway (EEA Internal Market) This paper, amongst other objectives, is aimed at highlighting such proposals which have been put forward to avert a “no deal scenario”. It is obvious that change – and more specifically, fundamental legislative, regulatory overhauls, will require not only the incorporation of expertise from different fields, but also time consuming and costly resources to address the demands of the transitional and implementation periods of such legislatively transformed landscapes. Certainly, a gradual process of incorporating and adapting to new regulatory and legislative changes and environments – and particularly in respect of economically sensitive related matters, would require not only thorough and dedicated observatory and monitoring periods, but also one which facilitates and encourages a process of greater democratic accountability and transparency to be incorporated into the legislative processes. Even though Brexit has generated a great degree of economic uncertainty – which has in turn presented challenges – as well as consequences, it also presents opportunities for new actors to engage and influence vital decision making aspects in areas which particularly revolve around information technology, sustainable development, innovation – as well hybrid financial instruments and volatile mediums which are embodied and personified by crypto currencies, derivatives and other complex financial instruments and mediums of exchange - all of which are reflective of a rapidly changing and evolving financial environment. The challenges now involve to a larger extent, the manner and the degree of relevance to which vital and dominating actors and institutions will be accurately represented and impact future legislation – particularly those which focus around issues relating to trade, environment and sustainable development policies. |
| Keywords: | financial services; Brexit; Information Technology; innovation; e commerce; sustainability; GATS |
| JEL: | F1 F16 F18 G1 G14 G18 G3 K2 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93812&r=all |
| By: | Danielle Devogelaer; Dominique Gusbin |
| Abstract: | In October 2017, the Federal Planning Bureau published its three-yearly energy outlook describing the Belgian energy and emission projections under unchanged policy up to horizon 2050. That outlook demonstrates that we are drifting away from agreed targets and international agreements made to protect future societies from hazardous levels of climate change. That is why that outlook is complemented by this report that adopts a different perspective. This publication describes and analyses three alternative policy scenarios that are compatible both with the 2030 EU Climate and Energy Framework and with the roadmap for moving to a competitive low-carbon economy in 2050. |
| JEL: | C6 O2 Q4 |
| Date: | 2018–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1805&r=all |
| By: | Andersson, Jens (African Economic History Network) |
| Abstract: | Contemporary African fiscal systems are usually portrayed as being subject to significant instability, which has negative consequences for public spending and development. However, this paper documents significant long-term fiscal stabilisation in Benin, Côte d'Ivoire, Niger and Senegal as measured by reductions in tax revenue instability and the responsiveness of tax revenue to trade over a 120-year period. This historical process of long-term fiscal stabilisation in francophone West Africa has not been properly acknowledged in the contemporary fiscal policy literature that tends to focus on recent decades. Moreover, it is shown qualitatively and econometrically that this fiscal stabilisation has been accompanied with a longterm reduction in the volatility of trade, a change in tax composition away from trade taxes to indirect domestic taxes, and major shifts in development policy paradigms. This points to the value of studying African fiscal systems over long periods of time to identify relationships not apparent from a short-term perspective and understand the intricate mechanisms and dynamics that characterize the development process. |
| Keywords: | Financial capacity; tax stabilisation; French West Africa; economic hitsory |
| JEL: | N01 N17 N27 N47 |
| Date: | 2018–11–05 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2018_041&r=all |
| By: | Christian Diem; Anton Pichler; Stefan Thurner |
| Abstract: | Management of systemic risk in financial markets is traditionally associated with setting (higher) capital requirements for market participants. There are indications that while equity ratios have been increased massively since the financial crisis, systemic risk levels might not have lowered, but even increased. It has been shown that systemic risk is to a large extent related to the underlying network topology of financial exposures. A natural question arising is how much systemic risk can be eliminated by optimally rearranging these networks and without increasing capital requirements. Overlapping portfolios with minimized systemic risk which provide the same market functionality as empirical ones have been studied by [pichler2018]. Here we propose a similar method for direct exposure networks, and apply it to cross-sectional interbank loan networks, consisting of 10 quarterly observations of the Austrian interbank market. We show that the suggested framework rearranges the network topology, such that systemic risk is reduced by a factor of approximately 3.5, and leaves the relevant economic features of the optimized network and its agents unchanged. The presented optimization procedure is not intended to actually re-configure interbank markets, but to demonstrate the huge potential for systemic risk management through rearranging exposure networks, in contrast to increasing capital requirements that were shown to have only marginal effects on systemic risk [poledna2017]. Ways to actually incentivize a self-organized formation toward optimal network configurations were introduced in [thurner2013] and [poledna2016]. For regulatory policies concerning financial market stability the knowledge of minimal systemic risk for a given economic environment can serve as a benchmark for monitoring actual systemic risk in markets. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05931&r=all |
| By: | Lima de Miranda, Katharina |
| Abstract: | Mindfulness could influence economic and health related behaviour by bringing about increased and unbiased attention to the present moment, for example to a decision making process. This study explores the relationship between mindfulness and economic preferences, and consequently well-being, of adolescents. Comprehensive data of 525 German secondary school students were elicited and show no evidence for a strong linear or non-linear correlation between mindfulness and economic preferences. However, both mindfulness and preferences have explanatory power for adolescents' field behaviour and thus contribute to explaining variation in behaviour that may translate into serious health and economic consequences. In this regard, my findings indicate that the two concepts play rather complementary than substitutable roles, which implies that an integration of economic preferences and personality traits such as mindfulness may improve the analysis of potential sources of variation in life outcomes. As mindfulness reflects on a healthier lifestyle (less smoking and smaller BMI) and higher life satisfaction, the findings furthermore point into the direction that the development of mindfulness skills might help students to grow social-emotional capacities and increase physical and psychological well-being. |
| Keywords: | time preference,risk preferences,mindfulness,personality,experiments with adolescents,subjective well-being |
| JEL: | C93 D81 D90 I12 I20 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2127&r=all |
| By: | Darmouni, Olivier; Sutherland, Andrew |
| Abstract: | This paper provides evidence of strategic complementarities in lenders’ contract terms in SME financing. To isolate this strategic effect from lenders’ joint reaction to unobserved common shocks to fundamentals, we exploit the staggered entry of lenders into an information sharing platform. Upon joining, lenders adjust their terms toward what others are offering. This effect is mediated by market power and seems to be driven by incentives to match rivals in order to preserve market share as opposed to learning about fundamentals. We also find evidence that this strategic behavior increased delinquencies during the recent crisis. |
| Keywords: | competition, strategic complementarities, information sharing, credit bureau, corporate loans, SME |
| JEL: | D22 D43 D82 D83 G00 G21 G24 G30 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93668&r=all |
| By: | Roxana Bobulescu (MC - Management et Comportement - Grenoble École de Management (GEM)); Nhu Tuyên Lê (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique); Claudio Vitari (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM)); Erin Whittingham |
| Abstract: | This paper focuses on the transitional features of community supported agriculture (CSA). Its key contribution is to show the transformational potential of CSA for agricultural system change. The starting point of this research is the "ideal" CSA model. Instead of a monolithic CSA model, in practice we find a patchwork of experiences that we group together under the "transitional" CSA name. We develop a framework that highlights the "transitional" CSA model and compares it with both the conventional and the "ideal" CSA. The coevolutionary approach helps us to understand how CSAs adapt to their context. We use many narratives from the broad literature on CSAs. |
| Keywords: | "transitional" CSA 1,Community Supported Agriculture,"ideal" CSA,"transitional" CSA |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01923235&r=all |
| By: | Benjamin Piton (IGN - Institut Géographique National); Alexandra Niedzwiedz (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | AgroParisTech, représenté par le Laboratoire d'Economie Forestière (LEF) devenu le Bureau d'Economie Théorique et Appliquée (BETA) au 1er janvier 2018, réalise en collaboration avec l'IGN (institut national de l'information géographique et forestière) les comptes européens de la forêts (European Forest Accounts – EFA) pour le compte du Ministère en charge de l'Environnement. Ces EFA sont un ensemble cohérent de tableaux comptables sur la ressource forestière et la filière bois, qui intègrent économie et environnement. Ce rapportage est basé sur le volontariat et son format est défini au niveau européen. Le présent rapport d'étude porte sur les années 2014 et 2015. Il explicite les recommandations d'Eurostat, la méthode utilisée pour compléter les tableaux et une brève analyse des résultats. |
| Keywords: | timber,production and processing chain,environment,forest,harvesting,comptabilité forestière,économie,ressource,bois,filière,environnement,forêt,récolte,valeur des forêts |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02116333&r=all |
| By: | Luca, Lucian |
| Abstract: | The paper presents the most important characteristics of land market in Romania after the accession to the EU, i.e. farmland prices, volume of farmland transactions, as well as an estimation of farmland areas owned by foreigners, in order to understand, on the basis of these data, the reasons behind the recent initiative for the modification of the law regulating agricultural land sale-purchase. The conclusion is that the eventual modification of the law will not bring any improvement to land market operation in Romania, but risks breaching the EU Accession Treaty in order to create privileges for certain categories of farmers. |
| Keywords: | Land Economics/Use |
| Date: | 2019–04–25 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288440&r=all |
| By: | Evans Martin |
| Abstract: | This paper considers the case for universal child allowances in Ghana. It follows findings from an earlier study of 14 middle income countries that examined optimal approaches to reduce child poverty using universal categorical child allowances.The paper describes the demographic profiles that will influence the impact of a universal child allowance: 67 per cent of Ghanaian households contain children, and those households contain 82 per cent of the total population, spreading the impact of a small allowance—funded by a fixed budget—over a very large proportion of the population.Income differences at the margins of the poverty line were found to be small and robustness and sensitivity tests were done to accompany simulation. Simulations found that individual level allowances reduce poverty more than household level allowances. Such individual level allowances weighted to the bottom 40 per cent are found to have better poverty reduction than allowances weighted to young children. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-145&r=all |
| By: | Page John |
| Abstract: | The exploitation of natural resources is a huge opportunity, but one that carries considerable risks. Relative prices in resource-exporting economies tend to push them towards economic structures dominated by the resource sector. This paper explores ways to achieve diversification in a resource-rich economy.It describes the relative price changes that accompany a resource boom and suggests policies and public investments to mitigate their impact. It explores some of the issues that influence the participation of local firms in the resource value chain and argues for broadening the options for diversification, through the development of ‘industries without smokestacks’ and investments in knowledge. |
| Keywords: | diversification,Extractive industries,Natural resources |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-68&r=all |
| By: | Angela Greulich (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, INED - Institut national d'études démographiques); Mathilde Guergoat-Larivière (LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM], CEET - Centre d'études de l'emploi et du travail - CNAM - Conservatoire National des Arts et Métiers [CNAM] - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche - Ministère du Travail, de l'Emploi et de la Santé); Olivier Thevenon (INED - Institut national d'études démographiques, OCDE - Organisation de Coopération et de Développement Economiques) |
| Abstract: | This article studies the effects of women's employment on second births in contemporary Europe. By mobilizing longitudinal data from the European Union's Statistics of Income and Living conditions (EU-SILC) and aggregated data from the OECD Family Database, we find evidence that being in employment significantly increases women's probability of second childbirth. The magnitude of the effect differs, however, among individuals. The positive impact is stronger for highly educated women and for women with partners who are themselves in employment. Dual employment thus favours family enlargement from one to two children more strongly than other employment configurations within the couple. Multilevel models also reveal that the positive effect of employment on the transition to second childbirth is reinforced in countries with high childcare coverage. The development of childcare at the country level - the most effective family policy to secure women's employment - increases the individual probability for women of having a second child, whereas other types of institutional support such as leave schemes or lump-sum cash transfers do not have such a positive effect. |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01730664&r=all |
| By: | Jézabel Couppey-Soubeyran (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique, PSE - Paris School of Economics); Salim Dehmej (Bank Al-Maghrib, Département de la Recherche) |
| Abstract: | La zone euro souffre de divergences économiques et financières entre ses membres. La politique monétaire ne peut pas y remédier, puisqu'elle est unique, donc calibrée et menée pour la moyenne de la zone. Elle peut même les accroître en agissant seule, sans autre levier de politique économique pour la compléter. Cela rend urgent un nouveau policy mix en zone euro, qui prenne en compte le fait que la zone est hétérogène et soumise à des cycles financiers peu synchrones. Rechercher la stabilité économique par la stabilité financière est possible dans le cadre de la politique macroprudentielle, dont l'action contracyclique peut-être calibrée par pays, tout en étant coordonnée au niveau de la zone par une institution déjà en place, le Conseil européen du risque systémique. La zone euro se trouverait ainsi dotée de l'instrument d'ajustement macro-conjoncturel qui lui fait tant défaut depuis ses débuts. |
| Keywords: | Politique monétaire européenne,Risque systémique,Macroeconomie,Coopération économique |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01802698&r=all |
| By: | Isabelle Hirtzlin (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Dans les pays européens, le financement des dépenses de santé repose sur des ressources instantanées. Les enjeux démographiques remettent cependant en cause la soutenabilité de ce modèle à moyen terme. Le recours à des comptes épargne santé dans certains pays (États-Unis et Singapour notamment) peut constituer une piste de réflexion intéressante pour la France, notamment au niveau des restes à charge supportés par les patients. Les comptes épargne présentent en effet l'avantage de permettre un financement intertemporel des soins, d'assurer la portabilité des droits même en cas de changement d'employeur, et de limiter le renoncement aux soins. Des études et travaux de recherche restent à mener avant leur mise en place dans les pays européens, en restant vigilant en matière d'équité d'accès à ce type de dispositif. |
| Keywords: | Compte épargne santé |
| Date: | 2017–07–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01575611&r=all |
| By: | Carlos Segura-Rodriguez (Department of Economics, University of Pennsylvania) |
| Abstract: | I study how a monopolist data broker (seller), who wants to maximize profits, should present and sell consumer data to a firm (buyer). The buyer has an interest in forecasting a particular consumer characteristic, but the seller is uncertain about which characteristic the buyer wants to forecast and how much the buyer values information. I assume that the joint distribution of both the unknown characteristics and the data is elliptical. This information environment reduces to a multidimensional, multi-product mechanism design problem in which the buyer’s payoffs are nonlinear. Hence, I cannot use the common differential approach to solve for the optimal mechanism. I obtain two main results. First, I show that the seller should optimally offer statistics that are linear combinations of the data and independent noise. Second, by using a direct approach, I show that in the optimal mechanism the seller might want to offer a continuum of different statistics, and these statistics, without containing independent noise, are less correlated than they would be if the seller could perfectly price discriminate. Thus this distortion affects the mimicking type more than the mimicked type. |
| Keywords: | Information Design, Mechanism Design, Multidimensional Screening,Product Design, Elliptical Distribution |
| JEL: | D42 D82 D83 D86 |
| Date: | 2019–04–21 |
| URL: | http://d.repec.org/n?u=RePEc:pen:papers:19-006&r=all |
| By: | Pierre Schweitzer (LID2MS - Laboratoire Interdisciplinaire Droit des Médias et Mutations Sociales - AMU - Aix Marseille Université) |
| Abstract: | Serge Schweitzer, économiste disciple de l'Ecole Autrichienne d'Economie, a toujours affiché ses sympathies libertariennes. Dans la lignée d'économistes tels que Ludwig Von Mises ou Murray Rothbard, il a toujours dénoncé le monopole des gouvernements dans la production monétaire au travers des banques centrales. Cette situation est aujourd'hui remise en cause par une innovation technologique : les crypto-monnaies (ou cybermonnaies) au premier rang desquelles Bitcoin. Pour honorer la carrière de Serge Schweitzer et son combat pour une monnaie libre, l'auteur fait l'éloge de Bitcoin et trace les principales perspectives économiques et politiques offertes par cette innovation. Malgré son caractère révolutionnaire d'un point de vue technologique et politique, Bitcoin fait face à des barrières règlementaires qui seront difficiles à surmonter, et que l'auteur analyse en conclusion de cet article. |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02120767&r=all |
| By: | Wang, Dieter; van Lelyveld, Iman; Schaumburg, Julia |
| Abstract: | This paper revisits the credit spread puzzle for banks from the perspective of information contagion. The puzzle consists of two stylized facts: Structural determinants of credit risk not only have low explanatory power but also fail to capture common factors in the residuals. We reproduce the puzzle for European bank credit spreads and hypothesize that the puzzle exists because structural models ignore contagion effects. We therefore extend the structural approach to include information contagion through bank business model similarities. To capture this channel, we propose an intuitive measure for portfolio overlap and apply it to the complete asset holdings of the largest banks in the Eurozone. Incorporating this unique network information into the structural model increases explanatory power and removes a systemic common factor from the residuals. Furthermore, neglecting the network likely overstates the importance of structural determinants. JEL Classification: G01, G21, C32, C33, C38 |
| Keywords: | bank business model similarities, credit spread puzzle, dynamic network effects model., information contagion, portfolio overlap measure |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:srk:srkwps:201994&r=all |
| By: | Pierre Schweitzer (LID2MS - Laboratoire Interdisciplinaire Droit des Médias et Mutations Sociales - AMU - Aix Marseille Université) |
| Abstract: | Cet article analyse en détails les aspects juridiques et politiques du phénomène des lanceurs d'alertes en s'appuyant non seulement sur les exemples célèbres de Julian Assange (Wikileaks) et Edward Snowden, mais également sur les précurseurs et la manière dont leurs actes ont pu inspirer nos deux protagonistes des années 2010. L'auteur propose une réflexion sur le bien-fondé de la révélation des secrets gardés par nos gouvernements, et la légitimité des méthodes employées par Assange ou Snowden. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02120797&r=all |
| By: | Dominique Guegan (UP1 - Université Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, Labex ReFi - UP1 - Université Panthéon-Sorbonne, IPAG Business School, University of Ca’ Foscari [Venice, Italy]); Peter Addo (AFD - Agence française de développement, Labex ReFi - UP1 - Université Panthéon-Sorbonne); Bertrand Hassani (Labex ReFi - UP1 - Université Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, Capgemini Consulting [Paris], UCL-CS - Computer science department [University College London] - UCL - University College of London [London]) |
| Abstract: | Due to the advanced technology associated with Big Data, data availability and computing power, most banks or lending institutions are renewing their business models. Credit risk predictions, monitoring, model reliability and effective loan processing are key to decision-making and transparency. In this work, we build binary classifiers based on machine and deep learning models on real data in predicting loan default probability. The top 10 important features from these models are selected and then used in the modeling process to test the stability of binary classifiers by comparing their performance on separate data. We observe that the tree-based models are more stable than the models based on multilayer artificial neural networks. This opens several questions relative to the intensive use of deep learning systems in enterprises. |
| Keywords: | financial regulation,deep learning,Big data,data science,credit risk |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01835164&r=all |
| By: | Dergunov, Ilya; Meinerding, Christoph; Schlag, Christian |
| Abstract: | In a parsimonious regime switching model, expected consumption growth varies over time. Adding in ation as a conditioning variable, we uncover two states in which expected consumption growth is low, one with high and one with negative expected in ation. Embedded in a general equilibrium asset pricing model with learning, these dynamics replicate the observed time variation in stock return volatilities and stock-bond return correlations. Furthermore, they provide an alternative way to come up with a measure of time-varying disaster risk in the spirit of Wachter (2013). Our findings imply that both the disaster and the long-run risk paradigm can be extended towards explaining movements in the stock-bond return correlation. |
| Keywords: | long-run risk,inflation,recursive utility,filtering,disaster risk |
| JEL: | E31 E44 G12 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:162019&r=all |
| By: | Mariacristina De Nardi; Giulio Fella; Marike G. Knoef; Gonzalo Paz-Pardo; Raun Van Ooijen |
| Abstract: | We document new facts on the distributions of male wages, male earnings, and household earnings and income (before and after taxes) in the Netherlands and the United States. We find that, in both countries, wages display rich dynamics, including substantial asymmetries and nonlinearities by age and previous earnings levels. Individual-level male wage and earnings risk is relatively high for younger and older people, and for those in the lower and upper parts of the income distribution. In the Netherlands, the behavior of hours and family labor supply have noticeable effects on earnings persistence and on the skewness and kurtosis of wage changes, but government transfers are a major source of insurance. Instead, the role of family insurance is much larger in the U.S. and also affects the standard deviation of wage changes, in addition to its skewness and kurtosis, and wage persistence. Family and government insurance reduce, but do not eliminate these non-linearities in household disposable income by age and previous earnings in both countries. |
| JEL: | H31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25832&r=all |
| By: | Friedrich, Marina; Mauer, Eva-Maria; Pahle, Michael; Tietjen, Oliver |
| Abstract: | Now in its third compliance period, we can look back at more than 12 years of existence of the emissions trading system (ETS) in the European Union. The focus of this paper is to review the empirical literature on price formation in the EU ETS. As a reoccurring concept, we draw on a simple theoretical model of price formation that we subsequently extend to accommodate three different strands of literature. First, we gather evidence based on empirical papers which look at the role of fundamental price drivers. Second, we review the event study literature, where political and regulatory uncertainty is the main topic. Third, we devote a major part to finance literature in this market. In every section, we pay special attention to the challenges that arise when empirically modeling allowance prices in this complex market. We emphasize that there is a need for more evidence and possibly alternative approaches due to the complex interplay of compliance and finance trading motives. As a result, the findings of this review provide important lessons about price formation in the EU ETS, which can also inform the design of such programs in other countries. |
| Keywords: | Emission Trading,EU ETS,Carbon Pricing |
| JEL: | Q48 Q50 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:196150&r=all |
| By: | Aur\'elien Alfonsi; Rafa\"el Coyaud; Virginie Ehrlacher; Damiano Lombardi |
| Abstract: | Optimal Transport (OT) problems arise in a wide range of applications, from physics to economics. Getting numerical approximate solution of these problems is a challenging issue of practical importance. In this work, we investigate the relaxation of the OT problem when the marginal constraints are replaced by some moment constraints. Using Tchakaloff's theorem, we show that the Moment Constrained Optimal Transport problem (MCOT) is achieved by a finite discrete measure. Interestingly, for multimarginal OT problems, the number of points weighted by this measure scales linearly with the number of marginal laws, which is encouraging to bypass the curse of dimension. This approximation method is also relevant for Martingale OT problems. We show the convergence of the MCOT problem toward the corresponding OT problem. In some fundamental cases, we obtain rates of convergence in $O(1/n)$ or $O(1/n^2)$ where $n$ is the number of moments, which illustrates the role of the moment functions. Last, we present algorithms exploiting the fact that the MCOT is reached by a finite discrete measure and provide numerical examples of approximations. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05663&r=all |
| By: | Viola Ackfeld (University of Cologne); Werner Güth (Max Planck Institute for Research on Collective Goods) |
| Abstract: | Personal information is shared extensively every day, partly in exchange for benefits or as a reaction to other people’s information sharing. In this paper, we experimentally investigate these two factors by analyzing the interaction of peer comparison and incentives to disclose potentially privacy-sensitive information. We find that information sharing is higher under incentives, and further increases under peer comparison. This effect is driven by those initially disclosing less, who additionally report to feel more compelled to reveal information. Our results provide an explanation for the current information sharing trend while pointing to a potentially neglected side-effect. |
| Keywords: | Personal information disclosure, Peer comparison, Incentives, Experiment |
| JEL: | C92 D30 D82 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2019_04&r=all |
| By: | Haugen, Ronald |
| Abstract: | This report summarizes the 2019 results of the North Dakota Land Valuation Model. The model is used annually to estimate average land values by county, based on the value of production from cropland and non-cropland. The county land values developed from this procedure form the basis for the 2019 valuation of agricultural land for real estate tax assessment. The average value for all agricultural land in a county from this analysis is multiplied by the total acres of agricultural land on the county abstract to determine each county’s total agricultural land value for taxation purposes. The State Board of Equalization compares this value with the total value assessed to agricultural property in each county. The average value per acre of all agricultural land in North Dakota increased by 2.72 percent from 2018 to 2019 based on the value of production. The formula cost of production index value used in the 2019 analysis was 209.56. The formula capitalization rate was 4.51 percent. The capitalization rate had a larger effect on higher valuations compared to recent years. Cropland value increased, on average, 2.64 percent. Across individual counties, the cropland valuation ranged from a decrease of 4.29 percent to an increase of 6.99 percent. County values had small increases and decreases depending on crop mix and cropland to non-cropland percentages. Non-cropland values increased 5.52 percent. Generally, valuations for counties with a higher percentage of livestock increased partly due to increased calf prices for the current year replacing the lower oldest year in the data set. Changes in market value are included for comparison. Market value data are from the annual County Rents and Prices survey conducted by the North Dakota Department of Trust Lands. |
| Keywords: | Agricultural Finance, Farm Management |
| Date: | 2019–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:ags:nddaae:288513&r=all |
| By: | Satti Osman Mohamed Nour, Samia (Faculty of Economic and Social Studies, Khartoum University) |
| Abstract: | This paper uses both the descriptive and comparative approaches to provide overview of migration of higher education students from North Africa region. We fill the gap in the African literature and present a more comprehensive and recent analysis of migration of higher education students from North Africa region using UNESCO recent secondary data on international students mobility in tertiary education. We provide an interesting comparative analysis of migration of higher education students from North Africa region compared to South Africa. A novel element in our analysis is that we examine migration of higher education students from North Africa from both national and regional perspectives; mainly we discuss migration of higher education students for each individual country in North Africa region (Algeria, Egypt, Libya, Morocco, Sudan and Tunisia) and then discuss the total for the entire North Africa region. Therefore, we provide an extremely valuable contribution to the increasing debate in the international literature concerning the increasing interaction between migration and increasing internationalisation of higher education. Our findings support the first hypothesis that from national perspective, the pattern and size of migration of higher education students from the North Africa region increased substantially over the past years but the distribution showed considerable variation across North African countries. Our results corroborate the second hypothesis that the increasing trend of migration of higher education students from the North Africa region is caused by several push-pull factors (e.g. economic, social, political, cultural and educational). Our results support the third hypothesis that migration of higher education students from the North Africa region lead to mixed positive and negative impacts (e.g. transfer of knowledge, brain gain and skill acquisition for returned migrant students, but weak capacity to retain talents and brain drain for non-returned migrant students). Our findings corroborate the fourth hypothesis that skills of migrant higher education students from North Africa region can be better mobilised in their countries of origin by addressing the push-pull factors that determine migration of skills from the North Africa region. |
| Keywords: | Migration, higher education students, International student mobility, Internationalisation of higher education, Africa, North Africa region |
| JEL: | J60 J61 I23 I25 |
| Date: | 2019–04–08 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019010&r=all |
| By: | Richard T. Holden; Anup Malani |
| Abstract: | Two parties sign a contract but before they fully perform they modify the contract. Should courts enforce the modified agreement? The modification may enable efficient trade in response to changed circumstances, or one party may have made an efficient relationship-specific investment and then been held-up by the other. Courts have had difficulty tackling this problem because the facts required to discriminate between the two situations are non-verifiable. A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. But implementing such remedies requires commitment to the provisions, i.e., they themselves are subject to non-compliance. Conventional contract technology, e.g., the use of liquidated damages, to ensure commitment are disfavored by courts and subject to renegotiation. Smart contracts written on blockchain ledgers may offer a solution. We explain the basic economics of these technologies. We argue that they can used to implement liquidated damages without court involvement and thereby obtain commitment to renegotiation design and revelation mechanisms. We address the hurdles courts may impose to use of smart contracts and argue that sophisticated parties’ ex ante commitment to them may lead courts to allow their use as pre-commitment devices. |
| JEL: | D82 D86 K12 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25833&r=all |
| By: | Lionel Fontagné (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Gianluca Santoni |
| Abstract: | Les difficultés du multilatéralisme ont renouvelé l'intérêt pour le régionalisme en matière d'accord commercial. Avec quels partenaires un pays a-t-il un intérêt économique à signer un accord ? Quels seraient les gains à le faire quand un tel accord n'existe pas ? Au contraire, y a-t-il des gains à sortir d'accords signés pour lesquels il n'y a au départ pas d'intérêt économique ? Telles sont les questions que l'étude reprise dans cette Lettre permet d'aborder. Ses résultats montrent que la décision de sortir d'accords existants, quand bien même ils ne seraient pas justifiés par un intérêt économique, occasionne des pertes, et qu'il y a encore des gains à attendre de la signature de nouveaux accords pour lesquels il existe un intérêt économique. Néanmoins, les gains à attendre d'un accord régional, comme celui poussé par la Chine depuis novembre 2012 en réaction au partenariat Trans-Pacifique à 11, diminuent au fil du temps. Parce qu'elle est devenue un acteur d'importance globale, ce n'est plus tant avec ses voisins que la Chine a intérêt à signer des accords, mais avec d'autres puissances mondiales plus éloignées telles que l'Union européenne. |
| Date: | 2018–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01793771&r=all |
| By: | Ludovic Calès (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, JRC - European Commission - Joint Research Centre [Ispra]); Apostolos Chalkis (Athens - Department of Informatics and Telecommunications - National and Kapodistrian University of Athens); Ioannis Emiris (Athens - Department of Informatics and Telecommunications - National and Kapodistrian University of Athens, AROMATH - AlgebRe, geOmetrie, Modelisation et AlgoriTHmes - CRISAM - Inria Sophia Antipolis - Méditerranée - Inria - Institut National de Recherche en Informatique et en Automatique - National and Kapodistrian University of Athens); Vissarion Fisikopoulos (Oracle, ERGA (Laboratory of Algebraic and Geometric algorithms anf applications)) |
| Abstract: | We examine volume computation of general-dimensional polytopes and more general convex bodies, defined as the intersection of a simplex by a family of parallel hyperplanes, and another family of parallel hyperplanes or a family of concentric ellipsoids. Such convex bodies appear in modeling and predicting financial crises. The impact of crises on the economy (labor, income, etc.) makes its detection of prime interest for the public in general and for policy makers in particular. Certain features of dependencies in the markets clearly identify times of turmoil. We describe the relationship between asset characteristics by means of a copula; each characteristic is either a linear or quadratic form of the portfolio components, hence the copula can be constructed by computing volumes of convex bodies. We design and implement practical algorithms in the exact and approximate setting, we experimentally juxtapose them and study the tradeoff of exactness and accuracy for speed. We analyze the following methods in order of increasing generality: rejection sampling relying on uniformly sampling the simplex, which is the fastest approach, but inaccurate for small volumes; exact formulae based on the computation of integrals of probability distribution functions, which are the method of choice for intersections with a single hyperplane; an optimized Lawrence sign decomposition method, since the polytopes at hand are shown to be simple with additional structure; Markov chain Monte Carlo algorithms using random walks based on the hit-and-run paradigm generalized to nonlinear convex bodies and relying on new methods for computing a ball enclosed in the given body, such as a second-order cone program; the latter is experimentally extended to non-convex bodies with very encouraging results. Our C++ software, based on CGAL and Eigen and available on github, is shown to be very effective in up to 100 dimensions. Our results offer novel, effective means of computing portfolio dependencies and an indicator of financial crises, which is shown to correctly identify past crises. * The views expressed are those of the authors and do not necessarily reflect official positions of the European Commission. |
| Date: | 2018–06–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01897265&r=all |
| By: | Bernardo J. Zubillaga; Andr\'e L. M. Vilela; Chao Wang; Kenric P. Nelson; H. Eugene Stanley |
| Abstract: | We propose a three-state microscopic opinion formation model for the purpose of simulating the dynamics of financial markets. In order to mimic the heterogeneous composition of the mass of investors in a market, the agent-based model considers two different types of traders: noise traders and contrarians. Agents are represented as nodes in a network of interactions and they can assume any of three distinct possible states (e.g. buy, sell or remain inactive). The time evolution of the state of an agent is dictated by probabilistic dynamics that include both local and global influences. A noise trader is subject to local interactions, tending to assume the majority state of its nearest neighbors, whilst a contrarian is subject to a global interaction with the behavior of the market as a whole, tending to assume the state of the global minority of the market. The model exhibits the typical qualitative and quantitative features of real financial time series, including distributions of returns with heavy tails, volatility clustering and long-time memory for the absolute values of the returns. The distributions of returns are fitted by means of coupled Gaussian distributions, quantitatively revealing transitions between leptokurtic, mesokurtic and platykurtic regimes in terms of a non-linear statistical coupling which describes the complexity of the system. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04370&r=all |
| By: | De Nardi, Mariacristina; Fella, Giulio; Knoef, Marike; Van Ooijen, Raun |
| Abstract: | We document new facts on the distributions of male wages, male earnings, and household earnings and income (before and after taxes) in the Netherlands and the United States. We find that, in both countries, wages display rich dynamics, including substantial asymmetries and nonlinearities by age and previous earnings levels. Individual-level male wage and earnings risk is relatively high for younger and older people, and for those in the lower and upper parts of the income distribution. In the Netherlands, the behavior of hours and family labor supply have noticeable effects on earnings persistence and on the skewness and kurtosis of wage changes, but government transfers are a major source of insurance. Instead, the role of family insurance is much larger in the U.S. and also affects the standard deviation of wage changes, in addition to its skewness and kurtosis, and wage persistence. Family and government insurance reduce, but do not eliminate these non-linearities in household disposable income by age and previous earnings in both countries. |
| Keywords: | earnings risk; family insurance; government insurance; Wage risk |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13720&r=all |
| By: | Payson, Steven; Sloboda, Brian W. |
| Abstract: | The estimation of the employment effects of offshore safety and environmental regulation is often highly speculative and based on questionable assumptions. Nevertheless, it is still highly publicized and used as a basis for policy statements in support or, or in opposition to, proposed regulations. Much more reliable estimates of such employment effects can be made, however, based on fundamental principles of microeconomic analysis. This paper demonstrates this by developing a microeconomic model explaining the effects of offshore regulations on employment, assuming the standard profit-maximization behavior of firms. The paper finds that the most relevant and reliable measures of employment effects are: reductions in employment from operations that are terminated because of the new regulation, increases in employment because of additional labor needed to meet the new requirements, and increases in employment in equipment manufacturing when the regulation calls for the expanded use of certain equipment. The costs related to these contractions or expansions of employment can often be gleaned from information in the benefit-cost analysis that was required to accompany the proposed regulation by the regulatory agency involved. For example, the daily costs of offshore rigs and the costs of equipment can be translated to increases in employment. |
| Keywords: | Offshore,Oil,Gas,Regulation,Employment,Microeconomics |
| JEL: | J23 D20 Q48 L51 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:348&r=all |
| By: | Xing, Shiqi; Batabyal, Amitrajeet |
| Abstract: | Despite repeated calls for a thorough cleanup of water pollution in the Ganges river, there are only two papers in the social sciences by Batabyal and Beladi (2017, 2019) that have shed theoretical light on this cleanup problem and its connection to the sustainability of tourism in Varanasi. Hence, we extend the above mentioned analyses and focus on two specific questions. First, we introduce the notion of a safe minimum standard (SMS) into the study and show how to analyze a probabilistic model of the Ganges cleanup problem when the SMS is accounted for. Second, for a representative citizen of Varanasi, we study how the magnitude of the elasticity of substitution between a composite consumption good and water quality in the Ganges---modeled by the SMS---affects the tradeoff between consumption and water quality maintenance. |
| Keywords: | Ganges river, Safe Minimum Standard, Tourism, Uncertainty, Water Pollution |
| JEL: | L83 Q53 |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93846&r=all |
| By: | Marco Caliendo (University of Potsdam, IZA Bonn, DIW Berlin, IAB Nuremberg); Stefan Tübbicke (University of Potsdam) |
| Abstract: | The German start-up subsidy (SUS) program for the unemployed has recently undergone a major make-over, altering its institutional setup, adding an additional layer of selection and leading to ambiguous predictions of the program’s effectiveness. Using propensity score matching (PSM) as our main empirical approach, we provide estimates of long-term effects of the post-reform subsidy on individual employment prospects and labor market earnings up to 40 months after entering the program. Our results suggest large and persistent long-term effects of the subsidy on employment probabilities and net earned income. These effects are larger than what was estimated for the pre-reform program. Extensive sensitivity analyses within the standard PSM framework reveal that the results are robust to different choices regarding the implementation of the weighting procedure and also with respect to deviations from the conditional independence assumption. As a further assessment of the results’ sensitivity, we go beyond the standard selection-on-observables approach and employ an instrumental variable setup using regional variation in the likelihood of receiving treatment. Here, we exploit the fact that the reform increased the discretionary power of local employment agencies in allocating active labor market policy funds, allowing us to obtain a measure of local preferences for SUS as the program of choice. The results based on this approach give rise to similar estimates. Thus, our results indicating that SUS are still an effective active labor market program after the reform do not appear to be driven by “hidden bias”. |
| Keywords: | Start-Up Subsidies, Policy Reform, Matching, Instrumental Variables |
| JEL: | J68 H43 C14 C26 L26 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:06&r=all |
| By: | Sofia F. Franco, Carlos Daniel Santos, Rafael Longo |
| Abstract: | Short-term rentals have facilitated the upraise trend in tourism growth in several cities around the world. However, concerns for the negative effects that such home-sharing platforms may have on the housing market and traditional markets have driven community groups and housing advocates to intensely react against them. Whether or not shortterm rentals increase housing prices and rents for local residents is an empirical question. We quantify the causal effects of Airbnb's short-term rentals on urban housing affordability in Portugal by estimating quarterly housing rents and prices as a function of Airbnb concentration. We take advantage of the 2014 regulatory reform and employ a difference-in-differences (DiD) empirical strategy. We estimate an overall increase in property values of 34% and 10.9% for rents due to the short-term lease regulatory reform. We also find that these effects are particularly localized to the historical centers and areas attractive to tourists in the cities of Lisbon and Porto. A better understanding of the effects of shortterm home rentals on housing markets and of the magnitude of its impact on residential property prices and rents are crucial information to determine whether it needs to be regulated and how proper regulation should be designed. JEL codes: R21, R31, Z32 |
| Keywords: | property values, Airbnb, short-term rentals, regulation |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:unl:unlfep:wp630&r=all |
| By: | Perron, Pierre; Yamamoto, Yohei |
| Abstract: | In empirical applications based on linear regression models, structural changes often occur in both the error variance and regression coefficients possibly at different dates. A commonly applied method is to first test for changes in the coefficients (or in the error variance) and, conditional on the break dates found, test for changes in the variance (or in the coefficients). In this note, we provide evidence that such procedures have poor finite sample properties when the changes in the first step are not correctly accounted for. In doing so, we show that the test for changes in the coefficients (or in the variance) ignoring changes in the variance (or in the coefficients) induces size distortions and loss of power. Our results illustrate a need for a joint approach to test for structural changes in both the coefficients and the variance of the errors. We provide some evidence that the procedures suggested by Perron, Yamamoto and Zhou (2019) provide tests with good size and power. |
| Keywords: | structural change, variance shifts, CUSUM of squares tests, hypothesis testing, Sup-LR test |
| JEL: | C12 C38 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:hit:econdp:2019-01&r=all |
| By: | Paméla Baillette (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Yves Barlette (Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School) |
| Abstract: | Despite prior research on the 'Bring Your Own Device' (BYOD) phenomenon, little attention has been paid to perceptions of opportunities/threats associated with the implementation of BYOD by CEOs. This quantitative study is based on the coping model of user adaptation (CMUA). We enriched this model with quantitative constructs for assessing the CEOs' beneficial and threatening perceptions of BYOD implementation. We also added CEOs' information security (ISS) concern, in order to identify potential security paradoxes, i.e., discrepancies between their concerns and the adopted coping strategies. Results indicate that perceived opportunities/threats and perceived behavioral control have an impact on the type of coping strategy adopted. This study clarifies the operationalization of an enriched CMUA and offers managerial contributions regarding improved protection of corporate information when implementing BYOD. These are the first results concerning 61 CEOs. The full results will be released during the AIM conference with 200+ responses in May 2018. |
| Keywords: | BYOD,CMUA,CEO,Security paradox,Coping,Behavior 2 |
| Date: | 2018–05–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02102830&r=all |
| By: | Paul Heidhues; Philipp Strack |
| Abstract: | Timing decisions are common: when to file your taxes, finish a referee report, or complete a task at work. We ask whether time preferences can be inferred when \textsl{only} task completion is observed. To answer this question, we analyze the following model: each period a decision maker faces the choice whether to complete the task today or to postpone it to later. Cost and benefits of task completion cannot be directly observed by the analyst, but the analyst knows that net benefits are drawn independently between periods from a time-invariant distribution and that the agent has time-separable utility. Furthermore, we suppose the analyst can observe the agent's exact stopping probability. We establish that for any agent with quasi-hyperbolic $\beta,\delta$-preferences and given level of partial naivete $\hat{\beta}$, the probability of completing the task conditional on not having done it earlier increases towards the deadline. And conversely, for any given preference parameters $\beta,\delta$ and (weakly increasing) profile of task completion probability, there exists a stationary payoff distribution that rationalizes her behavior as long as the agent is either sophisticated or fully naive. An immediate corollary being that, without parametric assumptions, it is impossible to rule out time-consistency even when imposing an a priori assumption on the permissible long-run discount factor. We also provide an exact partial identification result when the analyst can, in addition to the stopping probability, observe the agent's continuation value. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.03959&r=all |
| By: | Stéphane Carcillo; Antoine Goujard; Alexander Hijzen; Stefan Thewissen |
| Abstract: | The OECD actively supports countries with the implementation of the OECD Jobs Strategy through the preparation of labour market chapters in the OECD Economic Surveys. This paper provides an overview of the analytical work carried out in the context of the 2019 Economic Survey for France. The paper consists of a preliminary assessment of the French labour market reforms since 2017 related to the tax and benefit system, employment protection, and collective bargaining. These reforms are broadly in line with the recommendations of the OECD Jobs Strategy. They are likely to contribute to enhanced employment and living standards of low-skilled workers and reduce labour market duality. However, a close monitoring will be necessary to assess whether their implementation has the desired effects and additional measures are needed. |
| Keywords: | collective bargaining, employment protection legislation, France, OECD Jobs Strategy, taxes and benefits |
| JEL: | J3 J41 J51 |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:oec:elsaab:227-en&r=all |
| By: | Cole, A.; Towse, A.; Zamora, B. |
| Abstract: | Increasingly, scientific advances are delivering new medicines that deliver improved survival and quality of life across multiple treatment indications. Indication-Based Pricing (IBP) has been proposed as a way to better link price with value. In this short Discussion Paper, we outline the major issues including the potential benefits of IBP, potential draw-backs, and considerations for implementation. We then ask for your views. To submit your thoughts, please access the survey which accompanies the Discussion Paper. Consultation closing date - Monday 24th June 2019. |
| Keywords: | Economics of innovation; Judging value for money and improving decision making |
| JEL: | I1 |
| Date: | 2019–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:ohe:briefg:002165&r=all |
| By: | Ion Stancu (Institute of Financial Studies Bucharest); Andrei Tudor Stancu (Norwich Business School, UK); Iulian Panait (Financial Supervisory Authority) |
| Abstract: | In each issue of the Financial Studies Review, we update and publish the Financial Stability Index (FSI) of our Institute of Financial Studies, which tracks the correlation between economic growth and macroeconomic and financial factors in Romania.We constructeda composite index using a linear combination of financial variables that are considered to have a significant impact on economic activity. These financial variables are weighted with respect to their cumulated two quarters impulse response on GDP growth, as estimated by a VAR model.Developing such a composite index of financial stability or financial stress has two main utilities:•The analysis of the correlation between financial variables and the real economy placed in the context of different historical episodes of financial crisis. Also, this correlation analysis reveals, in each period, the significant positive or negative contribution of each financial variable to real economic growth. Following this analysis, the FSIcan measure the impact of economic and financial policy measures aimed at mitigating financial crises.•The short-term prediction of real economic growth estimated by forecasting the next period evolution of the real economic activity (GDPt+1) using current period GDPtand FSIt. |
