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on Heterodox Microeconomics |
| By: | Tamar Khitarishvili; Kijong Kim |
| Abstract: | In times of economic crises, household production, and the unpaid work time associated with it, can serve as a coping mechanism for absorbing the impact of shocks. Evidence from the Great Recession has been supportive of this possibility, and has revealed the presence of gender asymmetries stemming from men having experienced disproportionately high job losses. In this paper, we further examine the presence of poverty-based asymmetries in the unpaid work time changes of men and women given that the role of household production as a coping mechanism may vary by poverty status. We use the 2003-12 American Time Use Survey and conduct the Oaxaca Blinder decompositions of the changes in the unpaid work time along the business cycle. Our findings reveal that the changes in men's and women's unpaid work time indeed varied by poverty status. In particular, the reduction in women's unpaid work time was driven by nonpoor women. Among men, the lack of the change masked the increase in poor men's unpaid work time and the decrease in nonpoor men's unpaid work time. The decomposition results indicate that, in addition to the shifts in own employment status, shifts in spousal employment status also played a considerable role in explaining the gender differences in unpaid work time changes. In turn, varied shifts in the household structure were important drivers of the poverty-based differences in the unpaid work time changes. Furthermore, the forces underlying the changes in unpaid work time were not limited to the shifts in individual and household characteristics, as the portion of the unpaid work time changes unexplained by these characteristics remained sizable. This finding supports the hypothesis of poverty-based variation in unpaid work time adjustments in that, even without shifts in characteristics, poor and nonpoor individuals appeared to have responded to the recession in different ways. |
| Keywords: | Time Use; Household Production; Poverty; Gender; Great Recession |
| JEL: | J22 D13 I32 J16 |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_806&r=hme |
| By: | Julia Bredtmann; Sebastian Otten; Christian Rulff |
| Abstract: | This paper investigates the responsiveness of women’s labor supply to their husband’s loss of employment – the so-called added worker effect. While previous empirical literature on this topic mainly concentrates on a single country, we take an explicit internationally comparative perspective and analyze whether the added worker effect varies across the European countries. |
| Keywords: | Added worker effect; labor supply; unemployment; cross-country analysis |
| JEL: | J22 J64 J82 |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:rwi:repape:0484&r=hme |
| By: | Frédéric Teulon |
| Abstract: | At first sight, economic relations have nothing to do with morals. However, while economics claims to be a science, in other science disciplines, the question of morality would never arise (we do not ask if the physics of particles is moral or not, or if the composition of a particular molecule obeys ethical principles...). The present analysis is largely based on the writings of Bernard Mandeville who drew attention to the ambiguous relationship between vice and virtue. We argued that economic relations have nothing to do with morals. However, the paradox is that the economy cannot function without a certain form of morality. The economy is made up of individuals who are moral beings endowed with the ability to distinguish between good and bad. The generalised practice of vice, as rehabilitated by Mandeville, obviously has its limitations. The search for personal satisfaction is restrained by the need to take other people into consideration. While the economy and capitalism may be amoral, individuals are not. |
| Keywords: | Economics, Ethics, Economics of welfare. |
| Date: | 2014–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:2014-307&r=hme |
| By: | Bin-Tzong Chie; Shu-Heng Chen |
| Abstract: | While it has been well acknowledged by economists for a long time that competition is not just about price, the conventional quantity-based economic models have difficulties integrating price competition and quality competition into a coherent framework. In this paper, motivated by Herbert Simon’s view of near decomposability or modularity, we propose a quality-based economic model called the modular economy. In this modular economy, quality is manifested by the evolutionary design of more sophisticated and customized products that can satisfy consumers’ satisfaction to a higher degree. Two essential features of the modular economy are founded through the agent-based simulation of a duopolistic competition. First, market competition tends to be self-annihilating; the competition will eventually end up with a dominant or a monopoly firm (conglomerate). Second, the high-markup firm has a better chance to be the only survivor than its low-markup competitor. We analyze these features through the complex cyclical dynamics of prices, profits, dividends, investment, working capital, and quality. |
| Keywords: | Modularity, Near Decomposability, Modular Economy, Nonprice Competition, Co-Evolving, Agent-Based Modeling |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwpas:1401&r=hme |
| By: | Lauren Larrouy (University of Nice Sophia Antipolis, France; GREDEG CNRS) |
