nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2015‒09‒05
nineteen papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Where Does the Surplus Go? Disentangling the Capital-Labor Distributive Conflict By Francesco Bogliacino; Dario Guarascio; Valeria Cirillo
  2. Two Opposing Economic-Literary Critiques of Socialism: George Orwell Versus Eugen Richter and Henry Hazlitt By Makovi, Michael
  3. Collective beliefs for responsible investment By Christel Dumas; Céline Louche
  4. Reflecting on new developmentalism and classical developmentalism By BRESSER-PEREIRA, Luiz Carlos,
  5. After the demise of neoliberalism but not of conservatism, a third developmentalism? By BRESSER-PEREIRA, Luiz Carlos,
  6. Human Rights and the OECD Guidelines for Multinational Enterprises: Normative Innovations and Implementation Challenges By Ruggie, John; Nelson, Tamaryn
  7. Discourses, fragmentation and coalitions: the case of Herakles Farms’ large-scale land deal in Cameroon By Same Moukoudi, Teclaire Author Name: Geenen, Sara
  8. Indonesia embraces the Data Science By Situngkir, Hokky
  9. Why and How to overcome General Equilibrium Theory By Glötzl, Erhard
  10. Measuring women’s decisionmaking: Indicator choice and survey design experiments from cash and food transfer evaluations in Ecuador, Uganda, and Yemen: By Peterman, Amber; Schwab, Benjamin; Roy, Shalini; Hidrobo, Melissa; Gilligan, Daniel
  11. Developmental class coalitions: historical experiences and prospects By BRESSER-PEREIRA, Luiz Carlos; IANONI, Marcus
  12. Zusammenschlüsse von Volks- und Raiffeisenbanken: Eine theoretische Aufarbeitung und strukturierte Analyse des Fusionsprozesses unter Berücksichtigung genossenschaftlicher Spezifika By Arts, Vanessa
  13. Methodological, internal and ontological inconsistencies in the conventional micro-foundation of post-Keynesian theory By Christian Schoder
  14. Determining drivers of eco-efficiency: decomposition method By Eduard Nezinsky
  15. Agriculture, gendered time use, and nutritional outcomes: A systematic review: By Johnston, Deborah; Stevano, Sara; Malapit, Hazel J.; Hull, Elizabeth; Kadiyala, Suneetha
  16. Explaining Attitudes from Behavior: A Cognitive Dissonance Approach By Acharya, Avidit; Blackwell, Matthew; Sen, Maya
  17. Did the Financial Crisis Affect Environmental Efficiency? Evidence from the Japanese Manufacturing Sector By Fujii, Hidemichi; Assaf, A. George; Managi, Shunsuke; Matousek, Roman
  18. Star Wars: The Empirics Strike Back By Abel Brodeur; Mathias Lé; Marc Sangnier; Yanos Zylberberg
  19. L'entreprise comme projet : Une lecture régulationniste de la normativité dans l'économie sociale et solidaire By Jean-Pierre Bréchet; Laura Nirello

  1. By: Francesco Bogliacino; Dario Guarascio; Valeria Cirillo
    Abstract: The evidence on growing inequality in OECD countries has raised an important debate over its main drivers, pointing out an increasing importance of capital-labour conflict. In this contribution, we aim at disentangling the role of some of the forces shaping this process. Our identification strategy relies on the sequential nature of wage setting and profits realization, in line with theoretical insights from the range theory of wages (postulating rents sharing at the shop floor level) and the principle of effective demand. In particular we focus on the role of technology and offshoring as instruments to create surplus and to shape the bargaining power of the parties involved in wage setting, and on different sources of demand as heterogeneous determinants of profits realization. The empirical analysis is performed on a panel of 38 manufacturing and service sectors over four time periods from 1995 to 2010, covering Germany, France, Italy, Spain, and United Kingdom. The contrasting effects of R&D and offshoring emerge as determinants of wages. Investment and internal demands are key variables in the realization of profits. When we look at the heterogeneity of the effects we see three main stylized facts. First of all, distinguishing for technological domain using Pavitt classes we can see that rents are effectively related with upgraded industries. Secondly, when we distinguish for the degree of openness we can see that, again, rents are mainly shared in open industries. Finally, when we disentangle the effect on wages per skill level, it is possible to confirm the intuition that offshoring hits the medium-low skill categories.