| Keywords: | composite index, financial stress index, economic growth, VAR model, shortterm prediction |
| JEL: | E63 G01 G28 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0008&r=all |
| By: | OCDE |
| Abstract: | Dans la quasi-totalité des systèmes scolaires, l’affectation des élèves dans les établissements d’enseignement publics se fait, au moins en partie, sur la base de leur lieu de résidence. Les élèves se voient ainsi en général affectés dans l’établissement d’enseignement le plus proche de leur domicile. L’objectif principal pourrait être d’éviter aux élèves des trajets longs et coûteux entre leur maison et l’école. Toutefois, ces dernières décennies, de nombreux pays ont adopté des réformes élargissant les possibilités de choix d’établissement à disposition des familles en assouplissant le lien entre lieu de résidence et affectation scolaire. Quel est l’impact de ces réformes sur la composition sociale des établissements d’enseignement ? |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:oec:edudde:96-fr&r=all |
| By: | Kartik Misra (Department of Economics, University of Massachusetts Amherst) |
| Abstract: | By providing 100 days of guaranteed employment to every rural household, the National Rural Employment Guarantee Act (NREGA) can challenge the hegemony of the landed elite as major employers in the Indian countryside and raise market wages which have long been depressed. This paper shows that the impact of NREGA is conditioned and complicated by historical inequalities in agricultural landownership which have persisted since the colonial period. I find that in the lean season of agriculture, the program is highly successful in raising wages and generating more public employment in districts that were not characterized by historically high levels of socio-economic inequality. In these districts, the increase in public employment crowds-out labor primarily from domestic work, reflected in increased women’s participation in the program. However, high inequality in landownership adversely impacts the bargaining power of workers and the enforcement of their entitlements under NREGA. This is most evident when I examine the impact of NREGA on rural wages. I find that in districts where land is concentrated in the hands of relatively few large landowners, private agricultural wages declined despite NREGA, whereas they remain largely unchanged in districts that have more equitable land distribution. These findings are consistent with the hypothesis that NREGA has not become a credible alternative to private employment in regions with high land inequality. |
| Keywords: | India; NREGA; historical institutions; wage bargaining; monopsonistic labor markets |
| JEL: | O12 I38 J42 J43 P48 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2019-09&r=all |
| By: | OECD |
| Abstract: | In almost all school systems, students are assigned to public schools based, at least partly, on their home address. Through this policy, students are typically assigned to the school closest to their home. The main objective may be to avoid long and costly commutes to and from school. However, over the past few decades, many countries have implemented reforms that provide more school options to families by loosening the link between home address and school. How do these reforms affect the social composition of schools? |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:oec:eduddd:96-en&r=all |
| By: | Coker, Ayodeji Alexander Ajibola; Molokwu, Christopher C.; Odoemena, Benjamin C.; Tuedogheye, Jeremiah G.; Elega, Julius O. |
| Abstract: | The issues of youth unemployment, inequality, poverty, economic recession and associated anti- · social activities are critical challenges currently limiting the development of the Niger Delta Region of Nigeria. This study therefore assessed the various cassava agribusiness value chain nodes in the Region, with the view to ascertaining their returns on investment and propensity for attracting the pool of unemployed youths and women into agribusiness and uplifting their livelihoods. Evidence from the study suggests that cassava enterprises, particularly processing, is most promising to attract the youths and women into agribusiness, given its high returns on investment. It thus becomes imperative that cassava enterprises be incorporated into on-going and proposed development interventions of the private sector, government and development partners, with a view to actualising the policy objective of women and youth empowerment in the country, and in particular, the Niger Delta Region, as detailed in the Agricultural Promotion Policy and the Economic and Growth Recovery Plan. The study further recommends that the cassava value chain enterprises should be deployed as focal commodities for the proposed agribusiness incubation centres and the agroindustrial parks, with a view to causing entrepreneurs empowerment and national output, while serving as antidote to economic recession. |
| Keywords: | Agribusiness |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288306&r=all |
| By: | Hatem Hamdi (EVS - Environnement Ville Société - ENS Lyon - École normale supérieure - Lyon - Mines Saint-Étienne MSE - École des Mines de Saint-Étienne - Institut Mines-Télécom [Paris] - UL2 - Université Lumière - Lyon 2 - UJML - Université Jean Moulin - Lyon III - Université de Lyon - INSA Lyon - Institut National des Sciences Appliquées de Lyon - Université de Lyon - INSA - Institut National des Sciences Appliquées - UJM - Université Jean Monnet [Saint-Étienne] - ENTPE - École Nationale des Travaux Publics de l'État - ENSAL - École nationale supérieure d'architecture de Lyon - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Au temps du tout numérique et à l'évolution des aspects du voyage, deux éléments, incitent les pays de destination à se métamorphoser afin de renforcer leurs attractivités et compétitivités touristiques. Le développement par la distinction est devenu la nouvelle tendance de rentabilité de tout marché. La notion de l'innovation s'est imposée comme une exigence d'urgence des politiques publiques tunisiennes sans considération des limites de leur potentiel. Pour suivre ce mouvement, plusieurs freins et limites peuvent survenir. Entre les exigences de transformations et ses effets, le contexte politico-économique et sécuritaire, ainsi que les capacités d'adaptions des différents acteurs, il peut y surgir un décalage à différentes échelles. La question de la compatibilité envers le changement et l'harmonisation avec ou entre les acteurs, l'écart est commensurable. Cette vision emporte avec elle les enjeux de différents secteurs qui subsistent grâce à la création, aussi à l'innovation de produits et services particularisés. Dans les limites d'un projet de développement touristique, il est essentiel de se reposer sur l'implication de l'ensemble des acteurs et la coordination de tous les tissus partenariaux. L'adhésion à l'innovation ne doit cependant pas ignorer l'environnement du territoire concerné. Approuver une telle orientation exige d'être en conformité avec la cadence actuelle des territoires. Afin de développer cette position, l'attention de notre étude portera sur les enjeux de l'innovation dans la stratégie de développement du tourisme tunisien, en termes d'implications des acteurs et leurs capacités d'adaptations. Cela est mis en évidence dans l'étude de cas de la compagnie tunisienne de transport aérien, Tunisair. |
| Keywords: | développement par l’innovation,tourisme tunisien post révolution,Tunisair |
| Date: | 2017–11–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02111169&r=all |
| By: | Peter Addo (Lead Data Scientist - SNCF Mobilité); Dominique Guegan (UP1 - Université Panthéon-Sorbonne, Labex ReFi - UP1 - Université Panthéon-Sorbonne, University of Ca’ Foscari [Venice, Italy], CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, IPAG Business School); Bertrand Hassani (Labex ReFi - UP1 - Université Panthéon-Sorbonne, Capgemini Consulting [Paris]) |
| Abstract: | Due to the hyper technology associated to Big Data, data availability and computing power, most banks or lending financial institutions are renewing their business models. Credit risk predictions, monitoring, model reliability and effective loan processing are key to decision making and transparency. In this work, we build binary classifiers based on machine and deep learning models on real data in predicting loan default probability. The top 10 important features from these models are selected and then used in the modelling process to test the stability of binary classifiers by comparing performance on separate data. We observe that tree-based models are more stable than models based on multilayer artificial neural networks. This opens several questions relative to the intensive used of deep learning systems in the enterprises. |
| Keywords: | Deep learning,Data Science,Credit risk,Financial regulation,Bigdata |
| Date: | 2018–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01719983&r=all |
| By: | Holden , Stein T. (Centre for Land Tenure Studies, Norwegian University of Life Sciences); Tilahun , Mesfin (Centre for Land Tenure Studies, Norwegian University of Life Sciences) |
| Abstract: | We use a field experiment to estimate the risk preferences of 945 youth and young adult members of 116 rural business groups organized as primary cooperatives in a semi-arid risky environment in northern Ethiopia. Multiple Choice Lists with binary choices between risky prospects and varying safe amounts are used to identify the certainty equivalent for each risky prospect. Rank Dependent Utility Models with alternatively Wilcox’ (2011) Contextual Utility or Busemeyer and Townsend (1992, 1993) Decision Field Theory heteroskedastic error specifications are used to estimate risk preference parameters and parametrized model noise. The study aims to a) assess potential biases associated with Choice List design; b) assess a time-saving elicitation method; c) inspect the predictive power of the predicted risk preference parameters for respondents’ investment, income and endowment variables; d) assess how the predictive power is associated with model noise and the addition of two low probability high outcome risky prospects that may help to capture utility curvature more accurately. Substantial risk parameter sensitivity to Choice List design was detected. The rapid elicitation method appears attractive as it facilitates use of a larger number of Choice Lists with variable attributes although it is sensitive to bias due to random error associated with randomized starting points. The addition of the two Choice Lists with low probability high outcomes substantially enhanced the explanatory power of the predicted risk preference parameters and resulted in substantially higher estimates of the utility curvature parameter. |
| Keywords: | Risk preferences; rank dependent utility; probability weighting; measurement error; predictive power; field experiment; Ethiopia |
| JEL: | C90 C93 D14 D81 D90 |
| Date: | 2019–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nlsclt:2019_003&r=all |
| By: | Torres Mazzi, Caio (UNU-MERIT) |
| Abstract: | This paper studies how production fragmentation has affected the performance of Brazilian exporters in the manufacturing sector. We begin by combining existing classifications of internationally traded products to identify four different categories of goods, of which one ('customised intermediates') we associate more closely with fragmented trade. We then proceed to compare the productivity premium of international traders for these different categories. Our results confirm exporting customised intermediates is associated with a superior performance in comparison to other intermediates; but also highlights a strong influence of sector specificities. We also investigate the existence of learning-by-exporting effects and find no evidence for firms that produce customised intermediates exclusively. However, exports of customised products in general - i.e. both final and intermediate goods - are associated with learning. This result suggests trade in customised intermediates might be associated with learning when firms manage to upgrade their products to other customised goods. |
| Keywords: | exports, productivity, fragmentation, Global Value Chains |
| JEL: | F14 F12 O33 O31 |
| Date: | 2019–04–23 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019014&r=all |
| By: | Irina Levina (Institute for Industrial and Market Studies, National Research University Higher School of Economics) |
| Abstract: | Can decentralization of firms be successful in an environment with weak institutions? Decentralization can do a great job for improving firms’ efficiency and competitiveness by creating opportunities for quicker and more competent decision-making and enhancing motivation of employees. However, decentralization is associated with a substantial increase in agency risk, which is particularly important for firms that operate under weak institutions. Hence, the popular belief is that in countries with weak institutions, firms are unable to successfully decentralize. In this paper, we study evidence from Russian firms to challenge this belief. Following anecdotal evidence and trends observed in the data, we introduce the notions of real decentralization for firms that decentralize decision-making to competitively hired professionals and cautious decentralization for firms that decentralize to people hired through connections. We demonstrate that really decentralized firms are, on average, significantly more likely to invest even in Russian weak institutional conditions. We also show that the gap in investment between really decentralized and other firms declines as corruption grows. Empirical research presented in the paper implies that there still can be significant room for decentralization even in an environment with weak institutions, such as that of Russia. However, as the role of non-market factors (such as corruption) in firms’ prosperity increases, the potential value of decentralization for the firms declines. |
| Keywords: | decentralization, decision-making, investment, institutions, corruption, Russia |
| JEL: | D02 D22 D23 L2 M2 M51 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:ost:wpaper:375&r=all |
| By: | Debortoli, Davide (UPF, CREI and Barcelona GSE); Kim, Jinill (Korea University); Lindé, Jesper (Research Department, Central Bank of Sweden); Nunes, Ricardo (University of Surrey and CIMS) |
| Abstract: | Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare-relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when imposing a moderate degree of interest rate volatility. |
| Keywords: | Central banksobjectives; simple loss function; monetary policy design; sticky prices and sticky wages; DSGE models |
| JEL: | C32 E58 E61 |
| Date: | 2018–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0366&r=all |
| By: | William Seitz (Independent Researcher); Alberto Zazzaro (University of Naples Federico II, CSEF and MoFiR.) |
| Abstract: | Economic sanctions usually fail, sometimes even provoking the opposite of the intended outcome. Why are sanctions so often ineffective? One prominent view is that sanctions generate popular support for the targeted government and its policies; an outcome referred to as the rally-around-the-flag effect. We quantify this effect in the context of a major trade dispute between Ukraine and the Russian Federation, which led to a cut in gas exports to Ukraine and a sharp increase of gas prices. Using individual data on political and economic preferences before and after the trade dispute and exploiting the cross section heterogeneity in the individual exposure to the price shock—measured by the connection to a centralized gas/heating system—we find that people more directly affected by the increase of gas prices were significantly more likely to change their opinions in support of Western-style political and economic systems preferred by the incumbent government, consistent with a rally-around-the-flag effect. |
| Keywords: | Sanctions, Gas Dispute, Russia, Ukraine, Rally-Around-the-Flag |
| JEL: | F13 F51 |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:529&r=all |
| By: | Jack W. Britton; Jonathan Gruber |
| Abstract: | Government backed income contingent student loans are an increasingly being used to fund higher education. An income contingent repayment plan acts as an incremental marginal tax on labor earnings, which could cause individuals to distort their work effort. This paper uses an administrative dataset from the UK that links student loan borrowers between 1998 and 2008, to their official tax records between 2001/02 and 2013/14. Using a combination of techniques, including bunching and difference-in-difference methodology, our findings strongly reject the hypothesis that the UK’s income-contingent repayment plan distorts labor supply. |
| JEL: | H2 H52 I22 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25822&r=all |
| By: | Mary Kay Fox; Elizabeth Gearan; Charlotte Cabili; Dallas Dotter; Katherine Niland; Liana Washburn; Nora Paxton; Lauren Olsho; Lindsay LeClair; Vinh Tran |
| Abstract: | Findings from the extensive analyses of data collected in the SNMCS are presented in four report volumes. Volume 4 (this volume) addresses students’ participation in school meals, parents’ and students’ satisfaction with the meals, amounts of plate waste, and the influence of school meals on students’ dietary intakes. A separate methodology report (Zeidman et al. 2019) provides technical details about the study design, sampling, and data collection procedures. |
| Keywords: | nutrition, meal cost, school lunch program |
| JEL: | I0 I1 |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:ac91609c7ade415d91a82938c55275cf&r=all |
| By: | Dimitra Kontana (Department of Economics, University of Macedonia); Fotios Siokis (University of Macedonia) |
| Abstract: | Based on the seminal paper of Case, Quigley and Shiller (2013), we investigate the effects of financial and housing wealth on consumption. Using quarterly data from 1975 to 2016, for all States of U.S. economy, and a different methodology in measuring wealth, we report relatively greater financial effects than housing effects on consumption. Specifically, in our basic utilized model, the calculated elasticity for financial wealth is 0.060, while for housing is 0.045. The results are not in agreement with the ones obtained by Case, Quigley and Shiller. In an attempt to investigate the disparity, we proceed by incorporating the introduction of the Tax Reform Act in 1986, which increased incentives for owner-occupied housing investments. Finally, due to distributional factors at work, and taking into account the pronounced uneven distribution of wealth we investigate the effects of wealth for 8 states that include the Metropolitan areas comprising of the well-known Case-Shiller 10-City Composite Index. Now the housing effect on consumption is much stronger and larger than the financial effect. Additionally, we forecast the consumption changes at the time of the high rise and large drops in house prices for these states. Forecasts showed a recession from the fall of Lehman Brothers until the fourth quarter of 2011. These forecasts were not verified. Probably, the new techniques used by politics played an important role. We also find that extreme behaviors cannot be predicted. |
| Keywords: | consumption; financial wealth; housing wealth; wealth effects. |
| JEL: | E21 G1 R31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:mcd:mcddps:2019_03&r=all |
| By: | Norde, Henk (CentER and Department of Econometrics and Operations Research, Tilburg University); Voorneveld, Mark (Dept. of Economics) |
| Abstract: | The rational choice paradigm in game theory and other fields of economics has agents best-responding to beliefs about factors that are outside their control. And making certain options a best response is a common problem in mechanism design and information elicitation. But not every correspondence can be made into a best-response correspondence. So what characterizes a feasible best-response correspondence? And once we know that, can we find some or even all utility functions that give rise to this best-response correspondence? We answer these three questions for an expected-utility maximizing agent with finitely many actions and probabilistic beliefs over finitely many states or opponents' strategies. We apply our results to information elicitation problems where contracts (scoring rules) are designed to financially reward an expected-payoff maximizing agent to truthfully reveal a property of her belief by sending a report from some finite set of messages. This leads to a number of new insights: firstly, we characterize exactly which properties can be elicited using scoring rules; secondly, we show that in this class of problems quadratic scoring rules are both necessary and sufficient methods of doing so. |
| Keywords: | best-response correspondence; best-response equivalence; information elicitation; scoring rule |
| JEL: | C72 D82 D83 |
| Date: | 2019–04–25 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:hastec:2019_002&r=all |
| By: | Martin Paldam (Department of Economics and Business Economics, University of Aarhus) |
| Abstract: | The paper looks at the effect of instability of political and economic institutions, using the Polity and the Fraser indices to characterize the two dimensions of society. The indices are used to derive three measures of instability: VP and VF are the average numerical annual change in each index, and ZP is the fraction of years under anarchy. All three have a negative correlation to growth. Two main theories are considered: One is the long-run transition-link: High growth in low- and middle-income countries gives a faster transition and hereby more system instability. The second is the short-run investment link: System instability gives an uncertain and unpredictable environment that harms investment, and hence growth. The combination of the two links is a main reason why the potential high growth of less developed countries is so difficult to achieve. |
| Keywords: | Instability, institutions, development |
| JEL: | O11 O43 |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:aah:aarhec:2019-07&r=all |
| By: | Osseni, Abdel Fawaz; Bareille, François; Dupraz, Pierre |
| Abstract: | Agricultural activities jointly generate various externalities. Hedonic pricing method allows for their valuation. Previous hedonic studies have estimated the value of the externalities generated by a given agricultural activity in a single parameter. Based on simple theoretical model, we illustrate that this parameter captures the sum of the different externalities generated by the activity. We explain that this parameter can differ at different spatial scale. Using specific spatial econometric models with spatial lags on the explanatory variables, we distinguish between the value of infra-municipal agricultural externalities and the value of extra-municipal agricultural externalities with larger spatial range arising from the same agricultural source. Among the estimated models, the spatial lag of the exogenous variable and the general nested spatial models are selected as the best models. We find that swine activities present negative effects at all scales whereas dairy cattle activities, including grassland management, present negative effects at the infra-municipality scale but positive spillovers. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ags:inrasl:288368&r=all |
| By: | Christopher W. Logan; Vinh Tran; Maria Boyle; Ayesha Enver; Matthew Zeidenberg; Michele Mendelson |
| Abstract: | Findings from the extensive analyses of data collected in the SNMCS are presented in four report volumes. Report Volume 3 (this volume) provides a detailed examination of the costs to produce reimbursable school meals and of SFA revenues during SY 2014–2015. |
| Keywords: | nutrition, meal cost, school lunch program |
| JEL: | I0 I1 |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:1122e3b246f545489cbb0543577faf5b&r=all |
| By: | Marie Vandresse |
| Abstract: | This paper explores the possibility of building a multiregional migration model at the EU level based on Eurostat statistics on migration by country of previous and next residence, by country of birth or by citizenship. These statistics are used to build a consistent origin-destination matrix for the EU Member States. In this case, 'consistent' means that the sum of all intra-EU movements should be equal to 0. This matrix is then used to compute migration rates between EU countries, which can be inserted into a multiregional population projection model.This paper shows that the currently available official statistics on migration flows can be used to build a multiregional migration model at the EU level. Although more developments should be implemented to test and improve the model, it produces promising results. |
| Keywords: | Demography, International migration, Multiregional population projection |
| JEL: | J11 |
| Date: | 2018–06–08 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1807&r=all |
| By: | Ana Maria Necula (Academy of Economic Studies and The National Bank of Romania); Andrei Tudor Stancu (Norwich Business School, UK) |
| Abstract: | Our paper highlights the benefits derived from holding internationally diversified portfolios,from the perspective of Romanian investors, by assessing the riskand return levels forthree portfolio structures, constructed with equities from: (1) Romania and emerging countries; (2) Romania and developed countries; (3) Romania and all countriesanalysedin this study.Moreover, we undertake a comparative analysis betweenthe results obtained for the period January2015-February 2018andthe results obtained during the global financial crisis, when increased correlations among global financial markets threatenedtheir diversification potential. Ourfindings indicate that forboth periods considered, portfolios diversified among all equity markets outperform the other two portfolio structures analysed. The performance of portfolios diversified among emerging countriesequities is significantly higher than the performance of portfoliosdiversified with equities from Romania and the developed countries considered,during both the crisisand January -February 2018 period, but the result is reversed when analysing the results forthe last sixmonths |
| Keywords: | portfolio choice, international financial markets, financial crisis, foreign exchange risk |
| JEL: | G11 G15 G01 F31 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0012&r=all |
| By: | Colombo, Matteo (Tilburg University, School of Economics and Management); Duev, Georgi (Tilburg University, School of Economics and Management); Nuijten, M.B. (Tilburg University, School of Economics and Management); Sprenger, Jan (Tilburg University, School of Economics and Management) |
| Abstract: | Experimental philosophy (x-phi) is a young field of research in the intersection of philosophy and psychology. It aims to make progress on philosophical questions by using experimental methods traditionally associated with the psychological and behavioral sciences, such as null hypothesis significance testing (NHST). Motivated by recent discussions about a methodological crisis in the behavioral sciences, questions have been raised about the methodological standards of x-phi. Here, we focus on one aspect of this question, namely the rate of inconsistencies in statistical reporting. Previous research has examined the extent to which published articles in psychology and other behavioral sciences present statistical inconsistencies in reporting the results of NHST. In this study, we used the R package statcheck to detect statistical inconsistencies in x-phi, and compared rates of inconsistencies in psychology and philosophy. We found that rates of inconsistencies in x-phi are lower than in the psychological and behavioral sciences. From the point of view of statistical reporting consistency, x-phi seems to do no worse, and perhaps even better, than psychological science. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:075f5696-ae1a-4aae-9e17-c0a5f8f99061&r=all |
| By: | Ferman, Bruno |
| Abstract: | We analyze the conditions in which ignoring spatial correlation is problematic for inference in differences-in-differences (DID) models. Assuming that the spatial correlation structure follows a linear factor model, we show that inference ignoring such correlation remains reliable when either (i) the second moment of the difference between the pre- and post-treatment averages of common factors is low, or (ii) the distribution of factor loadings has the same expected values for treated and control groups, and do not exhibit significant spatial correlation. We present simulation results with real datasets that corroborate these conclusions. Our results provide important guidelines on how to minimize inference problems due to spatial correlation in DID applications. |
| Keywords: | inference, differences-in-differences, spatial correlation |
| JEL: | C12 C21 C23 C33 |
| Date: | 2019–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93746&r=all |
| By: | Loughrey, Jason; Hennessy, Thia |
| Abstract: | Agricultural land rental markets contribute towards structural change in the farming sector by offering farmers the opportunity to adjust their farm size without committing to a transfer of land ownership. In Irish agriculture, the share of agricultural land being rented is however, among the lowest in Europe. Many Irish farmers continue to produce output and remain in agricultural employment despite persistently negative market returns. This implies that land-use decisions are not solely influenced by market returns. In this paper, we utilize Teagasc National Farm survey data to analyse the agricultural land rental market in Ireland with a newly developed microsimulation model. This model is compared to an equilibrium model of the land rental market. The microsimulation model has a number of advantages over the equilibrium model in addressing path dependency, the interaction between landowners and tenants and the farm size concentration. The model requires some further refinement in simulating the variability of land rental prices between contracts. |
| Keywords: | Land Economics/Use |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288439&r=all |
| By: | Abdel Fawaz Osseni; François Bareille; Pierre Dupraz |
| Abstract: | Agricultural activities jointly generate various externalities. Hedonic pricing method allows for their valuation. Previous hedonic studies have estimated the value of the externalities generated by a given agricultural activity in a single parameter. Based on simple theoretical model, we illustrate that this parameter captures the sum of the different externalities generated by the activity. We explain that this parameter can differ at different spatial scale. Using specific spatial econometric models with spatial lags on the explanatory variables, we distinguish between the value of infra-municipal agricultural externalities and the value of extra-municipal agricultural externalities with larger spatial range arising from the same agricultural source. Among the estimated models, the spatial lag of the exogenous variable and the general nested spatial models are selected as the best models. We find that swine activities present negative effects at all scales whereas dairy cattle activities, including grassland management, present negative effects at the infra-municipality scale but positive spillovers. |
| Keywords: | externalities, nitrogen, agriculture, spatial econometric |
| JEL: | Q51 Q53 H41 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:rae:wpaper:201904&r=all |
| By: | Jerry A. Hausman; Haoyang Liu; Ye Luo; Christopher Palmer |
| Abstract: | The popular quantile regression estimator of Koenker and Bassett (1978) is biased if there is an additive error term. Approaching this problem as an errors-in-variables problem where the dependent variable suffers from classical measurement error, we present a sieve maximum-likelihood approach that is robust to left-hand side measurement error. After providing sufficient conditions for identification, we demonstrate that when the number of knots in the quantile grid is chosen to grow at an adequate speed, the sieve maximum-likelihood estimator is consistent and asymptotically normal, permitting inference via bootstrapping. We verify our theoretical results with Monte Carlo simulations and illustrate our estimator with an application to the returns to education highlighting changes over time in the returns to education that have previously been masked by measurement-error bias. |
| JEL: | C19 C21 C31 I24 J30 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25819&r=all |
| By: | Adeniyi, B.A.; Datul, S.A.; Amat, O.Z.; Omotoso, A.B. |
| Abstract: | This paper analysed the relationship between crude oil price volatility and Nigerian• Gross Domestic Products (proxy for growth of Nigerian economy) for the period 1970 to 2016 with Gareh (1, I) model and Vector autoregressive (VAR) model. The result of Arch test confirmed that crude oil price is significantly volatile while analysis of the result of trend of crude oil price volatility from 1970 to 2016 revealed that the 1973-74, 1979-80, 2003-2007, 2010-2014 boom periods were associated with crude oil price increases while the oil price collapse of 1986-2000 and near recession indices of year 2015-2016 is an episode of crude oil price fall.The resultofVARestimation revealed that there is a statistically significant, direct relationship between crude oil price volatility (COP) and gross domestic product (GDP} in the short run. Also, impulse response function showed that shock in crude oil prices has both positive and negative effect on gross domestic product in the short~ depending on whether the shock from crude oil price is an increase or a decrease (positive or negative) which might implied period of economic recession or prosperity. The paper therefore recommended that governments at all levels should intensify their efforts in diversifying the economy to a more productive and less volatile sector like agriculture in order to improve agricultural products export instead of total and heavy reliance on rents from crude oil export whose price is highly volatile and to insulate the economy against these shocks (decrease in oil prices) and its attendant consequences. |
| Keywords: | Demand and Price Analysis, Public Economics, Resource /Energy Economics and Policy |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288312&r=all |
| By: | Cândida Ferreira |
| Abstract: | Using panel estimates and Stochastic Frontier Analysis this paper aims to contribute to the analysis of bank efficiency of the European banks in the aftermath of the international financial crisis and the sovereign crisis that seriously affected many EU countries. It also considershypothetical scenarios of exit from the EU of some of the particularly relevant member-states, including the Brexit scenario. The results obtained very clearly demonstrate the existence of statistically significant technical inefficiencies in all considered scenarios. Nevertheless, the results reveal that the exclusion of the Italian banks and of the UK banks from our estimates would be more beneficial to the decrease of the banks’ cost inefficiencies than the exclusion of the French and the German banks. Moreover, the worst scenario in terms of the decrease of the EU banks’ cost inefficiencies would be the exclusion of the banks from the five EU countries that were deeply affected by the international financial and sovereign crises and were obliged to restructure their bank systems, that is, Cyprus, Greece, Ireland, Portugal and Spain. |
| Keywords: | Bank efficiency; Stochastic Frontier Analysis; EU banking sector; Brexit |
| JEL: | C33 D24 F36 G21 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp0842019&r=all |
| By: | Dionne, Georges (HEC Montreal, Canada Research Chair in Risk Management); Maalaoui Chun, Olfa (HEC Montreal, Canada Research Chair in Risk Management); Triki, Thouraya (HEC Montreal, Canada Research Chair in Risk Management) |
| Abstract: | This paper tests the effects of the independence and financial knowledge of directors on risk management and firm value in the gold mining industry. Our original hand-collected database on directors’ financial education, accounting background, and financial experience allows us to test the effect of each dimension of financial knowledge on risk management activities. We show that directors’ financial knowledge increases firm value through the risk management channel. This effect is strengthened by the independence of the directors on the board and on the audit committee. Extending the dimension of education, we show that, following unexpected shocks to gold prices, educated hedgers are more effective than average hedgers in the industry. As a policy implication, our results suggest adding the experience and education dimensions to the 2002 Sarbanes–Oxley Act and New York Stock Exchange requirements for financial literacy. |
| Keywords: | Risk management governance; financial knowledge; financial and accounting education of director; financial experience of director; independence of director; policy implications. |
| JEL: | D83 G18 G30 G32 G34 G38 |
| Date: | 2018–01–04 |
| URL: | http://d.repec.org/n?u=RePEc:ris:crcrmw:2018_007&r=all |
| By: | Andre Lorentz; Tommaso Ciarli; Maria Savona; Marco Valente |
| Abstract: | We build upon the evolutionary model developed in prior works (Ciarli, Lorentz, Savona and Valente 2010b), which formalises the links between production, organisation and functional composition of the employment on the supply side and the endogenous evolution of consumption patterns on the demand side. The main contribution resulting from the exercise proposed here is to derive the Kaldorian cumulative causation mechanism as an emergent property of the dynamics generated by the micro-founded model. More precisely, we discuss the main transition dynamics to a self-sustained growth regime in a two-stage growth patterns generated through the numerical simulation of the model. We then show that these mechanisms lead to the emergence of a Kaldor-Verdoorn law. Finally we show that the structure of demand (among others the heterogeneity in consumption behaviour) itself shapes the type of growth regime emerging from the endogenous structural changes, fostering or hampering the emergence of the Kaldor Verdoorn law. |
| Keywords: | Structural change; growth; consumption; technological change; cumulative causation; evolutionary economics; Kaldor-Verdoorn Law. |
| JEL: | O41 L16 C63 E11 O14 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2019-15&r=all |
| By: | Gerhold, Mona; Glum, Annabel Sophie; Häßler, Pauline; Hemmerling, Maximilian; Kinner, Anja; Kühl, Lukas |
| Abstract: | [Einleitung ...] Die Untersuchung gliedert sich wie folgt: Zunächst wird das methodische Vorgehen geschil-dert, mit dem das empirische Material erhoben, strukturiert und analysiert wurde (Abschnitt 2). Daran schließt - entsprechend der jeweiligen Teilfrage - die Präsentation der Analyseer-gebnisse an (Abschnitte 3-6). Dabei wird jeweils zuerst auf die zugrundeliegende Literatur als theoretische Hinführung auf die Teilfragestellung eingegangen und anschließend das auf Grundlage der Analyse des empirischen Materials entwickelte Erklärungsmodell vorgestellt und im Detail erläutert. Die erste Teilfrage beschäftigt sich mit dem Problem, wie neue Technologien Handlungs-spielraum - d.h. ein Repertoire an Handlungsmöglichkeiten in Rohstofferkundungsprojekten -schaffen. Hierbei sind Zukunftsvorstellungen der Akteure relevant, die sowohl durch dieGrenzen der Technik, als auch durch Triebkräfte der technologischen Entwicklung bezeichne-te Einflussfaktoren spezifiziert und begrenzt werden. Die sich anschließende Teilfrage adressiert Veränderungen in der Forschung und Technolo-gieentwicklung und fragt, wie genau Technologien, Methoden und Prinzipien die Praktiken der geophysikalischen Forschung verändern. Dabei rückt zum einen die Konkretisierung der Antriebfaktoren der Veränderung in den Vordergrund und zum anderen die Art und Weise der realen Veränderungen in den Praktiken. Im Zuge der dritten Teilfrage wird auf die Dimension von Nähe und Ferne expliziter einge-gangen, indem danach gefragt wird, in welchem Kontakt bzw. welcher Distanz sich die Tech-nologieentwicker*innen zur Zivilgesellschaft befinden, wenn es darum geht, mit den Auswir-kungen der Erkundungstechnologien umzugehen. Hier werden insbesondere jene Hand-lungsweisen und Argumentationsstrategien untersucht, die zu einer Konstruktion von sozia-ler Nähe bzw. Ferne der jeweiligen Akteursgruppen führen. Die Beantwortung der letzten Teilfrage soll verdeutlichen, wie das Verantwortungsverständ-nis der Technologieentwicker*innen ihre Legitimationsstrategien erklärt. Das Erklärungsmo-dell zu dieser Fragestellung umfasst eine Darstellung der Auswirkungen der Erkundungs-technologien, wie eine Erläuterung des Zusammenhangs zwischen Verantwortungsverständ-nis und Legitimationsstrategien. Den Schluss bildet sodann ein Fazit, das die gewonnenen Erkenntnisse zusammenführt und reflektiert. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ufzdps:32019&r=all |
| By: | François Maublanc; Sébastien Rouillon |
| Abstract: | We study multiple-prize contests where the number of prizes to be awarded is a random variable. We determine the symmetric Nash equilibrium of the contest game. We analyze the equilibrium outcome from the perspective of a contest designer aiming at maximizing the aggregate contest expenditure. Assuming that the total value at stake is non-increasing in the number of prizes, we show that the aggregate contest expenditure decreases with the expectation on the number of prizes (first-order stochastic dominance), with the risk in the number of prizes (second-order stochastic dominance), and increases with the number of contestants. We give sufficient conditions such that the same holds under a general specification. Accordingly, a contest designer aiming at maximizing the aggregate contest expenditure should always award a single prize, reveal this information to the contestants and open the contest game to all potential participants. |
| Keywords: | Contest model · Rent-seeking · Multiple-prizes · Number uncertainty · Incomplete information |
| JEL: | C7 D4 D7 D8 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:grt:wpegrt:2019-07&r=all |
| By: | Links, Calumet (African Economic History Network); Green, Erik (African Economic History Network); Fourie, Johan (African Economic History Network) |
| Abstract: | The flexibility of slave labour as an economic institution has often been assumed as a given. In general, some capital investment is necessary to retrain novice slaves but essentially they could be substituted for any other form of labour. This paper refutes the claim of the flexibility of slave labour through employing a longitudinal study for the Graaff-Reinet region of the Cape colony. We calculate Hicksian elasticity of complementarity coefficients for each year of a 21-year combination of cross-sectional tax datasets (1805-28) in order to test whether slave labour was substitutable with other forms of labour. We find that khoe, family and slave labour are not substitutable over the period of the study. This lends credence to the finding that slave and settler family labour were two different inputs in the agricultural production process. Indigenous Khoe and slave labour also remain complements throughout the period of study even when Khoe labour becomes scarce after the frontier conflicts, confirming the notion that slave labour at Graaff-Reinet was not a flexible labour source. We argue that the lack of substitutability of slave labour was due to the need of the settlers to acquire labour with location-specific skills such as the indigenous Khoe. |
| Keywords: | Slavery; Africa; Labour; Institutions; Human capital |
| JEL: | N01 N27 N37 N57 |
| Date: | 2018–12–04 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2018_042&r=all |
| By: | Rod Garratt; Maarten van Oordt |
| Abstract: | Initial coin offerings (ICOs) are a new mode of financing start-ups that saw an explosion in popularity in 2017 but declined in popularity in the second half of 2018 as regulatory pressure, instances of fraud and reports of poor performance began to undermine their reputation. We examine whether ICOs are a passing fad or a worthwhile form of financing with beneficial economic properties. We do so by examining how financing a start-up through an ICO changes the incentives of an entrepreneur relative to debt and venture capital financing. Depending on market characteristics, an ICO can result in a better or worse alignment of the interests of the entrepreneur and the investors compared with conventional modes of financing. Notably, an ICO can be the only form of financing that induces optimal effort and hence maximizes the net present value of the start-up, and there are projects that should not take place at all unless they can be financed through an ICO. |
| Keywords: | Asset Pricing; Exchange rates |
| JEL: | G32 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:19-18&r=all |
| By: | Edda Claus, Viet Hoang Nguyen (Wilfrid Laurier University) |
| Abstract: | Using a quarterly consumer survey, we propose two novel measures of consumer optimism, ex ante optimism and ex post optimism. We demonstrate that excessive optimism about future family finances impacts the real economy. The excessive optimism (ex ante optimism) compels consumers to save less and borrow more, putting upward pressure on consumption growth. When family finances improve persistently less than expected (ex post optimism), consumers cut back on credit and save more which puts downward pressure on consumption growth. This saving and borrowing channel of the optimism bias is robust to age and income. |
| Keywords: | Cognitive Bias, Saving, Borrowing, Consumption, Expectations Survey Data |
| JEL: | D12 D14 D84 |
| Date: | 2019–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:wlu:lcerpa:0117&r=all |
| By: | Alina Cristina Racu (Acamedy of Economics Studies, Bucharest) |
| Abstract: | The popularity increase of ETFs requires the deepening of some specific aspects, in order to make a good investment. In this paper I present the concept of ETF’s performance and the most important factors that influence it. I have built three studies in Eviews and analyzed their results to see what aspects should be takenintoconsideration when an investor decides to buy ETF’s shares. |
| Keywords: | Tracking error, passive strategy, liquidity, market capitalization, volume, risk. |
| JEL: | G11 G23 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0019&r=all |
| By: | Cristina Sechel (Department of Economics, University of Sheffield UK) |
| Abstract: | This paper proposes the use of headcount-based indicators for the measurement of national Subjective Well-Being (SWB). It provides a methodological contribution to the challenge of threshold selection for headcount measures using Cognitive Dissonance Theory operationalised using life satisfaction data from World/European Values Surveys. A Beta- regression approach is employed to explore the empirical relationships between national SWB and objective measures of well-being contributing to the empirical literature on social indicators. The use of this model is novel in this context. The findings reveal relationships between objective measures of development and SWB that are not apparent when average national SWB is used. For example, I find no significant link between national income and the share of satisfied individuals |
| Keywords: | subjective well-being; cognitive dissonance theory; beta- regression |
| JEL: | O1 I3 H1 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:shf:wpaper:2019008&r=all |
| By: | Johannes Muhle-Karbe; Marcel Nutz; Xiaowei Tan |
| Abstract: | This paper studies the equilibrium price of an asset that is traded in continuous time between N agents who have heterogeneous beliefs about the state process underlying the asset's payoff. We propose a tractable model where agents maximize expected returns under quadratic costs on inventories and trading rates. The unique equilibrium price is characterized by a weakly coupled system of linear parabolic equations which shows that holding and liquidity costs play dual roles. We derive the leading-order asymptotics for small transaction and holding costs which give further insight into the equilibrium and the consequences of illiquidity. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05730&r=all |
| By: | Béatrice Boulu-Reshef (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne); Constance Monnier-Schlumberger (PRISM-Sorbonne - PRISM - Pôle de recherche interdisciplinaire en sciences du management - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | Cet article propose une approche expérimentale qui rend possible l'identification des individus les plus susceptibles de former un cartel : les « têtes brûlées ». Les expériences testent l'efficacité dissuasive des différents dispositifs de lutte contre les cartels en comparant les propensions à s'entendre des individus dans différents types de dispositifs de sanctions-amende, clémence, conformité, et exclusion-et de détection-détection avec probabilité exogène ou par dénonciation dans le cas de la clémence. La conformité et l'exclusion s'avèrent particulièrement dissuasive, la clémence ne l'est pas. L'effet dissuasif des amendes élevées est limité pour les « têtes brûlées », qui sont davantage influencés par l'ampleur du risque de détection. Les différences de genre et d'aversion pour le risque impactent le comportement chez les autres participants mais pas chez les individus qualifiés de « têtes brûlées ». |
| Keywords: | Expérience,cartel,sanctions,têtes brûlées |
| Date: | 2019–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-02123622&r=all |
| By: | Doggett, Sarah; Ragland, David R.; Felschundneff, Grace |
| Abstract: | A significant proportion of fatalities from motor vehicle collisions (MVC) could be prevented through better emergency medical service (EMS) care. Despite a lack of conclusive research, there is a consensus that prehospital time (the time between the MVC and the patient’s arrival at the hospital) must be reduced as much as possible. Many studies use response time (the time between EMS dispatch and arrival at the scene) as an indicator of overall prehospital time and a metric of EMS performance. However, there are other components of prehospital time that may be equally important, including the discovery time between the collision and EMS notification, the on-scene time, and the transport time from the scene to the hospital. In rural MVCs, the discovery time can be substantial if there are no witnesses or survivors capable of calling emergency services. Technologies that automatically detect MVCs can shorten discovery times in such circumstances. Transport times depend on the distance between the crash scene and the hospital; this time could be reduced by increasing access to trauma centers, especially in rural areas. On scene time is a component of the total time, however there is a trade-off between minimizing scene time to reduce total time and providing optimal on-scene care. Increasing capacity of EMS personnel and/or utilizing technology such as telemedicine should be considered as part of this trade-off. Future research is needed to determine the relative benefits and costs of reducing any of these segments of prehospital time. |
| Keywords: | Engineering, EMS, Response Time, Crash, Prehospital |
| Date: | 2018–11–15 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt8978m2pn&r=all |
| By: | Soh Kaneko (Faculty of Economics, Oita University); Naoki Yoshihara (Department of Economics, University of Massachusetts Amherst) |
| Abstract: | This paper analyzes the persistency of the unequal exchange of labor (UE) in international trade. An intertemporal model of a world economy is defined with a leisure preference and no discount factor. Every incompletely specialized free trade equilibrium is characterized as having non-persistent UE, which verifies the convergence of economies without relying on economic growth or diminishing returns to scale. In particular, it characterizes a sub-class of equilibria in which the sequence of real interest rates does not converge to zero, but UE tends to disappear while equivalently the distribution of capital assets tends to be equalized in the long run. |
| Keywords: | Unequal exchange of labor; a world economy with a leisure preference; non-stationary relative prices of commodities |
| JEL: | D51 D63 D91 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2019-05&r=all |
| By: | Carlos Segura-Rodriguez (Department of Economics, University of Pennsylvania) |
| Abstract: | I study endogenous network formation in an environment in which individuals want to forecast a stochastic state and it is costly for them to communicate with others to exchange some exogenously observed information. Due to the existence of information complementarities, individuals’ preferences for networks in which they have multiple neighbors cannot be characterized by a linear ranking of the pairwise correlations between their signals. Instead, these complementarities generate a counterintuitive result: for a fixed number of individuals, information structures exist in which all signals are conditionally positively correlated, and these are preferred to a structure in which all signals are conditionally independent. Therefore, it may be that the only strongly stable network consists of two cliques with signals that are highly positively correlated within each clique that generate different beliefs across cliques, even when there are opportunities to exchange information with individuals sharing less correlated signals. Thus, this model exemplifies how homophily and belief polarization can coexist in a rational environment. |
| Keywords: | Information, Communication, Endogenous Networks, Homophily, Polarization |
| JEL: | C71 D83 D85 |
| URL: | http://d.repec.org/n?u=RePEc:pen:papers:19-007&r=all |
| By: | Young Aboagye, Prince (African Economic History Network); Bolt, Jutta (African Economic History Network) |
| Abstract: | This paper contributes to a growing literature on understanding drivers of pre-industrial inequality by constructing social tables for colonial Ghana. Ghana is generally perceived as fairly equal in terms of income distribution, both historically and today. We show, however, that income inequality rose rapidly during the colonial period, to inequality levels comparable to many contemporary African countries. We argue that the introduction and expansion of cocoa cultivation at the end of the 19th century in the forest belt of the country marked the most important development that shaped both national and regional inequality trends. Initial land abundance in the forest area provided opportunities for its population to engage in cocoa growing which increased the overall standards of living in the forest area. Areas where soil quality did not favour cocoa growing fell behind in terms of living standards, resulting in increasing national income inequalities from the 1930s onwards. Due to high set up costs of cocoa farms and increasingly polarized access to economic resources, only a wealthy minority was able to establish substantial cocoa farms, gaining much more than other social classes. The capital intensity of the export crop along with access to economic resources such as land seems an important factor driving inequality trends in Africa. |
| Keywords: | Inequality; social tables; Ghana; economic history |
| JEL: | N17 N37 N57 |
| Date: | 2018–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2018_038&r=all |
| By: | Pawlowski, Tim; Steckenleiter, Carina; Wallrafen, Tim; Lechner, Michael |
| Abstract: | By merging administrative data on public finances of all municipalities in Germany with individual data from the German Socio-Economic Panel, we explore whether local public expenditures on sports facilities influences individual labor market outcomes. Our identification strategy follows a selection-on-observables approach and exploits the panel structure of the data covering 12 years between 2001 and 2012. The results of our matching estimations suggest that both women and men living in municipalities with high expenditure levels benefit, exhibiting approximately 7 percent of additional household net income on average. However, this income effect is fully captured by earning gains for men rather than women living in the household. Additional analysis suggests, that these gender differences, which can also be observed in terms of working time, hourly wage and employment status, appear plausible since women in the age cohort under consideration are less likely than men to engage in sports in general and in any of the publicly funded sports facilities in particular. Moreover, improved well-being and health are possible mechanisms that determine how the positive labor market effects for men may unfold. |