| Abstract: | The paper purports to stress how the two major contributions of Bacharach: "Variable Frame Theory" (VFT) and "Team Reasoning" (TR) improve Standard Non-Cooperative Game Theory in some relevant aspects which I point out. The aims are to show: (i) how Bacharach respectively justifies coordination and cooperation within these theories, and (ii) how these improvements in both VFT and TR involve a new conception of players and their rationality. I underline how coordination and cooperation rely on contextual and social determinants, which challenge and even contradict some pillars of standard individual rationality in terms of subjective expected utility, in games. Even if Bacharach's conceptual and methodological choices within these theories induce numerous difficulties, I try to show that Bacharach’s work underlines some of the implications and related problems induced by the mere foundations of standard non-cooperation game theory. |
| Keywords: | non-cooperative game theory, framing, salience, focal points, Team Reasoning, coordination, cooperation, individual rationality, social rationality, collective rationality |
| JEL: | B21 B41 C72 D03 D79 |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2014-17&r=hme |
| By: | Elasrag, Hussein |
| Abstract: | This paper is one of few papers that highlight the importance of studying corporate governance for institutions offering Islamic financial services. The book is of value in describing governance in Islamic institutions and how there are many issues under the investigation process, especially issues related to the shari‘a Supervisory board and its functionality. One of the objectives of this paper is to discuss, and create greater awareness of, some of the crucial issues related to corporate governance in Islamic financial institutions. A second, but in fact more important, objective is to provide, in the light of this discussion, certain essential guidelines to improve corporate governance in these institutions and thereby enable them to not only maintain their momentum of growth and international acceptance but also safeguard the interests of all stakeholders. The paper gives particular attention to the mechanisms for corporate governance, including the Board of Directors, Senior Management, shareholders, depositors, and regulatory and supervisory authorities. It also focuses on the effective management of risks and, in particular, on creating a supporting environment through moral uplift, social, legal and institutional checks, greater transparency, internal controls, and Shari'a as well as external audit. The paper also indicates briefly the shared institutions that are needed for effective corporate governance. |
| Keywords: | Corporate governance,Islamic Finance,ISLAMIC FINANCIAL INSTITUTIONS,SHARI‘A GOVERNANCE |
| JEL: | G0 G15 G2 G21 G34 |
| Date: | 2014–05–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:56326&r=hme |
| By: | Gaël Plumecocq (AGIR - AGrosystèmes et développement terrItoRial - Institut national de la recherche agronomique (INRA) : UMR1248, LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - Université des Sciences Sociales - Toulouse I : EA4212 - École Nationale de Formation Agronomique - ENFA - Institut d'Études Politiques [IEP] - Toulouse - Université Toulouse le Mirail - Toulouse II) |
| Abstract: | Dans cet article, nous examinons l'hypothèse selon laquelle les politiques publiques, en particulier dans le domaine du développement durable, reposent sur des modalités rhétorique. En s'appuyant sur le cas des politiques locales mises en œuvre dans la région du Nord-Pas de Calais, cet article insiste sur la nécessité d'apporter des fondements légitimes à cette modalité rhétorique, fondements qui conditionnent son efficacité. Dans cette optique, nous nous appuyons sur une méthode pluridisciplinaire. Les résultats obtenus permettent de dessiner les contours d'une politique de développement durable acceptable qui s'appuie sur deux modalités complémentaires : régulation/incitation et rhétorique. |
| Keywords: | Politiques régionales ; Développement Durable ; Rhétorique politique ; Légitimité ; Besoins fondamentaux |
| Date: | 2013–06–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00994921&r=hme |
| By: | Schmid, Günther (WZB - Social Science Research Center Berlin) |
| Abstract: | This essay starts, after a short introduction on the importance and dimensions of “inclusive growth”, with a brief empirical sketch on to what extent Europe has already succeeded with respect to this ambitious goal. The result is quite sobering and gives rise to the question: why is it so? The main part of this paper is devoted to answering this question by presenting a model based on the trade-off between comparable productive capacity (CPC) and flexibility. After the introduction of the monetary union, this trade-off sharpened for many EU member states whose CPC now falls below the fair level playing field. To compensate for the lack of comparable productive capacities, flexibility measures would be necessary (e.g. downward wage flexibility, regional mobility and cuts in social expenditures) to an extent which is unrealistic or would erode social cohesion and democracy. As alternative, the possible future role of the European Social Model could consist of the implementation of four strategies: First, investive social transfers, in particular by establishing a European Fund for Employment and Income Security (EIS) to strengthen the inclusive function and stabilisation impact of national unemployment insurance systems; second, protected flexibility, in particular the promotion of an internal functional flexibility through work sharing; third, investing in people, in particular by strengthening dual learning systems and by inducing mobility chains (making transitions pay); and fourth, efficient labour market regulation for better utilising existing capacities and restraining inefficient forms of flexibility. Examples for each strategy are presented to illustrate and stimulate the debate. |
| Keywords: | Europe, social policy, labour market policy, growth, inclusion, unemployment insurance |
| JEL: | E24 I31 J65 J83 O43 P16 |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp82&r=hme |