    Keywords: rent; surplus; distribution; inequality; offshoring; R&D
    JEL: O33 F15 J31
    Date: 2015–08–19
    URL: http://d.repec.org/n?u=RePEc:col:000178:013535&r=all
  2. By: Makovi, Michael
    Abstract: Orwell's famous fictions, Animal Farm and Nineteen Eighty-Four criticized totalitarian forms of socialism from a Public Choice perspective, assuming that socialism would work as an economic system as long as the proper political institutions were in place to curb the potential for the abuse of power. This is contrasted with two novels by others who took the opposite approach: Richter's Pictures of the Socialistic Future and Hazlitt's Time Will Run Back. These two assumed that the political implementation of socialism would be perfect but that socialism would necessarily turn totalitarian because of the problem of economic calculation. These novels assumed away the Public Choice problem of institutions and the abuse of power and focused on the political implications of socialism as a purely economic system. Contrasting these two sets of novels shows how the Austrian and Public Choice schools criticize socialism in two entirely different ways.
    Keywords: Orwell; Richter; Hazlitt; democratic socialism; market socialism; totalitarianism
    JEL: A12 B24 B25 B31 B51 B53 D70 P11 P20 P30 Z11
    Date: 2015–02–27
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:66360&r=all
  3. By: Christel Dumas (ICHEC); Céline Louche (Audencia)
    Abstract: The financial community does not seem to have shifted yet to greater sustainability, despite increasing awareness and concerns around social and environmental issues. In this paper, we provide insights to help understand why. Building on responsible investment (RI) data from the UK financial press between 1982 and 2010, we examine the collective beliefs which financial actors rely on to take decisions under uncertainty, as a way of understanding the status of and implications for RI mainstreaming. Our results identify five periods that characterize RI over time. The “civil rights” years (1982-1991), the “green niche” years (1992-1997), the “professionalization” years (1998-2000), the “SRI” years (2001-2004) and the “ESG” years (2005-ongoing) follow each other with specific representations and practices for RI. The analysis of the collective beliefs leads us to define two theoretical dimensions – justifying RI and practicing RI—that allow us to characterize how mainstream actors collectively make sense of RI. Our data confirm the existence of collective beliefs around RI and highlights changes in the content of the collective beliefs throughout the five periods, demonstrating a dynamic in the RI field. Our analysis reveals that the RI collective beliefs currently (1) do not provide a favorable environment for RI mainstreaming and (2) need to be taken into account when discussing the value of sustainability.
    Date: 2015–03–23
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-01183744&r=all
  4. By: BRESSER-PEREIRA, Luiz Carlos,
    Abstract: This paper, first, distinguishes new developmentalism, a new theoretical system that is being created, from really existing developmentalism – a form of organizing capitalism. Second, it distinguishes new developmentalism from its antecedents, Development Economics or classical developmentalism and Keynesian Macroeconomics. Third, it discusses the false opposition that some economists have adopted between new developmentalism and social-developmentalism, which the author understands as a form of really existing developmentalism; as theory, it is just a version of classical developmentalism with a bias toward immediate consumption. Finally, it makes a summary of new developmentalism – of its main political economy, economic theory and economic policy claims
    Date: 2015–07–23
    URL: http://d.repec.org/n?u=RePEc:fgv:eesptd:395&r=all
  5. By: BRESSER-PEREIRA, Luiz Carlos,
    Abstract: Neoliberalism and developmentalism are the two alternative forms of economic and political organization of capitalism. Since the 2008 global financial crisis we see the demise of neoliberalism in rich countries, as state intervention and regulation increased, opening room for a third historical developmentalism (the first was mercantilism, the second, Fordism). Not only because of major market failures, not only because the market is definitely unable to assure financial stability and full employment, an active macroeconomic policy is being required. Modern economies are divided into a competitive and a non-competitive sector; for the coordination of the competitive sector the market is irreplaceable and regulation as well as strategic industrial policy will be pragmatically adopted following the subsidiarity principle, whereas for the non-competitive sector, state coordination and some state ownership are usually more efficient. Besides, the fact that capitalist economies are increasingly diversified and complex is an argument against the two extremes – against statism as well as neoliberalism – in so far that they require market coordination combined with increased regulation. But the third developmentalism probably will not be progressive as was the second, because the social-democratic political parties are disoriented. They won the battle for the welfare state, which neoliberalism was unable to dismantle, but the competition of low wage developing countries and immigration continue to offer arguments to conservative political parties that defend the reduction of the cost of labor contracts or the or precarization of labor.