| Keywords: | Labor market effects, public expenditures, sports, health, well-being |
| JEL: | H72 H75 J31 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:usg:econwp:2019:06&r=all |
| By: | Stewart Frances |
| Abstract: | This paper reviews the main methodological innovations in Asian Drama. It considers whether Myrdal’s perspectives have been adopted by development analysts, and where fresh thinking is needed, particularly in the light of changes occurring in the half-century since he wrote Asian Drama.The paper concludes that many of his ideas have been accepted, especially among heterodox economists, some themselves putting forward similar arguments. Mainstream economics has, in general, been the least responsive, and renewed emphasis is needed—especially with regard to the effects of positionality on concepts, theories, and policies; and on the inappropriateness of some advanced country economic concepts.In Asian Drama, Myrdal fails to consider that some concepts are inappropriate for the analysis of advanced economies, too. The critical need to take into account environmental considerations in the 21st century provides an additional reason for seeking alternative frameworks for everywhere, whether North or South. |
| Keywords: | Gunnar Myrdal,Institutions |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-109&r=all |
| By: | Thanh Mai Ha (School of Economics and Finance, Massey University, Palmerston North); Shamim Shakur (School of Economics and Finance, Massey University, Palmerston North, New Zealand); Kim Hang Pham Do (School of Economics and Finance, Massey University, Palmerston North, New Zealand) |
| Abstract: | Rapid urbanization brings challenges to managing food safety in Vietnam. Today, consumers pay more attention to the safety of food, particularly vegetables. This paper investigates the impact of consumer perception of food safety risk on self-reported vegetable consumption and then compares the determinants of risk perception between the rural and the urban region. We conducted a survey and observe a decline in self-reported vegetable consumption as a consequence of heightened risk perception among residents in the Hanoi area. The differences, as well as the similarities in the underlying drivers of risk perception, were identified across regions. In both regions, information about food incidents and perceived consequence of hazards associated with vegetables shaped risk perception of vegetables. Respondents’ age, education, and trust in food retailers at wet markets determined risk perception in the rural area, but not in the urban region. Personal experience with vegetable poisoning, whether the household was growing vegetables, perceived control over hazards, and trust in responsible institutions only influenced risk perception in the urban region. We suggest that these spatial disparities in behaviours should be taken into account in designing and implementing risk communication programs and food safety policies in Vietnam. |
| Keywords: | food safety, risk perception, rural-urban, Vietnam |
| JEL: | Q18 D12 Q13 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:mas:dpaper:1902&r=all |
| By: | Stefan Steinerberger; Aleh Tsyvinski |
| Abstract: | We demonstrate how a static optimal income taxation problem can be analyzed using dynamical methods. We show that the taxation problem is intimately connected to the heat equation and derive a new property of the optimal tax which we call the fairness principle. The optimal tax at a given income is equal to the weighted by the heat kernels average of optimal taxes at other incomes and income densities. The fairness principle arises not due to equality considerations but represents an efficient way to smooth the burden of taxes and generated revenues across incomes. Just as nature distributes heat evenly, the optimal way for a government to raise revenues is to distribute the tax burden and raised revenues evenly among individuals. We then construct a gradient flow of taxes – a dynamic process changing the existing tax system in the direction of the increase in tax revenues – and show that it takes the form of a heat equation. The fairness principle holds also for the short-term asymptotics of the gradient flow. The gradient flow is a continuous process of a reform of the nonlinear tax and thus unifies the variational approach to taxation and optimal taxation |
| JEL: | E62 H21 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25821&r=all |
| By: | Ahungwa, G. T.; Mamman, B. Y.; Adeleke, E. A. |
| Abstract: | No household that faces the dilemma of food shortage sit back in despair to allow the problem fester, but deploy various alternatives to combat food shortages. Such mechanisms are termed coping strategies - ranging from food-acquiring activities to change in eating behaviour or short term measures to long term mechanisms. The administration of these strategies is a sure indication that there is food security challenge and the coping strategies adopted defined the severity, type and the duration of food stress. This paper reviewed the coping strategies and objectively assesses their impact on the food security status of the region. Ravaged by the incidences of Boko Haram and communal crises, the northern region as a whole has got her share of induced poor food security situation that have manifested in the reduction in food production, wide spread hunger and malnutrition in some parts of the region. The coping strategies deployed include overt reliance on less preferred and less expensive foods, borrowing or reliance on help from friends or relatives (with PCS scores of 2), limiting the portion size at mealtimes, rationing adult meals and reduction in the number of meals eaten in a day (PCS score 3). These strategies indicate that the households in the regions as a whole deploy more often, less severe coping strategies, implying that food security crisis could be easily reversed if appropriate interventions such as increased support to agricultural sector via input support and improved security apparatus are put in place. |
| Keywords: | Community/Rural/Urban Development, Food Security and Poverty |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288317&r=all |
| By: | Elif Ozcan Tok; Orhun Sevinc |
| Abstract: | [TR] Son elli yildir kuresel pazarlarin butunlesmesi, uretim surecinin belirli asamalarda uzmanlasmis ulkelerle dikey olarak butunlesik bir yapiya donusmesini saglamistir. Turkiye de daha ucuz ve kaliteli uretim girdilerine hizli ve surekli bir bicimde ulasmak isteyen diger ulkeler gibi dis kaynaklara yonelerek ithal girdi kullanimini yogunlastirmistir. Bu calismada, girdi-cikti tablolarindan yararlanilarak uretimin ithal girdi yogunlugunun 2000’lerin basindan itibaren sektorlere ve yillara gore nasil degistigi ve Turkiye’nin dikey ticaret zincirlerine ne olcude katilim sagladigi incelenmektedir. Girdi-cikti tablolarindan yapilan hesaplamalara gore toplam uretimin ithal girdi yogunlugu 2002 yilinda yuzde 16,1 iken 2012 yilinda yuzde 19,3’e yukselmistir. Dikey uzmanlasma orani ise 2012 yilinda yuzde 30,2 civarinda seyretmektedir.[EN] The integration of global markets over the last fifty years has led to the transformation of the production process into a vertically integrated structure with countries specialized at certain stages. Turkey, like other countries that continuously want to access cheaper and higher quality production inputs, has opted for external sources and intensified its use of imported inputs. This study by utilizing input-output tables examines how the import content of production has changed since the early 2000s by sectors and years and to what extent Turkey participates in vertical trade chains. According to calculations from input-output tables, the import content of total production increased from 16.1 percent in 2002 to 19.3 percent in 2012. The vertical specialization rate is around 30.2 percent in 2012. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:econot:1906&r=all |
| By: | Perron, Pierre; Yamamoto, Yohei; Zhou, Jing |
| Abstract: | We provide a comprehensive treatment for the problem of testing jointly for structural changes in both the regression coeffcients and the variance of the errors in a single equation system involving stationary regressors. Our framework is quite general in that we allow for general mixing-type regressors and the assumptions on the errors are quite mild. Their distribution can be non-Normal and conditional heteroskedasticity is permitted. Extensions to the case with serially correlated errors are also treated. We provide the required tools to address the following testing problems, among others: a) testing for given numbers of changes in regression coeffcients and variance of the errors; b) testing for some unknown number of changes within some pre-specified maximum; c) testing for changes in variance (regression coeffcients) allowing for a given number of changes in the regression coeffcients (variance); d) a sequential procedure to estimate the number of changes present. These testing problems are important for practical applications as witnessed by interests in macroeconomics and finance where documenting structural changes in the variability of shocks to simple autoregressions or Vector Autoregressive Models has been a concern. |
| Keywords: | Change-point, Variance shift, Conditional heteroskedasticity, Likelihood ratio tests |
| JEL: | C22 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hiasdp:hias-e-85&r=all |
| By: | Roe Alan R. |
| Abstract: | This paper is a sequel to an earlier paper that looked in broad terms at many of the issues that Mozambique faces today in managing its new extractive resources.The paper first describes the investment surge that has already been prompted by new gas discoveries in Mozambique. It then summarizes some of the more recent literature that has examined the effects of such surges in other country contexts.It next examines the main aspects of the disappointing economic outcomes that have so far been seen through 2018, and selectively analyses some of the implications of these outcomes for future policy.The paper concludes by exploring the epidemiology of a large public investment surge—an issue that has relevance for the further surge that is still anticipated. In following this sequence of argument, the paper also throws light on a number of critical general policy questions that arise in the context of major new resource discovery. |
| Keywords: | Economic diversification,Economic transformation,Extractive industries,Institutional change,Policy coordination,Resource curse |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-140&r=all |
| By: | Uwe Jirjahn; Jens Mohrenweiser |
| Abstract: | While education and labor force participation of women have been increased, there is still a substantial gender gap in labor market opportunities. This gives rise to the question of what factors lead employers to promote work-family balance and gender equality. We address this question by examining the influence of works councils on the gender policies of establishments in Germany. Using data of the IAB Establishment Panel, we find that the incidence of a works council is associated with an increased likelihood that an establishment provides family-friendly practices and promotes equal opportunities of men and women. This finding also holds in a recursive multivariate probit model that accounts for potential endogeneity of works council incidence. |
| Keywords: | Non-union employee representation, works councils, gender equality, work-family balance, equal opportunities, organizational gender policies |
| JEL: | J13 J16 J52 J53 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:trr:wpaper:201909&r=all |
| By: | Jirjahn, Uwe; Mohrenweiser, Jens |
| Abstract: | While education and labor force participation of women have been increased, there is still a substantial gender gap in labor market opportunities. This gives rise to the question of what factors lead employers to promote work-family balance and gender equality. We address this question by examining the influence of works councils on the gender policies of establishments in Germany. Using data of the IAB Establishment Panel, we find that the incidence of a works council is associated with an increased likelihood that an establishment provides family-friendly practices and promotes equal opportunities of men and women. This finding also holds in a recursive multivariate probit model that accounts for potential endogeneity of works council incidence. |
| Keywords: | Non-union employee representation,works councils,gender equality,work-family balance,equal opportunities,organizational gender policies |
| JEL: | J13 J16 J52 J53 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:347&r=all |
| By: | Ken Tabata (School of Economics, Kwansei Gakuin University) |
| Abstract: | This paper examines the balanced-growth maximizing public investment policy in a growth model where the engines of economic growth are private R&D and public capital accumulation. The government allocates tax revenue between new investment and maintenance expenditure for public capital. We consider how the balanced-growth maximizing public investment policy changes as patent protection becomes stronger, as seen in many countries. The results show that as patent protection becomes stronger, the income tax rate to finance public investment should be lower and the expenditure share of new investment should be higher. The balanced-growth maximizing policy leads to a smaller government, as patent protection becomes stronger. |
| Keywords: | Patent Protection, Public Capital, Economic Growth, Welfare |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:kgu:wpaper:192&r=all |
| By: | Sicular Terry; Chuliang Luo; Shi Li |
| Abstract: | By using the five waves of the China Household Income Project surveys conducted during 1988–2013, this paper investigates long-term changes in income inequality and poverty in China.Income inequality rose before 2007 and then fell by a small amount. The main reason for the rise in income inequality was that high-income percentiles had faster income growth than lower percentiles; the fall in income inequality implies faster income growth among low-income percentiles.The paper also indicates a considerable poverty reduction during China’s economic transition, mainly because of the growth effect of poverty decomposition. |
| Keywords: | Gini decomposition,Income inequality,Poverty decomposition,Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-153&r=all |
| By: | Régis Barnichon; Geert Mesters |
| Abstract: | Despite decades of research, the consistent estimation of structural forward looking macroeconomic equations remains a formidable empirical challenge because of pervasive endogeneity issues. Prominent cases |the estimation of Phillips curves, of Euler equations for consumption or output, or of monetary policy rules| have typically relied on using pre-determined variables as instruments, with mixed success. In this work, we propose a new approach that consists in using sequences of independently identi ed structural shocks as instrumental variables. Our approach is robust to weak instruments and is valid regardless of the shocks' variance contribution. We estimate a Phillips curve using monetary shocks as instruments and nd that conventional methods (i) substantially under-estimate the slope of the Phillips curve and (ii) over-estimate the role of forward-looking in ation expectations. |
| Keywords: | Structural equations, instrumental variables, impulse responses, robust inference. |
| JEL: | C14 C32 E32 E52 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:upf:upfgen:1659&r=all |
| By: | Mahmut Gunay |
| Abstract: | [TR] GSYIH buyumesi ekonomideki genel gidisata dair piyasa oyunculari, yatirimcilar ve politika yapicilar tarafindan takip edilen en onemli gostergelerdendir. Buyume hizi kadar buyumenin yurt ici ve dis talep kompozisyonu da enflasyon ve cari denge gibi politika yapicilarin karar alirken dikkate aldiklari temel makroekonomik degiskenler uzerinde etkili olmaktadir. Bu notta, nihai yurt ici talep buyumesini izlemekte faydali olabilecek degiskenleri belirlemek uzere 2011-2018 donemindeki tahmin performansina dayali analizin sonuclari sunulmaktadir. Analizlerde nihai yurt ici taleple iliskili olmasi beklenen elli farkli gostergenin tek, iki, uc ve dort degiskenli kombinasyonlarindan olusturulan denklemler kullanilmistir. Sonuclar, bireysel modellerden ziyade farkli modellerin ortalamasinin kullanilmasinin daha istikrarli ve isabetli tahminler urettigine isaret etmektedir. Degiskenler ozelinde bakildiginda, reel yurt ici ciro gostergelerinin nihai yurt ici talebi izlemede one ciktigi gorulmektedir. Sanayi uretimi, vergi gelirleri ile konut kredisi de en iyi performans gosteren modellerde yer almaktadir.[EN] Growth in gross domestic product is a key indicator that is followed closely by market participants, investors and policy makers. In addition to the level of growth itself, source of growth is also important for inflation and current account developments which are indicators that are taken into account in the decision making process by policy makers. In this note, we present results of an analysis that gives information about indicators that can be used to monitor developments in final domestic demand based on the short term forecasting performance for 2011-2018. In the analysis, models are constructed using one, two, three and four indicators from a set of fifty indicators that are expected to be correlated with domestic demand. Results point out that using average of several models’ forecasts produces relatively more accurate and stable forecast performance. Regarding the forecasting power of indicators, real domestic turnover indicators stand out in terms of contribution to the forecast performance. Industrial production, tax revenues and housing credit are used in the best performing models as well. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:econot:1907&r=all |
| By: | Neri Marcelo; Hecksher Marcos; Silva Pedro |
| Abstract: | This paper develops a new imputation methodology applied to missing incomes values in PNAD.PNAD is the main Brazilian household survey, but it has no imputation. The imputation process starts by fitting regression models applied to different income sources considering the complex sampling design of the survey. Later this procedure is combined with stochastic methods.In 2015, 2.5 per cent of the sample had per capita incomes imputed, resulting in slightly higher levels of inequality. Inequality and poverty changes were not affected by imputation. We took advantage of the methodology proposed to input rents and to preserve pressure points in income distributions associated with Brazilian institutional features such as minimum wages. |
| Keywords: | Missing incomes,Stochastic imputation,Imputation,Inequality,Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-128&r=all |
| By: | Jeanne Fagnani (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Tous les pays membres de l'Union européenne ont été affectés à des degrés divers par la crise économique amorcée en 2008 et ont procédé à des réformes de leur protection sociale de plus ou moins grande ampleur. Dans les pays nordiques, celles-ci ont parfois été qualifiées de « néo-libérales ». Ces deux pays, à l'économie ouverte et bénéficiant de la solidité retrouvée de leurs finances publiques et d'importants excédents commerciaux, ont entamé leur sortie de crise dès 2014. Mais les inégalités sociales et la pauvreté ont augmenté et la Suède, pays de forte immigration, est actuellement confrontée aux difficultés d'intégration de nombreux réfugiés. Dans ce contexte, est-il encore pertinent de se référer à un « modèle nordique » ? Pour répondre à cette question, en se limitant aux exemples du Danemark et de la Suède, un bref panorama de leur système de protection sociale est d'abord présenté en mettant l'accent sur la fiscalité, les prestations et services en faveur des familles et les politiques de l'emploi. Puis quelques unes de leurs « performances », au regard des objectifs poursuivis et des résultats obtenus, sont comparées à celles de la France. |
| Keywords: | politique familiale,Inégalités,Fiscalité,Protection sociale,Modèle nordique,Protection de l'emploi |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01577452&r=all |
| By: | Lisa Bruttel (University of Potsdam); Florian Stolley (University of Potsdam); Verena Utikal (University of Erlangen-Nuremberg) |
| Abstract: | This paper studies how the request for a favor has to be devised in order to maximize its chance of success. We present results from a mini-dictator game, in which the recipient can send a free-form text message to the dictator before the latter decides. We find that putting effort into the message, writing in a humorous way and mentioning reasons why the money is needed pays off. Additionally, we find differences in the behavior of male and female dictators. Only men react positively to efficiency arguments, while only women react to messages that emphasize the dictator’s power and responsibility. |
| Keywords: | dictator game, communication, inequality, text analysis, experiment |
| JEL: | C91 D63 D64 D83 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:02&r=all |
| By: | Eda Gulsen; Hakan Kara |
| Abstract: | Measuring and monitoring inflation uncertainty is an essential ingredient of monetary policy analysis. This study constructs survey measures of inflation uncertainty for the Turkish economy. Using density and point inflation forecasts in the CBRT Survey of Expectations, we derive various uncertainty measures through standard deviation, entropy, and disagreement among forecasters. Our results suggest that survey-based inflation uncertainty measures are broadly consistent with market-implied indicators of inflation risk. Moreover, we find that an increase in observed inflation is associated with higher inflation uncertainty across all empirical specifications. |
| Keywords: | Inflation uncertainty, Inflation, Survey data, Density forecasts, Disagreement |
| JEL: | C53 E31 E37 E58 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1912&r=all |
| By: | Ioana Bejan (Department of Food and Resource Economics, University of Copenhagen); Carsten Lynge Jensen (Department of Food and Resource Economics, University of Copenhagen); Laura M. Andersen (Department of Food and Resource Economics, University of Copenhagen); Lars Gårn Hansen (Department of Food and Resource Economics, University of Copenhagen) |
| Abstract: | In theory real time pricing ensures more efficient electricity markets than time of use pricing. However, people are prone to habits and regularity, so real time pricing may impose a greater cost of reacting on consumers. In a randomized field experiment we compared the cost of reacting to incentives under these two pricing regimes. We utilized smart-metered hourly power consumption to unobtrusively measure treatment effects. We found that real time pricing reduces consumer surplus from reacting to incentives by half, compared to reacting under a corresponding time of use pricing regime. This suggests a substantial economic value to households of the regularity and predictability provided by time of use pricing. |
| Keywords: | real time electricity pricing, time of use electricity pricing, field experiment, household cost of reacting |
| JEL: | L51 L94 C93 Q41 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:foi:wpaper:2019_03&r=all |
| By: | Matt Emschwiller; Benjamin Petit; Jean-Philippe Bouchaud |
| Abstract: | Optimal multi-asset trading with Markovian predictors is well understood in the case of quadratic transaction costs, but remains intractable when these costs are $L_1$. We present a mean-field approach that reduces the multi-asset problem to a single-asset problem, with an effective predictor that includes a risk averse component. We obtain a simple approximate solution in the case of Ornstein-Uhlenbeck predictors and maximum position constraints. The optimal strategy is of the "bang-bang" type similar to that obtained in [de Lataillade et al., 2012]. When the risk aversion parameter is small, we find that the trading threshold is an affine function of the instantaneous global position, with a slope coefficient that we compute exactly. We provide numerical simulations that support our analytical results. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04821&r=all |
| By: | Simone Tedeschi; Luigi Ventura; Pierfederico Asdrubal |
| Abstract: | This paper aims to fill the gap on the analysis of consumption smoothing/risksharing channels at the micro level, both within and across households. Using data from the Bank of Italy’s Survey on Household Income and Wealth covering the finan- cial crisis, we are able to quantify in a unified and consistent framework several risksharing mechanisms that so far have been documented separately. We find that Italian households were able to smooth about 83% of shocks household head’s earnings in 2008-2010, a fraction rising to almost 87% in 2010-2012. The most im- portant smoothing mechanisms turns out to be self-insurance through saving/dis- saving and within-household risksharing Interestingly, risksharing through port- folio diversification and private transfers are rather limited, but the overall degree of shock absorption occurring through private risksharing channels hovers around two thirds, as opposed to around one fifth of a shock cushioned by public transfers and taxes. |
| Keywords: | Household Risksharing; Precautionary Saving; Consumption Smoothing; Income Smoothing. |
| JEL: | C31 D12 E21 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:rtr:wpaper:0246&r=all |
| By: | van der Swaluw, K. (Tilburg University, School of Economics and Management); Lambooij, M.S.; Mathijssen, J.J.P. (Tilburg University, School of Economics and Management); Schipper, M.; Zeelenberg, M. (Tilburg University, School of Economics and Management); Berkhout, S.; Polder, J.J. (Tilburg University, School of Economics and Management); Prast, H.M. (Tilburg University, School of Economics and Management) |
| Abstract: | Background: The World Health Organization has identified physical inactivity as the fourth leading risk factor for global mortality. People often intend to engage in physical activity on a regular basis, but have trouble doing so. To realize their health goals, people can voluntarily accept deadlines with consequences that restrict undesired future behaviors (i.e., commitment devices). Purpose: We examined if lottery-based deadlines that leverage regret aversion would help overweight individuals in attaining their goal of attending their gym twice per week. At each deadline a lottery winner was drawn from all participants. The winners were only eligible for their prize if they attained their gym-attendance goals. Importantly, nonattending lottery winners were informed about their forgone prize. The promise of this counterfactual feedback was designed to evoke anticipated regret and emphasize the deadlines. Methods: Six corporate gyms with a total of 163 overweight participants were randomized to one of three arms. We compared (i) weekly short-term lotteries for 13 weeks; (ii) the same short-term lotteries in combination with an additional long-term lottery after 26 weeks; and (iii) a control arm without lotteries. Results: After 13 weeks, participants in the lottery arms attained their attendance goals more often than participants in the control arm. After 26 weeks, we observe a decline in goal attainment in the short-term lottery arm and the highest goal attainment in the long-term lottery arm. Conclusions: With novel applications, the current research adds to a growing body of research that demonstrates the effectiveness of commitment devices in closing the gap between health goals and behavior. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:e54dcec9-3065-4cc5-813d-d06686c88def&r=all |
| By: | Mertens, Thomas M. (Federal Reserve Bank of San Francisco); Williams, John C. (Federal Reserve Bank of New York) |
| Abstract: | This paper uses a standard New Keynesian model to analyze the effects and implementation of various monetary policy frameworks in the presence of a low natural rate of interest and a lower bound on interest rates. Under a standard inflation-targeting approach, inflation expectations will be anchored at a level below the inflation target, which in turn exacerbates the deleterious effects of the lower bound on the economy. Two key themes emerge from our analysis. First, the central bank can eliminate this problem of a downward bias in inflation expectations by following an average-inflation targeting framework that aims for above-target inflation during periods when policy is unconstrained. Second, dynamic strategies that raise inflation expectations by keeping interest rates “lower for longer” after periods of low inflation can both anchor expectations at the target level and further reduce the effects of the lower bound on the economy. |
| Keywords: | monetary policy; inflation expectations; lower bound; inflation target |
| JEL: | E52 |
| Date: | 2019–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsr:887&r=all |
| By: | Pierre Courtioux (EDHEC - EDHEC Business School , CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne); Christine Erhel (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, CEET - Centre d'études de l'emploi et du travail - CNAM - Conservatoire National des Arts et Métiers [CNAM] - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche - Ministère du Travail, de l'Emploi et de la Santé); Daniel Vaughan-Whitehead (Bureau International du Travail) |
| Abstract: | Within European countries, France belongs to a group of countries (also including Germany, Belgium, Netherlands, Spain) where the share of the middle class in total population stands at a relatively high level. Besides that share appears stable over the last 10 years (as in Belgium and the Netherlands, and contrary to Germany or Sweden where it has been decreasing). Such middle-class resilience during the crisis, and more generally from 1996 to 2001, can be related to three main trends: the stability of the middle-class share within total population, stable inequalities within the middle-class, and a maintained growth in income. However, the French middle-class has been hit by labour market changes. First, the share of managers and professionals has increased in the middle-class, especially in the middle-class higher income group, making that group closer to the higher income class. Second, the development of flexible forms of employment (temporary employment, part-time and involuntary part-time) has been concentrating on middle-class lower income group -and even more on the lower income class. Thus heterogeneity within the middle-class seems to have increased in France despite its overall stability. |
| Abstract: | Au niveau européen la France fait partie d'un groupe de pays (Allemagne, Belgique, Pays-Bas, Suède) pour lesquels la classe moyenne représente une part relativement élevée de la population. Elle se distingue également par une classe moyenne résiliente dans le courant des dix dernières années (comme la Belgique et les Pays-Bas, et contrairement à l'Allemagne et la Suède). La résilience des classes moyennes en France durant la crise et plus généralement sur la période 1996-2011 a au moins trois dimensions : une relative stabilité de sa part dans la population totale, une stabilité des inégalités en son sein et une progression des niveaux de vie. Cependant, la classe moyenne française a été touchée par les transformations du marché du travail, et ce de manière hétérogène. Tout d'abord, la progression de la part de cadres a été plus marquée pour les classes moyennes aisées que pour les autres groupes qui composent la classe moyenne, ce qui tend à les rapprocher des classes plus aisées. A contrario, la croissance des diverses formes flexibles d'emploi, du temps partiel et notamment du temps partiel contraint a été plus forte pour les classes moyennes moins aisées, rapprochant leurs conditions d'emploi de celles des plus pauvres. |
| Keywords: | middle-class,income,France,European Union,classes moyennes,revenus,Union Européenne |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01539448&r=all |
| By: | Béatrice Hibou (Centre de recherches internationales) |
| Abstract: | Ce texte restitue un débat organisé par le FASOPO autour du franc CFA à partir de la polémique qui avait eu lieu, en janvier et février 2019, quand l’Italie avait accusé la France, et son « franc colonial », d’être à l’origine de l’émigration des Africains en Europe. La table-ronde, animée par Jean-François Bayart et Boris Samuel, était composée de Massimo Amato, Mario Giro, Jean-Pierre Bekolo et Kako Nubukpo. Cette polémique est l’occasion de discuter de la place de l’Afrique dans les tensions entre la France et l’Italie et de la spécificité des colonisations française et italienne. Mais beaucoup plus profondément, elle permet de revenir sur le débat autour du FCFA au-delà des arguments populistes, même si ces derniers, bien présents, doivent être pris en compte et analysés en tant que tels. |
| Keywords: | Franc CFA; Afrique; France; Italie; modèle de développement; populisme; union monétaire |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/im4uqrs0q8a2psu2kjo7sje4j&r=all |
| By: | Nicolas Jacquemet (PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Fabrice Le Lec (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | La méthode expérimentale a profondément influencé les développements récents de la sciencé economique. L'utilisation d'expériences, et son caractère quasi-systématiquè a partir des années 1990, a permis de développer uné evaluation empiriquè a la fois des hypothèses sur lesquelles repose l'analyse théorique (par exemple : combien d'acteurs sont nécessaires nécessairesà donner du sensàsensà la notion d'atomicité, qui se traduit empiriquement par des agents qui se comportent comme preneurs de prix ? Quel horizon temporel réplique la notion de jeu infiniment répété, dont la conséquence essentielle est de rendre les décisions contemporaines indépendantes desévénementsdesévénements futurs ?), mais aussi des prédictions de modèles spécifiques (l'´ equilibre offre-demande sur un marché, la formation des prix et l'allocation d'un bien dans le cadre d'une enchère). L'´ economie expérimentale a ainsi mis enévidenceenévidence la pertinence et la validité de certaines approches théoriques, malgré des hypothèses souvent très fortes sur les comportements individuels et sociaux, mais aussi leurs limites dans un certain nombre d'autres situations. Les deux lauréats du " Prix Nobel d'´ economie " (ou Prix de la Banque deSù ede en mémoire d'Alfred Nobel) dont la distinction fut explicitement motivée par leurs contributions expérimentales, illustrent parfaitement cette tension : les travaux de Vernon Smith montrent que, pour certaines institutions d'´ echanges bien définies, les marchés fonctionnent demanì ere très cohérente avec la théorie de la concurrence pure et parfaite, alors même que la plupart des hypothèses sous-jacentesàjacentesà cette théorie sont, au mieux, modérément satisfaites. A contrario, Daniel Kahneman, co-lauréat la même année, reçoit le prix pour la mise enévidenceenévidence de biais cognitifs et d'une tendance des individusàindividusà s'´ ecarter des canons de la rationalité mis en avant dans les modèles microéconomiques. Sur la base de cette tension et en lien trèstrèsétroit avec l'´ economie expérimentale, s'est développé un nouveau champ de recherche, l'´ economie comportementale, dont l'objectif est d'enrichir et amender l'approche théorique des décisions individuelles et sociales sur la base de régularités psy-chologiques. Il s'agit d'incorporer aux modèles canoniques les motivations non-monétaires et les inclinations moinségo¨ıstesmoinségo¨moinségo¨ıstes des individus, ou les raccourcis cognitifs sur lesquels ils peuvent se fonder, pour prendre leurs décisions ou encore d'´ eventuelles incohérences de com-portement. Les résultats de l'´ economie expérimentale, du moins les plus robustes et les plus souvent répliqués, ne font plusgù ere l'objet de débat au sein de la discipline, et l'approche comportementale s'est quantàquantà elle progressivement diffuséè a tous les champs de l'analyséanalysé economique. |
| Date: | 2017–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01613845&r=all |
| By: | Joanna Tyrowicz (FAME|GRAPE, IAAEU, University of Warsaw and IZA); Lucas van der Velde |
| Abstract: | Undergoing a large structural shock, labor markets may become less inclusive. We test for this thesis analyzing the behavior of adjusted gender wage gaps in a wide selection of transition countries. We estimate comparable measures of adjusted gender wage gaps for a comprehensive selection of transition countries over a period spanning nearly three decades. We combine these estimates with measures of labor market reallocation in transition economies. We identify the episodes of particularly large labor market reallocations and observe the behavior of the gender wage gaps subsequent these episodes, and exploit the discontinuity between the cohorts participating in the labor market prior to the onset of transition and cohorts of subsequent entrants. Our analysis reveals a distinctive role played by separations from the state-owned manufacturing firms, leading to greater adjusted gender wage gaps. In the medium run the adverse effects of separation hikes from this sector are even more pronounced. |
| Keywords: | gender wage gap, transition, non-parametric estimates, worker flows |
| JEL: | C24 J22 J31 J71 |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:ost:wpaper:379&r=all |
| By: | Yumi Ishikawa (PhD student, Osaka School of International Public Policy, Osaka University) |
| Abstract: | This study aims to estimate the effect of financial difficulty on cognitive function in a sample of the Japanese elderly population, using a panel dataset which includes randomly selected elderly Japanese citizens aged 60 and over from the National Survey of the Japanese Elderly. It is appropriate dataset to capture the effect on cognitive impairment in the sense that cognitive function can gradually degenerate after retirement in many cases. We estimate the effect of household income on the probability of the onset of cognitive impairment at a following survey point using random-effect probit model. There is a significant negative effect from financial difficulty on cognitive function. When participants’ household income drops by 1%, they are 2.2% more likely to develop cognitive impairment. Financial support plays an important role in improving recipients’cognitive function. It should be noted that we found the effect of financial difficulty even in Japan which has a universal health coverage. |
| Keywords: | aging, cognitive function, elderly, financial difficulty, financial situation, income, Japan, universal health coverage |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:osp:wpaper:19e005&r=all |
| By: | Cyrille Schwellnus; Assaf Geva; Mathilde Pak; Rafael Veiel |
| Abstract: | The rapid emergence of gig economy platforms that use digital technologies to intermediate labour on a per-task basis has triggered an intense policy debate about the economic and social implications. This paper takes stock of the emerging evidence. The results suggest that gig economy platforms’ size remains modest (1-3 per cent of overall employment). Their growth has been most pronounced in a small number of services industries with high shares of own-account workers, suggesting that thus far they have been a substitute for traditional self-employment rather than dependent employment. New evidence provided in this paper is consistent with positive effects of platform growth on overall employment and small negative or insignificant effects on dependent employment and wages. While most empirical studies suggest that platforms are more efficient in matching workers to clients, reductions in barriers to work could offset such productivity-enhancing effects by creating employment opportunities for low-productivity workers. Fully reaping the potential benefits from gig economy platforms while protecting workers and consumers requires adapting existing policy settings in product and labour markets and applying them to traditional businesses and platforms on an equal footing. |
| Keywords: | gig economy, public policy |
| JEL: | J21 J40 J48 |
| Date: | 2019–05–21 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1550-en&r=all |
| By: | Katherine Michelmore (Center for Policy Research, Maxwell School, Syracuse University, 426 Eggers Hall, Syracuse, NY 13244); Leonard M. Lopoo (Center for Policy Research, Maxwell School, Syracuse University, 426 Eggers Hall, Syracuse, NY 13244) |
| Abstract: | This study analyzes the effect of exposure to the Earned Income Tax Credit (EITC) in childhood on marriage and childbearing in early adulthood. Results suggest that exposure in childhood leads women to delay marriage and first births in early adulthood (ages 18-25), but not men. These results have implications for the well-being of both individuals exposed to the EITC in childhood as well as their future children. In addition, because childless adults cannot claim the EITC until age 25, our back-of-the-envelope calculations suggest that these delays likely save up to $199 million annually in social welfare costs. |
| Keywords: | Earned Income Tax Credit, Marriage, Fertility |
| JEL: | J12 J13 I38 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:max:cprwps:215&r=all |
| By: | Aurélien Goutsmedt (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, Chaire Energie & Prospérité - ENS Paris - École normale supérieure - Paris - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - Institut Louis Bachelier) |
| Abstract: | The article studies the 1978 macroeconomics conference titled "After the Phillips Curve", where Lucas and Sargent presented their fierce attack against structural macroeconometric models, "After Keynesian Macroeconomics". The article aims at enlarging the comprehension of changes in macroeconomics in the 1970s. It shows: 1) that Lucas and Sargent dit not tackle directly the issue of the explanation of stagflation; 2) but that the struggle between different methodological stances in the conference cannot be separated from the way macroeconomists interpreted stagflation; 3) that it was not an opposition between being in favor or against microfounded models, but rather on the way we build microfoundations; 4) finally that the study of the 1978 conference opens the doors for scrutinizing the evolution of institution macroeconometric models of the 1970s which were not totally overthrown by Lucas and Sargent's arguments. |
| Keywords: | History of macroeconomics,Keynesian economics,Microfoundations,Structural Macroeconometric Models |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01625188&r=all |
| By: | Edwin Fourrier-Nicolai (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique); Michel Lubrano (School of Economics, Jiangxi University, AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | A long-standing literature has investigated the formation of aspirations and how they shape human behaviours but a recent interest has been devoted on the interplay between aspirations and inequality. Because aspirations are socially determined, household investment decisions tend to be reproduced according to the social context which fosters inequality to persist. We empirically examine the role of aspirations on inequality using a natural experiment. We exploit an exogenous variation of social aspirations determined by the exposure to Western German TV broadcasts in the GDR before the reunification. We measure the treatment effect on wage inequality by comparing inequality changes between the treatment and the control regions after reunification. We use an heteroskedastic parametric model for income with a treatment effect and sample selection into the labour market. We derive analytical formulae for the growth incidence curve of Ravallion and Chen (2003) and poverty growth curve of Son (2004) for the log-normal distribution. Based on those curves, we provide Bayesian inference and a set of tests related to stochastic dominance criteria. We find evidences that aspirations-through exposure to Western German broadcasts-have significantly affected inequality. We find that this effect was detrimental in terms of inequality and poverty. However, we cannot conclude about the persistence of the effect after 1995. |
| Keywords: | inequality,social aspirations,Bayesian inference,treatment effect |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-02122371&r=all |
| By: | Hervé Goy (COACTIS - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet [Saint-Étienne]) |
| Abstract: | Depuis plus de vingt années maintenant, les approches classiques de formation des stratégies sont battues en brèche au sein de notre communauté académique. Ces approches partagent un point commun : elles ont alimenté l'idée d'une forme de rationalité substantive dans l'étude de la formation des stratégies, mise à mal ces dernières décennies par la lecture décliniste d'Henry Mintzberg, l'essor du courant de la strategy-as-practice, l'expansion des paradigmes entrepreneuriaux ou bien encore le développement des approches dites « critiques » de la stratégie. Par cette contribution, nous n'entendons pas alimenter de controverse au bénéfice ni au détriment d'une école de pensée en particulier, mais traiterons de la problématique suivante : pourquoi la perspective classique de formation de la stratégie a-t-elle été mise à mal depuis une vingtaine d'années ? À notre sens, c'est moins du côté de la concurrence d'approches alternatives (post-rationnelles ou critiques) que du constat d'effacement de l'idée d'avenir qu'il faut rechercher une piste de réponse. Notre contribution se voulant ici théorique, nous défendons pour ce faire la thèse suivante : le moteur des approches classiques de formation des stratégies, traditionnellement alimenté par la capacité à configurer un avenir désirable et crédible, est tombé en panne. Nous montrerons brièvement pour commencer que la question du rapport à l'avenir est au cœur d'un corpus classique de la formation des stratégies malmené depuis plus de 25 ans. Nous défendrons ensuite l'idée selon laquelle la crise de l'avenir constitue une explication à la remise en cause des approches conventionnelles de formation des stratégies. Nous nous attarderons plus particulièrement sur l'opposition des idées de progrès et d'innovation, avant de proposer que l'innovation ne peut en l'état se substituer au progrès pour alimenter la perspective classique de formation des stratégies. Cette thèse nous conduira finalement à poser la question de la métaphysique du rapport à l'avenir, invitant à privilégier le « temps du projet » au « temps de l'histoire ». Nous conclurons par l'énoncé d'une double proposition à même de guider de futures recherches en matière de formation des stratégies. |
| Keywords: | Formation des stratégies,Rationalités,Rapport à l’avenir,Temps,Projet |
| Date: | 2019–06–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01989221&r=all |
| By: | Bekkers, Eddy; Koopman, Robert; Lemos Rego, Carolina |
| Abstract: | This paper examines the impact of structural change in China, in particular a reduction in the savings rate, an increase in the share of skilled workers, and an increase in productivity in technologically advanced manufacturing sectors targeted by Made in China 2025. Baseline projections until 2040 are generated with the WTO Global Trade Model, a dynamic computable general equilibrium model. With the modelled structural changes the Chinese economy is projected to reorient its focus increasingly onto the domestic economy, raising the share of private household and government consumption in GDP, turning China's trade surplus into a trade deficit, reducing China's share in global exports, raising the share of services in both production and exports, shifting the destination markets of Chinese exports from developed to developing countries, and changing its pattern of comparative advantage away from sectors like light and heavy manufacturing to electronic and machinery equipment. The large bilateral trade surplus vis-a-vis the United States is projected to fall to almost zero. |
| Keywords: | China; Dynamic CGE-Modelling; structural change |
| JEL: | F14 F43 I25 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13721&r=all |
| By: | David B. Audretsch (Indiana University Bloomington); Marian Hafenstein (German Institute for Economic Research (DIW Berlin)); Alexander S. Kritikos (German Institute for Economic Research (DIW Berlin), University of Potsdam, IZA (Bonn), IAB (Nuremberg)); Alexander Schiersch (German Institute for Economic Research (DIW Berlin)) |
| Abstract: | A rich literature links knowledge inputs with innovative outputs. However, most of what is known is restricted to manufacturing. This paper analyzes whether the three aspects involving innovative activity - R&D; innovative output; and productivity - hold for knowledge intensive services. Combining the models of Crepon et al. (1998) and of Ackerberg et al. (2015), allows for causal interpretation of the relationship between innovation output and labor productivity. We find that knowledge intensive services benefit from innovation activities in the sense that these activities causally increase their labor productivity. Moreover, the firm size advantage found for manufacturing in previous studies nearly disappears for knowledge intensive services. |
| Keywords: | MSMEs, R&D, Service Sector, Innovation, Productivity, Entrepreneurship |
| JEL: | L25 L60 L80 O31 O33 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:04&r=all |
| By: | Christophe Labreuche (UMP CNRS/THALES - Unité mixte de physique CNRS/Thalès - THALES - CNRS - Centre National de la Recherche Scientifique); Michel Grabisch (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics) |
| Abstract: | In many Multi-Criteria Decision problems, one can construct with the decision maker several reference levels on the attributes such that some decision strategies are conditional on the comparison with these reference levels. The classical models (such as the Choquet integral) cannot represent these preferences. We are then interested in two models. The first one is the Choquet with respect to a p-ary capacity combined with utility functions, where the p-ary capacity is obtained from the reference levels. The second one is a specialization of the Generalized-Additive Independence (GAI) model, which is discretized to fit with the presence of reference levels. These two models share common properties (monotonicity, continuity, properly weighted,.. .), but differ on the interpolation means (Lovász extension for the Choquet integral, and multi-linear extension for the GAI model). A drawback of the use of the Choquet integral with respect to a p-ary capacity is that it cannot satisfy decision strategies in each domain bounded by two successive reference levels that are completely independent of one another. We show that this is not the case with the GAI model. |
| Keywords: | Generalized Additive Independence,Multiple criteria analysis |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02043265&r=all |
| By: | Michal Bencik (National Bank of Slovakia) |
| Abstract: | The output gap derived by conventional methods is dependent on data from national accounts statistics. Consequently, the output gap is usually the subject of significant updates if hard data are revised. Reliability of output gap estimates can also be affected by properties of the applied method, for instance the end-point problem (e.g. in the commonly used HP filter). The aim of this paper is to offer a solid methodology to measure output gap using exclusively the output series and surveys that allow for a less uncertain assessment, while eliminating the endpoint problem. We present and apply a method of constructing the output gap from surveys in Slovakia. The method consists of principal component analysis and Kalman smoother applied to the first principal component. The path of the resulting output gap is fairly similar to the path of other measures of output gap, but its revisions (especially during the outbreak of the Great Financial Crisis) are smaller than those of traditional measures. |
| Keywords: | Output Gap, Survey Indicators, Principal Components, Kalman Filter |
| JEL: | E32 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1061&r=all |
| By: | van der Swaluw, K. (Tilburg University, School of Economics and Management); Lambooij, M.S.; Mathijssen, J.J.P. (Tilburg University, School of Economics and Management); Prast, H.M. (Tilburg University, School of Economics and Management); Zeelenberg, M. (Tilburg University, School of Economics and Management); Polder, J.J. (Tilburg University, School of Economics and Management) |
| Abstract: | Many people aim to change their lifestyle, but have trouble acting on their intentions. Behavioral economic incentives and related emotions can support commitment to personal health goals, but the related emotions remain unexplored. In a regret lottery, winners who do not attain their health goals do not get their prize but receive feedback on what their forgone earnings would have been. This counterfactual feedback should provoke anticipated regret and increase commitment to health goals. We explored which emotions were actually expected upon missing out on a prize due to unsuccessful weight loss and which incentive-characteristics influence their likelihood and intensity. Participants reported their expected emotional response after missing out on a prize in one of 12 randomly presented incentive-scenarios, which varied in incentive type, incentive size and deadline distance. Participants primarily reported feeling disappointment, followed by regret. Regret was expected most when losing a lottery prize (vs. a fixed incentive) and intensified with prize size. Multiple features of the participant and the lottery incentive increase the occurrence and intensity of regret. As such, our findings can be helpful in designing behavioral economic incentives that leverage emotions to support health behavior change. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:fc3c1f00-c8a5-4d77-a12b-b1a46ac9bd30&r=all |
| By: | Eduardo Abi Jaber (CEREMADE - CEntre de REcherches en MAthématiques de la DEcision - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique); Omar El Euch (X - École polytechnique) |
| Abstract: | We characterize the Markovian and affine structure of the Volterra Heston model in terms of an infinite-dimensional adjusted forward process and specify its state space. More precisely, we show that it satisfies a stochastic partial differential equation and displays an exponentially-affine characteristic functional. As an application, we deduce an existence and uniqueness result for a Banach-space valued square-root process and provide its state space. This leads to another representation of the Volterra Heston model together with its Fourier-Laplace transform in terms of this possibly infinite system of affine diffusions. |
| Keywords: | Affine Volterra processes,stochastic Volterra equations,Markovian representation,stochastic invariance,Riccati-Volterra equations,rough volatility |
| Date: | 2019–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01716696&r=all |
| By: | Arnaud Joskin |
| Abstract: | This Working paper proposes eleven new composite indicators to measure changes in well-being for women, men, four age groups and five income categories (quintiles) in Belgium. They were constructed using a statistical analysis of the drivers of well-being specific to these population groups. These indicators are complementary to the indicator Well-being here and now that measures the average development in well-being in Belgium. |
| JEL: | A13 I1 I3 P52 |
| Date: | 2019–02–12 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1902&r=all |
| By: | Ricardo Robledo Hernández |
