nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2018‒05‒07
twenty-two papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Labour values and energy values By PARYS, Wilfried
  2. Economizing on Scientific Debate By Olivier Godechot
  3. Rational Heuristics ? Expectations and behaviors in Evolving Economies with Heterogeneous interacting agents By Giovanni Dosi; Mauro Napoletano; Andrea Roventini; Joseph Stiglitz; Tania Treibich
  4. Endogenous growth and global divergence in a multi-country agent - based model By Giovanni Dosi; Andrea Roventini; Emmanuele Russo
  5. Women's Empowerment, Gendered Institutions and Economic Opportunity: An Investigative Study for Pakistan By Parlow, Anton
  6. Inequality and Imbalances : a Monetary Union Agent-Based Model By Alberto Cardacci; Francesco Saraceno
  7. On the question of the relevance of Economics as a science: Postmodern filosofia critique By Jackson, Emerson Abraham
  8. Tax-Exempt Lobbying: Corporate Philanthropy as a Tool for Political Influence By Marianne Bertrand; Matilde Bombardini; Raymond Fisman; Francesco Trebbi
  9. Sociocraties et holacraties : Comment ces organisations interrogent la démocratie ? By Margaux Langlois
  10. Modelling the Goals and Features of an Ideal Islamic City for use in Future Conformance Analyses of Contemporary Urban Forms and Planning By Deborah Laura Isaacs; Ali Parsa; Seow Eng Ong
  11. Expoliación de la vivienda como activo financiero de renta fija en Antofagasta By Jose Francisco
  12. Revisiting the thermal and superthermal two-class distribution of incomes: A critical perspective By Markus P. A. Schneider
  13. Marx heute By Homann, Karl; Pies, Ingo
  14. Global Biodiversity Costs of Climate Change. Improving the damage assessment of species loss in Integrated Assessment Models By Kaushal, Kevin R.; Navrud, Ståle
  15. The impact of REI on Italian households’ income: A micro and macro evaluation By Massimo Baldini; Elizabeth J. Casabianca; Elena Giarda; Lorenzo Lusignoli
  16. Karl Marx als Klassiker: Freiheitsphilosoph, Systemdenker, ökonomischer Autodidakt, politischer Demagoge By Homann, Karl; Pies, Ingo
  17. IO in I-O: Size, Industrial Organization, and the Input-Output NetworkMake a Firm Structurally Important By Basile Grassi
  18. Can Personality Traits Explain Glass Ceilings? By Collischon; Matthias
  19. Media coverage and immigration worries: Econometric evidence By Benesch, Christine; Loretz, Simon; Stadelmann, David; Thomas, Tobias
  20. Exposure to more female peers widens the gender gap in STEM participation By Anne Ardila Brenøe; Ulf Zölitz
  22. Les dilemmes du capitalisme immatériel By Sarah Guillou

  1. By: PARYS, Wilfried
    Abstract: In the history of economic thought various thinkers have been attracted by the problematic idea of a single cause of economic value. Today such ideas appear mostly in studies on the labour theory of value of Karl Marx. In 1867 his “Das Kapital” tried to explain the values of all commodities by a special common substance, the quantity of abstract labour embodied in them, i.e., the direct and indirect labour time necessary to produce them. Several well-known mainstream economists (for example, Wicksteed, Böhm-Bawerk, Wicksell and Pareto) quickly pointed out that labour was not the only common substance in commodities. Another problem was Marx’s deficient mathematics. In Marx’s system the same commodities can appear on the side of the inputs and on the side of the outputs. Today it is well-known that many analytical problems in such circular systems can be solved by means of simultaneous equations of the input-output type. Here the most original contributions were not made by leading economists mentioned above, but by rather unknown outsiders (Mühlpfordt, Dmitriev, Charasoff, Potron), whose pioneering works were neglected for decades. In December 1927, both Sraffa and Leontief, independently of each other, argued that the reduction of all commodities to labour values was not a unique process; from a formal point of view, it was possible to compute not only labour values, but also wheat values, coal values, etc. For various reasons, their insights of 1927 remained rather unnoticed for several decades. A few decades ago the high impact journal Science published some papers advocating the use of energy values, corresponding to the direct and indirect quantity of energy necessary to produce a commodity. The most conspicuous text of this type is the often cited paper “Embodied Energy and Economic Valuation” by Robert Costanza (published in Science in 1980), claiming that both theory and empiry suggest a close connection between prices and energy values. The energy theory of value is usually discussed outside the networks of orthodox or marxian economics, but the empirical and theoretical studies on energy values and labour values show several remarkable cases of analogous arguments and imperfections, both trying to support the use of a single substance of economic value. My paper considers both theoretical and empirical aspects of such discussions on labour values and energy values. I also use a simple numerical example, to illustrate the computation of both labour values and energy values via two methods: via a system of simultaneous input-output equations and via subsystems (vertically integrated systems that produce only one net output). The two computation methods are well-known from the rich literature on labour values, but comparing energy values and labour values forces me to a generalisation of the notion of a subsystem: in order to define this notion unambiguously, I need to specify not only the net output of the subsystem, but also its net input. If the only net input of the subsystem is energy, I use the expression “energy subsystem”. This concept is needed to establish a percentage formula for the deviation of prices from energy values, analogous to my formula for the deviation of prices from labour values. By generalising Sraffa’s notion of subsystems it is possible to explain why supporters of labour values and energy values both present misleadingly “good” empirical results for their favourite theory. Both groups should be more aware of the non-uniqueness of their exaggerated claims for their one sided theories of value.