    Date: 2015–07–23
    URL: http://d.repec.org/n?u=RePEc:fgv:eesptd:394&r=all
  6. By: Ruggie, John (Harvard University); Nelson, Tamaryn (Harvard University)
    Abstract: Business and human rights became an increasingly prominent feature on the international agenda in the 1990s. Global markets widened and deepened significantly as a result of trade liberalization, privatization, deregulation, and off-shoring production as well as financial centers. The rights of multinational corporations to operate globally became legally enshrined in a vast expansion of bilateral investment treaties and investment chapters of bilateral and regional free trade agreements, as well as a new international regime protecting intellectual property. Multinational corporations did well subsequently, and so too did people and countries that were able to take advantage of the opportunities created by this transformative process.But others were less fortunate. Global social and environmental protections lagged behind, and domestic safety nets, where they existed at all, began to fray. Income inequalities began to rise. International attempts to regulate the conduct of multinational corporations, going back to the 1970s, continued to fail. Sweatshops, displaced communities, child labor, forced and bonded labor, corporate security providers raping and sometimes killing demonstrators or mere bystanders, are among the abuses that were amply documented. What requires better documentation, if these global imbalances are to be corrected, are the means by which the global and local communities have sought to redress the imbalances, and how they might be improved. This paper takes one small step in that direction. It analyzes the first and still one of the very few international mechanisms that governments have established enabling individuals, communities or their representatives to bring complaints against multinational corporations: the Guidelines for Multinational Enterprises ("Guidelines") promulgated by the Organization for Economic Cooperation and Development (OECD). Our interest in the Guidelines in this paper is two-fold. First, we want to identify patterns of use over time in order to better understand them. Second, we want to see what if any difference exists in these patterns since the endorsement by the United Nations Human Rights Council in 2011 of the Guiding Principles on Human Rights, core elements of which were incorporated into the 2011 OECD Guidelines revision. Finally, we offer some concluding thoughts about how this complaints mechanism should be strengthened.