| Abstract: | Social conflictivity and the chance to sustain collective actions confronting antagonic interests grew at the end of the First World War. After briefly presenting the international context of “fin d’ époque” to place the frame of conflictivity, a reading of the most famous work of Juan Diaz del Moral is put forward. This reading differs slightly from the one used more commonly to interpret the social conflictivity between 1918 and 1920. In the first place, this conflictivity is contextualized within the frame of inequality created by the First World War. Even though the number of casualties is not the only argument for the violence of a collective action, an estimate recount is offered. Diaz del Moral often boasted himself of having been a direct witness of these events in order to disqualify other versions of them. The present work questions the impartiality of the person who believes himself to be close to the facts. Finally, the main ideas of his agrarist vision are presented. They are an exception in the Spanish agrarist thought, especially due to the panglossian vision of social conflicts. The following are debatable thesis: the general agricultural progress in the countryside, the spreading of small properties and the raising in the standard of living of salary earners. |
| Keywords: | agrarian conflict, Juan Díaz del Moral, Bolshevik Triennium, agrarian reformism |
| JEL: | N44 O15 R15 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:seh:wpaper:1901&r=all |
| By: | Dąbrowski, Marek A.; Wróblewska, Justyna |
| Abstract: | We examine the insulating property of flexible exchange rate in CEE economies using the fact that they have adopted different regimes. A set of Bayesian structural VAR models with common serial correlations is estimated on data spanning 1998q1-2015q4. The long-term identifying restrictions are derived from a macroeconomic model. We find that irrespective of the exchange rate regime output is driven mainly by real shocks. Its reactions to these shocks, however, are substantially stronger under less flexible regimes, whereas the responses to nominal shocks are similar. Hence, the insulating property of flexible regimes can reduce the costs from economic shocks. |
| Keywords: | open economy macroeconomics; exchange rate regimes; real and nominal shocks; Bayesian structural VAR; common serial correlation |
| JEL: | C11 E44 F33 F41 |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93813&r=all |
| By: | António Afonso; João Tovar Jalles; Ana Venâncio |
| Abstract: | This paper evaluates the relevance of the taxation for public spending efficiency in a sample of OECD economies in the period 2003-2017. First, we compute the data envelopment analysis (DEA) scores and the Malmquist productivity index to measure the change in total factor productivity, the change in efficiency and the change in technology. Second, we explain these newly computed public efficiency scores with tax structures using a reduced-form panel data regression specification. Looking at the period between 2007 and 2017, our main findings are as follows: inputs could be theoretically lower by approximately 32-34%; the Malmquist indices show an overall decrease in technology and in TFP. Crucial for policymaking, we find that expenditure efficiency is negatively associated with taxation, more specifically direct and indirect taxes negatively affect government efficiency performance, and the same is true for social security contributions. |
| Keywords: | government spending efficiency; public sector performance; tax structure; data envelopment analysis (DEA); Malmquist indices; non-parametric estimation; panel data; OECD |
| JEL: | C14 C23 H11 H21 H50 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp0802019&r=all |
| By: | Th\'eophile Griveau-Billion; Ben Calderhead |
| Abstract: | The econometric challenge of finding sparse mean reverting portfolios based on a subset of a large number of assets is well known. Many current state-of-the-art approaches fall into the field of co-integration theory, where the problem is phrased in terms of an eigenvector problem with sparsity constraint. Although a number of approximate solutions have been proposed to solve this NP-hard problem, all are based on relatively simple models and are limited in their scalability. In this paper we leverage information obtained from a heterogeneous simultaneous graphical dynamic linear model (H-SGDLM) and propose a novel formulation of the mean reversion problem, which is phrased in terms of a quasi-convex minimisation with a normalisation constraint. This new formulation allows us to employ a cyclical coordinate descent algorithm for efficiently computing an exact sparse solution, even in a large universe of assets, while the use of H-SGDLM data allows us to easily control the required level of sparsity. We demonstrate the flexibility, speed and scalability of the proposed approach on S\&P$500$, FX and ETF futures data. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05841&r=all |
| By: | Ioana-Alexandra Radu (Financial Supervisory Authority); Cristian-George Vlaicu (Financial Supervisory Authority) |
| Abstract: | Our paper highlights the benefits derived from holding internationally diversified portfolios,from the perspective of Romanian investors, by assessing the riskand return levels forthree portfolio structures, constructed with equities from: (1) Romania and emerging countries; (2) Romania and developed countries; (3) Romania and all countriesanalysedin this study.Moreover, we undertake a comparative analysis betweenthe results obtained for the period January2015-February 2018andthe results obtained during the global financial crisis, when increased correlations among global financial markets threatenedtheir diversification potential. Ourfindings indicate that forboth periods considered, portfolios diversified among all equity markets outperform the other two portfolio structures analysed. The performance of portfolios diversified among emerging countriesequities is significantly higher than the performance of portfoliosdiversified with equities from Romania and the developed countries considered,during both the crisisand January -February 2018period, butthe result is reversed when analysing the results forthe last sixmonths. |
| Keywords: | portfolio choice, international financial markets, financial crisis, foreign exchange risk |
| JEL: | G11 G15 G01 F31 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0011&r=all |
| By: | Arnaud Tognetti (Karolinska Institutet [Stockholm], Institute for Advanced Study Toulouse); David Doat (ANTHROPO-LAB - Laboratoire d'Anthropologie Expérimentale - ICL - Institut Catholique de Lille - UCL - Université catholique de Lille); Dimitri Dubois (CEE-M - Centre d'Economie de l'Environnement - Montpellier - FRE2010 - INRA - Institut National de la Recherche Agronomique - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Rustam Romaniuc (ANTHROPO-LAB - Laboratoire d'Anthropologie Expérimentale - ICL - Institut Catholique de Lille - UCL - Université catholique de Lille, LEM - Lille économie management - LEM - UMR 9221 - Université de Lille - UCL - Université catholique de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The empathy-altruism hypothesis postulates that the awareness of others' need, pain, or distress increases empathetic feelings, which in turn triggers cooperative behaviour. Although some evidence supports this hypothesis, previous studies were prone to the ‘experimenter demand effects' raising concerns about the interpretation of the results. To avoid this issue, we designed a laboratory experiment where we examined whether the presence of individuals with a genuine physical disability would increase group cooperation in a public goods game. By manipulating the group composition during a social dilemma, we created a more ecologically valid environment closer to real-life interactions. Our results showed that the presence of physically disabled individuals did not affect group cooperation. Specifically, their presence did not affect the contributions of their physically abled partners. The lack of a surge in cooperative behaviour questions the interpretation of previous studies and suggests that they may be explained by an experimenter demand effect. Alternatively, our results may also suggest that in the context of a social dilemma with real stakes, people with physical disabilities are not perceived as being in need or do not induce enough empathy to overweight the cost of cooperation and trigger cooperative behaviours. |
| Keywords: | cooperation,empathy-altruism hypothesis,public goods game,physically disabled individuals |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpceem:halshs-02103832&r=all |
| By: | Drygalla, Andrej; Holtemöller, Oliver; Lindner, Axel |
| Abstract: | In der vorliegenden Studie werden zunächst die weltweiten konjunkturellen Aussichten für das Ende des Jahres 2018 und für die Jahre 2019 bis 2023 dargestellt. Dabei wird folgender Länderkreis betrachtet: Deutschland, Frankreich, Griechenland, Großbritannien, Irland, Italien, Niederlande, Polen, Portugal, Schweden, Slowakei, Spanien und Tschechien. Im Herbst 2018 sind die Unsicherheiten über den Fortgang der Weltkonjunktur groß. Bis zum Sommer expandierte die globale Produktion zwar weiterhin recht kräftig. In den meisten Ländern schätzen die Unternehmen aber gegenwärtig ihre Geschäftslage deutlich weniger günstig ein als in der ersten Jahreshälfte, und im Oktober haben die Aktienbewertungen weltweit deutlich nachgegeben. Auch stellen sich nunmehr die finanziellen Rahmenbedingungen für die Schwellenländer aufgrund eines Rückzugs von internationalen Investoren schlechter dar. Allerdings dürfte in den meisten fortgeschrittenen Volkswirtschaften die Binnenkonjunktur angesichts eines zumindest bis in das Jahr 2019 hinein insgesamt expansiven geld- und finanzpolitischen Umfelds zunächst recht kräftig bleiben. Belastend wirken indes die protektionistischen Maßnahmen der US-Politik sowie die Verunsicherung über die Zukunft der Welthandelsordnung. Ein Hauptrisiko für die Weltkonjunktur ist gegenwärtig die Gefahr einer weiteren Zuspitzung des Handelskonflikts zwischen den USA und China. Aber auch die handelspolitischen Spannungen zwischen den USA und der Europäischen Union sind noch nicht ausgeräumt. Speziell für die Konjunktur in Europa sind zwei Risiken zu nennen: zum einen die Möglichkeit eines ungeordneten Austritts Großbritanniens aus der EU im Frühjahr 2019, zum anderen eine neue Schuldenkrise, falls die Regierung Italiens ihre expansiven finanzpolitischen Vorhaben in großem Stil umsetzt und dabei weiter Vertrauen der Finanzmärkte in die Solvenz des italienischen Staates verspielt. Die wahrscheinlichste wirtschaftliche Entwicklung in dem betrachteten Länderkreis (Basisszenario) wird anhand grundlegender volkswirtschaftlicher Kennzahlen, etwa der Zuwachsrate des Bruttoinlandsprodukts, beschrieben. Es wird auch die Entwicklung für den Fall skizziert, dass die Weltwirtschaft eine ungünstige, eine sehr ungünstige Wendung (mittelschweres und schweres Negativszenario), oder auch eine günstige Wendung nimmt (Positivszenario). Das mittelschwere Negativszenario ist so gewählt, dass die gesamtwirtschaftliche Produktion in der betrachteten Ländergruppe im Jahr 2019 gemäß der aus dem Modell resultierenden Wahrscheinlichkeitsverteilung nur mit einer Wahrscheinlichkeit von 10% noch geringer ausfällt; das schwere Negativszenario ist so gewählt, dass sich mit einerWahrscheinlichkeit von nur 1% eine noch geringere Produktion realisieren dürfte. Das Positivszenario wird schließlich so gewählt, dass es mit einer Wahrscheinlichkeit von nur 10% zu einer noch höheren Produktion in der genannten Ländergruppe kommen dürfte. Im Basisszenario liegt der Produktionszuwachs im betrachteten europäischen Länderkreis in den Jahren 2018 und 2019 bei jeweils 1,9%. Im Fall eines mittelschweren Einbruchs bleibt die Zuwachsrate der europäischen Ländergruppe im Jahr 2019 mit 0,3% um 1,6 Prozentpunkte unter der Rate im Basisszenario, im Fall eines schweren Einbruchs mit -1% um 2,9 Prozentpunkte. Besonders stark bricht in den negativen Risikoszenarien die Produktion in Griechenland, Irland, der Slowakei und Polen ein. Besonders stabil ist die Produktion dagegen in Frankreich. Der weltwirtschaftliche Schock reduziert die Produktion in Deutschland ungefähr so stark wie im Durchschnitt der Ländergruppe, die deutsche Wirtschaft erholt sich dann aber besonders rasch. Die länderspezifischen Szenarien erlauben auch die Antwort auf die Frage, wie stark die deutsche Wirtschaft von dem Wirtschaftseinbruch eines bestimmten Landes aus dem europäischen Länderkreis betroffen ist. Es zeigt sich, dass es für Deutschland nur bei einem schweren Einbruch der Konjunktur in Großbritannien, den Niederlanden und Polen zu messbaren Produktionsverlusten kommt. Zuletzt wird ein Szenario betrachtet, in dem ein mehrjähriger weltwirtschaftlicher Wirtschaftseinbruch mit einer deutlichen Erhöhung der Zinsen einhergeht. Ein solches Szenario könnte sich etwa aus einem Verlust an Vertrauen von Unternehmen und Haushalten in die Stabilitätsorientierung der Geldpolitik entwickeln. In einem solchen Fall können die Zentralbanken gezwungen sein, ihre Reputation durch eine Hochzinspolitik wieder herzustellen auch unter Inkaufnahme einer längeren Phase gesamtwirtschaftlicher Unterauslastung. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwhonl:12019&r=all |
| By: | Doyle, Shane (African Economic History Network); Meier zu Selhausen, Felix (African Economic History Network); Weisdorf, Jacob (African Economic History Network) |
| Abstract: | This paper sheds new light on the impact and experience of western biomedicine in colonial Africa. We use patient registers from Western Uganda’s earliest mission hospital to explore whether and how Christian conversion and mission education affected African health behaviour. A dataset of 18,600 admissions permits analysis of patients’ age, sex, residence, religion, diagnoses, duration of hospitalisation, and treatment outcomes. We document Toro Hospital’s substantial geographic reach, trace evolving treatment practices, and highlight significant variation in hospital-based disease incidence between the early colonial and early postcolonial periods. We observe no relationship between numeracy and health outcomes, nor religion-specific effects concerning hygiene-related infections. Christian conversion was associated with superior cure rates and shorter length of stay, and with lower incidence of skin diseases and sexually-transmitted infections (STIs). However, our findings indicate that STI-incidence was linked to morality campaigns and that clinicians’ diagnoses were influenced by assumptions around religious groups’ sexual behaviour. |
| Keywords: | Africa; Medical History; Missionary Medicine; Religion; Sexually-Transmitted Infections |
| JEL: | N01 N37 N47 |
| Date: | 2019–04–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2019_045&r=all |
| By: | Leonard Hoeft (Max Planck Institute for Research on Collective Goods); Wladislaw Mill (University of Mannheim); Alexander Vostroknutov (Maastricht University) |
| Abstract: | We study how the powerful perceive power abuse, and how negative experience related to it influences the appropriateness judgments of the powerless. We create an environment conducive to unfair exploitation in a repeated Public Goods game where one player (punisher) is given a further ability to costlessly subtract money from others (victims). Punishers who abuse their power rationalize their behavior by believing that free-riding, while forcing others to contribute, is not inappropriate. More importantly, victims of such abuse also start to believe that punishers’ free-riding and punishment are justifiable. Our findings demonstrate the capacity of humans to exculpate abusive behavior. |
| Keywords: | power abuse, norms, public goods, punishment |
| JEL: | C91 C92 K42 H41 D73 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2019_06&r=all |
| By: | Adelina-Monica Moraru (Academy of Economic Studies) |
| Abstract: | In the last period, the study of the risk and the return of stocks continues to be a very important area of research due to the increasing attention that the investors give to the trend of the capital market. The scope of this paper is to identify the significant determinants of the return of stocks, but also the modelling of the capital market risk. Taking into consideration the previous researches, we identified some microeconomic and macroeconomic factors which can change the return of stocks. As respects the macroeconomic determinants, we took into consideration the interest rate, the inflation rate, the contagion effect and the exchange rate. In addition to this, we used as microeconomic factors the return on equity rate, the return on assets rate, and some other indicators as price earnings ratio, price to book value, the financial leverage, the illiquidity, the market capitalisation and the trading volume. Also, this paper presents a method of risk modelling for the romanian capital market, in order to identify the impact of the historical volatility on the present volatility and the speed of the volatility absorption. |
| Keywords: | rentability, risk, volatility, macroeconomic factors, microeconomic factors |
| JEL: | G10 G11 G15 |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0005&r=all |
| By: | Alessandra, Garbero; Bezawit, Beyene Chichaibelu |
| Abstract: | This report presents the results of an ex-post impact assessment of the Participatory Small-scale Irrigation Development Programme (PASIDP), a project financed by IFAD and implemented in Ethiopia between 2008 and 2015. This agricultural project aimed at improving food security and increasing income of beneficiaries by providing access to small-scale irrigation infrastructure systems in four regions of Ethiopia. The objective of the impact assessment was to investigate both the sustainability of the impacts and the resilience capacity of beneficiaries in a context characterized by adverse weather conditions. An innovative data collection was put in place to study the impact on areas where a protracted drought was taking place. In particular, using panel data that allowed one to follow household over time, the analysis tested whether the irrigation schemes were able to provide a protective and sustained effect towards reducing vulnerability and enhancing smallholders households resilience capacity to cope with the longer term variability of the climatic shocks. |
| Keywords: | Agricultural Finance, Community/Rural/Urban Development, Food Security and Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288438&r=all |
| By: | Lisa Bruttel (University of Potsdam); Lisa Juri Nithammer (University of Potsdam); Florian Stolley (University of Potsdam) |
| Abstract: | This paper studies the effect of the commonly used phrase “thanks in advance” on compliance with a small request. In a controlled laboratory experiment we ask participants to give a detailed answer to an open question. The treatment variable is whether or not they see the phrase “thanks in advance.” Our participants react to the treatment by exerting less effort in answering the request even though they perceive the phrase as polite. |
| Keywords: | labor compliance behavior, gratitude, reciprocity, experiment |
| JEL: | C91 D64 D91 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:07&r=all |
| By: | Jeremy Forbes; Dianne Cook; Rob J Hyndman |
| Abstract: | We examine the relationships between electoral socio-demographic characteristics and two-party preference in the six Australian federal elections held between 2001 to 2016. Socio-demographic information is derived from the Australian Census, which occurs every five years. Since a Census is not directly available for each election, spatio-temporal imputation is employed to estimate Census data for the electorates at the time of each election. This accounts for both spatial and temporal changes in electoral characteristics between Censuses. To capture any spatial heterogeneity, a spatial error model is estimated for each election, which incorporates a spatially structured random effect vector that can be thought of as the unobserved political climate in each electorate. Over time, the impact of most socio-demographic characteristics that affect electoral two-party preference do not vary, with industry of work, incomes, household mobility and de facto relationships having strong effects in each of the six elections. Education and unemployment are amongst those that have varying effects. It is also found that between 2004 and 2013, the spatial effect was insignificant, meaning that electorates voted effectively independently. All data featured in this study has been contributed to the eechidna R package (available on CRAN). |
| Keywords: | Federal election, census, Australia, spatial modelling, imputation, data science, socio-demographics, electorates, R, eechidna. |
| JEL: | C31 C33 D72 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2019-8&r=all |
| By: | Fabio Canetg, Daniel Kaufmann |
| Abstract: | We identify the dynamic causal effects of interest rate floor shocks, exploiting regular auctions of Swiss central bank debt securities (SNB Bills). A theoretical model shows that variation in the volume of, and yield on, central bank debt changes the interest rate floor. In addition, the model establishes the equivalence between central bank debt and interest-bearing reserves when reserves are ample. Based on these insights, the empirical analysis identifies an interest rate floor shock in a dynamic event study of SNB Bill auctions. A restrictive interest rate floor shock causes an increase in the money market rate, a persistent appreciation of the Swiss franc, a decline in long-term interest rates, and a decline in stock prices. We then perform policy experiments under various identifying assumptions in which the central bank raises the interest rate floor from 0% to 0.25%. Such a policy change causes a 3-6% appreciation of the Swiss franc and a 5-20% decline in stock prices |
| Keywords: | Exit strategies, interest rate floors, central bank debt securities, interest on reserves, monetary policy shocks, identification through heteroscedasticity |
| JEL: | E41 E43 E44 E52 E58 C32 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ube:dpvwib:dp1901&r=all |
| By: | Frédérique Denil; Vincent Frogneux; Michel Saintrain |
| Abstract: | The Ageing fund, which was set up in 2001 as an instrument to ensure the long-term sustainability of public finances, was abolished in 2016. Its abolition symbolises the transition from a strategy of pre-funding the budgetary cost of ageing, which dominated in the early 2000s, to a strategy based mainly on reforms to the socioeconomic model. The latter was initiated after the global financial crisis and has been firmly stepped up in recent years. This Planning Paper describes the economic and institutional factors behind the shift in sustainability policy, as well as the role of the various stakeholders: the governments of course, but also the High Council of Finance, the European authorities and the Federal Planning Bureau, which has produced long-term analyses and assessments over the past 25 years that have both reflected and helped to shape the pursued policy. |
| JEL: | H5 H6 |
| Date: | 2019–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:ppaper:117&r=all |
| By: | Isaure Delaporte |
| Abstract: | The objective of this paper is twofold: first, to determine the immigrants' ethnic identity, i.e. the degree of identification to the culture and society of the country of origin and the host country and second, to investigate the impact of ethnic identity on the immigrants' employment outcomes. Using rich survey data from France and relying on a polychoric principal component analysis, this paper proposes two richer measures of ethnic identity than the ones used in the literature, namely: i) the degree of commitment to the origin country culture and ii) the extent to which the individual holds multiple identities. The paper investigates the impact of the ethnic identity measures on the employment outcomes of immigrants in France. The results show that having multiple identities improves the employment outcomes of the migrants and contribute to help design effective post-immigration policies. |
| Keywords: | Ethnic Identity; Immigration; Employment; Polychoric Principal Component Analysis |
| JEL: | J15 J21 J71 Z13 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ukc:ukcedp:1904&r=all |
| By: | Obayelu, Oluwakemi Adeola; Farinola, Lucy Adeteju |
| Abstract: | Marketing of commercially important Non-timber Forest Products (NTFPs) can be a potential source of livelihoods and a major source of rural income for both men and women. Many of these NTFPs have market demand, so they offer an opportunity to earn cash income especially in cash-constrained rural economies where alternative sources of cash-income generating employments arc very limited. The study assessed gender and returns to non-timber forest products marketing in Omo Forest Reserve in Ogun State. Data was obtained from 192 respondents through a multistage sampling process to select four villages each of the four administrative areas (JI, J3, J4 and J6) of the forest reserve. Results showed that a majority of the respondents were female with a mean age of 4 7±9 .41 years and an average household size of7±3.22 members. A typical household had an average mean dependency ratio of 1.1±0.83. About 83.3% of the respondents had at least primary education and there was a significant difference in the means of total cost, gross margin, profit and marketing efficiency from marketing ofNTFPs among the male and female extractors. High transaction cost was the most severe constraint faced during the collection of NTFPs. Marketing of these NTFPs was profitable and highly efficient. |
| Keywords: | Marketing, Production Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288362&r=all |
| By: | Alessandra, Garbero; Dieynab, Diatta; Markus, Olapade |
| Abstract: | Value chain development is an important strategy to achieve sustainable development for smallholder farmers. It focuses not only on farmers and their direct livelihood but recognizes that sustainable agricultural projects ought to consider the entire production process by not only improving the factors of production for smallholder farmers but also allowing for greater integration into local markets, and the strengthening of key stakeholders along the value chain. The Agricultural Value Chains Support Project (in French Projet d’Appui aux Filières Agricoles (PAFA)) capitalizes on the value chain approach to improve the livelihoods of smallholder farmers in Senegal’s Groundnut Basin. Approved in 2008 and put into effect on February 5th 2010, the Agricultural Value Chains Support Project has, as of today, reached 37,734 households. The project is articulated around five components: (1) agricultural diversification and access to local market (2) development and structuring of regional value chains, (3) national coordination, knowledge management and project management, (4) climate change adaptation, and (5) support services for rural finance. The project was innovative in that, in addition to providing support to farmers through producer organisations (POs), there was an emphasis on improving concertation and collaboration around key value chains. |
| Keywords: | Agricultural and Food Policy, Community/Rural/Urban Development, Food Security and Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288450&r=all |
| By: | Youenn Loheac (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique, BBS - Brest business school); Hayyan Alia (BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC)); Cécile Bazart (LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - INRA Montpellier - Institut national de la recherche agronomique [Montpellier] - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Mohamed Ali Bchir (ENGEES - École Nationale du Génie de l'Eau et de l'Environnement de Strasbourg); Serge Blondel (Granem - Groupe de Recherche ANgevin en Economie et Management - UA - Université d'Angers - Institut National de l'Horticulture et du Paysage - AGROCAMPUS OUEST); Mihaela Bonescu (BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC)); Alexandrine Bornier (BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC)); Joëlle Brouard (BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC)); Nathalie Chappe (CRESE - Centre de REcherches sur les Stratégies Economiques (EA 3190) - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté); Francois Cochard (CRESE - Centre de REcherches sur les Stratégies Economiques (EA 3190) - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté); Alexandre Flage (LCE - Laboratoire Chrono-environnement - UFC (UMR 6249) - UBFC - Université Bourgogne Franche-Comté [COMUE] - CNRS - Centre National de la Recherche Scientifique - UFC - Université de Franche-Comté); Fabio Galeotti (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Xavier Hollandts (CRCGM et IFGE - Kedge Business School - Kedge BS - Kedge Business School); Astrid Hopfensitz (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - CNRS - Centre National de la Recherche Scientifique - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales); Nicolas Jacquemet (PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Fabrice Le Lec (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Marianne Lefebvre (UA - Université d'Angers); Mélody Leplat (BBS - Brest business school); Cesar Mantilla (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - CNRS - Centre National de la Recherche Scientifique - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales); Guillermo Mateu (BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC)); Guillaume Péron (BBS - Brest business school); Emmanuel Peterle (LCE - Laboratoire Chrono-environnement - UFC (UMR 6249) - UBFC - Université Bourgogne Franche-Comté [COMUE] - CNRS - Centre National de la Recherche Scientifique - UFC - Université de Franche-Comté); Emmanuel Petit (UB - Université de Bordeaux); Eva Raiber (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - CNRS - Centre National de la Recherche Scientifique - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales); Julie Rosaz (LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - INRA Montpellier - Institut national de la recherche agronomique [Montpellier] - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Anne Rozan (ENGEES - École Nationale du Génie de l'Eau et de l'Environnement de Strasbourg); Jean-Christian Tisserand (CRESE - Centre de REcherches sur les Stratégies Economiques (EA 3190) - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté); Marie Claire Villeval (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Marc Willinger (LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - INRA Montpellier - Institut national de la recherche agronomique [Montpellier] - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Adam Zylbersztejn (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Angela Sutan (BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC)) |
| Abstract: | We present the implementation of an economic experiment conducted simultaneously in 11 French cities, with over 2700 participants, during four uninterrupted hours, during a popular-science event held in September 2015. Our goal is both to provide a roadmap for a possible replication and to discuss how the discipline can invest in new fields (science popularization, popular education, public communication). |
| Abstract: | Nous présentons la mise en place d'une expérience lors d'un évènement grand public national, de manière simultanée dans 11 villes françaises, en septembre 2015. L'expérience a impliqué plus de 2700 participants et a duré quatre heures ininterrompues. L'objectif de cet article est à la fois de fournir une feuille de route pour une éventuelle réplication et de penser à la manière dont la discipline peut investir des terrains nouveaux (vulgarisation, pédagogie populaire, communication grand public). |
| Keywords: | grand public,expérience,vulgarisation,pédagogie |
| Date: | 2017–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01321452&r=all |
| By: | Marie Connolly (Department of Economics, University of Quebec in Montreal); Catherine Haeck (Department of Economics, University of Quebec in Montreal); David Lapierre (Department of Economics, University of Quebec in Montreal) |
| Abstract: | While cross-sectional increases in inequality are a cause for concern, the study of the intergenerational transmission of socioeconomic status is perhaps more relevant. How is social status reproduced from one generation to the next? Recent work has highlighted the relationship, if not causal then correlational, between inequality and measures of social mobility in a cross-country setting. This relationship is dubbed the Great Gatsby Curve (Corak 2013): places with higher inequality during one’s childhood are correlated with lower intergenerational income mobility between the child and his or her parents. In this paper, newly developed administrative Canadian tax data are exploited to compute measures of intergenerational income mobility at the national and provincial levels. This work provides detailed descriptive evidence on the trends in social mobility. Results show that mobility has steadily declined over time, and that there has been an increase in the inequality of the parental income distribution, as measured by the Gini coefficient. Hence Canada, and all its provinces, have been “going up†the Great Gatsby Curve. The cross sectional, cross country relationship thus also holds within a same country over time, leading credence to the more causal than correlational nature of the relationship, though causality is not formally tested here. The decrease in mobility, particularly for children born in the bottom quintile of the income distribution, should be of concern to federal and provincial policymakers alike and highlights the need for additional research in order to provide equal opportunities to all children. |
| Keywords: | social mobility, intergenerational transmissions, income inequality, Great Gatsby curve, Canada |
| JEL: | J62 D63 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:grc:wpaper:19-03&r=all |
| By: | Ndubuisi, Gideon (UNU-MERIT) |
| Abstract: | Recent studies on the export effects of domestic intellectual property rights protection focus on the innovation, border and technology transfer channels to underscore the pathways by which effective domestic IPRs protection influences own country's export. I extend this literature by arguing that another pathway domestic IPRs protection affects own country's export is via the credit channel i.e. firms access to external finance. Among many others, this occurs because effective domestic IPRs protection creates a scenario wherein exporters can use their intellectual properties in the same way they use tangible assets as collateral in order to overcome the huge variable and upfront fixed costs they face. To underscore this pathway, I evaluate the export effect of domestic IPRs protection within the comparative model framework and find empirical evidence for my hypothesis, with the results indicating that countries with more effective IPRs protection export more from sectors that depend more on external finance and that have more intangible assets. |
| Keywords: | Intellectual Property Rights, Exports, Access to Finance |
| JEL: | F10 F13 F14 F36 O33 O34 |
| Date: | 2019–05–06 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019017&r=all |
| By: | Klinger, Sabine (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Weber, Enzo (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]) |
| Abstract: | "This paper investigates the time-varying relationship between German output and employment growth, in particular their decoupling in recent years. We estimate a correlated unobserved components model that allows for persistent and cyclical time variation in the employment-GDP linkage as well as an additional employment component beyond the one linked to GDP. Controlling for the latter yields a more precise classification of what is a jobless recovery or a labour hoarding recession. We find that productivity growth has slowed down since the Great Recession because the co-movement of employment and GDP has loosened while the co-movement with other variables than GDP has become tighter. The decoupling is of permanent nature. The development of the time-varying parameter goes hand in hand with the change of the sectoral composition of the economy, especially with the rise of the service sector. Beyond that, recent employment growth would not have been that strong if labour market tightness had not been that high and - to some minor extent - if immigration, wage moderation and working time reductions had not taken place." (Author's abstract, IAB-Doku) ((en)) |
| Date: | 2019–04–25 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabdpa:201912&r=all |
| By: | Martins, Igor (African Economic History Network) |
| Abstract: | Few could have foreseen the consequences when the British Parliament, in 1807, passed the Slave Trade Act that sought to abolish slave imports into the British Empire. From population decreases in the British Caribbean to increased prices in the Cape Colony, historical evidence suggests that the effects of the Act were felt far and wide even though commercialization of slaves was still possible within colonial territories. Using newly digitized historical datasets covering more than 40 years in two different districts of the British Cape Colony, this paper measures changes in slave ownership and acquisition patterns from a longitudinal perspective. This approach allows me to tease out the effects of the Act on farmers with different types of agricultural outputs, most notably crop and livestock farming, agricultural types with very different labor demands. The results show that livestock farmers, surprisingly, were more inelastic to the import ban in comparison to crop farmers. These results suggest that slaveholders could extract rents from the enslaved in a multitude of ways beyond agriculture production and calls for a broader theory of slavery as capital investment. |
| Keywords: | Slavery; abolition; Cape Colony; economic history |
| JEL: | N01 N27 N37 |
| Date: | 2019–02–04 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2019_043&r=all |
| By: | Michael Baker; Yosh Halberstam; Kory Kroft; Alexandre Mas; Derek Messacar |
| Abstract: | We examine the impact of public sector salary disclosure laws on university faculty salaries in Canada. The laws, which enable public access to the salaries of individual faculty if they exceed specified thresholds, were introduced in different provinces at different points in time. Using detailed administrative data covering the universe of faculty in Canada and an event-study research design, we document three key findings. First, the disclosure laws reduced salaries on average. Second, the laws reduced the gender pay gap between men and women. Third, the closure of the gender gap is primarily in universities where faculty are unionized. |
| JEL: | J0 J3 J31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25834&r=all |
| By: | Maboshe Mashekwa; Woolard Ingrid |
| Abstract: | This paper uses a recent household survey and the CEQ framework to revisit and extend previous research on the impact of fiscal policy on income redistribution, and poverty in South Africa.We find, in accordance with previous research, that direct taxes and cash transfers are overall progressive and reduce inequality and poverty. Our disaggregated analyses, however, reveal that medical and interest tax benefits are regressive.We also find that certain social transfers provided to some minority population groups are not particularly well targeted. Periodically reviewing the effectiveness of fiscal policy at disaggregated levels would help to further improve the effectiveness of fiscal policy. |
| Keywords: | Poverty and inequality,taxes,Fiscal incidence,Fiscal policy |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-79&r=all |
| By: | Cornel Coca Constantinescu (Financial Supervisory Authority); Ion Stanciu (Institute of Financial Studies); Iulian Panait (Financial Supervisory Authority and Institute of Financial Studies) |
| Abstract: | The development of telematic systems, as well as the need to differentiate the motor insurance market, led to the emergence of new clauses in motor insurance contracts. Thus, vehicle insurance contracts with self-check (and telematic) insurance policies are in the recent focus of insurance companies for motor insurance. With the help of a telematics device installed on the vehicle and a mobile application the driving mode of the driver is permanently assessed;the rating is calculated according andthe discount for the insurance priceis setaccordingly. These types of auto insurance contract terms can provide, on average, 25% savings for carefullydrivers.Our paperpresents, the recent developments in telematics insurance in Europe and around the world and the Romanian drivers propension to accept the monitoring of their driving behavior. We then present the economic, financial and socio-ecological advantages versusdisadvantages revealed by specialized literature for both policyholders and insurers. In this context, we will prefigure the future of telematics insurance in Europe.In our empirical study we estimate the financial impact of telematics insurance in Romania on gross written prices and gross paid indemnities. Finally, we estimate the socio-economic impact of these telematics insurance on the decrease in the number of kilometers,fuel consumption, number of accidents and casualties, and implicitly, on the reduction of the cost of the compensation. For this impact study we used the scenario technique (pessimistic, moderate and optimistic) in relation to the baseline scenario, respectively, the estimate of the natural evolution of the insurance market in the absence of telematics. |
| Keywords: | auto telematics insurance, driving behavior rating, financial impact of telematics insurance, socio-economic impact of telematics insurance, scenario technique. |
| JEL: | C53 D03 D53 G22 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0010&r=all |
| By: | Brandt Kasper |
| Abstract: | This paper estimates a private school learning premium in Tanzania by implementing a flexible value-added model with unique administrative data on exam scores. The dataset covers 635,000 secondary school students with information on both their primary and lower secondary school exam records, allowing three out of four assumptions imposed in standard value-added models to be relaxed.The preferred coefficient estimate suggests private secondary schools, on average, increase student exam scores at national exams by 0.45 standard deviations after two years of secondary schooling. Standard value-added models are found to bias the learning premium upward.An instrumental variable model confirms a positive causal learning premium. Subjectspecific learning premiums for Kiswahili, English, and mathematics are 0.28, 0.39, and 0.50 standard deviations, respectively. |
| Keywords: | achievement gap,education quality,Human capital,Private schools |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-81&r=all |
| By: | Kai-Uwe Müller (German Institute for Economic Research Berlin (DIW Berlin)); Michael Neumann; Katharina Wrohlich (German Institute for Economic Research Berlin (DIW Berlin)) |
| Abstract: | The paper extends a static discrete-choice labor supply model by adding participation and hours constraints. We identify restrictions by survey information on the eligibility and search activities of individuals as well as actual and desired hours. This provides for a more robust identification of preferences and constraints. Both, preferences and restrictions are allowed to vary by and are related through observed and unobserved characteristics. We distinguish various restrictions mechanisms: labor demand rationing, working hours norms varying across occupations, and insufficient public childcare on the supply side of the market. The effect of these mechanisms is simulated by relaxing different constraints at a time. We apply the empirical frame- work to evaluate an in-work benefit for low-paid parents in the German institutional context. The benefit is supposed to increase work incentives for secondary earners. Based on the structural model we are able to disentangle behavioral reactions into the pure incentive effect and the limiting impact of constraints at the intensive and extensive margin. We find that the in-work benefit for parents substantially increases working hours of mothers of young children, especially when they have a low education. Simulating the effects of restrictions shows their substantial impact on employment of mothers with young children. |
| Keywords: | labor supply, hours restrictions, involuntary unemployment, gender |
| JEL: | J22 J23 J16 J64 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:03&r=all |
| By: | Didier Wayoro (Department of Economics, Indiana State University Terre Haute); Leonce Ndikumana (Department of Economics, University of Massachusetts Amherst) |
| Abstract: | The empirical literature has failed to reach consensus on the impact of aid on development outcomes based on aggregate cross-country analysis. This study follows the current trend in the literature on the effectiveness of aid to examine the impact of local-level aid on health outcomes. We combine data on World Bank’s geo-located aid projects with three rounds of Demographic Health Surveys from Cote d’Ivoire and use difference-in-difference estimation techniques to explore the effects of aid on infant mortality. We find that proximity to development aid projects is associated with reduced infant mortality. Our results are robust to mother fixed-effects estimations as well as water and sanitation projects. The evidence suggests that access to prenatal and postnatal health care are possible mechanisms through which aid may affect infant mortality. |
| Keywords: | Aid, infant mortality, Cote d’Ivoire |
| JEL: | F35 I15 O55 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2019-07&r=all |
| By: | Mester, Loretta J. (Federal Reserve Bank of Cleveland) |
| Abstract: | The FOMC currently uses what has been called a flexible inflation-targeting framework to set monetary policy. It is briefly described in the FOMC’s statement on longer-run goals and monetary policy strategy.1 In my view, this framework has served the FOMC well in effectively promoting our policy goals. A milestone was reached in January 2012 when the U.S. adopted an explicit numerical inflation goal. I am certain that Charles remembers very well the careful analysis and discussions that helped the FOMC reach a consensus on the explicit 2 percent goal and the statement that describes the FOMC’s approach to setting policy to promote its congressionally mandated goals of price stability and maximum employment. The FOMC is currently reviewing its policy framework. I am very supportive of this initiative. |
| Date: | 2019–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcsp:109&r=all |
| By: | Jessie Sun |
| Abstract: | Long-term investors, different from short-term traders, focus on examining the underlying forces that affect the well-being of a company. They rely on fundamental analysis which attempts to measure the intrinsic value an equity. Quantitative investment researchers have identified some value factors to determine the cost of investment for a stock and compare different stocks. This paper proposes using sequence prediction models to forecast a value factor-the earning yield (EBIT/EV) of a company for stock selection. Two advanced sequence prediction models-Long Short-term Memory (LSTM) and Gated Recurrent Unit (GRU) networks are studied. These two models can overcome the inherent problems of a standard Recurrent Neural Network, i.e., vanishing and exploding gradients. This paper firstly introduces the theories of the networks. And then elaborates the workflow of stock pool creation, feature selection, data structuring, model setup and model evaluation. The LSTM and GRU models demonstrate superior performance of forecast accuracy over a traditional Feedforward Neural Network model. The GRU model slightly outperformed the LSTM model. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04842&r=all |
| By: | Subiza, Begoña (University of Alicante, D. Quantitative Methods and Economic Theory); Peris, Josep E. (University of Alicante, D. Quantitative Methods and Economic Theory) |
| Abstract: | Minimum cost spanning tree problems have been widely studied in operation research and economic literature. Multi-criteria optimal spanning trees provide a more realistic representation of di↵erent actual problems. Once an optimal tree is obtained, how to allocate its cost among the agents defines a situation quite di↵erent from what we have in the minimum cost spanning tree problems. In this paper, we analyze a multicriteria problem where the objective is to connect a group of agents to a source with the highest possible quality at the cheapest cost. We compute optimal networks and propose cost allocations for the total cost of the project. We analyze properties of the proposed solution; in particular, we focus on coalitional stability (core selection), a central concern in the literature on minimum cost spanning tree problems. |
| Keywords: | Minimum cost spanning tree; Multi-criteria decision making; Quality; Cost sharing |
| JEL: | C71 D63 D71 |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:ris:qmetal:2019_002&r=all |
| By: | Doggett, Sarah; Ragland, David R.; Felschundneff, Grace |
| Abstract: | Traffic safety decisions are based predominantly on information from police collision reports. However, a number of studies suggest that such reports tend to underrepresent bicycle and pedestrian collisions. Underreporting could lead to inaccurate evaluation of crash rates and may under- or overestimate the effects of road safety countermeasures. This review examined ten studies that used data linkage to explore potential underreporting of pedestrian and/or bicyclist injury in police collision reports. Due to variations in definitions of reporting level, periods of study, and study locations, it was difficult to directly compare the studies. Even among the six studies using the hospital link definition, estimates of reporting levels ranged from 44 to 75 percent for pedestrian crashes, and from 7 to 46 percent for bicycle crashes, suggesting a severe underreporting problem. However, few of the studies provided estimates of the error around their reporting level estimates, and as a result, it is difficult to determine the true level of underreporting. It may be that bicycle and pedestrian crashes appear in both police and hospital datasets but are less likely to be linked. Due to linkage error, link rate can only be used to estimate reporting level. Without the variance of that estimate, the effect of underreporting on traffic safety analyses cannot be accurately determined. Future studies should include estimates of the error present in their data linkage process for greater accuracy of the underreporting in police data. Datasets should be designed for easier linkage with hospital data and other datasets. |
| Keywords: | Engineering, Data, Linkage, Pedestrian, Bicycle, Crash, Underreporting |
| Date: | 2018–11–15 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt0jq5h6f5&r=all |
| By: | Jean-Charles Pillet (ESC Grenoble - Ecole Supérieure de Commerce de Grenoble - Grenoble École de Management (GEM)); Claudio Vitari (AMU - Aix Marseille Université); Federico Pigni (CETIC asbl - Centre d’Excellence en Technologies de l’Information et de la Communication); Kevin Carillo |
| Abstract: | In survey research, it is well known that the quality of responses is significantly altered by apparently trivial variations in the linguistic or grammatical properties of survey items. Yet numerous seemingly minor changes are made to survey items in the course of the scale development process so that they comply with other requirements (e.g., content validity). As a result, researchers may inadvertently introduce systematic measurement error that is not accounted for in the final model. Remedies to this problem are widely known, but reliable methods to diagnose it do not readily exist. In an effort to address this shortcoming, we develop a quantitative method to detect biased items and reinforce the reliability of IS measurement instruments. In this paper, we provide step by step implementation guidelines and show how to apply the method and interpret the output results. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01923612&r=all |
| By: | Olivier Coussi (CE.RE.GE - CEntre de REcherche en GEstion - IAE Poitiers - Institut d'Administration des Entreprises (IAE) - Poitiers - Université de Poitiers - Université de Poitiers - ULR - Université de La Rochelle); Felipe Zarpelon; Kadígia Faccin; Alsones Balestrin |
| Abstract: | Le développement de la coopération inter-entreprises est un enjeu majeur des politiques gouvernementales de soutien à la compétitivité économique. Afin d'optimiser la diffusion et l'impact de ces politiques, les pouvoirs publics déploient des dispositifs spécifiques au sein desquels les universités peuvent avoir une place centrale. Si ces dernières ont toute légitimité d'être active dans le cadre de dispositifs de soutien à l'innovation ou au transfert de technologies, il semble moins naturel de les impliquer pour des opérations en dehors de ces champs. Nous présentons les enseignements issus d'une étude de cas longitudinale sur un programme de coopération inter-entreprises déployée dans un état au sud du Brésil par le biais d'un partenariat entre le gouvernement et des universités communautaires en charge de sa mise en oeuvre opérationnelle. En nous inscrivant dans une perspective relationnelle, nous analysons les déterminants de ce partenariat afin d'identifier les rentes relationnelles produites par les réseaux de PME construits en véritables écosystèmes territoriaux : l'accès à la communauté et la propagation. Nous démontrons que ces rentes sont confrontées à des obstacles, constituant de fait des pertes relationnelles à minimiser afin d'optimiser l'efficacité de la politique publique poursuivie : l'inflexibilité ainsi que la distance par rapport à la cible. |
| Keywords: | Mots-clés : Perspective relationnelle,université,coopération,étude de cas |
| Date: | 2018–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02114084&r=all |
| By: | Benjamin Welby |
| Abstract: | Informed by the OECD’s well-being framework, this Working Paper considers how the experience of civic engagement and governance is being transformed and explores how governments can harness the potential of digital technologies and data to develop better outcomes for better lives. The paper proposes that in order to maximise the relationship between digital government activity and citizen well-being, government focus should be on benefits that are not only material in terms of the quality of services, but that reflect the intellectual and emotional benefits derived from a different approach to government interactions with its constituents. The paper suggests that the relationship between digital government and citizen well-being is best encapsulated by the outcomes which follow from a government that is responsive, protective and trustworthy. |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:oec:govaaa:32-en&r=all |
| By: | Biam, C.K.; Adejo, S.A. |
| Abstract: | This study analysed rice importation trend in Nigeria and its effect on local production from 1970 - 2013. Data were collected from secondary sources only. The study used annual time series data on quantity of locally produced rice, quantity of imported rice, rice yield and rice consumption. The ordinary least square (OLS) regression technique was employed for data analysis. Augmented Dickey Fuller test) as used to check for stationarity of the variables. The line graph was used to check for the pattern of growth on each of the variables, while the semi log growth model was used to check for the quantitative growths presented as instantaneous and cumulative growth in the various variables). The results of the study revealed that: instantaneous growth in local rice production stood at 5. 7%, cumulative growth 5.9%, while rice importation was 12.3% and 12.7% respectively. This implies a faster rate of growth for rice production than importation. Rice yield had an instantaneous growth of -0.15% and cumulative growth -0.14%, while rice consumption was 6.58% and 6.8% respectively, implying a decline in rice yield which was not commensurate with the growth in rice consumption. Increasing the quantity of Nigerian rice production thr~ugh improving Nigerian rice yield to cushion the expected Nigerian rice consumption forecast will be beneficial to the Nigerian economy than importation of foreign rice which will deplete the nation's foreign reserve. |