| By: | Vivien Lespagnol (AMSE - Aix-Marseille School of Economics - Centre national de la recherche scientifique (CNRS) - École des Hautes Études en Sciences Sociales (EHESS) - Ecole Centrale Marseille (ECM)); Juliette Rouchier (AMSE - Aix-Marseille School of Economics - Centre national de la recherche scientifique (CNRS) - École des Hautes Études en Sciences Sociales (EHESS) - Ecole Centrale Marseille (ECM)) |
| Abstract: | This paper studies the effect of investor's bounded rationality on market dynamics. In an order driven market, we consider a few-types model where two risky assets are exchanged. Agents differ by their behavior, knowledge, risk aversion and investment horizon. The investor's demand is defined by a utility maximization under constant absolute risk aversion. Relaxing the assumption of perfect knowledge of the fundamentals enables to identify two components in a bubble. The first one comes from the unperceived fundamental changes due to trader's belief perseverance. The second one is generated by chartist behavior. In all simulations, speculators make the market less efficient and more volatile. They also increase the maximum amount of assets exchanged in the most liquid time step. However, our model is not showing raising average volatility on long term. Concerning the fundamentalists, the unknown fundamental has a stabilization impact on the trading price. The closer the anchor is to the true fundamental value, the more efficient the market is, because the prices change smoothly. |
| Keywords: | agent-based modeling; market microstructure; fundamental value; trading volume; efficient market |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-00997573&r=hme |
| By: | Virginie Noireaux; Carole Poirel |
| Abstract: | Power is a key concept when analysing the distribution channels. Several CRET-LOG members have used it in order to understand the interplay of actors and the logistics relationships between industry and retailing. This article presents their works on the understanding and implementation of the power sources, the exercise of power, and the strategy of resistance. |
| Date: | 2014–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:2014-323&r=hme |
| By: | Cécile Perret (IREGE - Institut de Recherche en Gestion et en Economie - Université de Savoie - Institut d'Administration des Entreprises (IAE) - Savoie Mont-Blanc); Mohamed Achir (Département de Mathématiques [Tizi Ouzou] - Université de Tizi Ouzou) |
| Abstract: | S'il est notable que l'économie sociale et solidaire connaît un regain d'intérêt dans les périodes de crise financière, mais également de crise morale accompagnée d'une perte de confiance dans les institutions comme c'est le cas en Algérie (Perret et Abrika, 2013-a), il n'en reste pas moins que les pratiques solidaires sont vieilles comme le monde et qu'elles ont permis de financer les activités économiques des personnes exclues du système bancaire dans de nombreux pays (tontines en Afrique sub-saharienne par exemple) ou oeuvrer pour le bien collectif (tiwiza en Algérie...). Dans la première partie de ce travail, nous précisons ce que recouvre l'ESS au travers de l'étude des différentes catégories de liens sociaux et des types de solidarités mises en oeuvre (Lavoué, Jézequel et Janvier, 2010, Eme et Laville, 2004...). Nous analysons également le passage de la solidarité institutionnelle à des solidarités de proximité complémentaires. Enfin, nous positionnons l'ESS entre réciprocité et proximité et étudions ses différentes réalités (finance solidaire, réseaux d'échanges non monétaires, commerce équitable). Dans la seconde partie de cette recherche, nous nous attachons à montrer en quoi l'ESS, qui a le vent en poupe en Kabylie, ne fait que réactiver des pratiques ancestrales qui ont toujours cours dans les villages kabyles, villages encore souvent organisés grâce aux comités de village, émanations de la sorte de " république villageoise " décrite par Camps (2007, 297), Lacoste- Dujardin (2001 et 2002)... |
| Keywords: | Economie sociale et solidaire ; lien social ; Kabylie |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-00995426&r=hme |
| By: | Katsushi S. Imai; Samuel Kobina Annim; Veena S. Kulkarni; Raghav Gaiha |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:man:sespap:1409&r=hme |
| By: | Carole Poirel |
| Date: | 2014–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:2014-326&r=hme |
| By: | Javed, Omer |
| Abstract: | The current study is motivated by the overall lackluster performance of IMF programmes in recipient countries in terms of economic growth consequences, and tries to explore the relevance of institutional determinants (that have a positively significant role in improving institutional quality in IMF programme countries, in the first place) in enhancing real economic growth in IMF programme countries; as otherwise highlighted by New Institutional Economics literature for countries generally. Moreover, the study also investigates the impact of these determinants through the channel of macroeconomic stability. Based on a time period of 1980-2010 (coinciding with a duration of increasing number of IMF programmes), the results mainly validate that institutional determinants overall play a positive role in reducing macroeconomic instability, and through it, and also independently, enhance real economic growth. |
| Keywords: | Institutions; IMF programmes |
| JEL: | B52 F33 |
| Date: | 2014–05–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:56370&r=hme |
| By: | José García-Quevedo (Barcelona Institute of Economics, University of Barcelona, Barcelona); Gabriele Pellegrino (Barcelona Institute of Economics, University of Barcelona, Barcelona); Maria Savona (SPRU, University of Sussex, UK) |
| Keywords: | R&D strategy, Barriers to innovation, Demand uncertainty, Lack of demand, Innovative inputs, Panel data |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:sru:ssewps:2014-09&r=hme |