    Date: 2015–08
    URL: http://d.repec.org/n?u=RePEc:ecl:harjfk:rwp15-045&r=all
  7. By: Same Moukoudi, Teclaire Author Name: Geenen, Sara
    Abstract: This paper contributes to the recent debate on ‘land grabbing’ by analysing the case of Sithe Global Sustainable Oils Cameroon (SGSOC), a subsidiary of Herakles Farms. The acquisition of over 73,086 hectares of land by this company has spurred the ‘land grabbing debate’ to the limelight in Cameroon, leading to a renegotiation of the initial agreement. The paper concentrates on the following questions: How did the different actors claim their rights to land in the case of the SGSOC - Herakles Farms land deal? What strategies and narratives did they use? And what were the outcomes of these competing claims over land rights? Based on an analysis of both primary and secondary data, the paper makes two main arguments: 1) different sub-groups that are opposing or supporting the large-scale land deal make use of particular (and sometimes similar) discourses; their narratives are manifestations of power relations and have real effects, leading to action and/or legitimation. But on the other hand they are also pretty mainstream in echoing prevailing development discourses; 2) agency in this struggle translates into fragmentation within and between groups as well as (un)likely old and new coalitions. Former allies start to compete and
    URL: http://d.repec.org/n?u=RePEc:iob:dpaper:2015003&r=all
  8. By: Situngkir, Hokky
    Abstract: The information era is the time when information is not only largely generated, but also vastly processed in order to extract and generated more information. The complex nature of modern living is represented by the various kind of data. Data can be in the forms of signals, images, texts, or manifolds resembling the horizon of observation. The task of the emerging data sciences are to extract information from the data, for people gain new insights of the complex world. The insights may come from the new way of the data representation (function of R(x) over data x), be it a visualizations, mapping, or other. The insights may also come from the implementation of mathematical analysis and/or computational processing (function A(x) over data x) giving new insights of what the states of the nature represented by the data. Both ways implement the methodologies reducing the dimensionality of the data. The relations between the two functions, R(x) and A(x) are the heart of how information in data is transformed mathematically and computationally into new information. The paper discusses some practices, along with various data coming from the social life in Indonesia becoming the variables within R(x) and A(x) to gain new insights about Indonesia in the emerging data sciences. The data sciences in Indonesia has made Indonesian Data Cartograms, Indonesian Celebrity Sentiment Mapping, Ethno-Clustering Maps, social media community detection, and a lot more to come, become possible. All of these are depicted as the exemplifications on how “data science” has become integral part of the technology bringing data closer to people.
    Keywords: data science, complexity, big data, indonesia, network, cartogram, social media, econophysics
    JEL: B4 C02 C15 C4 C5 C54 C6 C8 G0 I2 M0 Z1
    Date: 2015–08–18
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:66048&r=all
  9. By: Glötzl, Erhard
    Abstract: For more than 100 years economists have tried to describe economics in analogy to physics, more precisely to classical Newtonian mechanics. The development of the Neoclassical General Equilibrium Theory has to be understood as the result of these efforts. But there are many reasons why General Equilibrium Theory is inadequate: 1. No true dynamics. 2. The assumption of the existence of utility functions and the possibility to aggregate them to one “Master” utility function. 3. The impossibility to describe situations as in “Prisoners Dilemma”, where individual optimization does not lead to a collective optimum. This paper aims at overcoming these problems. It illustrates how not only equilibria of economic systems, but also the general dynamics of these systems can be described in close analogy to classical mechanics. To this end, this paper makes the case for an approach based on the concept of constrained dynamics, analyzing the economy from the perspective of “economic forces” and “economic power” based on the concept of physical forces and the reciprocal value of mass. Realizing that accounting identities constitute constraints in the economy, the concept of constrained dynamics, which is part of the standard models of classical mechanics, can be applied to economics. Therefore it is reasonable to denote such models as Newtonian Constraint Dynamic Models (NCD-Models). Such a framework allows understanding both Keynesian and neoclassical models as special cases of NCD-Models in which the power relationships with respect to certain variables are one-sided. As mixed power relationships occur more frequently in reality than purely one-sided power constellations, NCD-models are better suited to describe the economy than standard Keynesian or Neoclassic models. A NCD-model can be understood as “Continuous Time”, “Stock Flow Consistent”, “Agent Based Model”, where the behavior of the agents is described with a general differential equation for every agent. In the special case where the differential equations can be described with utility functions, the behavior of every agent can be understood as an individual optimization strategy. He thus seeks to maximize his utility. However, while the core assumption of neoclassical models is that due to the “invisible hand” such egoistic individual behavior leads to an optimal result for all agents, reality is often defined by “Prisoners Dilemma” situations, in which individual optimization leads to the worst outcome for all. One advantage of NCD-models over standard models is that they are able to describe also such situations, where an individual optimization strategy does not lead to an optimum result for all agents. This will be illustrated in a simple example. In conclusion, the big merit and effort of Newton was, to formalize the right terms (physical force, inertial mass, change of velocity) and to set them into the right relation. Analogously the appropriate terms of economics are force, economic power and change of flow variables. NCD-Models allow formalizing them and setting them into the right relation to each other.