| Keywords: | Crop Production/Industries, Production Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288328&r=all |
| By: | Takashi Yamashita; Ryozo Miura |
| Abstract: | This paper introduces a new correction scheme to a conventional regression-based event study method: a topological machine-learning approach with a self-organizing map (SOM).We use this new scheme to analyze a major market event in Japan and find that the factors of abnormal stock returns can be easily can be easily identified and the event-cluster can be depicted.We also find that a conventional event study method involves an empirical analysis mechanism that tends to derive bias due to its mechanism, typically in an event-clustered market situation. We explain our new correction scheme and apply it to an event in the Japanese market --- the holding disclosure of the Government Pension Investment Fund (GPIF) on July 31, 2015. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06536&r=all |
| By: | Gazi Islam (MC - Management et Comportement - Grenoble École de Management (GEM), IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc); Marie Holm (ESCEM - Ecole supérieure de commerce et de management); Mira Karjalainen (University of Helsinki [Helsinki]) |
| Abstract: | The rapid emergence of mindfulness programs within organizational settings reflects an amalgam of humanistic, spiritual, and managerial perspectives. While impact studies have focused on effects of mindfulness programs on employees, how such programs are implemented by trainers, managers, and employees and how the mindfulness concept operates within organizations are not well understood. In this study, we draw upon Laclau's notion of the 'empty signifier' to argue that mindfulness programs work to encode oppositional organizational elements, drawing on competing discourses that shape, in practice, how mindfulness evolves within organizations. Through an empirical qualitative study of organizational mindfulness practitioners, we show how practitioners leverage heterogeneous meanings to represent oppositions within organizations, and that in the course of mindfulness programs, these oppositions are framed to align with dominant managerial perspectives. We discuss the ramifications of these findings to understanding the uses of mindfulness for ideological purposes while speculating on the emancipatory possibilities of mindfulness as a solidaristic and collective practice. |
| Keywords: | Appropriation,hegemony,Laclau,mindfulness,power,signifier,workplace spirituality |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01958800&r=all |
| By: | Galina Besstremyannaya (Centre for Economic and Financial Research at New Economic School); Sergei Golovan (New Economic School) |
| Abstract: | Estimation of individual effects in quantile regression can be difficult in large panel datasets, but a solution is apparently offered by a computationally simple estimator by Ivan Canay (2011, The Econometrics Journal) for quantile-independent individual effects. The Canay estimator is widely used by practitioners and is often cited in the theoretical literature. However, our paper discusses two fallacies in Canay's approach. We formally prove that Canay's assumptions can entail severe bias or even non-existence of the limiting distribution for the estimator of the vector of coefficients, leading to incorrect inference. A second problem is incorrect asymptotic standard error of the estimator of the constant term. In an attempt to improve Canay's estimator, we propose a simple correction which may reduce the bias. Regarding the constant term, we focus on the fact that finding a sqrt(nT) consistent first step estimator may be problematic. Finally, we give recommendations to practitioners in terms of different values of n=T, and conduct a meta-review of applied papers, which use Canay's estimator. |
| Keywords: | Quantile regression, Panel data, Fixed effects, Inference |
| JEL: | C21 C23 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:abo:neswpt:w0249&r=all |
| By: | Ravallion Martin |
| Abstract: | How unequal is the world today? Is global income inequality falling, as many economists claim, or is it rising, as one often hears?This paper reviews the arguments and evidence. A number of concerns about the underlying data are identified, with biases going in both directions. Conceptual issues further cloud the picture. The claim that global inequality has been falling since 1990 can be defended for a subset of the admissible parameter values, but only a subset.Global inequality is found to be rising if one or more of the following conditions holds: (i) one attaches a high ethical weight to the poorest; (ii) one has a strong ethical aversion to high-end inequality; (iii) one takes a nationalistic perspective, emphasizing relative deprivation within countries; or (iv) one sees inequality as absolute rather than relative.Popular debates on this topic would benefit from greater clarity on the concepts used, and greater awareness of data limitations. |
| Keywords: | Measurement,Axioms,Global inequality,Growth,Household surveys |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-141&r=all |
| By: | Singhal Saurabh |
| Abstract: | This paper provides causal evidence on early-life exposure to war on mental health status in adulthood. Using an instrumental variable strategy, the evidence indicates that early-life exposure to bombing during the American war in Vietnam has long-term effects.A one percent increase in bombing intensity during 1965–75 increases the likelihood of severe mental distress in adulthood by 16 percentage points (or approximately 50 percent of the mean) and this result is robust to a variety of sensitivity checks. The negative effects of war are similar for both men and women. These findings add to the evidence on the enduring consequences of conflict and identify a critical area for policy intervention. |
| Keywords: | Conflict,Health outcomes,Mental health,War |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-65&r=all |
| By: | Duguay, Raphael; Minnis, Michael; Sutherland, Andrew |
| Abstract: | We find that Sarbanes-Oxley (SOX) had two significant effects on the audit market for nonpublic entities. The first short-run effect stems from inelastic labor supply coupled with an audit demand shock from public companies. As a result, private companies reduced their use of attested financial reports in bank financing by 12%, and audit fee increases for nonprofit organizations (NPOs) more than doubled. The second long-run effect was a transformation in the audit supply structure. After SOX, NPOs were less likely to match with auditors most exposed to public companies, while auditors increasingly specialized their offices based on client type. Audit market concentration for NPOs dropped by more than half within five years of SOX and remained at this level through the end of our sample in 2013, while the number of suppliers increased by 26%. Our results demonstrate how regulation directed at public companies generates economically im-portant spillovers for nonpublic entities. |
| Keywords: | Sarbanes-Oxley, securities regulation, auditing, market structure, accounting, private firms, non-profits, labor economics. |
| JEL: | H83 M12 M2 M21 M41 M42 M48 M49 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93669&r=all |
| By: | Estelle Mercier (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine); Thierry Colin (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine) |
| Abstract: | Dans un contexte de profonde remise en cause de la fonction RH (Baron, 2015 ; Galambaud et al., 2014), de nombreux travaux nous invitent à adopter un nouvel angle d'analyse : celui du territoire (Bories-Azeau et al. (coord .), 2015 ; Loufrani-Fedida et Saint Germes, 2015 ; Dietrich, 2010). Parallèlement à l'internationalisation des entreprises, se nouent, en local des relations de coopération, de transfert de connaissances, d'échange de main-d'oeuvre et de construction de nouveaux dispositifs susceptibles de bousculer la vision mono-organisationnelle de la GRH. Sur le sujet, la littérature est abondante et s'est d'abord intéressée à l'analyse des dispositifs émergents sur les territoires et leur logique (Defelix et al., 2007, Defelix et al., 2013), à leur définition et leur caractérisation dans le champ de la GRH (Bories-Azeau et al., 2008 ; Mazzilli, 2011) ou au processus de construction de ces dispositifs (Mazilli et Pichault, 2015). La plupart des travaux révèlent une forte hétérogénéité des situations et tentent de conceptualiser l'influence du territoire dans l'émergence de nouvelles pratiques de GRH « hors des murs » et inter-organisationnelles (Loubes et al., 2015.). L'angle d'analyse est celui des dispositifs. Or, le rôle d'un acteur central, tel que le DRH, dans la construction de ces nouveaux dispositifs et/ou la façon dont ceux-ci transforment son action, est, au final, peu étudié. Les Prospectives métier de leur côté, abordent la question du territoire comme une dimension susceptible de faire basculer la fonction RH vers la notion de « DRH Territorial » voire de « DRH RSE-DD » (Responsable et Développement Durable) (Barabel, Meier et Perret, 2014). Ainsi, la question du DRH territorial est au coeur des réflexions actuelles sur l'évolution de la fonction RH. La prise en compte de la dimension territoriale transforme t-elle le rôle et l'action du DRH ? Comment le territoire est-il appréhendé par les DRH eux-mêmes ? et comment perçoivent-ils l'évolution de leurs missions ? Dans cette communication, nous verrons dans une première partie que la prise en compte de la dimension territoriale offre au DRH des opportunités d'actions supplémentaires soit en élargissant son périmètre, soit en renouvelant les pratiques existantes. (1). Cette alternative sera ensuite questionnée au regard des résultats d'une enquête prospective menée auprès de DRH de la Région GrandEst (2). Nous discuterons ensuite de la portée de ces résultats d'un point de vue pratique et scientifique (3) 1. Le territoire : une nouvelle alternative pour le DRH Depuis une trentaine d'années, le territoire cesse d'être vu comme un contexte passif d'action pour l'entreprise mais s'analyse comme un facteur de production à part entière, source de performance. Les travaux analysant les districts italiens, ont démontré que la concentration spatiale de petites entreprises spécialisées pouvait produire des relations de coopération, hors système marchand. |
| Date: | 2017–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02088682&r=all |
| By: | Kanbur Ravi |
| Abstract: | This paper attempts to understand Asian Drama in the context of the development debates of its time, and in terms of the sensibilities that Gunnar Myrdal—the brilliant economic theorist and philosopher of knowledge, and Swedish politician—brought to the conceptualization of the problems and prospects of development.The paper covers: (1) what Gunnar Myrdal brought to the analysis of development from his long, varied, and distinguished academic and practitioner career; (2) the development terrain in the mid-twentieth century; and (3) how Asian Drama lay on that terrain and in the remaining years of Gunnar Myrdal’s continued eventful life.The two central questions posed in the paper are: (1) How did Gunnar Myrdal’s broad experience and perspective influence Asian Drama? (2) How did Asian Drama influence the development debate? |
| Keywords: | States and elites,Elites,Gunnar Myrdal |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-102&r=all |
| By: | Baltagi, Badi H.; Flores-Lagunes, Alfonso; Karatas, Haci M. |
| Abstract: | This paper analyzes the relationship between education and health outcomes using a natural experiment in Turkey. The compulsory schooling increased from 5 to 8 years in 1997. This increase was accompanied by a massive construction of classrooms and recruitment of teachers in a differential rate across regions. As in previous studies, we confirm that the 1997 reform substantially increased education in Turkey. Using the number of new middle school class openings per 1000 children as an intensity measure for the 1997 reform, we find that, on average, one additional middle school class increases the probability of completion of 8 years or more of schooling by about 7.1 percentage points. We use this exogenous increase in the educational attainment to investigate the impact of education on body mass index, obesity, smoking behavior, and self-rated health, as well as the effect of maternal education on the infant’s well-being. Using ordinary least squares, we find that there is a statistically significant favorable effect of education on health outcomes and behavior. However, this relationship becomes insignificant when we account for the endogeneity of education and health by instrumenting education with exogenous variations generated by the 1997 reform and the accompanying middle school class openings. The insignificance of the health effect may be due to lack of statistical power in our data, or to the fact that this policy affects only relatively low levels of schooling and the health effects of education need to be examined at higher levels of schooling. |
| Keywords: | health,education,compulsory schooling,body mass index,obesity,smoking,selfrated health,maternal education,infant’s well-being,Turkey |
| JEL: | C26 I12 I21 I28 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:346&r=all |
| By: | James M. Sallee |
| Abstract: | Economic theory predicts that efficiency-enhancing policy changes can be made to benefit everyone through the use of lump-sum transfers that compensate anyone initially harmed by the change. Precise targeting of compensating transfers, however, may not be possible when agents are heterogeneous and the planner faces constraints on the design of transfers. In this paper, I derive a necessary condition for an efficiency-enhancing policy to create a Pareto improvement that can be tested directly with data. The condition relates the size of efficiency gains to the degree of predictability between initial burdens and variables used to determine a transfer scheme. The main empirical application is to a gasoline tax to correct carbon emissions, with related results for other sin taxes also presented. Results indicate that it is infeasible to create a Pareto improvement from the taxation of these goods, and moreover that plausible policies are likely to leave a large fraction of households as net losers. The paper argues that the existence of these losers is relevant to policy design and may help explain the political challenges faced by many efficient policies. The paper concludes with several extensions related to this political economy motivation. |
| JEL: | H23 L51 Q58 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25831&r=all |
| By: | Pedersen, Michael Friis; Olsen, Jakob Vesterlund |
| Abstract: | Stakeholders in agricultural land markets can have a legitimate interest in the impact of policy changes on land prices. Agricultural economists may be asked to answer questions regarding the potential impacts of suggested policy changes on land price, ex ante. This paper addresses the question of what agricultural economists can answer, given enquiries into such matters. Based on a comparison of methodologies used the paper concludes, that even though methods in the field are advanced they tend to focus on either a cash flow dimension or a quality dimension of land price, while the questions that stakeholders need answered require both. |
| Keywords: | Land Economics/Use |
| Date: | 2019–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa165:288442&r=all |
| By: | Billi, Roberto (Research Department, Central Bank of Sweden); Galí, Jordi (CREI, UPF and Barcelona GSE) |
| Abstract: | We analyze the welfare impact of greater wage exibility while taking into account explicitly the existence of the zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage exibility on welfare when the central bank follows a conventional Taylor rule. When demand shocks are the driving force, the presence of the ZLB implies that an increase in wage exibility reduces welfare even under the optimal monetary policy with commitment. |
| Keywords: | labor market exibility; nominal rigidities; optimal monetary policy with commitment; Taylor rule; ZLB |
| JEL: | E24 E32 E52 |
| Date: | 2019–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0367&r=all |
| By: | Rudolf Kerschbamer (University of Innsbruck); Daniel Neururer (University of Innsbruck); Matthias Sutter (Max Planck Institute for Research on Collective Goods) |
| Abstract: | Credence goods markets are characterized by pronounced informational asymmetries between consumers and expert sellers. As a consequence, consumers are often exploited and market efficiency is threatened. However, in the digital age, it has become easy and cheap for consumers to self-diagnose their needs using specialized webpages or to access other consumers’ reviews on social media platforms in search for trustworthy sellers. We present a natural field experiment that examines the causal effect of information acquisition from new media on the level of sellers’ price charges for computer repairs. We find that even a correct self-diagnosis of a consumer about the appropriate repair does not reduce prices, and that an incorrect diagnosis more than doubles them. Internet ratings of repair shops are a good predictor of prices. However, the predictive valued of reviews depends on whether they are judged as reliable or not. For reviews recommended by the platform Yelp we find that good ratings are associated with lower prices and bad ratings with higher prices, while non-recommended reviews have a clearly misleading effect, because non-recommended positive ratings increase the price. |
| Keywords: | credence goods, fraud, information acquisition, internet, field experiment |
| JEL: | C93 D82 |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2019_03&r=all |
| By: | Pinar Celik; Martin Storme |
| Abstract: | The literature on negative emotions and impression formation of leaders make contradictory predictions on whether expressions of sadness by leaders will be perceived as more or less effective than expressions of anger by leaders. Drawing from the literature on emotions as social information and a social-cognition approach on leadership perception, we hypothesized that when the social context induces observers to form impressions of leaders’ communal qualities (as opposed to their agentic qualities), leaders who express sadness in reaction to a problematic organizational event would be seen as more effective leaders and receive more endorsement, than leaders who express anger in reaction to the same problematic event. In three experiments we found that when observers were induced to form an impression of a leaders’ communal qualities, they perceived leaders’ that expressed sadness as possessing more communal qualities, than leaders that expressed anger, but not less agentic qualities. Because leaders’ perceived communal qualities in turn positively predicted leadership effectiveness (Study 2) and leadership endorsement (Study 3), observers that were induced to form an impression of leaders’ communal qualities, perceived leaders expressing sadness to be more effective than leaders expressing anger, and preferred a sad leader above an angry leader. |
| Keywords: | Sadness; Anger; Impression formation; Leadership; Agency; Communion |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/287173&r=all |
| By: | Ogunwandc, I.O.; Akinrinola, O.O.; Adcscluka, M. |
| Abstract: | Rural-urban based business is critical to poverty reduction among rural people most especially women who are mostly buying produce from the farm gate or rural market and transport them to the urban areas where it can command better price and in turn good profit. The study was carried out in Ibarapa Central Local Government Area of Oyo State to examine Women in Agriculture(WIA) as maize arbitragers and household poverty. A multistage sampling technique was used alongside 120 copies of structured questionnaire to collect data from intended respondents. The specific objectives bordered on describing the socioeconomic characteristics, categorizing respondents into poverty groups, determining the quantity of maize traded and poverty status of respondents. Results of socioeconomic characteristics showed that the majority (93 .1 % ) were young and agile, 98% were educated while the mean age was 15 years among others. Households' classification showed that poor and non poor were 56.9% and 43.1 % respectively. The OLS multiple regression result indicated chosen exponential functional form as lead equation showed that co-efficient of multiple determination(R2) expressed that 21 % of dependent variable was explained by independent variables modelled while price of maize, years of experience, years of education, and cooperative membership among others determined the quantity of maize traded by arbitragers. Probit result showed that years of education, household size, dependency ratio, household income, number of people per room and number of food intake influenced poverty status at varying significant levels among respondents. The result of hypothesis tested showed that null hypothesis was rejected at P<0.0 1 showing that there was a significant relationship between income of arbitragers and their. poverty status. It was recommended that credit facilities and infrastructure be made available to ease rural business transaction. |
| Keywords: | Community/Rural/Urban Development, Consumer/Household Economics |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288350&r=all |
| By: | I.T, Oyebamiji; M.O, Olatilewa; S.A, Adetayo; S.N, Oyewole |
| Abstract: | The study evaluated the economic appraisal of inert atmosphere silo used for wheat storage in Ilorin. NSPRI has developed inert atmosphere silo for storage of grains and this has successfully stored wheat among other grains for four year without quality deterioration, but the targeted stakeholders in grains postharvest value chain have not'been able to adopt the technology. Their fear is not far fetch from the uncertainty of how cost effective the technology will be. The study was conducted to appraise the economics of the technology for storage of wheat and other grains. Budgeting and profitability analytical techniques were used to analyze the data generated by the study. The study revealed that storage of wheat using inert atmosphere silo is highly profitable with a gross margin of H 5, 182,250.00. Lastly, Return per N aira from wheat grains storage using the silo is 0.44. The return on the investment almost hits 50 % of the financial commitment to the investment made on the Technology (Silo) for grains storage. To reduce postharvest grain losses and increase food security in the country, governments at all levels, Farmers' Association Stakeholders and grains merchants should work with NSPRI on the adoption of the technology. |
| Keywords: | Crop Production/Industries |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288335&r=all |
| By: | Federico Graceffa; Damiano Brigo; Andrea Pallavicini |
| Abstract: | In this note we investigate the consistency under inversion of jump diffusion processes in the Foreign Exchange (FX) market. In other terms, if the EUR/USD FX rate follows a given type of dynamics, under which conditions will USD/EUR follow the same type of dynamics? In order to give a numerical description of this property, we first calibrate a Heston model and a SABR model to market data, plotting their smiles together with the smiles of the reciprocal processes. Secondly, we determine a suitable local volatility structure ensuring consistency. We subsiquently introduce jumps and analyze both constant jump size (Poisson process) and random jump size (compound Poisson process). In the first scenario, we find that consistency is automatically satisfied, for the jump size of the inverted process is a constant as well. The second case is more delicate, since we need to make sure that the distribution of jumps in the domestic measure is the same as the distribution of jumps in the foreign measure. We determine a fairly general class of admissible densities for the jump size in the domestic measure satisfying the condition. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.05310&r=all |
| By: | Deven Bathia (Queen Mary University of London, School of Business and Management, Mile End Road, London, E1 4NS, United Kingdom); Christos Bouras (Department of Banking and Financial Management, University of Piraeus, 80, M. Karaoli & A. Dimitriou St., 18534 Piraeus, Greece); Riza Demirer (Department of Economics & Finance, Southern Illinois University Edwardsville, Edwardsville, IL 62026- 1102, USA); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria, South Africa) |
| Abstract: | This paper examines the wealth and risk effects of cross-border capital flows on emerging stock markets by distinguishing between equity and debt flows and using a panel GARCH approach. We find that both equity and debt flows possess incremental information over emerging stock market returns and volatility that is not captured by aggregate capital market risk factors. While the explanatory power of debt flows is relatively stronger and more robust, even after controlling for world market return, volatility as well as leverage and asymmetric effects, we find that equity flows assume significant explanatory power, particularly during the post-global financial crisis period. Further analysis also shows that changes in debt flows can serve as a significant determinant of crash risks in emerging stock markets. Finally, our findings indicate a robust effect of debt flows on idiosyncratic risks at the country level with significant implications for asset valuations in emerging stock markets. |
| Keywords: | Cross-border portfolio flows, emerging stock markets, panel GARCH |
| JEL: | C22 F00 G15 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:201937&r=all |
| By: | Aggarwal, Aradhna (Copenhagen Business School) |
| Abstract: | This paper examines economic growth, structural change and poverty reduction linkages across 147 countries of the world during 1991-2015. It emphasises that under the liberal market growth model structural change-growth linkages are complex, which in turn can complicate the poverty reduction effects of growth. It proposes a conceptual framework to explain how growth and structural dynamics have been influenced by globalisation. It argues that at the core of the conventional growth-structural change relationship lies the assumption that economic activities within and across sectors are strongly connected with each other through forward and backward linkages. Globalisation may distort this connectedness affecting different sectors asymmetrically. As a result, structural change in value added and employment may not commensurate with each other exerting ambiguous effects on cross-sector productivity dispersions. The study hypothesises that the convergence between them is critical for productivity enhancing structural change, and in turn, for poverty reducing effects of growth. The generalised method of moments (GMM) estimator within the framework of a dynamic panel data approach upholds the hypothesis. These findings question the sustainability of the growth and structural change processes taking place in the developing world and call for deeper strategic government interventions for broad based economic development with an emphasis on manufacturing. |
| Keywords: | Economic Growth, Globalisation, Structural Change, Poverty reduction, Cross country analysis |
| JEL: | E24 O14 O40 |
| Date: | 2019–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019015&r=all |
| By: | Oliver James Scholten; Peter Cowling; Kenneth A. Hawick; James Alfred Walker |
| Abstract: | Hyperinflation and price volatility in virtual economies has the potential to reduce player satisfaction and decrease developer revenue. This paper describes intuitive analytical methods for monitoring volatility and inflation in virtual economies, with worked examples on the increasingly popular multiplayer game Old School Runescape. Analytical methods drawn from mainstream financial literature are outlined and applied in order to present a high level overview of virtual economic activity of 3467 price series over 180 trading days. Six-monthly volume data for the top 100 most traded items is also used both for monitoring and value estimation, giving a conservative estimate of exchange trading volume of over {\pounds}60m in real value. Our worked examples show results from a well functioning virtual economy to act as a benchmark for future work. This work contributes to the growing field of virtual economics and game development, describing how data transformations and statistical tests can be used to improve virtual economic design and analysis, with applications in real-time monitoring systems. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06721&r=all |
| By: | Pauwels, Laurent |
| Abstract: | China’s monetary policy is unconventional and constantly evolving as a result of its rapid economic development. This paper proposes to use forecast combinations to predict the People’s Bank of China’s monetary policy stance with a large set of 73 macroeconomic and financial predictors covering various aspects of China’s economy. The multiple instruments utilised by the People’s Bank of China are aggregated into a Monetary Policy Index (MPI). The intention is to capture the overall monetary policy stance of the People’s Bank of China into a single variable that can be forecasted. Forecast combination assign weights to predictors according to their forecasting performance to produce a consensus forecast. The out-of-sample forecast results demonstrate that optimal forecast combinations are superior in predicting the MPI over other models such as the Taylor rule and simple autoregressive models. The corporate goods price index and the US nominal effective exchange rate are the most important predictors. |
| Keywords: | Monetary policy indicators; China; forecast combination; optimal weights |
| Date: | 2019–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:syb:wpbsba:2123/20406&r=all |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Oludele E. Folarin (University of Ibadan, Ibadan, Nigeria); Nicholas Biekpe (University of Cape Town, Cape Town, South Africa) |
| Abstract: | This study investigates the stability of demand for money in the proposed Southern African Monetary Union (SAMU). The study uses annual data for the period 1981 to 2015 from ten countries making-up the Southern African Development Community (SADC). A standard function of demand for money is designed and estimated using a bounds testing approach to co-integration and error-correction modeling. The findings show divergence across countries in the stability of money. This divergence is articulated in terms of differences in cointegration, CUSUM (cumulative sum) and CUSUMSQ (CUSUM squared) tests, short run and long-term determinants and error correction in event of a shock. Policy implications are discussed in the light of the convergence needed for the feasibility of the proposed SAMU. This study extends the debate in scholarly and policy circles on the feasibility of proposed African monetary unions. |
| Keywords: | Stable; demand for money; bounds test |
| JEL: | E41 C22 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:19/025&r=all |
| By: | Arina Wischnewsky; David-Jan Jansen; Matthias Neuenkirch |
| Abstract: | This paper retraces how financial stability considerations interacted with U.S. monetary policy before and during the Great Recession. Using text-mining techniques, we construct indicators for financial stability sentiment expressed during testimonies of four Federal Reserve Chairs at Congressional hearings. Including these text-based measures adds explanatory power to Taylor-rule models. In particular, negative financial stability sentiment coincided with a more accommodative monetary policy stance than implied by standard Taylor-rule factors, even in the decades before the Great Recession. These findings are consistent with a preference for monetary policy reacting to financial instability rather than acting pre-emptively to a perceived build-up of risks. |
| Keywords: | monetary policy, financial stability, Taylor rule, text mining |
| JEL: | E52 E58 N12 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:trr:wpaper:201908&r=all |
| By: | Xu, Sijia (National University of Singapore); Shonchoy, Abu S. (Florida International University); Fujii, Tomoki (Singapore Management University) |
| Abstract: | A target in the Millennium Development Goals—gender parity in all levels of education—is widely considered to have been attained. However, measuring gender parity only through school enrollment is misleading, as girls may lag behind boys in other educational measures. We investigate this with four rounds of surveys from Bangladesh by decomposing households’ education decisions into enrollment, education expenditure, and share of the education expenditure allocated for the quality of education like private tutoring. We find a strong profemale bias in school enrollment but promale bias in the other two decisions. This contradirectional gender bias is unique to Bangladesh and partly explained by the presence of conditional cash transfer programs. Although these programs promoted girls’ enrollment in secondary schools, they were largely ineffective in narrowing the gender gaps in academic performance and intrahousehold allocation of education resources. Gender parity in education cannot be truly achieved without addressing these gaps. |
| Keywords: | Female Stipend Programs; Education; Conditional cash transfer; Private tutoring; Bangladesh |
| JEL: | I28 J16 O15 |
| Date: | 2019–04–26 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2019_009&r=all |
| By: | Nicu Stanciu; Adrian Mitroi (Academy of Economic Studies) |
| Abstract: | This paper represents a study of the concepts and practices defined by the up-and-coming research field, namely Behavioral Finance. In addition to presenting these concepts and practices, the work incorporates behavioral issues in an attempt to build a portfolio model that is based and tailored to a particular investor profile. The paper also presents a brief description of an analysis of the investment funds on the Romanian market, and the emphasis is on the observation of the correlation between the fund allocations strategies in relation to the yields obtained. Therefore, this paper wishes to study the methods and concepts by which Behavioral Finance helps an investor make better decisions. This new direction of research helps discover those aspects that lead to irrational decisions, and by knowing them, corrective measures can be taken upon irrationality. To capture investor behavior correlated with the yields obtained, a sample of mutual funds have been analyzed for the period of Dec 2007 – Apr 2017. This part of analysis reveals the importance of risk perception, and how different perspectives upon risks, drive completely different conclusions. With this observation in mind, we then simulate a portfolio that is tailored to a specific investor profile and his goals, applying along the way portfolio optimization techniques and adjusting it with behavioral finance practices. The end result is a simulated portfolio strategy allocation that can be used as a basis for investment decision. |
| Keywords: | behavioral finance, irrationality, diversification, portfolio optimization, margin of safety, separation property |
| JEL: | G02 G11 |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0007&r=all |
| By: | Bolt, Jutta (African Economic History Network); Gardner, Leigh (African Economic History Network) |
| Abstract: | How states acquire the ability to raise taxes is a central question in the study of institutions and economic development in economic history. This paper uses new data on ‘Native Authorities’, or African local governments, to investigate tax compliance under indirect rule in British Africa. In theory, Native Authorities represented the integration of indigenous institutions into colonial rule. However, the relationships of African states with the colonial government varied, and African communities experienced considerable political and economic change during the colonial period. The paper investigates the relationship between tax compliance, the autonomy of African states within the colonial system, local levels of income and education, and Native Authority institutions. Understanding the dynamics of Native Authority tax collection helps address wider questions about African processes of state-building, the emergence of an ‘uneven topography’ of sub-national institutions during the colonial period, and the ways in which Africans shaped colonial rule. |
| Keywords: | Africa; tax compliance; economic history |
| JEL: | N01 N27 N37 N47 |
| Date: | 2018–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2018_040&r=all |
| By: | Alexsandros Cavgias; Raphael Corbi, Luis Meloni, Lucas M. Novaes |
| Abstract: | Political debates provide voters with a unique opportunity to learn about which candidates best represent their interests. They are complex campaign events that are followed by intensive media analysis and commentary. Despite growing evidence about their impact on voter behavior, little is known about their interrelated role with subsequent news coverage. This paper investigates the impact of an episode of manipulated TV coverage of a major presidential debate on the 1989 Brazilian presidential election. First, we present evidence from an online experiment that the coverage affects the audience’s evaluation of candidates differently then the actual debate. We then take advantage of a unique natural experiment regarding the geographical distribution of broadcaster-specific TV signal and the timing of election events in order to disentangle the effect of the coverage from the debate itself. By exploring both survey and actual election data, we find that the left-wing candidate lost 1.9−8.6 p.p. in vote share due to unfavorable coverage by the dominant TV network in Brazil. We also provide direct evidence that the mechanism works through a change in voters’ perception of who won the debate. Together, our set of results show how dominant media groups can distort the information generated by presidential debates through its subsequent news coverage, thus hindering the role of debates in informing voters. |
| Keywords: | political debates; media bias; elections |
| JEL: | D72 L82 O12 |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:spa:wpaper:2019wpecon17&r=all |
| By: | Glenn P. Jenkins (Department of Economics, Queen's University, Kingston, Canada and Eastern Mediterranean University, North Cyprus); Pejman Bahramain (Postdoctoral Fellow, JDINT’L Executive Programs,Department of Economics, Queen’s University Kingston, Ontario, Canada, K7L3N6); Mikhail Miklyaev (JDINT’L Executive Programs,Department of Economics, Queen’s University Kingston, Ontario, Canada, K7L3N6,and Senior Associate/ Economist Cambridge Resources International Inc.); Saint Seyi Akindere (Department of Economics, Eastern Mediterranean University Cyprus) |
| Abstract: | This study aims to estimate social value of time for investment appraisal in Mozambique. In doing so, we estimate the social value of time for three categories of project that result in time savings. These include transportation sector (road), water supply and sanitation projects and social value of time for people using public services. The estimated social value of time savings in this study, reflects the average magnitude of the welfare improvement of passengers travelling by type of vehicles, welfare improvement of women and children hauling for water and sanitation project and welfare improvement of visiting public offices for commercial and non-commercial purposes in Mozambique. This welfare improvement comes about either through increased productivity of the individuals or through the increase in utility an individual would enjoy if waiting time is reduced by an hour in the Mozambique for immediate or future projects. |
| Keywords: | Mozambique, SVT, Time, Social Value of Time, Time saved, Households’ |
| JEL: | D46 D61 I31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:qed:dpaper:4516&r=all |
| By: | Akinbode, Sakiru Oladele; Ojo, Olutunki Timothy |
| Abstract: | There have been fluctuations in the exchange rate of Naira to other world major currencies especially the US Dollar over time. The implication of this on agricultural exports is unknown. This study determined the effect of exchange rate returns volatility on Nigeria's agricultural export performance using annual data from 1980-2015 sourced from CBN and FAOSTAT. The ARCH-LM test was carried out to establish the presence ofheteroscedasticity in the exchange rate return series as revealed by the significant F-statistic and the nR2• The GARCH (1, 1) model was used to generate the exchange rate return volatiiity series which was subsequently incorporated into the ARDL model for determining factors affecting agricultural exports (cocoa and rubber). The Bound test revealed longrun relationship among variables. Results indicated that exchange rate return volatility did not significantly affect exports both in the short-run and the long-run. This may be partially attributed to the inelastic nature of agricultural commodities' supply particularly in the short run. It was also revealed that there is a positive and significant relationship between exchange rate, inflation, GDP, domestic prices, world prices and agricultural export. The study recommended among others that fiscal and monetary policies such as lower interest rate and import restriction on certain agricultural products should be adopted by the relevant authorities alongside other measures which may improve local production to meet both international and local demands, thereby, improving agricultural export and raising foreign exchange earnings which may translate to sustainable economic growth and lead the country out of recession. |
| Keywords: | Agribusiness |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288318&r=all |
| By: | Surbhi Kesar (Faculty of Economics, South Asian University, New Delhi, India.) |
| Abstract: | In much of the literature on economic development, sustained economic growth is expected to be accompanied by several interrelated processes of structure change, which involve a shift in economic activities from ‘traditional’ / agricultural / informal to ‘modern’ / industrial / formal sectors. Such transitions are usually accompanied by a transition in the economic dependence of households towards relatively ‘modern’ and formal segments of the economy, along with a rise in their general economic well-being. In this paper, we examine the Indian economy using the only available household-level pan-India panel data over the high growth period between 2005 and 2011-12, to analyse the patterns and natures of household-level transitions across sectors and identify factors that affected the likelihood and nature of such transitions. We categorize households based on their primary income sources into seven sectors characterised by varying degrees of formality/informality and various production structures and labour processes. We find that while substantial proportion of households have transitioned across these sectors during the period, there has been a continued reproduction of the same economic structure, including a regeneration of dependence on ‘traditional’ informal sector and casual wage employment, which are often expected to dissolve over time with high economic growth. To ascertain the nature of these transitions (‘favorable’ or ‘unfavorable’), we employ a ‘counterfactual’ analysis. Contrary to some recent influential literature, we find that, on an average, the transitions towards informal and ‘traditional’ economic spaces are ‘unfavourable’ in nature in terms of well-being of households. Further, using a multinomial logit regression framework, we find that the likelihood and nature of these transitions are largely dependent on household characteristics like levels of education and social caste, some of which are structurally given and cannot be optimally chosen by households. The results show that despite significant churning in the economy, the structure continues to remain fractured, with substantial ‘unfavourable’ transitions towards economic spaces that are continuously reshuffled and reconstituted. |
| Keywords: | structural transformation, informality, transition, segmentation, dualism, India |
| JEL: | O17 J60 O10 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2019-03&r=all |
| By: | Getachew, Abis |
| Abstract: | This paper focuses on the perceptions of a turnover-based presumptive tax system in Ethiopia. It mainly focuses on taxpayers’ perceptions of fairness, simplicity and administrative capacity. In this study, fairness has been assessed based on seven dimensions, namely exchange fairness, procedural fairness, horizontal fairness, vertical fairness, inter-group fairness, time-related fairness and compliance fairness. Exchange fairness refers to the adequacy of the provision of public goods and services to citizens in the long run. Procedural fairness is a measure to assess the representation of taxpayers in the estimation process. Horizontal fairness is a form of fairness that deals with the treatment of taxpayers in similar situations paying similar taxes. Vertical fairness refers to sharing the overall tax burden based on taxpayers’ ability to pay. Time-related fairness means that the total tax liable is suitable over the long term and not overly distorted by fluctuations in income and wealth. Inter-group fairness is the form of fairness that means that no individual group within the system has special treatment. Compliance fairness is a fairness dimension which measures whether all taxpayers in the system pay their tax dues on time. In addition, the study also focuses on design features and challenges encountered in applying the scheme. The paper uses survey data coupled with results of in-depth interviews conducted with selected taxpayers and officials in Addis Ababa. It also highlights the international experiences of presumptive tax designs that Ethiopia can draw lessons from. The findings of the study show that there is a negative perception among taxpayers of five of the seven dimensions of fairness: exchange fairness, procedural fairness, horizontal fairness, time-related fairness and compliance fairness. On the other hand, the findings show that there is a positive perception of two dimensions of fairness: vertical fairness and inter-group fairness. Taxpayers’ perceptions of simplicity and administrative capacity are found to be negative. |
| Keywords: | Economic Development, Finance, Governance, |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:14488&r=all |
| By: | Elvire Guillaud (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, LIEPP - Laboratoire interdisciplinaire d'évaluation des politiques publiques - Sciences Po); Michaël Zemmour (CLERSE - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We argue that the structure of inequality (not only its level) has an impact on redistributive preferences. We test this argument on the well-off, as they stand in a pivotal position between households that have a reduced capacity to contribute to taxation due to limitied labour income, and households with greater facility to achieve fiscal optimization thanks to capital income. Inequality is measured at different locations of the income distribution, nearby the income position of the well-off. Attitudes are measured through ISSP international survey, fielded from 1985 to 2006 across 19 countries. Consistent with Albert Hirschman's 'tunnel effect', our results show that support for redistribution amongst the well-off is conditioned by their prospect of mobility in both directions, proxied by the change in inequality next to them. Support amongst the well-off increases when their expected cost of downgrading rises, while it decreases when top incomes move further away in the income distribution. |
| Keywords: | Preferences for redistribution,Inequality,Tunnel effect,Well-off |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01652706&r=all |
| By: | Juif, Dácil (African Economic History Network) |
| Abstract: | This study adds the case of a Belgian colony to a literature that has mainly focused on differences in school enrollment between French and British African territories. While most studies emphasize the supply- side, especially the constraints on missionary activity, we highlight the role of demand from the colonial mining industry. We use various primary sources to assess quantitatively and qualitatively the development of school enrollment in the Congo since 1920. We show that the regional inequality in education that crystallized in colonial times persisted decades after independence. The provincial disparities are used as a point of departure to explain how the mining industry worked as a catalyst for the expansion of primary school enrolment. The paternalistic policy of “stabilization”, i.e. of permanent settlement of workers and their families near the work sites, introduced by the Union Minière du Haut Katanga as well as by most concessionary companies in the Belgian Congo in the mid-1920s, went hand in hand with high investments in primary schooling. The aim of the industry was to save expenses on recruitment and European labour, and to make investments in miners’ and their children’s education profitable. |
| Keywords: | Education; colonial Africa; the Congo; regional inequality |
| JEL: | N27 N37 N47 N57 N97 |
| Date: | 2019–05–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2019_046&r=all |
| By: | Mirel Flavius Popa (Academy of Economic Studies) |
| Abstract: | The research paper intends to highlight the characteristics and demonstrate the benefits of an increasingly popular investment product, the Exchange-Traded Fund (ETF). Although it has been around for at least two decades, it began to attract most of the inflows after the Global Financial Crisis of 2007-2008, the industry’s assets under management growing by more than 300% since then. The case study outlines the benefits of investing in ETFs by comparing its return and risks to a stock-only portfolio. Using weekly closing prices for fifteen ETFs and stocks, the market and minimum-variance portfolio and also the Value at Risk model have been computed for a two-year period (2015-2017). The final chapter provides an outlook of the Exchange-Traded Fund industry, addressing the main opportunities and challenges that will arise in the coming years. |
| Keywords: | ETF, portfolio diversification, portfolio management, investment funds, capital market, personal finance |
| JEL: | G11 G23 |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0006&r=all |
| By: | Mas'ud, Abdulsalam |
| Abstract: | With the first implementation of e-filing by the US in 1986, many countries in Europe, Asia and Africa followed suit. E-filing for certain tax payments was introduced at the federal level in Nigeria in 2013. However, none of the State Boards of Internal Revenue (or State Internal Revenue Services) have made the system available for the collection of personal income taxes from micro-entrepreneurs – a major source of their revenue. This research was designed to investigate the acceptability of e-filing for micro-entrepreneurs in northwestern Nigeria. Summary of ICTD Working Paper 96 by Abdulsalam Mas’ud. |
| Keywords: | Economic Development, Finance, Governance, |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:14481&r=all |
| By: | Adriana, Paolantonio; Romina, Cavatassi; Kristen, McCollum |
| Abstract: | Over half of the rural population in Bolivia today live below the national poverty line. As agriculture represents the main source of livelihood for more than 75 per cent of this rural population, supporting the livelihoods of rural farming households is key to tackling extreme poverty in the country. In August 2011, implementation began on the project Plan VIDA-PEEP (PPV), an initiative financed jointly between IFAD and the Bolivian Government as part of the country's National Development Plan. It aimed to improve the livelihoods of households residing in vulnerable municipalities in the departments of Potosi and Cochabamba through capacity building, financing of rural development projects, and supporting citizenship and social inclusion. The project lasted five years in total and was completed in December, 2016. Plan VIDA was implemented in 8 municipalities in the southern part of Cochabamba department, and in 14 municipalities in the northern area of the Potosí department. The current impact assessment examines the effectiveness of one component of the Plan VIDA project. Under this component, the project provided financial resources to communities for the implementation of rural development projects and to municipalities for the realization of production infrastructure projects. In particular, the evaluation focuses on a specific category of projects – Community Based Productive Investments (Proyectos Inter Comunales - PICs) – which account for more than 90 per cent of total beneficiary households reached by Plan VIDA The interventions financed are chosen among a set of community-developed proposals and are therefore of a participatory and collective nature. Nonetheless, about 80 per cent of interventions provided involved distribution of new locally adapted (criollo) or improved livestock breeds to individual households. Thus, the project offers a unique research opportunity to assess both its community-based development approach and the effectiveness of its livestock inputs. This impact assessment investigates whether the Plan VIDA project contributes to well-being of beneficiaries measured through key outcome indicators of economic mobility, resilience and nutrition to respond to IFAD's strategic objectives and goals and to Bolivia's National Development Plan. To answer these questions, this ex-post evaluation applies a mixed-methods approach that combines non-experimental statistical methods and qualitative analysis to compare a sample of project beneficiaries to non-participants. |
| Keywords: | Community/Rural/Urban Development, Crop Production/Industries, Food Security and Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288464&r=all |
| By: | Jan Kregel |
| Abstract: | In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many cases, absence of equal treatment before the law. Democratizing money will therefore ensure equal opportunity to the ownership of property, and thus full participation in the democratic governance of society, as well as equal access to the banking system, which finances the creation of capital via the creation of money. If the divergence between capital and labor--between rich and poor--is explained by the monopoly access of capitalists to finance, then reducing this divergence is crucially dependent on the democratization of money. Though the role of money and finance in determining inequality between capital and labor transcends any particular understanding of the process by which the creation of money leads to inequity, specific proposals for the democratization of money will depend on the explanation of how money comes into existence and how it supports capital accumulation. |
| Keywords: | Money; Finance; Financial History; Clearing Systems; Unit of Account |
| JEL: | E42 E51 E52 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_928&r=all |
| By: | Nobuo Akai (Professor, Osaka School of International Public Policy, Osaka University); Takahiro Watanabe (PhD. Student, Graduate School of Economics, Osaka University) |
| Abstract: | This paper examines to what extent taxation authority should be delegated to local or lower-level government. Delegation of taxation authority can be regarded as a commitment to the local tax rate ex ante in a decentralized leadership model, in which local governments set policies ex ante and the central government decides transfer policies ex post. Previous papers point out that the ex post interregional transfers of the central government distort the ex ante regional policies of local governments. However, Silva (2014, 2015) clarify the case where efficient expenditure by local governments is achieved. This paper examines the delegation of taxation authority by extending Silva's model to include commitment to taxation and generally derives the conditions when efficient public expenditure by local governments can be achieved in relation to the delegation of taxation authority. The model adopted in this paper allows various levels of spillovers of local public goods and various types of multipolicy commitments of taxation and/or expenditure. |