    Keywords: Marx, Sraffa, Leontief, Costanza, Energy values, Labour values, Input-output analysis
    JEL: B51 C67 D57 Q40
    Date: 2018–04
  2. By: Olivier Godechot (Observatoire sociologique du changement)
    Abstract: The book Le négationnisme économique. Et comment s’en débarrasser by Pierre Cahuc and André Zylberberg has sparked a heated debate in the French press and academy. Its aim is to uncover the inadequacies, knowledge gaps, errors, and denials on the part of researchers and public actors who criticize economic science, and especially those who criticize the latter’s dominant current, the so-called mainstream economics. Its main targets are critical economists, particularly “heterodox” or “appalled economists,” but also intellectual figures from other scientific disciplines (Pierre Bourdieu, Michel Onfray, Dominique Méda, Axel Kahn), CEOs (Jean-Louis Beffa, Louis Gallois), politicians (Michel Rocard, Daniel Cohn-Bendit, Barbara Romagnan), and newspapers (Alternatives économiques). [First paragraph]
    Keywords: Mainstream economics; Scientific debate
    Date: 2018–01
  3. By: Giovanni Dosi (Laboratory of Economics and Management); Mauro Napoletano (Observatoire français des conjonctures économiques); Andrea Roventini (Laboratory of Economics and Management (LEM)); Joseph Stiglitz (Columbia Business School); Tania Treibich (Observatoire français des conjonctures économiques)
    Abstract: We analyze the individual and macroeconomic impacts of heterogeneous expectations and action rules within an agent-based model populated by heterogeneous, interacting firms. Agents have to cope with a complex evolving economy characterized by deep uncertainty resulting from technical change, imperfect information and coordination hurdles. In these circumstances, we find that neither individual nor macroeconomic dynamics improve when agents replace myopic expectations with less naïve learning rules. In fact, more sophisticated, e.g. recursive least squares (RLS) expectations produce less accurate individual forecasts and also considerably worsen the performance of the economy. Finally, we experiment with agents that adjust simply to technological shocks, and we show that individual and aggregate performances dramatically degrade. Our results suggest that fast and frugal robust heuristics are not a second-best option: rather they are “rational” in macroeconomic environments with heterogeneous, interacting agents and changing “fundamentals”.
    Keywords: Complexity; Expectations; Heterogeneity; Heuristics; Learning; Agent based model; Computational economics
    JEL: C63 E32 E6 G1 G21 O4
    Date: 2017–12
  4. By: Giovanni Dosi (Laboratory of Economics and Management); Andrea Roventini (Laboratory of Economics and Management (LEM)); Emmanuele Russo (Scuola Superiore Sant'Anna)
    Abstract: In this paper we present a multi-country, multi-industry agent-based model investigating the different growth patterns of interdependent economies. Each country features a Schumpeterian engine of endogenous technical change which interacts with Keyneasian/Kaldorian demand generation mechanisms. National growth trajectories are driven by firms’ accumulation of technological knowledge, which in turn also leads to emergent specialization patterns in different industries. Interactions among economies occur via trade flows, stemming from the competition of firms in international markets. Simulation results show the emergence of persistent income divergence among countries leading to polarization and club formation. Moreover, each country experiences a structural transformation of its productive structure during the development process. Such dynamics results from firm-level virtuous (or vicious) cycles between knowledge accumulation, trade performances, and growth dynamics. The model accounts for a rich ensemble of empirical regularities at macro, meso and micro levels of aggregation.
    Keywords: Endogenous growth; Structural change ; Technology gaps; Global divergence; Absolute advantages; Agent based models
    JEL: F41 F43 O4 O3
    Date: 2018–01
  5. By: Parlow, Anton
    Abstract: Increasing female landownership or labor force participation are policies designed to empower women in developing countries. Yet, societies are diverse and I find that across language and ethnic groups not all Pakistani women benefit from these increased economic opportunities in their decision making. I even find negative impacts of labor force participation on empowerment for some groups. This can be explained by different gender expectations along these gendered institutions.
    Keywords: Women's Empowerment, Ethnicity, Identity
    JEL: J0 J01 O12
    Date: 2018–04–23
  6. By: Alberto Cardacci (Lombardy Advanced School of Economics Milan); Francesco Saraceno (Observatoire français des conjonctures économiques)
    Abstract: Our paper investigates the impact of rising inequality in a two-country macroeconomic model with an agent-based household sector characterised by peer effects in consumption. In particular, the model highlights the role of inequality in determining diverging balance of payments dynamics within a currency union. Inequality may drive the two countries into different growth patterns: where peer effects in consumption interact with higher credit availability, rising income inequality leads to the emergence of a debt-led growth. Where social norms determine weaker emulation and credit availability is lower, an export-led regime arises. Eventually, a crisis emerges endogenously due to the sudden-stop of capital ows from the net lending country, triggered by the excessive risk associated to the dramatic amount of private debt accumulated by households in the borrowing country. Monte Carlo simulations for a wide range of calibrations confirm the robustness of our results.