    Keywords: Newtonian Constrained Dynamics, Disequilibrium Dynamics, Economics of Power, Closure, Prisoners Dilemma, Economics and Physics
    JEL: B22 B41 C02 C60 C72 E10
    Date: 2015–03–29
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:66265&r=all
  10. By: Peterman, Amber; Schwab, Benjamin; Roy, Shalini; Hidrobo, Melissa; Gilligan, Daniel
    Abstract: Despite wide use of women’s decisionmaking indicators, both as a direct measure of intrahousehold decisionmaking and as a proxy for women’s empowerment or bargaining power, little has been done to explore what such indicators capture and how effective they measure program impacts on empowerment. We review theoretical and operational evidence from recent literature on women’s decisionmaking and analyze survey experiments undertaken in cash and food transfer programs in Ecuador, Yemen, and Uganda from 2010 to 2012. We find large variations in how women are ranked in terms of decisionmaking depending on how indicators are constructed. In addition, we find that across countries, composite decisionmaking indicators are not consistently associated with other proxy measures of women’s empowerment or household welfare, such as women’s education levels or household food consumption. We also find mixed evidence across countries related to the impact of transfer programs on women’s decisionmaking indicators. We conclude with implications of our findings for future research and use of decisionmaking indicators for program evaluation in developing countries.
    Keywords: women, gender, decision making, households, food consumption, empowerment, cash transfer, social cash transfer,
    Date: 2015
    URL: http://d.repec.org/n?u=RePEc:fpr:ifprid:1453&r=all
  11. By: BRESSER-PEREIRA, Luiz Carlos; IANONI, Marcus
    Abstract: Este artigo discute o conceito de coalizões de classe como uma alternativa parcial à luta de classes na compreensão das sociedades capitalistas; define duas coalizões de classes básicas - a desenvolvimentista e a liberal; apresenta brevemente três coalizões de classe desenvolvimentistas paradigmáticas - a mercantilista, a bismarckiana, e a social-democrata (ou dos anos dourados do capitalismo); e usa esse arcabouço teórico para entender o capitalismo contemporâneo nos anos pós neoliberais - os anos que se seguem a crise financeira global de 2008
    Date: 2015–03–25
    URL: http://d.repec.org/n?u=RePEc:fgv:eesptd:386&r=all
  12. By: Arts, Vanessa
    Abstract: Genossenschaftsbanken weisen mit ihren Spezifika eine einzigartige Unternehmens-Governance im deutschen Bankenmarkt auf. Diese wird geprägt durch den Förderauftrag, die besonderen Entscheidungsfindungsregeln, das Identitäts-, das Regional- und das Subsidiaritätsprinzip. Diese Spezifika spielen in jeder Phase des Fusionsprozesses eine direkte oder indirekte Rolle und können den Fusionsverlauf positiv oder negativ beeinflussen. Zusätzlich weisen die Spezifika in ihrer Wirkung Interdependenzen auf. Das genossenschaftliche Fusionsmanagement muss deshalb die unterschiedlichen Wirkungskanäle der Spezifika bei der Durchführung des Fusionsprozesses berücksichtigen. Das bedeutet unter anderem, dass das besondere Beziehungsgefüge zwischen den Mitgliedern, den Mitarbeitern und den Kunden im Rahmen einer Fusion nicht verloren gehen darf. Im vorliegenden Arbeitspapier erfolgt daher eine theoretische Aufarbeitung und strukturierte Analyse eines typischen Fusionsprozesses von Volks- und Raiffeisenbanken unter Berücksichtigung der genossenschaftlichen Spezifika. Daraus werden in diesem Arbeitspapier Handlungsempfehlungen für das Fusionsmanagement abgeleitet und vorgestellt.