| Keywords: | Multipolicy commitment. Ex post interregional transfers. Spillover effect |
| JEL: | H41 H71 H72 H77 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:osp:wpaper:19e006&r=all |
| By: | Jean-Marie Dubois (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Laurence Lize (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Patrick Rousset (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche) |
| Abstract: | In digital companies, in which value creation and therefore growth are strongly linked to innovation, the acquisition and adaptation of skills appears to be a major challenge for both companies and employees. The ability of companies to integrate into a collective process of innovation is fueled by two complementary dynamics. On the one hand, the recruitment of highly qualified and operational employees, in a competitive context, is necessary. On the other hand, the different types of continuing training (formal, non-formal and informal) are emerging as essential means of adapting the skills and knowledge of employees to the rapidity of technological change. The analysis of the Céreq DEFIS survey illustrates the recruitment and continuing training practices of companies in this branche. |
| Abstract: | Dans les entreprises du numérique, où la création de valeur et donc la croissance sont fortement liées à l'innovation, l'acquisition et l'adaptation des compétences apparaissent comme un enjeu majeur, aussi bien pour les entreprises que pour les salariés. La capacité des entreprises à s'intégrer dans un processus collectif d'innovation est alimentée par deux dynamiques complémentaires. D'un côté, le recrutement d'un personnel très qualifié et opérationnel, dans un contexte souvent concurrentiel, est nécessaire. D'un autre côté, les différents types de formation continue (formels, non formels et informels) apparaissent comme une solution indispensable pour adapter les compétences et les savoirs des salariés face à la rapidité des changements technologiques. L'exploitation de l'enquête DEFIS conçue par le Céreq illustre les pratiques des entreprises de cette branche en matière de recrutement et de formation continue. |
| Keywords: | digital,company,continuing training,qualification,recruitment,numérique,entreprise,formation continue,diplôme,recrutement |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01836566&r=all |
| By: | Kangasharju, Aki; Kauhanen, Antti |
| Abstract: | Abstract In the 2019 electoral campaigns, basically all election platforms set a 75 percent employment rate target by the end of this electoral term. The target cannot be reached without marked labour market reforms and wage policies that support international competitiveness. According to forecasts, the employment rate will reach 73,8 percent by the end of the electoral term, if no additional labour market reforms are made. To reach the target, additional 40 000 jobs need to be created, on top of forecasted employment growth taking place even without reforms. The previous government was able to create 45 000 jobs with its own actions and with help from social partners. Therefore, the need this time equals the achievements of the previous government. This Policy Brief goes through options for reforms and gives estimates of the effects on job creation and public sector balances. We hope that it will make concrete the policy options the new government faces on labour market issues and reminds the social partners of the importance of international competitiveness on job creation. Achieving the employment rate target presupposes strong action both from the government and social partners. |
| Keywords: | Employment rate, Structural reforms, Competitiveness |
| JEL: | J21 H5 |
| Date: | 2019–05–11 |
| URL: | http://d.repec.org/n?u=RePEc:rif:briefs:79&r=all |
| By: | Romina, Cavatassi; Athur, Mabiso; Mohamed, Abouaziza; Eric, Djimeu |
| Abstract: | Smallholder farmers in developing countries often lack appropriate cereal storage facilities which can contribute to food insecurity and low cereal commercialization, particularly when they can only rely on one cropping season with no irrigation. Lack of quality storage can lead to post-harvest losses (Abass et al, 2014; Sheahan and Barrett, 2017) and often compels smallholder farmers to sell their crops soon after harvest, when crop prices are at their seasonal lowest, only for them to buy grain for consumption during the lean season, when prices are high (Kadjo et al, 2018; Aggarwal et al, 2018; Stephens and Barrett, 2011). In many instances, such farmers need food assistance to survive the lean season and in other cases, they may have to borrow money at usurious rates in order to purchase food. This was the case in Guéra Region of Chad, a semi-arid area that frequently experiences droughts and dry spells in ways that severely reduce crop production and rural households’ food security. To address these issues, the IFAD-funded Programme d'Appui au Développement Rural dans le Guéra (PADER-G) project was implemented with the main objective of supporting poor rural households and smallholder farmers in Guéra, Chad to improve their food security and livelihoods. One specific aim of PADER-G, designed to manage risks of food shortage, was to improve cereal storage among smallholder farmers through the construction of community cereal banks (banque de céréales). This main element of the project was complemented with the establishment of community committees (Comité de gestion des banques de soudure – COGES) which were trained on effective management of the cereal banks. |
| Keywords: | Community/Rural/Urban Development, Food Security and Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288458&r=all |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa) |
| Abstract: | This study examines the role of information and communication technology (ICT) on remittances for industrialisation in a panel of 49 African countries for the period 1980-2014. The empirical evidence is based on three simultaneity-robust estimation techniques, namely: (i) Instrumental Fixed Effects (FE) in order to control for the unobserved heterogeneity; (ii) Generalised Method of Moments (GMM) to account for persistence in industrialisation; and (iii) Instrumental Quantile Regressions (QR) to control for initial levels of industrialisation. Our best estimators are from FE and QR estimations because the GMM regression outputs largely fail post-estimation diagnostic tests. The following findings are established: (i) There are positive marginal effects from the interaction between remittances and ICT in the FE regressions whereas there are negative marginal impacts from the interaction between remittances and ICT; (ii) Interactions between remittances and mobile phone penetration are positive in the bottom and 90th quantiles whereas the interaction between internet penetration and remittances is positive in the bottom and top quantiles of the industrialisation distribution. Overall, the role of ICT in remittances for industrialisation is much more apparent when existing levels of industrialisation are accounted for. The findings contribute to the debates on the importance of external flows and information infrastructure in economic growth as well as the relevance of remittances in driving economic development in environments where institutions are weak. The value of the study to scholars and policy makers also builds on the fact that the potential for ICT and remittances in Africa can be leveraged to address development challenges on the continent such as the low level of industrialisation. |
| Keywords: | Remittances; Industrialisation; ICT; Africa |
| JEL: | F24 F43 O30 O55 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:19/024&r=all |
| By: | Kevin Grubiak (University of East Anglia) |
| Abstract: | This paper reports an experiment designed to investigate the role of image concerns in promise keeping. The task employed allows to shed light on the relevance of both social -image and self -image concerns. Whereas in the former case, behavior is expected to depend on how others perceive a given action, in the latter case what matters is how actions reflect on a decision-maker’s self -perception. We observe strong evidence of social-image concerns in treatments which feature ex-ante opportunities for promise exchange. Ruling out alternative explanations, our results are consistent with subjects exhibiting an aversion to being perceived as a promise breaker by others. Surprisingly, subjects seem not to anticipate social-image concerns to be present in others. Our test of self-image concerns yields a null result: there is no evidence suggesting that subjects in our experiment engaged in self-deception to evade their promise-induced commitments. This resilience can be interpreted as corroborating evidence of the strength of promises. Our results shed light on the conditions under which promises can be expected to facilitate successful relationships based on trust. |
| Keywords: | Trust; Communication; Promises; Image Concerns; Beliefs |
| JEL: | C91 D03 D82 D83 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:uea:wcbess:19-02&r=all |
| By: | Ioana Deniaud; François Marmier; Jean-Louis Michalak |
| Abstract: | Dans un contexte de mondialisation, et de concurrence de plus en plus rude les clients sont de plus en plus exigeants. Pour rester compétitives, les entreprises sont ainsi poussées à augmenter leur réactivité tout en personnalisant leurs produits. L’Industrie 4.0 fait référence à la quatrième révolution industrielle. Elle décrit une vision de l’industrie du futur basée sur les nouvelles technologies et les outils informatiques. Cela implique nécessairement des transformations dans l’organisation et la gestion des entreprises ainsi que dans l’ensemble de la chaîne logistique. Les donneurs d’ordre et les responsables de chaînes logistiques expriment des exigences de performance (en termes de coûts, délais, QHSE, RSE, personnalisation, etc.) envers les entreprises participantes à leur chaîne logistique. Pour obtenir de meilleures performances de la chaîne logistique au niveau global la transition vers le 4.0 doit ainsi être faite sur l’ensemble de participants (maillons). Afin de faciliter le cadrage des transformations que doivent réaliser les entreprises, cet article vise à permettre de définir une stratégie tangible, pertinente (réalisable) et adaptée aux moyens de chaque maillon afin d’optimiser globalement la chaîne. Les contributions proposées sont : 1) une méthodologie de définition d’une stratégie pertinente vers une transformation 4.0 d’une chaîne logistique 2) un modèle d’évaluation qualitative du niveau de maturité des entreprises et de l’ensemble de leur chaîne logistique sur les différentes axes caractérisant la transformation 4.0. 3) Sur la base de l’écart constaté par rapport aux exigences des donneurs d’ordre, nous proposons un outil d’aide à la décision permettant de déterminer la stratégie de développement à adopter pour une transformation de la chaîne logistique vers le 4.0. |
| Keywords: | transformation 4.0, chaine logistique, évaluation, modèle de maturité. |
| JEL: | L25 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2019-14&r=all |
| By: | Mercedes Ayuso (Department of Econometrics, Riskcenter-IREA, University of Barcelona Av. Diagonal 690, 08034 Barcelona.); Rodrigo Sánchez-Reyes (Department of Econometrics, Riskcenter-IREA, University of Barcelona Av. Diagonal 690, 08034 Barcelona.); Miguel Santolino (Department of Econometrics, Riskcenter-IREA, University of Barcelona Av. Diagonal 690, 08034 Barcelona.) |
| Abstract: | This article seeks to demonstrate differences in the severity of traffic accidents among two subgroups of older drivers – young-older (65–75) and old-older (75+). Spain, in common with other countries, has recorded an increase in its number of older drivers due to an increase in this population cohort, an increase that is set to become significant over coming years. Moreover, older drivers are now living and driving for longer periods given increasing levels of life expectancy for the elderly. The greater frequency and longevity of older drivers suggests the need to introduce a possible segmentation within this group at risk, in line with practices for drivers below the age of 65 (thus eliminating the generic interval of 65 and over as applied today in road safety data and in the automobile insurance sector). Here, we draw on data for 2016 provided by the Dirección General de Tráfico de España (Spanish Traffic Authority) and apply generalized additive and generalized linear models to demonstrate that accident severity and the expected costs of accidents increase when the driver is over the age of 75. We identify the factors related to the accident, vehicle and driver that have a significant impact on the probability of the accident being slight, serious or fatal for different age groups. Our results have obvious implications for regulators responsible for road safety policies – most specifically as they consider the need to introduce an upper age limit for driving – and for the automobile insurance industry, which to date has not examined the impact that the longevity of drivers is likely to have on their balance sheets. |
| Keywords: | Older drivers, groups at risk, bodily injuries, accident costs. JEL classification:J11, J14, I10, C5. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ira:wpaper:201908&r=all |
| By: | Raluca Simina Bilti (West University, Timisoara) |
| Abstract: | Although the behavioral finance sector has recently developed considerably, investors have irrational issues while taking the investment decisions on the capital market. We aim to empirically analyze the way in which aspects such as asymmetric information, emotional state, public policy and organizational culture affect their behavior. In the present paper we used quantitative data, building a database of 30 countries divided into two categories: socio-mature economies andrespectively emerging and border economies.Using global governance indicators and calculating the Hurst exponent, the symmetry coefficient, the Kurtosis coefficient and the fractal dimension, we applied the Bayesian estimate methodin order to establish the link between the dimensions of the global governance indicators and the dependent variables. The results of the linear regression have been disseminated, while the long-term and short-term effects were observed taking into account issues related to the quality of regulations, public policy, governance effectiveness, the rule of law, corruption control, stability policy and lack of violence/terrorism and participation and accountability.The purpose of the paper is to studythe impact of macroeconomic factors such as world government indicators, by analysing their impact over the efficiency of financial markets. |
| Keywords: | behavioral finance,psychological biases,world government indicators,investment behavior, bayesian estimation method |
| JEL: | G11 G38 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0017&r=all |
| By: | Christophe Charlier (Université Côte d'Azur, France; GREDEG CNRS); Gilles Guerassimoff (MINES ParisTech; PSL Research University; Center for Applied Mathematics); Ankinée Kirakozian (Université Polytechnique Hauts-de-France; IDP; GREDEG CNRS); Sandrine Selosse (MINES ParisTech; PSL Research University; Center for Applied Mathematics) |
| Abstract: | Controlling energy consumption is a serious environmental issue due to global warming and pollution. Public policies are developed in this context. One such policy is the nudge, a form of policy aimed at changing individual behaviors without using financial incentives nor orders, for example by providing information to individuals so as to conduct behaviors in the direction desired by the policymaker. Interestingly "private nudges" can be imagined for companies. Many economists and psychologists have studied the impact of nudges on households' pro-environmental behaviors. Yet, studies focusing on nudging employees' energy use are rare. The objective of our paper is precisely to explore this issue from an empirical point of view with the help of a field experiment. Using a difference-in-difference methodology, the effects of three nudges on employees' energy conservation are tested. The first nudge, "moral appeal", stresses the responsible use of energy regarding environmental stakes. The second one, "social comparison", informs employees on the energy consumption of other firms participating in the experiment. Finally, the third nudge, "stickers", alerts employees about good energy conservation practices. The field experiment was conducted at 47 French companies's sites. Our results stress the complementarity of these nudges. When implemented alone, the three nudges have no significant effects on energy consumption. However, when the moral appeal and social comparison nudges are combined with the stickers one, they become effective. |
| Keywords: | Energy demand management, Private nudges, Peer pressure, Field experiment |
| JEL: | C93 D04 D91 Q41 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2019-18&r=all |
| By: | Gaël Giraud (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, AFD - Agence française de développement, Chaire Energie & Prospérité - ENS Paris - École normale supérieure - Paris - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - Institut Louis Bachelier); Hadrien Lantremange (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, Chaire Energie & Prospérité - ENS Paris - École normale supérieure - Paris - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - Institut Louis Bachelier); Emeric Nicolas (Chaire Energie & Prospérité - ENS Paris - École normale supérieure - Paris - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - Institut Louis Bachelier); Olivier Rech (Chaire Energie & Prospérité - ENS Paris - École normale supérieure - Paris - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - Institut Louis Bachelier) |
| Abstract: | How could the burden of GHG emission reduction be shared among countries? We address this arguably basic question by purely statistical methods that do not rely on any normative judgment about the criteria according to which it should be answered. The sum of current Nationally Determined Contributions to reducing GHG emissions would result in an average temperature rise in 2100 of the order of 3°C to 3.2°C. Implementing policies that enable to achieve the objective of a worldwide average temperature rise below 2°C obviously requires setting a more consistent and efficient set of national emissions targets. While a scientific consensus has been reached about the global carbon budget that we are acing, given the 2°C target of the Paris Agreement, no such consensus prevails on how this budget is to be divided among countries. This paper proposes a Climate Liabilities Assessment Integrated Methodology (CLAIM) which enables to determine national GHG budgets compliant with any average temperature target and time horizon. Our methodology does neither resort to any scenario nor any simulation-based model. Rather, it computes the allocation of 2°C-compatible national carbon budgets which has a priori the highest probability of emerging from the international discussion, whatever being the criteria on which the latter might be based. As such it provides a framework ensuring the highest probability of reaching a consensus. In particular, it avoids the pitfall of arbitrarily assigning weights according, say, to "capacity" or "responsibility" criteria, and simultaneously unifies the different methodologies that have been proposed in the literature aiming at setting national GHG budgets. Sensitivity tests confirm the robustness of our methodology. |
| Keywords: | climate change,global warming,GHG emissions,distribution of GHG emissions,emissions gap,2°C scenario,carbon budget,Intended nationally determined contribution |
| Date: | 2017–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01673358&r=all |
| By: | Muhummad Amjad; Vishal Misra; Devavrat Shah; Dennis Shen |
| Abstract: | When evaluating the impact of a policy on a metric of interest, it may not be possible to conduct a randomized control trial. In settings where only observational data is available, Synthetic Control (SC) methods provide a popular data-driven approach to estimate a "synthetic" control by combining measurements of "similar" units (donors). Recently, Robust SC (RSC) was proposed as a generalization of SC to overcome the challenges of missing data high levels of noise, while removing the reliance on domain knowledge for selecting donors. However, SC, RSC, and their variants, suffer from poor estimation when the pre-intervention period is too short. As the main contribution, we propose a generalization of unidimensional RSC to multi-dimensional RSC, mRSC. Our proposed mechanism incorporates multiple metrics to estimate a synthetic control, thus overcoming the challenge of poor inference from limited pre-intervention data. We show that the mRSC algorithm with $K$ metrics leads to a consistent estimator of the synthetic control for the target unit under any metric. Our finite-sample analysis suggests that the prediction error decays to zero at a rate faster than the RSC algorithm by a factor of $K$ and $\sqrt{K}$ for the training and testing periods (pre- and post-intervention), respectively. Additionally, we provide a diagnostic test that evaluates the utility of including additional metrics. Moreover, we introduce a mechanism to validate the performance of mRSC: time series prediction. That is, we propose a method to predict the future evolution of a time series based on limited data when the notion of time is relative and not absolute, i.e., we have access to a donor pool that has undergone the desired future evolution. Finally, we conduct experimentation to establish the efficacy of mRSC on synthetic data and two real-world case studies (retail and Cricket). |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06400&r=all |
| By: | Alessandra, Garbero; Bezawit, Beyene Chichaibelu |
| Abstract: | Decades of agricultural research have led to the development of technological innovations and improved farming practices that hold a huge potential for increasing agricultural production and achieving global food security. However, the level of dissemination and adoption of this knowledge is still inadequate, especially among smallholder farmers in developing countries. In an effort to enhance the adoption of such technical innovations and improved practices, agricultural extension approaches like Farmer Field Schools (FFS) have been widely advocated. FFS are usually participatory and informal methods of training and assisting farmers in their own locality, to adopt and adapt new technologies that can improve their farming practices. The ASDP-L and ASSP projects were implemented in Zanzibar between 2007 to 2017, with an aim to contribute towards the Government initiatives to increase agricultural productivity and profitability, generate employment in rural areas and ensure national and household food security. The purpose of the projects was to empower crop and livestock farmers through capacity building and training activities offered in the form of FFS, so as to improve their agricultural production systems. The impact assessment on the ASDP-L and ASSP projects is based on a quantitative household data collected in 2018 from about 2082 FFS participants and non-participants. Information obtained via a qualitative study by the project implementation team was used to support the quantitative survey design and interpretation of results from the quantitative data analysis for this impact assessment. Statistical matching techniques were used in the sampling and data analysis to identify and select a proper comparison group for the FFS participants. |
| Keywords: | Community/Rural/Urban Development, Livestock Production/Industries |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288463&r=all |
| By: | Cukierman, Alex |
| Abstract: | The point of departure of this paper is that, in order to preserve the effectiveness of monetary policy in a world increasingly flooded by private digital currencies, central banks will eventually have to issue their own digital currencies. Although a non-negligible number of central banks (CBs) are actively considering the pros and cons of a central bank digital currency (CBDC) there is yet no CB that has issued such a currency on a full scale. Following a brief survey of current CBs positions on the issuance of a CBDC the paper presents two proposals for the implementation of such a currency: A moderate proposal in which only the banking sector continues to have access to deposits at the CB and a radical one in which the entire private sector is allowed to hold digital currency deposits at the CB. The paper compares and contrasts the implications of those two polar paths to a CBDC for the funding of banks, the allocation of credit to the economy and their implications for welfare as well as for political feasibility. One section of the paper shows that the radical implementation may pave the way toward a narrow banking system and dramatically reduce the need for deposit insurance in the long run. The paper evaluates the relative merits of issuing a currency on a blockchain using a permissionless distributed ledger technology in comparison to a centralized (permissioned) blockchain ledger operated by the CB and concludes that the latter dominates the former in more than one dimension. But it does acknowledge that distributed ledger technologies have many actual and potential cost savings benefits in other segments of the financial and real sectors. |
| Keywords: | blockchain technology; Central bank digital currency; centralized versus decentralized currencies; narrow banking; permissioned; permissionless |
| JEL: | E4 E5 H41 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13728&r=all |
| By: | Naimoli, Antonio; Storti, Giuseppe |
| Abstract: | We propose a novel approach to modelling and forecasting high frequency trading volumes. The new model extends the Component Multiplicative Error Model of Brownlees et al. (2011) by introducing a more flexible specification of the long-run component. This uses an additive cascade of MIDAS polynomial filters, moving at different frequencies, in order to reproduce the changing long-run level and the persistent autocorrelation structure of high frequency trading volumes. After investigating its statistical properties, the merits of the proposed approach are illustrated by means of an application to six stocks traded on the XETRA market in the German Stock Exchange. |
| Keywords: | Intra-daily trading volume, dynamic component models, long-range dependence, forecasting. |
| JEL: | C22 C53 C58 |
| Date: | 2019–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93802&r=all |
| By: | Aslihan, Arslan; Daniel, Higgins; Paul, Winters; Fabrizio, Bresciani |
| Abstract: | Smallholder rice farming is central to poverty reduction, food security, and rural development in the Philippines. Currently, rice affordability is threatened by the country's protectionist approach to rice imports and low production efficiency. One key issue is that around 41 percent of the country's irrigable land is not irrigated. Moreover, many irrigation systems are suggested to be poorly managed with unequal water distribution. The Irrigated Rice Production Enhancement Project (IRPEP) was implemented in three regions (VI, VII and X) of the Philippines between 2010-2015. It was designed to improve rice productivity and smallholder livelihoods by strengthening canal irrigation infrastructure of Communal Irrigation Systems (CIS), improving the capacity of the Irrigators' Associations (IAs) that manage the CIS, and offering complementary marketing support, Farmer Field Schools, and emergency seed buffer stocks. As the government provides FFS and buffer stocks to farmers across the country, we focus the assessment on the irrigation and marketing activities only. We define the impact indicators based on IRPEP's theory of change, which maps the inputs and activities of the project to outcomes and impacts through various channels. The analysis is based on quantitative data from 2,104 households and 113 IAs covering beneficiary and non-beneficiary groups, along with qualitative data from project and IA staff. We estimate IRPEP's impact by comparing beneficiary and non-beneficiary households and IAs using statistical matching techniques to ensure a clean and unbaised comparison. We then use the qualitative data to try to identify the underlying factors that shaped the results. We particularly focus our analysis on regional heterogeneities in impacts because of the considerable differences between the three project regions. The main difference between regions stems from their varying levels of exposure to extreme weather events (e.g. super typhoons), as Region VIII, and to a lesser extent Region VI, experienced significant extreme weather damage during the project's implementation. |
| Keywords: | Community/Rural/Urban Development, Food Security and Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288460&r=all |
| By: | Mas'ud, Abdulsalam |
| Abstract: | E-filing for some kinds of tax payments was introduced at the federal level in Nigeria in 2013, yet it has not been made available by state government for the collection of Personal Income Tax from micro-entrepreneurs – a major source of revenue. This research was designed to investigate the acceptability of e-filing to micro-entrepreneurs in Northwestern Nigeria. Micro-entrepreneurs were asked what factors would affect their willingness to use e-filing should it become available. Data were collected through survey questionnaires from 384 micro-entrepreneurs and interviews with three tax consultants in the region. Performance expectancy was found to be the main predictor of e-filing acceptability by among micro-entrepreneurs: its use will likely enhance their ability to pay their taxes. Effort expectancy is the second main predictor, implying that micro-entrepreneurs believe that e-filing will be easy to use, and thus influence its acceptability. Social influence is the third main predictor of e-filing acceptability; friends, family, and business associates who value e-filing will influence its acceptance among micro-entrepreneurs. Trust in e-filing software was found to be an insignificant predictor of e-filing acceptability for micro-entrepreneurs. Lastly, awareness was found to be a negative factor that would affect the willingness of micro-entrepreneurs to use e-filing: while they are willing to use e-filing, they lack awareness of its operating modalities. In line with the findings, it is recommended that state government in Nigeria should introduce an e-filing system for collecting taxes from micro-entrepreneurs. The e-filing software design needs to be bilingual and fully reliable to gain the trust of its potential users, and the use of intermediaries to assist the users should be encouraged. |
| Keywords: | Finance, Governance, |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:14477&r=all |
| By: | Angela Cools (Cornell University); Raquel Fernandez (New York University); Eleonora Patacchini (Cornell University) |
| Abstract: | This paper studies the effect of exposure to female and male “high-achievers” in high school on the long-run educational outcomes of their peers. Using data from a recent cohort of students in the United States, we identify a causal effect by exploiting quasi-random variation in the exposure of students to peers with highly- educated parents across cohorts within a school. We find that greater exposure to “high-achieving” boys, as proxied by their parents’ education, decreases the likelihood that girls go on to complete a bachelor’s degree, substituting the latter with junior college degrees. It also affects negatively their math and science grades and, in the long term, decreases labor force participation and increases fertility. We explore possible mechanisms and find that greater exposure leads to lower self-confidence and aspirations and to more risky behavior (including having a child before age 18). The girls most strongly affected are those in the bottom half of the ability distribution (as measured by the Peabody Picture Vocabulary Test), those with at least one college-educated parent, and those attending a school in the upper half of the socio- economic distribution. The effects are quantitatively important: an increase of one standard deviation in the percent of “high-achieving” boys decreases the probability of obtaining a bachelor’s degree from 2.2-4.5 percentage points, depending on the group. Greater exposure to “high-achieving” girls, on the other hand, increases bachelor’s degree attainment for girls in the lower half of the ability distribution, those without a college-educated parent, and those attending a school in the upper half of the socio-economic distribution. The effect of “high-achievers” on male out- comes is markedly different: boys are unaffected by “high-achievers” of either gender. |
| Keywords: | gender, education, cohort study, high achievers, peers |
| JEL: | I21 J16 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2019-032&r=all |
| By: | Ekaterina Oparina; Sorawoot Srisuma |
| Abstract: | We use novel nonparametric techniques to test for the presence of non-classical measurement error in reported life satisfaction (LS) and study the potential effects from ignoring it. Our dataset comes from Wave 3 of the UK Understanding Society that is surveyed from 35,000 British households. Our test finds evidence of measurement error in reported LS for the entire dataset as well as for 26 out of 32 socioeconomic subgroups in the sample. We estimate the joint distribution of reported and latent LS nonparametrically in order to understand the mis-reporting behavior. We show this distribution can then be used to estimate parametric models of latent LS. We find measurement error bias is not severe enough to distort the main drivers of LS. But there is an important difference that is policy relevant. We find women tend to over-report their latent LS relative to men. This may help explain the gender puzzle that questions why women are reportedly happier than men despite being worse off on objective outcomes such as income and employment. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06037&r=all |
| By: | Christophe Labreuche (Thales Research and Technology [Palaiseau] - THALES); Michel Grabisch (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, PSE - Paris School of Economics) |
| Abstract: | In many Multi-Criteria Decision problems, one can construct with the decision maker several reference levels on the attributes such that some decision strategies are conditional on the comparison with these reference levels. The classical models (such as the Choquet integral) cannot represent these preferences. We are then interested in two models. The first one is the Choquet with respect to a p-ary capacity combined with utility functions, where the p-ary capacity is obtained from the reference levels. The second one is a specialization of the Generalized-Additive Independence (GAI) model, which is discretized to fit with the presence of reference levels. These two models share common properties (monotonicity, continuity, properly weighted, …), but differ on the interpolation means (Lovász extension for the Choquet integral, and multi-linear extension for the GAI model). A drawback of the use of the Choquet integral with respect to a p-ary capacity is that it cannot satisfy decision strategies in each domain bounded by two successive reference levels that are completely independent of one another. We show that this is not the case with the GAI model. |
| Abstract: | Dans beaucoup de problème de décision multicritère, on peut construire avec le décideur plusieurs niveaux de référence sur les attributs de telle sorte que des stratégies de décision soient conditionnelles sur la comparaison avec les niveaux de référence. Les modèles classiques (Choquet) ne peuvent représenter ces préférences. Nous nous intéressons à deux modèles, le premier étant Choquet vs. une p-capacité qui est obtenue à partir des niveaux de référence. Le second est une spécialisation du modèle GAI (Generalized-Additive Independence). Ces deux modèles ont en commun des propriétés (monotonie, continuité), mais diffèrent sur le type d'interpolation (Lovász, multilinéaire). Un défaut de l'intégrale de Choquet est qu'elle ne satisfait pas les stratégies de décision dans chaque domaine borné par deux niveaux de références indépendants l'un de l'autre. Nous montrons que cela ne peut arriver avec le modèle GAI. |
| Keywords: | multiple criteria analysis,Generalized Additive Independence,Choquet integral,reference levels,intégrale de Choquet,niveau de références,interpolation,GAI,analyse multicritère |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01815028&r=all |
| By: | Michel Grabisch (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne); Alexis Poindron (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne); Agnieszka Rusinowska (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, PSE - Paris School of Economics) |
| Abstract: | We study a stochastic model of anonymous influence with conformist and anti-conformist individuals. Each agent with a ‘yes' or ‘no' initial opinion on a certain issue can change his opinion due to social influence. We consider anonymous influence, which depends on the number of agents having a certain opinion, but not on their identity. An individual is conformist/anti-conformist if his probability of saying ‘yes' increases/decreases with the number of ‘yes'- agents. In order to consider a society in which both conformists and anti-conformists co-exist, we investigate a generalized aggregation mechanism based on ordered weighted averages. Additionally, every agent has a coefficient of conformism which is a real number in [-1, 1], with negative/positive values corresponding to anti-conformists/conformists. The two extreme values -1 and 1 represent a pure anti-conformist and a pure conformist, respectively, and the remaining values - so called ‘mixed' agents. We consider two kinds of a society: without mixed agents, and with mixed agents who play randomly either as conformists or anti-conformists. For both cases of the model, we deliver a qualitative analysis of convergence, i.e., find all absorbing classes and conditions for their occurence. |
| Abstract: | Nous étudions un modèle d'influence anonyme en présence d'agents conformistes et anticonformistes. Chaque agent a une opinion initiale ‘oui' ou ‘non' pour un problème donné et, influencé par les opinions des autres agents, il met son opinion à jour période après période. Notre modèle est anonyme, c'est-à-dire, l'influence de la société sur chaque agent ne dépend que du nombre, et non de l'identité, d'agents avant telle ou telle opinion. Un agent est conformiste anticonformiste) si la probabilité qu'il dise ‘oui' à la prochaine période augmente lorsque davantage d'agents disent ‘oui' (‘non'). Afin d'étudier une société comportant les deux types d'agents, nous utilisons un mécanisme d'agrégation anonyme basé sur les moyennes pondérées ordonnées. Par ailleurs, à chaque agent est attribué un coefficient allant de -1 à 1. L'agent est anticonformiste si ce coefficient est négatif, il est conformiste s'il est positif. Les bornes -1 et 1 représentent les agents purs, les réels entre -1 et 1 strictement les agents qu'on appelle ‘mixtes'. Nous étudions deux types de société : sans agents mixtes, et avec des agents mixtes qui tirent à pile ou face pour choisir d'être conformistes ou anticonformistes. Nous proposons pour chaque cas une analyse qualitative de convergence, c'est-à-dire, une liste des classes absorbantes et les conditions d'occurrence. |
| Keywords: | anonymity,anti-conformism,convergence,absorbing class,influence,anonymat,anticonformisme,classe absorbante |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01659328&r=all |
| By: | Cukierman, Alex |
| Abstract: | Decisions about consumption, work, leisure, pricing, investment and other private and public policy decisions rely on forecasts of the future. The permanent-transitory confusion (PTC) refers to the fact that even when they know all past and current information individuals are uncertain about the persistence of the current state. This all pervasive informational limitation makes it optimal, in general, to use all past information when forecasting the future even under rational expectations. The objective of this paper is to remind the profession of this basic fact and point out some of its implications by showing at both the theoretical and the empirical levels that forecasts of the future are generally adaptive in the sense that they depend on available past information even when information is utilized efficiently. This is done along the following dimensions. First by briefly surveying the literature on rational-adaptive expectations from Muth (1960) to Coibion-Gorodnichenko (2015). Second, by showing that the PTC injects the past even into purely forward looking New-Keynesian such as that of Clarida, Gali & Gertler (1999). Third, by showing empirically that inflationary expectations in the US Survey of Professional Forecasters rely on past inflation. The paper concludes with reflections on the persistence of economic and policy changes induced by the global financial crisis. |
| Keywords: | inflationary expectations; Permanent-transitory confusion; rationally adaptive expectations â?? implications for New-Keynesian framework |
| JEL: | D84 E12 E31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13727&r=all |
| By: | Djomo, R. F; Ukpe, U. H.; Gama, E. N; Nwalem, M. P.; Onuigbo, I.; Dzever, D. D.; Chancha, T.E. |
| Abstract: | Over the past 15 years, the Government has adopted an economic policy that resulted in a sharp increase in the importation of food items. This massive importation trend had major consequences for the economy. Therefore, this study assessed the determinants of food importation in Cameroon (l 995-2015). Data were collected from secondary sources, analysed using vector error correction model (VECM), variance decomposition and impulse response. The results showed that agricultural production significantly decreased food importation while exchange rate increased food importation in the long run and short run. The result further showed that agricultural production is the most contributing factor to food importation both in the long and short run. It was recommended that taxes on food importation should be increased while exchange rate policy should also be reviewed in order to discourage importation of food into the country. |
| Keywords: | Food Security and Poverty |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288319&r=all |
| By: | Dzever, D.D.; Ayoola, J.B. |
| Abstract: | This study analyzed the determinants ofrice importation in Nigeria (1991-2015). Data were collected from secondary sources, analyzed using vector error correction model, variance decomposition and impulse response. The result ~howed that inflation rate in the previous year and population in the previous year were the variables that significantly affected the importation of rice in the long run while rice output in the previous year was the only variable that significantly affected rice importation in the short ruri. It was therefore recommended that the Federal government should put in place policies to increase and improve on the quality of locally produced rice through agricultural credit, fertilizer distribution, packaging and marketing. Also the Federal Government should set up policies that will encourage investment through appropriate financing at reasonable interest rate so that agribusiness will be promoted, particularly in the rice sub-sector. |
| Keywords: | Agribusiness, Crop Production/Industries |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288329&r=all |
| By: | Campos-Vázquez Raymundo; Lustig Nora; Scott John |
| Abstract: | Income inequality in Mexico increased between 1989 and 1994; between 1994 and 2006, inequality declined; and, between 2006 and 2014, inequality was again on the rise.We apply decomposition techniques to analyse the proximate determinants of labour income inequality and fiscal incidence analysis to estimate the first-order effects of taxes and social spending on the distribution of income.The key component that underlies the ‘rise-decline-rise again’ pattern was the evolution of returns to skills. In addition, while changes in fiscal policy in the 1990s were progressive and pro-poor, the redistributive effect has declined significantly since 2010, as transfers have become less progressive and net indirect taxes have increased. |
| Keywords: | Top incomes,Poverty,Fiscal redistribution,Inequality,Labour income |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-188&r=all |
| By: | Fjeldstad, Odd-Helge; Ali, Merima; Katera, Lucas |
| Abstract: | Purpose: Inter-organisational cooperation in revenue collection has received limited attention in the tax administration literature. Recent experiences from Tanzania offer a unique opportunity to examine opportunities and challenges facing such cooperation between central and local government agencies in a developing country context. The administration of property taxes (PT) in Tanzania has been oscillating between decentralised and centralised collection regimes. This paper aims to examine how inter-organisational cooperation affected implementation of the reforms. Design/methodology/approach: The study draws on data from a variety of sources of information collected during a series of fieldworks over the past decade. Semi-structured interviews were conducted with a wide range of stakeholders, including senior managers and operational staff of the national and municipal tax administrations. The interviews focused on the background and objectives of the property tax reforms, working relations between the central and local government revenue administrations, technical and administrative challenges and innovations, and changes over time with respect to revenue enhancement and implementation of the reforms. Relevant tax legislation and regulations, budget speeches and reports were reviewed. Findings: Two lessons of broader relevance for policy implementation and PT administration are highlighted. First, institutional trust matters. Top-down reform processes, ambiguity related to the rationale behind the reforms and lack of consultations on their respective roles and expectations have acted as barriers to constructive working relationships between the local and central government revenue agencies. Second, administrative constraints, reflected in poor preparation, outdated property registers and valuation rolls and inadequate incentives for the involved agencies to cooperate hampered the implementation of the reforms. Originality/value: This paper contributes to the literature on inter-organisational cooperation in revenue collection through a detailed case study of property tax reforms in a developing country context. It also contributes to the literature on policy implementation by identifying political and administrative factors challenging the reform process. In line with this literature, the study shows that policy implementation is not necessarily a coherent process. Instead, it is frequently fragmented and disrupted by changes in policy formulation and access to adequate resources. |
| Keywords: | Development Policy, Economic Development, Finance, Governance, |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:14480&r=all |
| By: | Pierre-Jean Benghozi (X-DEP-MIE - Département de Management de l'Innovation et Entreprenariat de l'École polytechnique - X - École polytechnique); Elisa Salvador (ESSCA School of Management, 55 quai Alphonse Le Gallo, 92513 Boulogne-Billancourt Cedex, France); Jean-Paul Simon |
| Abstract: | Cultural and creative industries (CCIs) are usually associated to "creativity" while high-tech industries are usually linked to "innovation". This distinction determines a sort of forgetfulness of the fact that also CCIs rely always on various series of updated technologies. As a consequence, the issue of innovation in CCIs is seldom dealt with. Nonetheless, one can wonder how do these industries really innovate and how they compete with powerful new competitors from the information technology (IT) world. This is the aim of this article focused on the music recording and the newspaper publishing industries. It explores how these industries are coping with subsequent waves of technologies. Recent findings provide a fresh understanding of the place and the very nature of innovation in these industries that, in fact, do not boil down to simply creating new contents. Instead, economic dynamics have recently been opened showing that CCIs are based on regular capacity for innovations which are nevertheless deployed in very different ways. The paper blends a general outlook that sets the scene of the transformations each industry went through with some selected case studies so as to highlight some innovative elements in every subsector. These case studies are followed by an analysis of the new players that build their position from technical intermediation functions. It reveals how "intermediaries" |
| Keywords: | creative industries,music industry,new middlemen,publishing industry,intermediaries,R&D and innovation |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02091962&r=all |
| By: | Shahbaz, Muhammad; Gozgor, Giray; Kofi Adom, Philip; Hammoudeh, Shawkat |
| Abstract: | This paper decomposes the environmental Kuznets curve into the scale, technique and composition effects while incorporating the roles of energy consumption, trade openness and foreign direct investments (FDI) effects in a carbon emissions function for the United States (U.S.). We have incorporated information about unknown structural breaks into this function while investigating the cointegration between the related variables. The empirical results confirm the existence of cointegration between the variables in the presence of structural breaks. Moreover, the scale effect increases carbon dioxide emissions, but the technique effect reduces it as expected. Energy consumption also adds to carbon emissions, while the composition effect improves environmental quality by lowering carbon dioxide emissions. Further, trade openness decreases carbon dioxide emissions. However, increases in FDI hamper environmental quality by increasing carbon emissions. To reduce the level of carbon emissions, the technical processes of production should be improved by investing in technological innovations and capital stock and upgrading environmental regulations to channel in environment-friendly FDIs. There should also be a transformation of the energy consumption structure towards cleaner energy sources. |
| Keywords: | carbon emissions; scale effect; composition effect; technique effect; international trade; foreign direct investment |
| JEL: | Q5 |
| Date: | 2019–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93720&r=all |
| By: | Bigham, John; Oum, Sang Hyouk |
| Abstract: | Fatal or injury collisions in California must be reported to the California Highway Patrol (CHP) for inclusion in the Statewide Integrated Traffic Records System (SWITRS). After records have been entered into SWITRS they are made publicly available and are accessible through the CHP’s report and data retrieval site called I-SWITRS. However, records accessed in SWITRS are considered provisional and can be updated several years after initial entry. This includes the injury severity level of collisions. If the collision data was accessed prior to an injury severity update, the agency retrieving the data may unknowingly be working with an outdated version. This can have an impact on government agencies use of data driven safety analyses to apply for safety improvement funding in order to achieve key safety goals in reducing fatal and serious injury collisions. This paper evaluated the frequency and level of injury severity changes for severe injury and fatal collisions that occurred in 2016 and which were retrieved at four different times between March 2017 and June 2018. In total, 94 injury collisions were upgraded to fatal collisions (2.653%) and 2 fatal collisions were downgraded to severe injury collisions (0.056%) out of the 3,543 total fatal collisions that occurred in 2016. The authors concluded that government agencies need to perform regular checks of their data to ensure that fatal and severe injury collisions are properly accounted for to maximize their ability to achieve safety performance targets. |
| Keywords: | Engineering, Collision Database, SWITRS, Injury Severity |
| Date: | 2018–11–06 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt6n00x12d&r=all |
| By: | Kashi, Kafle; Kwabena, Krah; Tisorn, Songsermsawas |
| Abstract: | This report assesses the impact of the High Value Agriculture Project in Hill and Mountain Areas (HVAP) of Nepal co-financed by the International Fund for Agricultural Development (IFAD), the Government of Nepal (GoN), and the SNV Netherlands Development Organization. The project was implemented between February 2011 and September 2018, and aimed at reducing rural poverty and improving food security in the remote hill and mountainous areas of the landlocked state. Nepal's geographical landscape presents numerous challenges to local economic growth and rural development. The livelihood of the people living in Nepal's rugged landscape is often characterized by low agricultural productivity, and limited access to markets and services. HVAP is a unique project both in terms of its geographical coverage and its type of interventions provided to the target groups. Its unique feature is the inclusive value chain development component which links different actors in the agricultural value chain including producers, retailers, wholesalers, input suppliers, technical service providers, credit and commerce groups, and government line ministries and agencies. In addition, the project helps strengthen the agricultural service delivery by facilitating the linkages among producers, crop and livestock extension speacialists, and technical service providers such as agrovets, para-vets, and plant protectionists through the service market strengthening component. The project covers seven hill and mountaneous districts in Karnali Province (formerly the Mid-Western Development Region)1 and identifies seven agricultural commodities as high value commodities in this area: apple, ginger, vegetable seeds, off-season vegetables turmeric, timur (Sichuan pepper), and goat. To ensure gender representativeness and promite social cohesiveness, all support services are delivered through producer organizations (PO) which are local producer groups or co-operatives that are representative of women and ethinc minorities in the area. The project supported smallholder farmers in 456 POs by strengthening their access to input markets, output markets, and service markets as well as their skills and capacity to produce market-oriented high value agricultural commodities. As part of the awareness and skill development training, the project provided a 30-day business literacy curriculum to both female and male farmers. The project also offered technical support to service markets through providing technical training activities and market information to service providers. |
| Keywords: | Agricultural and Food Policy, Food Security and Poverty |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288453&r=all |
| By: | Kai-Uwe Müller (German Institute for Economic Research Berlin (DIW Berlin)); Katharina Wrohlich (German Institute for Economic Research Berlin (DIW Berlin)) |
| Abstract: | Expanding public or publicly subsidized childcare has been a top social policy priority in many industrialized countries. It is supposed to increase fertility, promote children’s development and enhance mothers’ labor market attachment. In this paper, we analyze the causal effect of one of the largest expansions of subsidized childcare for children up to three years among industrialized countries on the employment of mothers in Germany. Identification is based on spatial and temporal variation in the expansion of publicly subsidized childcare triggered by two comprehensive childcare policy reforms. The empirical analysis is based on the German Microcensus that is matched to county level data on childcare availability. Based on our preferred specification which includes time and county fixed effects we find that an increase in childcare slots by one percentage point increases mothers’ labor market participation rate by 0.2 percentage points. The overall increase in employment is explained by the rise in part-time employment with relatively long hours (20-35 hours per week). We do not find a change in full-time employment or lower part-time employment that is causally related to the childcare expansion. The effect is almost entirely driven by mothers with medium-level qualifications. Mothers with low education levels do not profit from this reform calling for a stronger policy focus on particularly disadvantaged groups in coming years. |