    Abstract: Cooperative banks exhibit through their specifics a unique governance in the German banking sector. They are characterized by the cooperative mission, the specific decision-making rules and the principles of identity, regional demarcation and subsidiarity. These specifics play - directly or indirectly - a decisive role in every stage of a merger and can affect the merger process in a positive or in a negative way. Additionally, these specifics are interdependent in their impact. Hence, the merger-management has to regard the possible effects of the specifics during the merger process. This means, inter alia, that the unique relationship between members, employees and clients must not be lost during the process of a merger. Therefore, this working paper offers a theoretical approach and a structured analysis of a characteristic merger process of German cooperative banks (Volks- and Raiffeisenbanken) with a particular focus on the specifics of cooperatives. Based on this, recommendations for action addressed to the merger management will be derived and presented.
    Date: 2015
    URL: http://d.repec.org/n?u=RePEc:zbw:wwuifg:153&r=all
  13. By: Christian Schoder (Department of Economics, New School for Social Research)
    Abstract: By the aid of a simple but widely accepted model, the conventional micro-foundation of behavioral hypothesis postulated in post-Keynesian theory in the Kaleckian tradition is critically reviewed. Inconsistencies are identied along three dimensions: A methodological inconsistency arises from presenting macroeconomic arguments formally and microeconomic arguments verbally. An internal inconsistency prevails when the micro-considerations for dierent behavioral rules are mutually inconsistent. An ontological inconsistency arises since the postulated behavioral rules are invariant to endogenous changes in the micro-environment whereas the micro-considerations imply them to adjust endogenously. We arrive at two conclusions: First, re-visiting the issue of micro-foundation within the post-Keynesian framework may be a rewarding line of research. Second, the post-Keynesian research paradigm should be open to various forms of consistent micro-foundations as long as the economic mechanism characterized by the model are post-Keynesian.
    Keywords: Post-Keynesian economics, micro-foundations, economic methodology, ontology
    JEL: B41 B50 E12
    Date: 2015–08
    URL: http://d.repec.org/n?u=RePEc:new:wpaper:1518&r=all
  14. By: Eduard Nezinsky (University of Economics in Bratislava, Faculty of National Economy, Department of Economic Policy)
    Abstract: There has been a lively discussion about measures of social welfare beyond GDP induced by Stiglitz Report (Stiglitz et al, 2009) which can be viewed as a summation of the earlier efforts to deal with those challenges. Environmental indicators constitute one important dimension to be taken into account in assessing the welfare along with the economic and social indicators. Employing non-parametrical approach, the Data Envelopment Analysis SBM model is extended for environment to measure the so called eco-efficiency. Resulting scores and benchmarks are used to decompose eco-productivity into factors attributable to changes in efficiency, technology, extensive factors of production, and emissions. Results suggest that in European countries in the span 2000 – 2010, an environment-saving rather than input-saving technology change has been taking place.
    Keywords: eco-efficiency, data envelopment analysis, beyond GDP, decomposition
    JEL: C43 C61 O47
    Date: 2014–12–23
    URL: http://d.repec.org/n?u=RePEc:brt:depwps:007&r=all
  15. By: Johnston, Deborah; Stevano, Sara; Malapit, Hazel J.; Hull, Elizabeth; Kadiyala, Suneetha
    Abstract: Existing reviews on agriculture and nutrition consider limited evidence and focus on impact size, rather than impact pathway. This review overcomes the limitations of previous studies by considering a larger evidence base and exploring time as one of the agriculture-nutrition pathways. Agricultural development plays a role in improving nutrition. However, agricultural practices and interventions determine the amount of time dedicated to agricultural and domestic work. Time spent in agriculture—especially by women—competes with time needed for resting, childcare, and food preparation and can have unintended negative consequences for nutrition.
    Keywords: agriculture, gender, women, nutrition, households, time use, agricultural interventions, evidence reviews,
    Date: 2015
    URL: http://d.repec.org/n?u=RePEc:fpr:ifprid:1456&r=all
  16. By: Acharya, Avidit (Stanford University); Blackwell, Matthew (Harvard University); Sen, Maya (Harvard University)
    Abstract: The standard approach in positive political theory posits that action choices are the consequences of attitudes. Could it be, however, that an individual's actions also affect her fundamental preferences? We present a broad theoretical framework that captures the simple, yet powerful, intuition that actions frequently alter attitudes as individuals seek to minimize cognitive dissonance. This framework is particularly appropriate for the study of political attitudes and enables political scientists to formally address questions that have remained inadequately answered by conventional rational choice approaches--questions such as "What are the origins of partisanship?" and "What drives ethnic and racial hatred?" We illustrate our ideas with three examples from the literature: (1) how partisanship emerges naturally in a two party system despite policy being multidimensional, (2) how ethnic or racial hostility increases after acts of violence, and (3) how interactions with people who express different views can lead to empathetic changes in political positions.
    Date: 2015–06
    URL: http://d.repec.org/n?u=RePEc:ecl:harjfk:rwp15-026&r=all
  17. By: Fujii, Hidemichi; Assaf, A. George; Managi, Shunsuke; Matousek, Roman
    Abstract: This study examined the impact of the financial crisis on the environmental and technical efficiencies of the Japanese manufacturing industry. Overall, we found that while the crisis had a negative impact on technical efficiency it did not affect environmental efficiency- the only exception was the transportation equipment sector which improved its environmental efficiency following the crisis. Additionally, we found that capital intensity does not necessarily affect environmental efficiency. We discuss the implications of these findings and provide directions for future research.
    Keywords: Environmental Efficiency; Technical Efficiency, Financial Crisis; Bayesian Stochastic Frontier
    JEL: G01 O47 Q54 Q57
    Date: 2015–08–31
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:66363&r=all
  18. By: Abel Brodeur (Department of Economics, University of Ottawa, Ottawa, ON); Mathias Lé (Paris School of Economics and ACPR); Marc Sangnier (Aix-Marseille Univ. (Aix-Marseille School of Economics), CNRS & EHESS); Yanos Zylberberg (School of Economics Finance and Management, University of Bristol)
    Abstract: Journals favor rejection of the null hypothesis. This selection upon tests may distort the behavior of researchers. Using 50,000 tests published between 2005 and 2011 in the AER, JPE, and QJE, we identify a residual in the distribution of tests that cannot be explained by selection. The distribution of p-values exhibits a two humped camel shape with abundant p-values above 0.25, a valley between 0.25 and 0.10, and a bump slightly below 0.05. The missing tests (with p-values between 0.25 and 0.10) can be retrieved just after the 0.05 threshold and represent 10% to 20% of marginally rejected tests. Our interpretation is that researchers might be tempted to inflate the value of those just-rejected tests by choosing a significant specification. We propose a method to measure this residual and describe how it varies by article and author characteristics.
    Keywords: Hypothesis testing, distorting incentives, selection bias, research in economics
    JEL: A11 B41 C13 C44
    Date: 2015
    URL: http://d.repec.org/n?u=RePEc:ott:wpaper:1505e&r=all
  19. By: Jean-Pierre Bréchet (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes); Laura Nirello (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes)
    Abstract: Rapprochant la perspective hétérodoxe de F. Perroux et la sociologie des organisations, notamment la théorie de la régulation sociale de J.-D. Reynaud, les auteurs posent la question de la possibilité pour l’entreprise d’économie sociale et solidaire d’affirmer des valeurs. L’argument régulationniste qui consiste à distinguer les régulations constitutives d’une régulation d’ensemble sur la base de leur cohérence finalisée propre engage à distinguer l’organisation productive dite entreprise réelle de la société juridique dite institution financière dans le cadre des régulations englobantes. Le terrain de l’économie sociale et solidaire, porteur de projets et de valeurs affirmées, montre de façon originale ce qui se joue aux deux niveaux micro et macro d’analyse pour comprendre la vie de l’entreprise et la théoriser dans un cadre théorique régulationniste.
    Date: 2015–08–27
    URL: http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01187837&r=all

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