| Keywords: | childcare provision; mother’s labor supply; generalized difference-in-difference |
| JEL: | J22 J13 H43 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:09&r=all |
| By: | Jones Sam; Trifkovi? Neda; Sohnesen Thomas |
| Abstract: | This paper estimates how private returns to education have evolved in the context of postconflict transformation in Mozambique. This has been characterized by rapid economic growth, significant expansion of the schooling system, but also limited structural change in a labour market dominated by small-scale agricultural activity.We find clear evidence that rates of return to education in the country have shifted over time—declining at lower levels of schooling, but remaining stable and possibly rising at the highest levels.This is consistent with increasingly convex returns, which are most evident among those in non-agricultural (wage) jobs. As such, workers today must accumulate more years of schooling to achieve the same expected return as in the past. |
| Keywords: | Returns to education,Workforce,Employment,Education |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-143&r=all |
| By: | Violeta Duta (Academy of Economic Studies, Bucharest) |
| Abstract: | In the context of globalization and the financial crisis that the world traversed over the period 2007-2009, the Romanian capital market suffered extreme shocks (stock indices recording a decline of up to 90% while the national currency depreciated sharply against EUR and USD), which led to a significant increase in volatility in the national financial market. Considering that the financial sector was the trigger of the crisis and one of the most affected sector, we chose to analyze whether we can talk about the foreign exchange rate impact on price of the bank shares traded on the Bucharest Stock Exchange and vice versa (during March 2008 -June 2017), using correlation and VAR Granger Causality test. Frequency of data is daily. We also studied the evolution of the correlation between the banking sector (represented bythe shares of the banking companies traded on the Bucharest Stock Exchange) and the foreign exchange market during and after the financial crisis.Next, we analyzed volatility changes in this sector in the post-crisis period compared to the one recorded during the financial crisis. We have included the three Romanian banks: BRD-Groupe Societe Generale, Banca Transilvania, Patria Bank and two foreign banks traded on BSE: Erste Bank AG and Deutsche Bank and RON/EUR and RON/USD exchange rates.The results of the study showed that we can speak of a unidirectional causality running from the RON / EUR exchange rate to the prices of the Romanian banks included in the study (except for Patria Bank) and of a bidirectional causality for foreign banks Erste Bank and Deutsche Bank. During the crisis (as could be expected), we noticed an increase in volatility and market correlation and a slight decline once the effects of the crisis began to dissipate. |
| Keywords: | causality, stock market, foreign exchange rate, VAR Granger Causality model, volatility |
| JEL: | C15 C58 G01 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0014&r=all |
| By: | Joseph Staudt; Yifang Wei; Lisa Singh; Shawn D. Klimek; J. Bradford Jensen; Andrew L. Baer |
| Abstract: | Between the 2007 and 2012 Economic Censuses (EC), the count of franchise-affiliated establishments declined by 9.8%. One reason for this decline was a reduction in resources that the Census Bureau was able to dedicate to the manual evaluation of survey responses in the franchise section of the EC. Extensive manual evaluation in 2007 resulted in many establishments, whose survey forms indicated they were not franchise-affiliated, being recoded as franchise-affiliated. No such evaluation could be undertaken in 2012. In this paper, we examine the potential of using external data harvested from the web in combination with machine learning methods to automate the process of evaluating responses to the franchise section of the 2017 EC. Our method allows us to quickly and accurately identify and recode establishments have been mistakenly classified as not being franchise-affiliated, increasing the unweighted number of franchise-affiliated establishments in the 2017 EC by 22%-42%. |
| JEL: | C81 L8 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25818&r=all |
| By: | Aslihan, Arslan; Daniel, Higgins; Saiful, Islam |
| Abstract: | The Coastal Climate Resilient Infrastructure Project (CCRIP) is a $150 million rural infrastructure project which was implemented in 12 districts of Bangladesh since 2013, and is due to be completed by the end of 2019. The project is funded by IFAD, the ADB, KfW of Germany, and the Government of Bangladesh. The project aims to improve the connectivity of farms and households in the face of climatic shocks, focusing on one of the most shock-prone areas of one of the most shock-prone countries in the world. The main component of the project is the construction of improved markets and market connecting roads, that are designed to remain useable during the monsoon season. This is expected to improve sales of on-farm produce, along with access to inputs as well as opportunities for off-farm income generation, leading to increased productivity and income. The project also aims to improve women's empowerment by employing Labour Contracting Societies (LCS), consisting mainly of destitute women, to carry out some of the construction work. This impact assessment focuses on the activities funded by IFAD, which includes the strengthening of markets and roads at the community and village levels. Using data from an in-depth household questionnaire covering 3,000 treatment and control households, combined with extensive qualitative interviews, we analyse the project's impact on a range of impact indicators relating to income; crop, fish and livestock production and sales; assets, food security and education; financial inclusion; and women's empowerment. We assess impact on the whole sample, as well as for a range of sub-groups, including by geographic location, location within the market catchment area, and by livelihood activity, integrating findings from the qualitative data to help to explain the mechanisms that shaped the project's impact. Regarding on-farm activities, we find that, despite a lack of impact on productivity, income from selling crops and fish increased significantly (by 104 and 50 per cent, respectively). However, we do not find a similar increase in income from the sale of livestock and livestock products. The lack of impact on productivity was seemingly caused by persisting issues with accessing high-quality inputs during the monsoon season, as well as households having limited capital to purchase these inputs. Despite this, the project increased the amount of produce that was sold, the amount that was sold at a market rather than from home or the farm gate, and increased the likelihood of growing cash crops, leading to the large increase in on-farm income. As well as improving on-farm income, the project also increased income from wage labour, which together produced a positive impact on total income of 11 per cent, along with a four per cent reduction in poverty. This increased prosperity was also reflected in reduced food insecurity and increased ownership of households assets. |
| Keywords: | Agricultural and Food Policy, Community/Rural/Urban Development, Crop Production/Industries |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288465&r=all |
| By: | Gijs Dekkers; Ekaterina Tarantchenko; Karel Van den Bosch |
| Abstract: | The Federal Planning Bureau has developed within the Nowcasting project a dynamic microsimulation model for nowcasting and medium-term forecasts (currently up to 2020) of indicators of poverty and social exclusion. Key messages of this project are that nowcasting and medium-term forecasting are now possible using a fully dynamic microsimulation model. The provisional results of the model suggest that the overall poverty risk would remain stable, but that of the 65+ subpopulation would decrease over time, while that of the younger population would show a small increase. Furthermore, the increase of overall ine-quality would come to a halt and the level of inequality would become more stable. Finally, the very low work intensity rate would continue its decrease, driven by the continuing increase of the employment rate among the working-age population. |
| JEL: | C53 H31 I32 |
| Date: | 2019–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:fpb:wpaper:1903&r=all |
| By: | María Clara Arroyo |
| Abstract: | In the political economy literature there is a widely accepted view that checks on the executive can block policy implementation. Dueto lack of sufficient data, there have not been any attempts to find empirical evidence to support this theory. This thesis studies the effect of executive constraints on reform implementation using a new dataset on economic reforms introduced by Giulianoet al. (2013) and Polity IV's measure of constraints on the executive. The database used by Giuliano et al. (2013) describes the degree of regulation in six different sectors of the economy: agriculture, product markets (electricity and telecommunication), trade, capital account, current account and the domestic financial sector in 156 countries for the period 1960-2005. I use two approaches to study the relationship between executive constraints and reform implementation. The first replicates the methodology used by Giuliano et al. (2013) using executive constraints instead of democracy as the variable of interest. The second studies the persistence of the deregulation index to see whether it is affected by executive constraints. If the theory presented before is supported by the evidence, I should observe that high executive constraints are associated with a higher persistence of the deregulation index. Both approaches result in the inability to find statistically significant evidence that constraints on the executive have any effect on reform implementation, as measured by the deregulation index from Giuliano et al. (2013) |
| Keywords: | Political Economy, Checks and Balances, Economic Reforms |
| JEL: | H11 P16 P48 E02 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:ude:wpaper:0118&r=all |
| By: | Ajibade T.B.; Ayinde O.E.; Abdoulaye T.; Ayinde, K. |
| Abstract: | With a contribution of up to 71 % to world output of yam, Nigeria remains the largest producing country with rural farmers having yam as second most commonly harvested tuber crop. Given its nutritional superiority to most roots and tubers in terms of digestible proteins and minerals and its relevance as a source of income for the poor majority of rural-farmers, the impo"rtance of yam in Nigeria cannot be overemphasized. There has however been a persistent price increasein yam, as well as other food· commodities, in Nigeria. This study was therefore designed to investigate the determinants of rising yam price in Nigeria over the period 1970-2015. The study relied on timeseries data sourced from FAOSTAT, Federal Bureau of Statistics and CBN Bulletin. Inferential statistics including unit-root test, cointegration and error correction model were employed in analysis. Autocorrelation was present in the model hence necessitating Cochrane-Orcutt approach. Results indicated that variables were non-stationary but became ·stationary after first differencing.At 5% signific.ance level, on the long run, price of yam was determined by annual production (coef.=- 0.8095), GDP (coef.=-3.009) and annual money supply (coef.=:0.829). It is consequently recommended that programmes and strategies implemented to boost food production in Nigeria should be carried on viz-a-viz robust economic planning that keeps the significant macroeconomic variables at optimal levels in order to maintain the balance required for stabilization in food commodity prices. Likewise, efforts should be concerted in putting insurgency in Nigeria under checks considering the ill effect it has on farming and trading activities. |
| Keywords: | Crop Production/Industries, Demand and Price Analysis |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288315&r=all |
| By: | Claudio Vitari (IAE Paris - Sorbonne Business School); Jean-Charles Pillet (ESC Grenoble - Ecole Supérieure de Commerce de Grenoble - Grenoble École de Management (GEM)) |
| Abstract: | Cette étude analyse les articles de la revue Systèmes d'Information et Management et des communications au colloque de l'Association Information et Management, pour en comprendre le réseau des co-écritures d'articles. Une analyse du réseau des affiliations manquait encore à la compréhension des particularismes de la communauté francophone. Nous avons répondu à deux questions principales : quelle est la structure du réseau d'affiliations ? Qui sont les affiliations centrales ? Nous nous sommes intéressés aux caractéristiques du réseau en l'état, à chacun de bien vouloir contribuer à façonner sa communauté comme il souhaiterait qu'elle soit. Le thème du colloque de l'AIM 2018 « Rapprochons les communautés TI francophones » semble supposer que les communautés TI francophones soient distantes. Notre étude souhaite contribuer à ce rapprochement en montrant le réseau des affiliations des chercheurs et les distances qui séparent les différentes institutions entre elles. |
| Keywords: | bibliométrie,scientométrie,Mots-clés : Analyse d'articles,analyse de réseau social,co-écritures |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01923806&r=all |
| By: | Francisco J. Medina-Albaladejo (Universidad de Valencia, Spain); Salvador Calatayud (Universidad de Valencia, Spain) |
| Abstract: | Unequal access to food is one of the main issues in nutritional history, but scarcity of sources has hampered the quantification of this phenomenon. This work proposes using hospital diets to address this gap. We have used records from 1853 to 1923 concerning hospital diets in the psychiatric section of the Hospital General de Valencia (Spain) and we have inferred the actual intake of nutrients for six groups of patients and members of staff. The results reveal considerable differences in terms of diet and nutrition. While the most-favoured group (nuns and well-off patients) had by 1853 reduced their relative intake of cereals and increased that of meat, in line with the general trend of the nutritional transition, the poor and orphans were still behind the trend by 1923. On the other hand, hospital staff were on a high-calorie diet that was adequate for undertaking heavy tasks, yet still suffered from a significant deficit in nutrient intake. These inequalities indicate that the nutritional transition was an uneven and non-linear process, with substantial differences according to social groups. |
| Keywords: | Nutritional Transition, Inequality, Hospital Diets, Nutrient Intake, Spain |
| JEL: | N33 N34 I12 I31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ahe:dtaehe:1909&r=all |
| By: | Konstantinos Chisiridis (Department of Economics, University of Macedonia); Kostas Mouratidis; Theodore Panagiotidis |
| Abstract: | The European north-south divide has been an issue of a long-standing debate. We employ a Global VAR model for 28 developed and developing countries to examine the interaction between the global trade imbalances and their impact within the euro-area framework. The aim is to assess the propagation mechanisms of real shocks, focusing on the interconnections among the north euro area and the south euro area. We incorporate theory-based long-run restrictions and examine the effects of (i) non-export real output shocks, (ii) expansionary shocks and (iii) real exchange rate shocks. The results provide support for symmetric adjustment in the euro area; an expansionary policy of the north euro area and increased competitiveness in the south euro area can alleviate trade imbalances of the debtor euro area economies. From the south euro area perspective, internal devaluation is the most beneficial policy. North euro area and U.S. origin shocks to domestic output exert a dominant influence in the rest of the Europe and Asia while the strong linkage between trade flows within the euro area is confirmed. |
| Keywords: | North-South Euro Area Trade Imbalances, Global Trade Imbalances, International Linkages, Global VAR, Spillover Effects |
| JEL: | C33 E27 F14 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:ost:wpaper:377&r=all |
| By: | Fernanda L. Lopez de Leon; Markus Bindemann |
| Abstract: | The 2016 EU referendum result -the so-called Brexit vote-was widely perceived as a statement against immigration. We conducted a field-experiment to test whether the Brexit vote triggered anti-social attitudes. In a computerized quiz, our (non-deceptive) intervention randomized the information of whether the local majority voted to Leave or to Remain in the EU. We find that such information in support of Brexit increased negative attitudes towards immigrants. Moreover, the impactful treatments inhibited (rather than reinforced) individuals' pre-existing views to conform to the vote of the majority. Our findings provide insight into the effects of referenda results in changing individuals' attitudes. |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:ukc:ukcedp:1905&r=all |
| By: | Cahen-Fourot, Louison |
| Abstract: | This paper analyses the socio-economic context into which environmental policies and ecological sentiments emerge through empirically studying the relation to the environment of different kinds of capitalism. The association and interaction of the relation to the environment with other key social relations, e.g. the labour-capital relations, are studied and discussed. To achieve this, I draw from Regulation Theory and augment its analytical framework with an explicit environmental dimension. I then conduct an empirical analysis of the diversity of contemporary capitalism including the social relation to the environment for a sample of thirty-seven OECD and BRICS countries. Five kinds of capitalism are identified: the Northern-continental European, the Southern-central European, the Anglo-Saxon and Pacific, the Emerging Countries and the Two Giants. A main result is the correspondence between ecology-prone social relations to the environment, labour oriented capital-labour relations and welfare-oriented states. However, the results show that countries that are the most ecology-prone are also the ones that have the most relocated their environmental impact, an observation consistent with the critical literature on the Environmental Kuznets Curve. |
| Keywords: | Society-environment relation; Capitalism; Mode of regulation; Institution; Environmental policy; Ecological macroeconomics |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus045:6957&r=all |
| By: | Grace Xing Hu; Jun Pan; Jiang Wang; Haoxiang Zhu |
| Abstract: | Lucca and Moench (2015) document that prior to the announcement from FOMC meetings, the stock market yields substantial returns without major increase in conventional measures of risk. This presents a “puzzle” to the simple risk-return connection in most (static) asset pricing models. We hypothesize that the arrival of macroeconomic news, with FOMC announcements at the top of the list, brings heightened uncertainty to the market, as investors cautiously await and assess the outcome. While this heightened uncertainty may not be accurately captured by conventional risk measures, its dissolution occurs during a short time window, mostly prior to the announcement, bringing a significant price appreciation. This hypothesis leads to two testable implications: First, we should see similar return patterns for other pre-scheduled macroeconomic announcements. Second, to the extent that we can find other proxies for heightened uncertainty, we should also observe abnormal returns accompanying its dissolution. Indeed, we find large pre-announcement returns prior to the releases of Nonfarm Payroll, GDP and ISM index. Using CBOE VIX index as a primitive gauge for market uncertainty, we find disproportionately large returns on days following large spike-ups in VIX. Akin to the FOMC result, such heightened-uncertainty days occur on average only eight times per year, but account for more than 30% of the average annual return on the S&P 500 index. Inspired by the VIX result, we search for direct evidence of heightened uncertainty using VIX as a proxy and find a gradual but significant build-up in VIX over a window of up to six business days prior to the FOMC announcements. |
| JEL: | G12 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25817&r=all |
| By: | Akyeampong, Emmanuel (African Economic History Network) |
| Abstract: | Ralph Austen in African Economic History (1987) noted how few African countries explicitly choose capitalism on independence, and for those who did it was a default model or a residual pattern. ‘African socialism’ was popular in the early decades of independence and pursued by several countries, including Ghana, Guinea, Senegal and Tanzania, the cases considered in this paper. The term had multiple meanings, and its advocates were quick to stress that they were not communist, and some said they were not even Marxist. This paper explores the argument that African socialism was a search for an indigenous model of economic development for a generation that was justifiably ambivalent about capitalism, but wary of being put in the communist camp in the Cold War era. Importantly, advocates of African socialism often proposed bold and transformative visions for their countries. These visions might be worth revisiting, devoid of the paradigm of socialism. |
| Keywords: | Socialism; capitalism; independence; Africa; economic history |
| JEL: | N17 N27 N47 |
| Date: | 2017–11–14 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2017_036&r=all |
| By: | Lucie Cerna (OECD) |
| Abstract: | The recent refugee crisis has put many OECD countries under considerable pressure to accommodate and integrate large numbers of refugees. Refugee students are a particularly vulnerable group due to their forced displacement, but their needs are not always met by education systems, which can hinder the integration potential of these students. This poses considerable challenges as the integration of refugee students in education systems is important for their academic outcomes as well as their social and emotional well-being. The success (or lack of) integration in schools can also affect the future labour market and social integration potential of these children and youth. While there is a growing body of research on the integration of immigrants, policy-relevant research on refugee children and youth from an educational perspective is rather limited, fragmented and case specific. Detailed surveys and research projects focusing on the current wave of refugees that allow for cross-country comparisons are not yet available. Drawing on research from previous refugee waves, the paper examines key needs of refugee students and factors that promote their integration. It proposes a holistic model of integration in education that responds to the learning, social and emotional needs of refugee students. Furthermore, the paper examines what type of policies and practices are in place in OECD countries that support the integration of refugee students. Nonetheless, evaluations of practices and policies are often missing, which makes it difficult to assess whether they are successful. The paper finishes with some policy pointers on how to promote the integration of refugee students. |
| Date: | 2019–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:oec:eduaab:203-en&r=all |
| By: | Ahmadu, J.; Oyoboh, D.E. |
| Abstract: | This study examined the contribution of snail production to the income of snail farmers in Edu South of Nigeria. The specific objectives of the study were to describe the socio-economic characteristics of snail producers, estimate the costs and returns of snail production in the stud:area, examine the effect of snail production on income of snail farmers and identity the constraint, to the production of snail in the study area.A two-stage sampling technique comprising purposive and snowballing sampling techniques was employed to select I 08 respondents for the stud:,.. However, 100 respondents provided useful information that was used for the analysis. Data wcrl collected using structured questionnaire. Analysis of data was Data analysis was done using descriptive statistics and budgeting technique (such as gross margin and net profit analyses as well as return on investment).The results indicated that majority of the respondents were females (61 <\;, l with average age of38 years. Most of them were married (81%) with average household size or~ persons. They had average experience in snail rearing of 8 years andmost of them (88%) v\trl literate. The results further showed that the business of snail production in the study area \\,1, profitable with gross margin, net profit and return on investment of N359,455.00, W339,533.(li_l and 2.04 per annum respectively. Without income from snail production, the snail rearers had average annual income from other sources oflivelihood ofWl,377,519.00.The farmers had average annual income ofWl,717,052.00 with income from snail production accounting for 20%. Of all the sources of income available to the respondents, snail production's contribution was the highest except income from civil service (22.18%). Thus, snail production had made remarkable contribution to improving the income of the snail producers. |
| Keywords: | Consumer/Household Economics, Farm Management |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288340&r=all |
| By: | Ulrich Faigle (Mathematisches Institut, Universität zu Köln); Michel Grabisch (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics) |
| Abstract: | An interaction system has a finite set of agents that interact pairwise, depending on the current state of the system. Symmetric decomposition of the matrix of interaction coefficients yields the representation of states by self-adjoint matrices and hence a spectral representation. As a result, cooperation systems, decision systems and quantum systems all become visible as manifestations of special interaction systems. The treatment of the theory is purely mathematical and does not require any special knowledge of physics. It is shown how standard notions in cooperative game theory arise naturally in this context. In particular, Fourier transformation of cooperative games becomes meaningful. Moreover, quantum games fall into framework. Finally, a theory of Markov evolution of interaction states is presented that generalizes classical homogeneous Markov chains to the present context. |
| Abstract: | Un système d'interaction a un nombre fini d'agents qui interagissent par paire, dépendant de l'état courant du système. La décomposition symétrique de la matrice d'interaction donne la représentation des états par des matrices auto-adjointes et donc une représentation spectrale. De ce fait, les systèmes de coopération, les systèmes de décision et les systèmes quantiques deviennent tous visibles comme des manifestations de systèmes d'interaction spéciaux. Le traitement de la théorie est purement mathématique et ne requiert pas de connaissance en physique. On montre comment les notions standard de la théorie des jeux coopératifs apparaissent dans ce contexte. En particulier, la transformée de Fourier des jeux coopératifs acquiert une signification. De plus, les jeux quantiques font partie de ce cadre. Enfin, une théorie markovienne de l'évolution des états d'interaction est présentée, qui généralise les chaînes de Markov homogènes classiques au présent contexte. |
| Keywords: | cooperative game,decision system,Fourier transform,interaction system,measurement,quantum game,jeu coopératif,système de décision,évolution,transformée de Fourier,système d'interaction,mesurage,jeux quantique |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01659148&r=all |
| By: | Pantelis Kammas (Athens University of Economics and Business); Vassilis Sarantides (Department of Economics, University of Sheffield) |
| Abstract: | This paper examines the impact of democratisation on tax structure in an agrarian economy where goods can be produced at home for self-consumption. We first develop a model of optimal taxation with heterogeneous agents where the good produced in the market is subject to a consumption tax, whereas the homogeneous good produced at home is burdened by a direct tax (such as land tithes). Contrary to conventional theory, our model suggests that extension of the voting franchise to poorer segments of the population exerts a negative impact on the share of direct to indirect taxes. Using unique national and regional tax data for the Kingdom of Greece - a typical agrarian economy when universal male suffrage was established in 1864 - we provide consistent empirical evidence. Greek governments adjusted tax policy in order to meet the preferences of the newly enfranchised electorate that constituted mostly by peasants and farmers. This group was harmed substantially by direct taxes on land but was able to avoid indirect taxes through self-consumption. We also employ a sample of 12 European countries over the same period and provide evidence for a similar change in the tax structure when the agricultural sector dominates the economy. |
| Keywords: | democracy, tax structure, fiscal capacity |
| JEL: | P16 H2 H5 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:shf:wpaper:2019010&r=all |
| By: | Thierry Mayer; Walter Steingress |
| Abstract: | This paper shows that real effective exchange rate (REER) regressions, the standard approach for estimating the response of aggregate exports to exchange rate changes, imply biased estimates of the underlying elasticities. We provide a new aggregate regression specification that is consistent with bilateral trade flows micro-founded by the gravity equation. This theory-consistent aggregation leads to unbiased estimates when prices are set in an international currency as postulated by the dominant currency paradigm. We use Monte-Carlo simulations to compare elasticity estimates based on this new “ideal-REER” regression against typical regression specifications found in the REER literature. The results show that the biases are small (around 1 percent) for the exchange rate and large (around 10 percent) for the demand elasticity. We find empirical support for this prediction from annual trade flow data. The difference between elasticities estimated on the bilateral and aggregate levels reduces significantly when applying an ideal-REER regression rather than a standard REER approach. |
| Keywords: | Econometric and statistical methods; Exchange rates; International topics |
| JEL: | F11 F12 F31 F32 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:19-17&r=all |
| By: | Carrara, Samuel |
| Abstract: | Meeting the targets of climate change mitigation set by the Paris Agreement entails a huge transformation of the energy sector, as low- or no-carbon technologies must gradually substitute traditional, fossil-based technologies. In this perspective, the vast majority of energy analyses and scenarios project a fundamental role of Carbon Capture & Storage (CCS). However, uncertainty remains on the actual techno-economic feasibility of this technology: despite the considerable investment over the recent past, commercial maturity is yet to come. The main aim of this work is to evaluate the impacts of a progressively delayed deployment of CCS plants from a climate, energy, and economic perspective, focusing in particular on the power sector. This is carried out with the Integrated Assessment Model WITCH, exploring a wide set of long-term scenarios over mitigation targets ranging from 1.5°C to 4°C in terms of global temperature increase in 2100 with respect to the pre-industrial levels. The analysis shows that CCS will be a key mitigation option at a global level for carbon mitigation, achieving about 30% of the electricity mix in 2100 (with a homogeneous distribution across coal, gas, and biomass) if its deployment is unconstrained. If CCS deployment is delayed or forbidden, penetration cannot reach the optimal unconstrained level, resulting in a mix rearrangement, with a strong increase in renewables and, to a lesser extent, nuclear. The mitigation targets can be met, but policy costs without the implementation of CCS are from 35% to 72% higher than in the corresponding unconstrained scenarios. |
| Keywords: | Research and Development/Tech Change/Emerging Technologies |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemfe:288461&r=all |
| By: | Mustapha Ridaoui (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, PSE - Paris School of Economics); Michel Grabisch (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, PSE - Paris School of Economics); Christophe Labreuche (Thales Research and Technology [Palaiseau] - THALES) |
| Abstract: | We consider MultiCriteria Decision Analysis models which are defined over discrete attributes, taking a finite number of values. We do not assume that the model is monotonically increasing with respect to the attributes values. Our aim is to define an importance index for such general models, encompassing Generalized-Additive Independence models as particular cases. They can be seen as being equivalent to k-ary games (multichoice games). We show that classical solutions like the Shapley value are not suitable for such models, essentially because of the efficiency axiom which does not make sense in this context. We propose an importance index which is a kind of average variation of the model along the attributes. We give an axiomatic characterization of it. |
| Abstract: | On considère des modèles de décision multicritère qui sont définis sur des attributs discrets, prenant un nombre fini de valeurs. On ne suppose pas que le modèle est monotone croissant par rapport aux valeurs d'attributs. Notre but est de définir un indice d'importance pour de tels modèles généraux, incluant les modèles d'indépendance additive généralisée comme cas particulier. Ils peuvent être vus comme étant équivalent aux jeux k-ary (jeux multichoix). Nous montrons que les solutions classiques comme la valeur de Shapley ne conviennent pas pour de tels modèles, essentiellement parce que l'axiome d'efficience est sans signification dans ce contexte. Nous proposons un indice d'importance qui est une sorte de variation moyenne du modèle selon un attribut. Nous en donnons une caractérisation axiomatique. |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01659796&r=all |
| By: | Michel Grabisch (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, PSE - Paris School of Economics); Christophe Labreuche (Thales Research and Technology [Palaiseau] - THALES); Mustapha Ridaoui (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, PSE - Paris School of Economics) |
| Abstract: | We address in this paper the problem of how to define an importance index in multicriteria decision problems, when a numerical representation of preference is given. We make no restrictive assumption on the model, which could have discrete or continuous attributes, and in particular, it is not assumed that the model is monotonically increasing or decreasing with respect to (w.r.t.) the attributes. Our analysis first considers discrete models, which are seen to be equivalent to multichoice games. We propose essentially two importance indices, namely the signed importance index and the absolute importance index, both based on the average variation of the value of the model induced by a given attribute. We provide several axiomatizations for these importance indices, extend them to the continuous case, and finally illustrate them with examples (classical simple models and a example of discomfort evaluation based on real data). |
| Abstract: | Dans ce papier, on s'intéresse au problème de définir un indice d'importance dans un problème de décision multicritère, en supposant une représentation numérique de celui-ci. Nous ne faisons aucune hypothèse restrictive sur le modèle qui peut avoir des attributs discrets ou continus, et en particulier, on ne suppose pas que le modèle est monotone croissant ou décroissant selon les attributs. Notre analyse considère d'abord des modèles discrets qui sont équivalents à des jeux multichoix. Nous proposons essentiellement deux indices d'importance, à savoir l'indice d'importance signé et l'indice d'importance absolu, tous deux basés sur la variation moyenne de la valeur du modèle induite par un attribut donné. Nous donnons plusieurs axiomatisations de ces indices d'importance, les étendons au cas continu et finalement les illustrons sur des exemples (modèles classiques simples et un exemple d'évaluation d'inconfort sur des données réelles). |
| Keywords: | Multiple criteria analysis,Multichoice game,Shapley value,Choquet integral,Décision multicritère,jeu multichoix,valeur de Shapley,intégral de Choquet |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01815012&r=all |
| By: | Raimondi, Pier Paolo |
| Abstract: | After the Soviet breakup, Central Asia has gained importance for several States because of its geographical location and abundance of hydrocarbon reserves. These hydrocarbon reserves are located mainly in three countries: Kazakhstan, Turkmenistan and Uzbekistan. Each of them has taken different path regarding its foreign policy and the regulation of investments and participation of external companies and States in its energy sector. Through the development, production and export of their oil and gas reserves, they have pursued a ‘multi-vector’ policy, consolidating differently their relations with other countries. The main States involved – at different levels and for different reasons – in the oil and gas sector of the Central Asian countries are: Russia, China, United States, European countries, Iran, India and Turkey. Among these players, Russia considers Central Asia still part of its sphere of influence for historical reasons, while it has to deal an increasing presence of Beijing. The Western countries has gained influence particularly in Kazakhstan, but they have no political leverage in Turkmenistan. This working paper provides an overview of the current situation of external players’ interests in the oil and gas industry of Kazakhstan, Turkmenistan and Uzbekistan. The working paper is structured into four different sections. In the first section, the paper gives an overview of the main interests and pillars of external involvement in Central Asia as a region. The other three sections are devoted to provide separately the current status of energy relations between each Central Asian country and external players, starting from the closest countries (Russia and China) to the regional ones (Iran, Turkey and India) until non-regional countries (United States and European countries). During these analysis, investments in the oil and gas sector as well as energy export routes and volumes are highlighted in order to understand the current situation of the energy relations. At the end of each country section, the main trends and interests of the countries in the regional oil and gas sector are outlined. |
| Keywords: | Resource /Energy Economics and Policy |
| Date: | 2019–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemfe:288454&r=all |
| By: | Iuliana Maria Ursu (West University, Timisoara) |
| Abstract: | In today’s globalized world, with interconnected global markets, and implicitly a higher level of sensitivity, one of the most important issues to be addressed is represented by the way market mechanisms are functioning. The main purpose of the present study is to answer the question of whether the selected markets are consistent with the Efficient Market Hypothesis, at a microeconomic level, by creating an Efficiency Index, using L. Kristoufek si M. Vosvrda (L. Kristoufek, M. Vosvrda, 2013, 184) method.We use estimators of long term memory, fractal dimension, and approximateentropy, in order to create the Efficiency Index. The results are commented both at a macroeconomic level and at a microeconomic level, as we apply the methodology on 150 companies, part of 12 stock market indices from developed and emerging economies. Wefind that the results are consistent with those obtained by L. Kristoufek si M. Vosvrda (L. Kristoufek, M. Vosvrda, 2013, 184), with most of the efficient companies being part of the developed markets, while the least efficient companies part of emerging economies. This implies the existence of a market dynamics characterized by going through areas with distinctive levels of “informational efficiency”. The present study contributes to a better understanding of financial market mechanisms at a microeconomic level, by testing the Efficient Market Hypothesis, and constructing the Efficiency Index. |
| Keywords: | Efficient Market Hypothesis, Efficiency Index, Hurst, Fractal Dimension, Approximate Entropy |
| JEL: | G14 G15 C10 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:fst:wpaper:0016&r=all |
| By: | Agnieszka Rusinowska (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Akylai Taalaibekova (CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We consider a model of competitive opinion formation in which three persuaders characterized by (possibly unequal) persuasion impacts try to influence opinions in a society of individuals embedded in a social network. Two of the persuaders have the extreme and opposite opinions, and the third one has the centrist opinion. Each persuader chooses one individual to target, i.e., he forms a link with the chosen individual in order to spread his own "point of view" in the society and to get the average long run opinion as close as possible to his own opinion. We examine the opinion convergence and consensus reaching in the society. We study the existence and characterization of pure strategy Nash equilibria in the game played by the persuaders with equal impacts. This characterization depends on influenceability and centrality (intermediacy) of the targets. We discuss the effect of the centrist persuader on the consensus and symmetric equilibria, compared to the framework with only two persuaders having the extreme opinions. When the persuasion impacts are unequal with one persuader having a sufficiently large impact, the game has only equilibria in mixed strategies. |
| Abstract: | Nous considérons un modèle de formation d'opinion compétitive dans lequel trois persuadeurs caractérisés par des impacts de persuasion (éventuellement inégaux) tentent d'influencer les opinions dans une société d'individus intégrés dans un réseau social. Deux des persuadeurs ont des opinions extrêmes et opposées, et le troisième a l'opinion centriste. Chaque persuadeur choisit un individu à cibler, c'est-à-dire qu'il forme un lien avec l'individu choisi pour diffuser son propre « point de vue » dans la société et obtenir l'opinion moyenne à long terme aussi proche que possible de sa propre opinion. Nous examinons l'existence et la caractérisation d'équilibres de Nash de pure stratégie dans le jeu joué par les persuadeurs avec des impacts égaux. Cette caractérisation dépend de l'influençabilité et de la centralité des cibles. Nous discutons l'effet du persuadeur centriste sur le consensus et les équilibres symétriques, comparé au cadre avec seulement deux persuadeurs ayant des opinions extrêmes. Lorsque les impacts de persuasion sont inégaux avec un persuadeur ayant un impact suffisamment important, le jeu n'a que des équilibres dans des stratégies mixtes. |
| Keywords: | social network,opinion formation,targeting,extreme and centrist persuaders,réseau social,formation d'opinion,consensus,ciblage,lobbying |
| Date: | 2018–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01720017&r=all |
| By: | Daimon Anusa |
| Abstract: | Illegal African migration into South Africa is not uniquely a post-apartheid phenomenon. It has its antecedents in the colonial/apartheid period.The South Africa colonial economy relied heavily on cheap African labour from both within and outside the Union. Most foreign migrant labourers came from the then Nyasaland (Malawi) and Portuguese East Africa (Mozambique) through official channels of the Witwatersrand Native Labour Association (WNLA). WNLA was active throughout Southern Africa and competed for the same labour resources with other regional supranational ‘native’ labour recruitment agencies, providing various incentives to lure and transport potential employees to its bustling South African gold and diamond mining industry. However, not all migrant labourers found their way through formal WNLA channels.Using archival material from repositories in Harare (Zimbabwe), Zomba (Malawi), Grahamstown (South Africa), London, and Oxford (UK), the paper casts light on illicit migration mainly by Malawian labourers (Nyasas) through Southern Rhodesia into South Africa between the 1920s and 1950s. It argues that many transient Nyasas subverted the inhibitive WNLA contractual obligations by clandestinely migrating independently into the Union. They also exploited the labour recruitment infrastructure used by the state and labour bureaus to swiftly move across Southern Rhodesia.In essence, Nyasas settled in motion, using Southern Rhodesia as a stepping-stone or springboard en-route to the more lucrative Union of South Africa. An appreciation of such informal migration opens up space for creating a more comprehensive historiography of labour migration in Southern Africa. Likewise, illicit migration is not confined to the contemporary African diaspora, but early diasporas as well. Consequently, this narrative acts as a background for understanding the precursors of the rampant illegal African migration into post-apartheid South Africa. |
| Keywords: | Archival,Migration,Rhodesia,WNLA |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-41&r=all |
| By: | Casale Daniela; Cassim Aalia |
| Abstract: | Public debate on the temporary employment services, or labour broker, sector in South Africa has focused on temporary workers’ wages and benefits. Empirical research is limited: temporary employment services cannot be accurately identified in recent labour force surveys.In 2015, South Africa Revenue Services and the National Treasury made company and employee income tax data available which explicitly captures labour brokers and employee wages. We use this to examine whether there is a wage penalty for labour broker employees and, if so, its magnitude. We control for individual and time fixed effects. Such empirical evidence is important in debates on the sector’s role in the South African labour market. |
| Keywords: | Wage differentials,temporary employment services,Administrative data |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-48&r=all |
| By: | Silvia Faggian (Department of Economics, University Of Venice Cà Foscari); Fausto Gozzo (Università LUISS Guido Carli); Peter M. Kort (CentER, Department of Econometrics & Operations Research, Tilburg University; Department of Economics, University of Antwerp) |
| Abstract: | The paper concerns the study of equilibrium points, or steady states, of economic systems arising in modelling optimal investment with vintage capital, namely, systems where all key variables (capitals, investments, prices) are indexed not only by time τ but also by age s. Capital accumulation is hence described as a partial differential equation (briefly, PDE), and equilibrium points are in fact equilibrium distributions in the variable s of ages. Investments in frontier as well as non-frontier vintages are possible. Firstly a general method is developed to compute and study equilibrium points of a wide range of infinite dimensional, infinite horizon boundary control problems for linear PDEs with convex criterion, possibly applying to a wide variety of economic problems. Sufficient and necessary conditions for existence of equilibrium points are derived in this general context. In particular, for optimal investment with vintage capital, existence and uniqueness of a long run equilibrium distribution is proved for general concave revenues and convex investment costs, and analytic formulas are obtained for optimal controls and trajectories in the long run, definitely showing how effective the theoretical machinery of optimal control in infinite dimension is in computing explicitly equilibrium distributions, and suggesting that the same method can be applied in examples yielding the same abstract structure. To this extent, the results of this work constitutes a first crucial step towards a thorough understanding of the behaviour of optimal controls and trajectories in the long run. |
| Keywords: | Equilibrium Points, Equilibrium Distributions, Vintage Capital Stock, Age-structured systems, Maximum Principle in Hilbert Spaces, Boundary control, Optimal Investment |
| JEL: | C61 C62 E22 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2019:12&r=all |
| By: | Mundle Sudipto |
| Abstract: | This paper analyses the dramatic spread of education and healthcare in Asia and also the large variations in that spread across and within countries over 50 years.Apart from differences in initial conditions and income levels, the nature of the state has also been an important determinant of these variations. This is because social development has typically been led by the state.But in most countries, public resource constraints and the growing dependence on private provision and private spending have generated a pattern of nested disparities in the access to education and healthcare between rich and poor regions, between rural and urban areas within regions, and between rich and poor households within these areas.However, as the better-off regions, areas, and households approach the upper limits of achievable education and health standards, a process of convergence is also underway as those left behind begin to catch up. |
| Keywords: | Healthcare,Inequality,State,Education |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-97&r=all |
| By: | Daum, Thomas; Capezzone, Filippo; Birner, Regina |
| Abstract: | Digital tools may help to study socioeconomic aspects of agricultural development that are difficult to measure such as the effects of new technologies, policies and practices on the intra-household allocation of time. As new technologies, policies and practices may target different crops and tasks, they can affect time-use of men, women, boys and girls differently. Development strategies that overlook such effects can fail or have negative consequences for vulnerable household members. In this paper, the effects of agricultural mechanization on time-use in smallholder farming households in Zambia were investigated. For this, a novel data collection method was used: a pictorial smartphone application that allows real-time recording of time-use to eliminate recall bias. Existing studies analyzing intra-household allocation of resources often focus on adult males and females. This study paid particular attention to boys and girls. The study also addressed seasonal variations. For data analysis, compositional data analysis was used, which yields higher accuracy than univariate analysis by accounting for the co-dependence and sum constraint of time-use data. The study found that women benefit relatively more from mechanization with regard to time-use during land preparation, which leads to gender differentiation; for households using manual labor, such differentiation was not found. There was some evidence that the time "saved" is used for off-farm and domestic work. No negative second-round effects (such as higher labor burdens) during weeding and harvesting/processing and no negative effects on children were found. The study debunks some myths related to gender roles in African smallholder agriculture, opens the field to more studies on technology adoption and time-use and suggests that gender roles are changing with agricultural transformation. |
| Keywords: | Labor and Human Capital, Production Economics, Research and Development/Tech Change/Emerging Technologies, Research Methods/ Statistical Methods |
| Date: | 2019–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:ags:ubzefd:288434&r=all |
| By: | Doggett, Sarah; Ragland, David R.; Felschundneff, Grace |
| Abstract: | This study examines data from the California EMS Information System (CEMSIS) to identify factors that influence prehospital time for EMS events related to motor vehicle collisions (MVCs). While only 19 percent of the United States population resides in rural areas, over half of all traffic fatalities involve rural motor vehicle collisions. Rural and urban MVCs result in similar injury severities, however relative inaccessibility of trauma centers and prehospital EMS time (activation, response, and transport time) likely contribute to the generally higher mortality rate in rural areas. For the present study, 24 CEMSIS data variables were requested, many of which involved missing data, which severely restricted the potential analysis of the impact of EMS response times. However, the findings did show that average overall EMS time (including response, scene and transport time) were approximately twice as long for collisions in rural zip codes compared with urban zip codes. Several limitations influence the interpretation of these results. Data on prehospital EMS times is missing for much of the state—even for zip codes with records of EMS events, data is likely incomplete. In addition, zip code level location data is insufficient for adequate study of the effects of the built environment and road network on prehospital time. Furthermore, according to the National EMS Information System (NEMSIS) User Manual, the national dataset suffers from selection and information bias, which are likely also present in the CEMSIS data. Although the present study cannot analyze the effect of longer prehospital times on patient outcome, other research has found that longer prehospital times may negatively impact patient health. Recommendations for reducing time from injury to appropriate medical care in rural areas include improving cell phone coverage, compliance of rural 911 center with FCC wireless, use of GPS technology, and integration of automatic vehicle location and computer aided navigation technologies into all computer-aided dispatch systems. In addition, CEMSIS should improve the coverage of their dataset and ensure that all EMS activities are recorded. To expand the type of analyses that can be conducted using CEMSIS data, EMS records must include fields that allow them to be linked to hospital and police datasets. When such data becomes available, research must be conducted to determine whether prehospital time is significantly related to patient outcome following motor vehicle collisions. |
| Keywords: | Engineering, CEMSIS, EMS, data, response time, collisions |
| Date: | 2019–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt01j3411t&r=all |
| By: | Carlo Vercellone (CEMTI - Centre d'études sur les médias, les technologies et l'internationalisation - UP8 - Université Paris 8 Vincennes-Saint-Denis); Francesco Brancaccio (CEMTI - Centre d'études sur les médias, les technologies et l'internationalisation - UP8 - Université Paris 8 Vincennes-Saint-Denis); Giuliani Alfonso (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | What is the common? What are its foundations? Is it a set of well-defined resources – so called common goods – or a generic principle governing the social organisation of production? These questions need to be asked because the debate on the Common is as rich as it is confusing. On the one hand, notions such as Common, in the singular, commons, common goods, common property, common-pool resources, etc, are at times used as synonymous, at others in contradiction, lacking a precise definition. On the other hand, it is easy to forget that the use of these terms often conceals highly differentiated approaches not only to theory, but also to the political role the Common might play in a project of social transformation. The purpose of this book is to contribute to clarify these questions through a multidisciplinary approach that combines theory and history. The aim is twofold. The first is to provide the reader with a guide to a critical analysis of the main economic and legal theories of common goods. Particular attention will be given to the input and limits of Elinor Ostrom's contribution and to the debate on the so-called tragedy of the commons. This survey of the literature serves the purpose of showing what the Common is not, or, at least, what it should not be reduced to. The second aim is to put forward an approach that is alternative to that of political economy. In this framework, the Common is theorised as an actual "mode of production". |
| Abstract: | Che cosa è il Comune? Quali sono i suoi fondamenti? Si tratta di un insieme di risorse ben delimitate - i cosiddetti beni comuni – o, invece, di un principio generale d'organizzazione sociale della produzione? La necessità di ripartire da tali interrogativi nasce dalla constatazione della ricchezza, ma anche di una certa confusione che caratterizza il dibattito sul Comune. Da un lato, nozioni come Comune al singolare, commons, beni comuni, proprietà comune, common-pool resources, ecc., sono utilizzate talvolta come sinonimi, talvolta opposte le une alle altre, senza darne una definizione precisa. Dall'altro, si tende spesso a dimenticare come dietro l'uso di questi termini si celino approcci molto differenti, sia sul piano teorico, sia su quello del ruolo politico che il Comune potrebbe svolgere in un progetto di trasformazione sociale. Il proposito di questo saggio è di contribuire a far chiarezza su tali questioni attraverso un approccio multidisciplinare che combina teoria e storia. L'obiettivo è duplice. Il primo è di fornire al lettore una guida pedagogica per un'analisi critica delle principali teorie economiche e giuridiche dei beni comuni. Un'attenzione particolare sarà data agli apporti e ai limiti del contributo di Elinor Ostrom e al dibattito sulla cosiddetta tragedia dei beni comuni. Questa rassegna della letteratura ci permetterà anche di mostrare ciò che il Comune non è o, perlomeno, ciò a cui non deve essere ridotto. Il secondo è di proporre un approccio alternativo a quello dell'economia politica. In questo quadro, il Comune è pensato come un vero e proprio "modo di produzione", portatore di un'alternativa sia all'egemonia della logica burocratica-amministrativa dello Stato, sia a quella dell'economia capitalistica di mercato, in quanto principio di coordinazione della produzione e degli scambi. Il libro fornisce numerose illustrazioni delle pratiche che incarnano questa potenzialità nei settori più svariati dell'economia e della società. Formula inoltre diverse proposte per un'agenda che permetta di favorire lo sviluppo e l'autonomia del "Comune come modo di produzione". |
| Keywords: | commmons, Common as mode of production, enclosures, Elinor Ostrom, Karl Marx |
| Date: | 2017–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01628784&r=all |
| By: | Katona, Katalin (Tilburg University, School of Economics and Management) |
| Abstract: | This dissertation contributes to a better understanding of the health insurance markets in managed competition setting by discussing potential market failures and policy interventions. After the introduction of Chapter 1, Chapter 2 measures price elasticity in the Netherlands before and after the health insurance reforms in 2006. Chapter 3 provides evidence for adverse selection in the Dutch health insurance market due to voluntary deductibles. Chapter 4 illustrates the welfare effects of increased degree of substitution in the health insurance market using a theoretical model. Chapter 5 explores the incentives for and welfare effects of vertical integration and exclusive behavior between health insurers and hospitals in a theoretical model. Finally, Chapter 6 studies the effect of financing the healthcare expenditures through insurance (rather than directly out of packet) on the hospital merger analyses. The empirical studies (Chapter 2 and 3) use data from the Netherlands. Nonetheless, the main conclusions and the theoretical models (Chapter 4, 5 and 6) can also be applied to other health care systems based on the principles of managed competition. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:2c2dd13d-91a8-4706-b705-954e472f4832&r=all |
| By: | Maxime Desmarais-Tremblay (Centre Walras-Pareto - UNIL - Université de Lausanne, CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | The ancient Greek conception of oikonomia is often dismissed as irrelevant for making sense of the contemporary economic world. In this paper, I emphasise a tread that runs through the history of economic thought connecting the oikos to modern public economics. By conceptualising the public economy as a public household, Richard A. Musgrave (1910-2007) set foot in a long tradition of analogy between the practically oriented household and the state. Despite continuous references to the domestic model by major economists throughout the centuries, the analogy has clashed with liberal values associated with the public sphere since the eighteenth century. Musgrave's conceptualization of public expenditures represents one episode of this continuing tension. His defence of merit goods, in particular, was rejected by many American economists in the 1960s because it was perceived as a paternalistic intervention by the state. I suggest that the accusation of paternalism should not come as a surprise once the ‘domestic' elements in Musgrave's conceptualisation of the public sector are highlighted. I develop three points of the analogy in Musgrave's public household (the communal basis, a central direction, and consumption to satisfy needs) which echo recurring patterns of thought about the state. |
| Abstract: | On admet souvent que la définition originale de l'économie - oikonomia : les lois de la gestion domestique - n'est pas pertinente pour le monde économique moderne. Dans cet article, je tisse un fil dans l'histoire de la pensée économique qui connecte l'oikos à l'économie publique moderne. En conceptualisant l'économie publique comme un ménage (household), Richard A. Musgrave (1910-2007) s'inscrit, en partie sans le savoir, dans une longue tradition d'analogie entre le ménage et l'État. Malgré les références continuelles au modèle domestique par des économistes et des penseurs politiques à travers les siècles, l'analogie se heurte aux valeurs libérales associées à la sphère publique depuis le XVIIe siècle. La théorisation des dépenses publiques de Musgrave représente un épisode de cette tension continuelle. C'est le cas en particulier de son concept de besoin méritoire (besoin sous tutelle) qui a été rejeté par plusieurs économistes américains dans les années 1960, parce qu'il légitimait des interventions paternalistes de l'État. Or, l'accusation de paternalisme n'est guère surprenante lorsqu'on met au jour les éléments ‘domestiques' de la conceptualisation musgravienne du secteur public. Je développe trois points de l'analogie présents dans la conceptualisation du ménage public de Musgrave (la base communautaire, une direction centrale, la consommation pour satisfaire des besoins) qui font écho à des modes de conceptualisation de l'État récurrents dans la pensée politique et économique occidentale. |
| Keywords: | public household,paternalism,liberalism,merit wants,merit goods,besoins méritoires,ménage public,paternalisme,biens méritoites,Richard A. Musgrave |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01560189&r=all |
| By: | Anne Van den Nouweland (University of Oregon [Eugene]); Agnieszka Rusinowska (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics) |
| Abstract: | We provide a bargaining foundation for the concept of ratio equilibrium in public good economies. We define a bargaining game of alternating offers in which players bargain to determine their cost shares of public good production and a level of public good. We study the stationary subgame perfect equilibrium without delay of the bargaining game. We demonstrate that when the players are perfectly patient, they are indifferent between the equilibrium offers of all players. We also show that every stationary subgame perfect equilibrium without delay in which the ratios offered by all players are the same leads to a ratio equilibrium. In addition, we demonstrate that all equilibrium ratios are offered by the players at some stationary subgame perfect equilibrium without delay. We use these results to discuss the case when the assumption of perfectly patient players is relaxed and the cost of delay vanishes. |
| Abstract: | Nous fournissons une base de négociation pour le concept d'équilibre des ratios dans les économies des biens publics. Nous définissons un jeu de négociation d'offres alternées dans lequel les joueurs négocient pour déterminer leurs parts de coûts de la production d'un bien public et un niveau d'un bien public. Nous étudions l'équilibre parfait en sous-jeu sans délai du jeu de négociation. Nous démontrons que lorsque les joueurs sont parfaitement patients, ils sont indifférents entre les offres d'équilibre de tous les joueurs. Nous montrons aussi que tout équilibre parfait en sous-jeu sans délai dans lequel les ratios offerts par tout les joueurs sont les mêmes conduit à un équilibre de ratios. En outre, nous démontrons que tous les ratios d'équilibre sont offerts par les joueurs à un équilibre parfait en sous-jeu sans délai. Nous utilisons ces résultats pour discuter le cas où l'hypothèse de joueurs parfaitement patients est relâchée et le coût de délai disparaît. |
| Keywords: | stationary subgame perfect equilibrium,public good economy,bargaining game,ratio equilibrium,équilibre des ratios,économie des biens publics,jeu de négociation,équilibre parfait en sous-jeux |
| Date: | 2018–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01720001&r=all |
| By: | Satti Osman Mohamed Nour, Samia (Faculty of Economic and Social Studies, Khartoum University) |
| Abstract: | This paper aims to discuss the relationship between knowledge, knowledge economy and economic development in the Arab region. It aims to contribute to improve understanding and provide valuable contribution to the increasing debate in the international literature concerning the relationship between knowledge economy and economic development in the Arab region. We use the descriptive and comparative approaches and methods of analysis and use the conceptual framework and indicators often used in the international literature to discuss the relationship between knowledge, knowledge economy and economic development in the Arab region. Different from previous studies in the Arab literature, we fill the gap in the Arab literature, we present an in-depth and a more comprehensive analysis of the relationship between knowledge economy and economic development in the Arab region defined by income level using recent secondary data related to knowledge economy obtained from the Global Innovation Index Report (2018) and the World Bank (2012). Our results support the first hypothesis concerning the considerable variation in the promotion of knowledge economy depending on the level of economic development across the Arab countries. Our findings verify the second hypothesis that the relationship between knowledge economy and economic development in the Arab region is determined by several factors including economic development, economic incentives and institutional regime, education and human resources, innovation system and Information and Communication Technology. Our results support the third hypothesis that sound and coherent policies for the promotion of knowledge economy through the promotion of economic incentives and institutional regime, education and human resources, the innovation system and Information and Communication Technology would contribute to accelerate achievement of inclusive growth and sustainable development in the Arab countries. Our results in the Arab region show positive relationship between income level and knowledge index, knowledge economy index and knowledge economy index and most of knowledge economy indicators including knowledge workers, knowledge-intensive employment, knowledge absorption, knowledge and technology outputs, knowledge impact and knowledge diffusion. Our findings in the Arab region show positive relationship between income level and all knowledge economy index pillars (economic incentive and institutional regime pillar, education and human resources pillar, the innovation system pillar, and information and communication technology (ICT) pillar) and all factors facilitating the promotion of knowledge economy including institutions, human capital and research, education, tertiary education, research & development (R&D), infrastructure, information and communication technologies, and innovation. The major policy implication and recommendation that the promotion of knowledge economy depends on promotion of institutions, economic incentive and institutional regime, education, human resources and research (human capital, education, tertiary education, research & development (R&D)), innovation system (innovation input, output and efficiency) infrastructure, and information and communication technologies. |
| Keywords: | Knowledge, Knowledge economy, economic development, Arab countries |
| JEL: | O10 O11 O30 |
| Date: | 2019–04–08 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2019009&r=all |
| By: | Guay C. Lim (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne); Robert Dixon (University of Melbourne); Jan C. van Ours (Erasmus University Rotterdam, Tinbergen Institute, University of Melbourne) |
| Abstract: | This paper studies the relationship between the change in the unemployment rate and output growth using an approach based on labour market flows. The framework shows why the Okun coefficient may be constant/time-varying and/or symmetric/asymmetric and that the outcome lies with the behaviour of the labour flows in response to growth. The encompassing framework nests the conditions to determine the properties of the Okun coefficient without the need to rely on retrospective arbitrary dating of recessions. The framework also highlights the potential mispecification in conventional models of Okun's Law unless stringent conditions are assumed about the behavior of labour flows. The empirical analysis is based on the stock-consistent labour market flows data developed by the BLS for the period 1990:2-2017:3. |
| Keywords: | Labour flows, time-varying Okun, asymmetry |
| JEL: | E24 E32 J21 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2019nxx&r=all |
| By: | Asongu, Simplice A; Odhiambo, Nicholas M |
| Abstract: | This study examines the role of information and communication technology (ICT) on remittances for industrialisation in a panel of 49 African countries for the period 1980-2014. The empirical evidence is based on three simultaneity-robust estimation techniques, namely: (i) Instrumental Fixed Effects (FE) in order to control for the unobserved heterogeneity; (ii) Generalised Method of Moments (GMM) to account for persistence in industrialisation; and (iii) Instrumental Quantile Regressions (QR) to control for initial levels of industrialisation. Our best estimators are from FE and QR estimations because the GMM regression outputs largely fail post-estimation diagnostic tests. The following findings are established: (i) There are positive marginal effects from the interaction between remittances and ICT in the FE regressions whereas there are negative marginal impacts from the interaction between remittances and ICT; (ii) Interactions between remittances and mobile phone penetration are positive in the bottom and 90th quantiles whereas the interaction between internet penetration and remittances is positive in the bottom and top quantiles of the industrialisation distribution. Overall, the role of ICT in remittances for industrialisation is much more apparent when existing levels of industrialisation are accounted for. The findings contribute to the debates on the importance of external flows and information infrastructure in economic growth as well as the relevance of remittances in driving economic development in environments where institutions are weak. The value of the study to scholars and policy makers also builds on the fact that the potential for ICT and remittances in Africa can be leveraged to address development challenges on the continent such as the low level of industrialisation. |
| Keywords: | Remittances; Industrialisation; ICT; Africa |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:uza:wpaper:25419&r=all |
| By: | João Tovar Jalles; Luiz de Mello |
| Abstract: | Widening income disparities and slow productivity growth in most advanced, and several emerging-market, economies have rekindled interest in the empirical analysis of the determinants of inclusive growth, defined in this paper as episodes of increases in GDP per capita without a concomitant deterioration in the distribution of household disposable income.The empirical analysis is based on a chronology of inclusive growth episodes between 1980 and 2013 for a sample of 78 countries.Logit and multinomial probit estimations show that human capital accumulation, the redistributive potential of tax-benefit systems, increases in multifactor productivity and labor force participation, as well as trade openness and a range of institutional factors, including political system durability and electoral regimes, are important determinants of the probability of occurrence of inclusive growth. This empirical evidence contributes to the policy debate about how countries can deal with efficiency-equity trade-offs. |
| Keywords: | growth, income distribution, multinomial probit, relogit |
| JEL: | O47 O15 D31 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp0812019&r=all |
| By: | Artur Rutkowski (Group for Research in Applied Economics (GRAPE)) |
| Abstract: | We provide ex ante welfare, fiscal and general macroeconomic evaluation of the voluntary old-age saving scheme recently introduced in Poland (Pracownicze Plany Kapitałowe, Employees’ Capital Plans). ECPs provide tax redemptions as well as lump-sum transfers with the objective to foster old-age savings. Reduction in capital income tax revenues and a rise in expenditure needs to be compensated through adjustment in other taxes. We employ an overlapping generations model (OLG) to gauge the plausible magnitude of the macroeconomic and welfare effects and provide insights in terms of microfoundations of these adjustments. Our OLG model features voluntary participation and innovates relative to the literature by introducing agents with hand-to-mouth preferences. We find relatively high crowding out of private savings. In our preferred specification roughly 0.08 to 0.09 PLN of each 1 PLN allocated to ECPs are actually new savings, the rest being displaced from unincentivized private voluntary savings. The plausible values of the effective capital growth range between 0.03 and 0.42 of 1 PLN in ECPs. ECPs reduce welfare of the fully rational agents, unless they offer a sufficiently large annuity. ECPs provide consumption smoothing and interest income to HTM agents. |
| Keywords: | overlapping generations, old-age savings, tax incentives, incomplete rationality |
| JEL: | C68 D63 E17 E21 H55 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:fme:wpaper:34&r=all |
| By: | Barnes Helen; Wright Gemma; Noble Michael; Gasior Katrin; Leventi Chrysa |
| Abstract: | This paper assesses the effects of public policies on income taxes and benefits in six African countries. The comparative analysis focuses on the distribution and composition of incomes and assesses the effect of these policies on inequality and poverty.The results are based on newly developed microsimulation models for Ethiopia, Ghana, Mozambique, South Africa, Tanzania, and Zambia. They highlight differences in tax and benefit systems among these African countries, show the extent (or lack) of support available for different population sub-groups, and disentangles the redistributive impact of various income components. |
| Keywords: | microsimulation,Tax-benefit microsimulation,Poverty,Income inequality |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-155&r=all |
| By: | Fato, B.F.; Oyegbami, A.; Nwali, C.S.; Obute, J.E. |
| Abstract: | Despite the importance of agribusiness in the development process, the sectors face rangeof prqblems and as such this study analyzed the factors affecting agribusiness in Oyo Sfate, Nigeria and specifically: (i) described the socio-economic characteristics of the respondents, (ii) identified the types of agribusiness the respondents are involved, (iii) examined _the level of accessibility to inputs for the various agribusiness and (iv) examined the factors affecting agribusiness in the study area. 1\ multi stage sampling procedure was used to select two local government areas _out of which 120 agribusiness owners were randomly sampled. The mean age of the respondents was 52ye~rs while 52.5 % of the respondents were males with average annual . income of "203,000. The· different agribusiness carried out in the area include crop farming, livestock farming, crop processing, production oflivestock feed, marketing of farm produce among others. Factors affecting agribusiness in the area were found to include insufficient fund, insufficient land, high cost of e_quipment, transportation problem, pest and diseases, high cost of production, and price' fluctuatton of agricultural produce. The chi-square result showed that there were significant relationships between marital status (x2 =28.02, P<0.05), education (x2=61.25, P<0.05) of agribusiness owners and the factors affecting their agribusiness in the study area. Also, Pearson correlation result showed that there were significant relationship between respondent's age (r=0.665, P<0.00£), years offarming experiertce (r=0.243, P<0.05) and the factors affecting their agribusiness involvements. in the study area. The study recommends that the respondents should be encouraged to go into other. types of agribusiness. apart-from-crop farming _in the study area. Also, government should cnc:ourage respondents by making fund available and accessible as loan to respondents sin-:c one or:themajor factors affecting agribusiness is insufficient fund. |
| Keywords: | Agribusiness |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288311&r=all |
| By: | Jan Pablo Burgard; Ralf Münnich; Martin Rupp |
| Abstract: | Within this article, a generalized calibration approach is presented, which provides coherent and efficient estimates considering a high number of constraints on different hierarchical levels. These constraints may be obtained from different sources such as survey data, register data, administrative data, or even other sources like big data derived using different estimation approaches, including small area techniques on different levels of interest. In order to incorporate a possible heterogeneous quality and the multitude of the constraints, a relaxation of selected constraints is proposed. In that regard, predefined tolerances are assigned to hardly achievable constraints, mostly at low aggregation levels, or sample estimates with non-negligible variances. In addition, the presented generalized calibration approach allows the use of box-constraints for the calibration weights in order to avoid an inappropriate high variation of the resulting weights. Furthermore, various penalty functions are presented in order to accommodate particular circumstances in applications. The proposed iterative algorithm provably finds the optimal solution and the numerical implementation is able to deal with a huge data base such as the set of all households in Germany. The performance is demonstrated in a short simulation study. |
| Keywords: | Calibration, general regression estimator, coherent estimates, sampling weights, soft constraints, box-constraints, semismooth Newton |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:trr:wpaper:201910&r=all |
| By: | Debopam Bhattacharya; Pascaline Dupas; Shin Kanaya |
| Abstract: | Many real-life settings of consumer-choice involve social interactions, causing targeted policies to have spillover-effects. This paper develops novel empirical tools for analyzing demand and welfare-effects of policy-interventions in binary choice settings with social interactions. Examples include subsidies for health-product adoption and vouchers for attending a high-achieving school. We establish the connection between econometrics of large games and Brock-Durlauf-type interaction models, under both I.I.D. and spatially correlated unobservables. We develop new convergence results for associated beliefs and estimates of preference-parameters under increasing-domain spatial asymptotics. Next, we show that even with fully parametric specifications and unique equilibrium, choice data, that are sufficient for counterfactual demand-prediction under interactions, are insufficient for welfare-calculations. This is because distinct underlying mechanisms producing the same interaction coefficient can imply different welfare-effects and deadweight-loss from a policy-intervention. Standard index-restrictions imply distribution-free bounds on welfare. We illustrate our results using experimental data on mosquito-net adoption in rural Kenya. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.04028&r=all |
| By: | Jean-Marie Monnier (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The objective of the Communication is to highlight the developments affecting the main factors explaining changes in government debt and deficit between 1998 and 2017. Based on a simplified representation in term of the "snowball effect", three forces belonging to public policy and influencing the dynamics of public debt are studied: the interest rates on public loans, the GDP growth rate and the budget balance (the difference between public expenditures and revenues). This shows that debt dynamics are essentially long-term in nature, even if breaks occurred during the 2008-2012 shock. The importance of economic growth in this dynamic is emphasized. Moreover, two factors of risk for public finances are stressed: the risk linked to a possible reversal of the interest rate trend and the growing inability of tax revenues to cover public expenditures. |
| Abstract: | L'objectif de la communication consiste à mettre en évidence les évolutions ayant affecté les principaux facteurs expliquant les variations de la dette et du déficit publics entre 1998 et 2017. Partant d'une représentation simplifiée en terme d'"effet boule-de-neige" trois leviers de la politique publique influençant la dynamique de la dette sont étudiés : les taux d'intérêt des emprunts publics, le taux de croissance du PIB et le solde budgétaire (la différence entre dépenses et recettes publiques). On montre ainsi que la dynamique de la dette se joue essentiellement sur le long terme, même si des ruptures sont apparues lors du choc des années 2008-2012. On souligne l'importance de la croissance économique dans cette dynamique. Par ailleurs on insiste sur deux facteurs de risques pour les finances publiques : le risque lié à un éventuel retournement du profil des taux d'intérêt et l'incapacité croissante des recettes de prélèvements obligatoires à couvrir les dépenses publiques. |
| Date: | 2018–04–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01906551&r=all |
| By: | Debopam Bhattacharya (University of Cambridge); Pascaline Dupas (Stanford University); Shin Kanaya (University of Aarhus and CREATES) |
| Abstract: | Many real-life settings of consumer-choice involve social interactions, causing targeted policies to have spillover-effects. This paper develops novel empirical tools for analyzing demand and welfare-effects of policy-interventions in binary choice settings with social interactions. Examples include subsidies for healthproduct adoption and vouchers for attending a high-achieving school. We establish the connection between econometrics of large games and Brock-Durlauf-type interaction models, under both I.I.D. and spatially correlated unobservables. We develop new convergence results for associated beliefs and estimates of preference-parameters under increasing-domain spatial asymptotics. Next, we show that even with fully parametric specifications and unique equilibrium, choice data, that are sufficient for counterfactual demand - prediction under interactions, are insufficient for welfare-calculations. This is because distinct underlying mechanisms producing the same interaction coefficient can imply different welfare-effects and deadweightloss from a policy-intervention. Standard index-restrictions imply distribution-free bounds on welfare. We illustrate our results using experimental data on mosquito-net adoption in rural Kenya. |
| Keywords: | Policy targeting, welfare analysis, social interaction, spillover, externality, convergence of Bayesian-Nash equilibria, spatial dependence, Kenya |
| JEL: | C01 H23 H4 H51 I38 O1 |
| Date: | 2019–04–26 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2019-09&r=all |
| By: | Mergoupis Thanos; Phan Van; Sessions John |
| Abstract: | We investigate within the context of Viet Nam how circumstances at age 15 or 16 relate to completion of upper secondary education four years later.We exploit the longitudinal elements of the Viet Nam Access to Resources Household Survey to identify household and commune characteristics and emphasize how the effects of these characteristics vary by gender.The gender differences we find suggest that unequal treatment of girls within their households has a negative impact on their educational attainment and that in the absence of such unequal treatment the reverse gender gap would be even larger. We find nothing in terms of local labour market conditions that could explain this gap. |
| Keywords: | access to education,Gender,Gender gap,Education |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-116&r=all |
| By: | Pietro Tebaldi; Alexander Torgovitsky; Hanbin Yang |
| Abstract: | We estimate the demand for health insurance in the California Affordable Care Act marketplace (Covered California) without using parametric assumptions about the unobserved components of utility. To do this, we develop a computational method for constructing sharp identified sets in a nonparametric discrete choice model. The model allows for endogeneity in prices (premiums) and for the use of instrumental variables to address this endogeneity. We use the method to estimate bounds on the effects of changing premium subsidies on coverage choices, consumer surplus, and government spending. We find that a $10 decrease in monthly premium subsidies would cause between a 1.6% and 7.0% decline in the proportion of low-income adults with coverage. The reduction in total annual consumer surplus would be between $63 and $78 million, while the savings in yearly subsidy outlays would be between $238 and $604 million. Comparable logit models yield price sensitivity estimates towards the lower end of the bounds. |
| JEL: | C14 C3 C5 I13 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25827&r=all |
| By: | Mostafa Shahen (School of Economics and Management, Kochi University of Technology); Koji Kotani (School of Economics and Management, Kochi University of Technology); Makoto Kakinaka (Hiroshima University) |
| Abstract: | Wage and labor between public and private sectors are main factors in economies. In developing countries, the private sector is divided into formal and informal private sectors. Little research has addressed temporal changes in wage and labor among public, formal private and informal private sectors within a single framework. We study the temporal wage gap, labor mobility and the impact of changing employment sectors on wages by Oaxaca-Blinder decomposition and difference-in-difference (DID) methods with the Egyptian Labor Market Panel Survey data from 1998 to 2012. The decomposition shows that the wage gap between public and formal (informal) private sectors has remained strong where education, age and working experience are driving forces. The DID method shows that the percentages and wage losses of movers to the informal private sector from the formal private sector are much higher and more significant than that from the public sector. In summary, Egyptian private sector employees face a high risk to unwillingly fall into and stay in the informal private sector, while the highly educated ones are attracted only to and stay long in the public sector. These results can be considered the obstacles for further economic growth and stability of Egyptian economy, which shall be the case in other developing and Arab countries with a sizable public sector. In this case, the government may need to restructure wage systems, employment practices and cultures, considering a balance with private sectors as well as providing people with incentive schemes and education to nurture (formalize) the formal (informal) private sectors. |
| Keywords: | Wage gap, public sector, formal private sector, informal private sector, Oaxaca- Blinder method |
| JEL: | J21 J23 J24 J31 O17 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:kch:wpaper:sdes-2019-4&r=all |
| By: | Breidenbach, Philipp; Eilers, Lea; Fries, Jan Ludwig |
| Abstract: | This paper evaluates the rent control policy implemented in Germany in 2015. Like many countries around the world, German cities and metropolitan areas have experienced a strong increase in rental prices during the last decade. In response, the politicians aimed to dampen the rise in rental prices by limiting the landlords' freedom to increase rents for new contracts. To that end, the rent control was introduced. To evaluate the effectiveness of the rent control with respect to rental prices, we take advantage of its restricted scope of application. First, it is applied only in a selected number of municipalities, thereby generating regional variation. Second, the condition of rental objects generates an additional dimension of variation since new and modernised objects are exempt from rent control. Based on data for rental offers in Germany, we apply a triple-differences framework with region-specific time trends as well as flat type-specific ones. Despite the high political expectations, our estimates indicate that the German rent control dampens rental price growth by only 2.5 %. This effect varies across object characteristics and seems to be larger for lower-quality, smaller-sized dwellings and in the lower price segment. Nevertheless, the application of an event-study indicates that these effects are not persistent over time. |
| Keywords: | rental prices,rent control,regional variation,regulation,diff-in-diff-in-diff,event study |
| JEL: | C23 R31 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:svrwwp:072018&r=all |
| By: | Assaf Razin |
| Abstract: | This essay offers an economic-history perspective of the long struggle towards macroeconomic stability. The paper is a broad analytical overview of major exogenous shocks and shifts in macroeconomic policy and institutions in Israel since the 1977-1985 great inflation through the global financial crisis and the effects of those shifts on long term growth, inflation, the business cycle, the Phillips curve and related economic developments. The paper will discuss three main issues. The first one on the inflation crisis focuses on the 1985 stabilization and on its impact on subsequent reform of monetary institutions. The second discusses the impact of globalization on growth, inflation and the Phillips curve. The third contains a discussion of the reasons for the relatively good performance of Israel during the 2008 global crisis, including foreign exchange market intervention. Henceforth we highlight: (1) the role of macro-populism in generating hyperinflation; (2) the role of seigniorage revenue in generating the hyperinflation; (3) distributive effects of inflation stabilization, which are political driving forces behind the need for across-the-broad-coalition for a successful stabilization policy; (4) the effects of globalization on the Philips Curve and thereby on domestic inflation-- means of transforming an inflation regime to a one with price stability; (5) the role of financial prudence regulatory institutions, which serve to explain the Israeli macroeconomic robustness in the face of the 2008 external depression-deflation global forces; and, (6) Israel’s government-deficit and money-creation experience, which help evaluate recent theory—the Modern Monetary Theory (MMT). |
| JEL: | E0 F0 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25816&r=all |
| By: | Romina, Cavatassi; Federica, Alfani; Adriana, Paolantonio; Paola, Mallia |
| Abstract: | The territory of Mexico is covered by forests and wildland up to about 73% of the total territory (World Bank, 2015 and CONAFOR, 2012). This corresponds to around 140 million hectares, 80% of which are owned by communities and ejidos. Starting from the '80s, Mexico has experienced one of the largest deforestation rates in Latin America due to a number of complex socio-economic and political reasons which have reduced incentives to the sustainable use of forests with negative consequences for their long term conservation (Segura, 2000). To address and overcome problems linked to deforestation and forest degradation, the Community-based Forestry Development Project in Southern States (Desarrollo Comunitario Forestal en los Estados del Sur – DECOFOS) was designed and implemented from March 2011 to September 2016 with contribution from the Government of Mexico, IFAD, the Global Environment Facility (GEF) and project beneficiaries. The project had two main components. The first component was mainly meant to raise awareness of climate change and of sustainable use and management of natural resources through trainings and capacity development. This component could be instrumental to achieving impacts when combined with the second component which had a more tangible connotation. The second component, indeed, consisted on promoting sustainable management and exploitation of forest and natural resources through reforestation, adoption of agroforestry and of good environmental practices, supporting and facilitating business enterprises through the provision of technical and financial support to the start-up of micro-entrepreneurial projects and small-businesses enterprises. |
| Keywords: | Agricultural Finance, Environmental Economics and Policy |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadia:288451&r=all |
| By: | Mustapha Ridaoui (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, PSE - Paris School of Economics); Michel Grabisch (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, PSE - Paris School of Economics); Christophe Labreuche (Thales Research and Technology [Palaiseau] - THALES) |
| Abstract: | We provide an axiomatisation of the Banzhaf value (or power index) and the Banzhaf interaction index for multichoice games, which are generalisation of cooperative games with several levels of participation. Multichoice games can model any aggregation model in multicriteria decision making, provided the attributes take a finite number of values. Our axiomatisation uses standard axioms of the Banzhaf value for classical games (linearity, null axiom, symmetry), an invariance axiom specific to the multichoice context, and a generalisation of the 2-efficiency axiom, characteristic of the Banzhaf value. |
| Abstract: | Nous donnons une axiomatisation de la valeur de Banzhaf (ou indice de pouvoir) et de l'indice d'interaction de Banzhaf pour les jeux multichoix, qui sont une généralisation des jeux coopératifs avec plusieurs niveaux de participation. Les jeux multichoix peuvent modéliser tout modèle d'agrégation en décision multicritère quand les attributs prennent un nombre fini de valeurs. Notre axiomatisation utilise les axiomes standard de la valeur de Banzhaf pour les jeux classiques (linéarité, axiome nul, symétrie), un axiome d'invariance spécifique au contexte multichoix et une généralisation de l'axiome de 2-efficience, caractéristique de la valeur de Banzhaf. |
| Keywords: | Banzhaf value,multicriteria decision aid,multichoice games,interaction,jeu multichoix,valeur de Banzhaf,décision multicritère |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01814977&r=all |
| By: | Arnaud Millien (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne) |
| Abstract: | The 7th Sustainable Development Goal aims to "ensure access to affordable, reliable, sustainable and modern energy for all". Because the cost to increase electrical capacity in Africa alone has been estimated at $800bn, this article investigates the extent to which electricity reliability could contribute to a reduction in the marginal cost of grid extension by attracting more customers. Using lightning as an instrument for outages severity, the article evaluates the assumption that less uncertainty about electricity availability would lead to a larger number of connected households. The article finds that a one percentage point increase in electricity reliability would yield a 0.67 percentage point increase in connections. Therefore, delivering fully reliable electrical power would allow an electricity company to achieve its targeted growth of customer base 15 months earlier than planned. The effect of reliability is highest for middle-rich households, which are the most reluctant to subscribe in the presence of total, severe or partial outages. A one-percentage-point upgrade in reliability increase the likelihood that these households will be connected by 1.28 percentage points. This article also finds that households are more sensitive to outages in areas where outages are less frequent. In addiction, the impact of reliability on households decision to connect could be at least 5% greater than the effect of poverty; if the frequency of outages is too high, the wealth or poverty effect might vanish and households would respond only to the excessively low reliability. These results confirm the uncertainty assumption, that is, regular and severe outages yield an uninsurable context that deters households from subscribing to the electric service. |
| Keywords: | outages,reliability,electrification,instrumental variable,Kenya |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01551097&r=all |
| By: | Braun, Sebastian Till; Franke, Richard |
| Abstract: | This paper provides a comprehensive assessment of the effect of railways on the spatial economic development of a German economy, the Kingdom of Württemberg, during the Industrial Revolution. Our identification strategy compares the economic development of `winning' municipalities that were connected to the railway in 1845-54 to the development of `losing' municipalities that were the runners-up choice for a given railway line between two major towns. Estimates from both differences-in-differences and inverse-probability-weighted models suggest that railway access increased annual population growth by 0.4 percentage points over more than half a century. Railways also increased wages, income and housing values, in line with predictions of economic geography models of transport infrastructure improvements, reduced the gender wage gap, and accelerated the transition away from agriculture. We find little evidence that these effects are driven by localised displacement effects. |
| Keywords: | Railway access, growth, sectoral employment, Industrial Revolution, Württemberg |
| JEL: | N73 N93 O14 R12 R40 |
| Date: | 2019–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93644&r=all |
| By: | Anasse Amarouche; Philippe Chapellier (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Alain George (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier, CEFREM - Centre de Formation et de Recherche sur les Environnements Méditérranéens - UPVD - Université de Perpignan Via Domitia - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In the last decades, many changes have occurred in the supply chain. In this way has the supply chain risk management (SCRM) becomes an important part of the supply chain management (SCM) strategies. However, there is not enough works in the French literature that deals with this theme (Lavastre et Spalanzani, (2010) et Fabbe-Costes et Lancini (2009). We intent through our research to reach three goals: identify the risks we can find in a supply chain, identify the factors that cause their occurrence, and analyze the supply chain risks management strategies. This works was realized through an immersion in a fruit and vegetable import-export company. A quantitative analysis allows us to identify the main risks of the supply chain. It was completed by a qualitative analysis which aim was to understand the factors that cause the occurrence of these risks and to analyze the main strategies in the risks management. Our work shows that the main risks concern the products quality and quantity, the invoicing and the delivery delays. It shows also that the occurrence of these risks results from a lack of information sharing through the supply chain. It also underlines how the information flow between the actors of the chain is important to optimize the risks management in the SCs. |
| Abstract: | La chaîne d'approvisionnement a connu ces dernières décennies des évolutions notables. C'est dans cette dynamique que la gestion des risques est devenue une partie intégrante et importante des stratégies de management des supply chains (SCs). Cette thématique est pourtant peu abordée, notamment dans la littérature francophone (Lavastre et Spalanzani (2010) et Fabbe-Costes et Lancini (2009). Trois objectifs distincts sont attachés à notre travail de recherche : identifier les risques présents dans le cadre d'une chaîne d'approvisionnements, repérer les facteurs qui provoquent leurs apparitions, et analyser les stratégies mises en place en matière de gestion et de prévention de ces risques. Une observation participante a été réalisée au sein d'une société d'import-export de fruits et légumes. Une analyse quantitative a permis d'identifier les principaux risques de la chaine d'approvisionnement. Celle-ci a été́ complétée par une étude qualitative afin de comprendre les facteurs provoquant l'apparition de ces risques et d'analyser les stratégies mises en place pour y faire face. L'étude montre que les principaux risques portent sur la qualité et la quantité des produits, la facturation et les retards de livraisons, et que ceux- ci proviennent souvent d'un défaut de partage d'informations entre les différents acteurs de la chaîne. Cela met ainsi en exergue à quel point la maîtrise des flux d'informations est complexe et importante pour optimiser la gestion des risques dans les chaînes d'approvisionnement. |
| Keywords: | Risk Management and Prevention,Logistics,Information Flow,Flux d’informations,Supply Chain,Gestion et prévention des risques,Logistique |
| Date: | 2018–05–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02101506&r=all |
| By: | Ankargren, Sebastian (Uppsala University); Shahnazarian, Hovick (Monetary Policy Department, Central Bank of Sweden) |
| Abstract: | This paper estimates the interaction between monetary- and fiscal policy using a structural VAR model with time-varying parameters. For demand and supply shocks, the two policies are estimated to be complementary, while for monetary and fiscal policies shocks the two policies act as substitutes. The budget elasticity varies between 0.3–0.6, indicating that an economic downturn can get a non-negligible negative impact on public finances. The fiscal multiplier is estimated to be stable and higher than one suggesting that fiscal policy can be used to support monetary policy to stabilize the economy in case monetary policy is constrained by the lower effective bound. |
| Keywords: | Fiscal policy; monetary policy; time-varying parameter structural VAR; zero and sign restrictions; Bayesian estimation |
| JEL: | C11 C32 E52 E62 E63 |
| Date: | 2019–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0365&r=all |
| By: | Gwaindepi, Abel (African Economic History Network) |
| Abstract: | The resource curse literature underscores the fact that extractive economies face challenges in diversifying their economies. What is less explored are the public finance challenges encountered in these economies when the extractive industries are completely privatized. Using a recently compiled dataset on public revenues, expenditures and debt, this paper explores the nexus between the privatized extractive sector operations and public finance policies of the Cape Colony between 1810 and 1910. The paper finds that despite the natural resource endowment, the Cape Colony became heavily indebted and had huge budget deficits by the time it joined the Union of South Africa in 1910. After the discovery of diamonds, competition for resource-rents caused a slowdown and in some instances reversed the progress made in consolidating state institutions. The drive towards a national program of development inherent in self-governing colonies was overpowered when the competition for resource-rents culminated in rent-seeking led by the interests in the monopolized extractive sector. Rather than being the main source of government revenues and a basis for inclusive economic progress, as expected in a selfgoverning settler colony, diamonds became a trap through the operations of what I call a ‘Minerals-Railway complex’. The insights from the study have important implications for our understanding of both settler colonialism in Sub-Sahara Africa as well as the management of natural resources in developing economies. |
| Keywords: | Resource curse; rent-seeking; South Africa; railways; economic history |
| JEL: | N17 N27 N37 N47 N57 N77 |
| Date: | 2019–03–13 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:afekhi:2019_044&r=all |
| By: | E., Ademola Oluwaseyi; A., Omotesho Olubunmi; L., Olaghere Ivie |
| Abstract: | Plantains .are crops of econoptic value and can serve as a source of foreign exchange if given prop r attention. Not much has been documented on this potential especially as regards the profit accrued by the various actors in the plantain value chain. The study estimated the profit margin of players along the plantain value chain, examined the factors affecting the gain of actors and identified the constraints faced by the actors. Stratified sampling technique was used to select 125 producers, processors and marketers in Osun state. Primary data was collected using well-structured interview schedule. Gross and marketing margin, Ordinary least square regression and Likert-type scale were used for data analysis. The study revealed that the gross margin accrued to plantain producers wa. N207, 777.42/ha per annum, while the marketing margin/bunch for the plantain processors and marketers was N4 l 5 ( 41.5%) and N378 (37.8%) respectively. Household size, quantities of labour, suckers and pesticide used were factors that affected the gross margin of producers. Total input cost and transportation cost contributed to the marketing margin of processors and marketers. Maj or constraint faced by plantain farmers was the high cost of labour. The high cost of plantain and lack of a uniform unit of measurement were the most severe constraints among processors and marketers respectively. The study concluded that the plantain value chain was profitable for a ll the actors, and recommended that the government should formulate incentives that would encourage more people to go into plantain production, processing and marketing. |
| Keywords: | Agribusiness, Crop Production/Industries |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:naae17:288302&r=all |
| By: | Husam R.; Samy S. Abu Naser (Al-Azhar University, Gaza); Suliman A El Talla; Mazen J Al Shobaki |
| Abstract: | The study aimed at explaining Information Technology Role in Determining Communication Style Prevalent Among Al-Azhar University Administrative Staff. The study population consists of all administrative staff from Al-Azhar University in Gaza. In order to achieve the objectives of the study, the researchers used the random sample method in the study. The study was conducted on a sample of (77) administrative staff from Al-Azhar University with 92.20% response rate. The study reached a number of results, the most important of which is that there is a high degree of satisfaction with the technology used by Gaza from the point of view of the administrative staff, where the percentage (74.14%). There is a high level of satisfaction with the type of Communication Style prevalent at Al-Azhar University-Gaza from the point of view of administrative staff, where the percentage is (71.36%). There is a direct correlation between the Information Technology and the type of Communication Style prevalent, there is a statistically significant impact of Information Technology Role in Determining Communication Style Prevalent Among Al-Azhar University Administrative Staff , the absence of differences between the sample according to the variables (gender, age, years of service, job level) in their perception of the Information Technology and the type of Communication Style prevalent. There are no statistically significant differences in the perception of Information Technology according to the variable of scientific qualification while there are differences in the pattern of Communication Style prevalent, and that the differences in the type of Communication Style prevalent according to the scientific qualification were in favor of holders of the diploma degree and bachelor's degree compared to the higher practical qualifications (postgraduate). The study reached a number of recommendations, the most important of which is that the interest of the departments of the Palestinian universities, especially Al-Azhar University, should be kept abreast of the latest developments in information technology, the need for the university administration to take care of the prevailing Communication Style prevalent and provide easy Communication Style prevalent, the continued administration of universities interest and continuous improvement of the performance of its Administrative Staff, enhance the periodic evaluation of job performance and to inform Administrative Staff and express their opinion. Solving Administrative Staff' problems and giving them the opportunity to contribute to solving their own problems, strengthening the democratic leadership style and empowering university staff. |
| Keywords: | Palestine,Palestinian Universities,Information Technology,Communication Style prevalent,Administrative Staff,Al-Azhar University |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02111495&r=all |
| By: | Daniel Lacker; Mykhaylo Shkolnikov; Jiacheng Zhang |
| Abstract: | We study two-dimensional stochastic differential equations (SDEs) of McKean--Vlasov type in which the conditional distribution of the second component of the solution given the first enters the equation for the first component of the solution. Such SDEs arise when one tries to invert the Markovian projection developed by Gy\"ongy (1986), typically to produce an It\^o process with the fixed-time marginal distributions of a given one-dimensional diffusion but richer dynamical features. We prove the strong existence of stationary solutions for these SDEs, as well as their strong uniqueness in an important special case. Variants of the SDEs discussed in this paper enjoy frequent application in the calibration of local stochastic volatility models in finance, despite the very limited theoretical understanding. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1905.06213&r=all |
| By: | Pühringer, Stephan; Bäuerle, Lukas |
| Abstract: | The global financial crisis (GFC) led to increasing distrust in economic research and the economics profession, in the process of which the current state of economics and economic education in particular were heavily criticized. Against this background we conducted a study with undergraduate students of economics in order to capture their view of economic education. The paper is based on the Documentary Method, a qualitative empirical method, which combines maximum openness with regard to the collection of empirical material coupled with maximum rigor in analysis. The empirical findings show that students enter economics curricula with (1) epistemic, (2) practical or (3) moral/political motivations for understanding and dealing with real-world problems but end up remarkably disappointed after going through the mathematical and methods-orientated introductory courses. The findings further indicate that students develop strategies to cope with their disappointment - all of them relating to their original motivation. The theoretical contextualization of the empirical findings is based on the psychological concept of cognitive dissonance. |
| Keywords: | Economic education,real-world orientation,cognitive dissonance,Global Financial Crisis,qualitative social research,Documentary Method |
| JEL: | A10 A11 A12 A20 B49 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:oek37&r=all |