    Keywords: Inequality; Current Account; Currency Union; Agent -based model
    JEL: C63 D31 E21 F32 F43
    Date: 2017–12
  7. By: Jackson, Emerson Abraham
    Abstract: This article has adopted an open discourse in addressing pertinent concerns about the scientific existence of economics as a discipline. In doing so, some (critical) Filosofia arguments have been provided in ensuring that a well balanced approach is taken on the subject. Obviously, the approach of Popperian falsification used by economic science to address scientific justification through its varied scientific platform of technology applications like EVIEWS, STATA, MatLab and many more, have been applauded. Albeit such advances, the views of modern and postmodern critics have also come out saliently in a bid to ensuring open discourses are brought to the fore as a way of adding scientific value to the subject matter. In concluding, it was acknowledged that more is needed in ensuring that economic science as practiced by economists takes an open approach to critical discourse(s), reflecting reality about its pursed scientific ventures, given the persistence of economic volatility manifested across the global community.
    Keywords: Economic Science,Scientific Methodology,Filosofia,Postmodern Critique
    JEL: B5 B41
    Date: 2018
  8. By: Marianne Bertrand; Matilde Bombardini; Raymond Fisman; Francesco Trebbi
    Abstract: We explore the role of charitable giving as a means of political influence, a channel that has been heretofore unexplored in the political economy literature. For philanthropic foundations associated with Fortune 500 and S&P500 corporations, we show that grants given to charitable organizations located in a congressional district increase when its representative obtains seats on committees that are of policy relevance to the firm associated with the foundation. This pattern parallels that of publicly disclosed Political Action Committee (PAC) spending. As further evidence on firms’ political motivations for charitable giving, we show that a member of Congress’s departure leads to a short-term decline in charitable giving to his district, and we again observe similar patterns in PAC spending. Charities directly linked to politicians through personal financial disclosure forms filed in accordance to Ethics in Government Act requirements exhibit similar patterns of political dependence. Our analysis suggests that firms deploy their charitable foundations as a form of tax-exempt influence seeking. Based on a straightforward model of political influence, our estimates imply that 7.1 percent of total U.S. corporate charitable giving is politically motivated, an amount that is economically significant: it is 280 percent larger than annual PAC contributions and about 40 percent of total federal lobbying expenditures. Given the lack of formal electoral or regulatory disclosure requirements, charitable giving may be a form of political influence that goes mostly undetected by voters and shareholders, and which is directly subsidized by taxpayers.
    JEL: G28 P16 P48
    Date: 2018–03
  9. By: Margaux Langlois (DRM - Dauphine Recherches en Management - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Depuis 2011, les mobilisations citoyennes massives se multiplient (le « mouvement des places », les Indignés, Nuit Debout). Le peuple y conteste « l’autorité du pouvoir en place et le défie dans ses prérogatives régaliennes » (Brustier, 2016). Cette crise de légitimité est également portée aux relations de travail où l’on demande au salarié·e de se subordonner à l’employeur·e, donc d’accepter volontairement une situation non démocratique (Landemore & Ferreras, 2016). Ces remises en cause ne sont pas récentes : depuis la fin du XIXème siècle, de nombreux auteur·e·s pointent l’absence de démocratie dans le milieu du travail (Webb & Webb, 1897; Pateman, 1970; Ferreras, 2012). Malgré l’apparition de courants gestionnaires souhaitant remédier à ce manque à partir des années 50 (sociotechnique, démocratie industrielle, ou management participatif), aucune forme n’a su s’imposer pour devenir un modèle d’organisation prégnant. Le contexte sociétal actuel et l’émergence de nouveaux modes d’organisation plus démocratiques, comme la sociocratie ou l’holacratie, amène à un renouvellement des théories de la démocratie au travail (Landemore & Ferreras, 2016). Il est d’abord fondamental de nous intéresser à la démocratie et à ses différentes formes qui s’expriment notamment par des divergences dans les processus de décision. La démocratie participative de Pateman, Rousseau ou Mill, repose sur “la participation en tant que telle [...] à la discussion publique” (Bouvier, 2007). Elle renvoie par exemple au vote pour ratifier une décision à la majorité, sans rechercher une argumentation ou une meilleure proposition (Pasquino, 2007). La démocratie délibérative, inspirée par les écrits d’Habermas et de Rawls, repose sur un principe délibératif (Blondiaux, 2008), “un mixte de négociation et de communication entre les individus” (Bouvier, 2007) afin d’atteindre un “consensus apparent” (Urfalino, 2007), soit l’absence de contestation d’une proposition. Elle valorise donc la transformation plutôt que l'agrégation de préférences individuelles (Elster, 1998) à l’inverse du vote. L’analyse de formes organisationnelles alternatives permet de porter ces valeurs et pratiques de la démocratie politiques au coeur des sciences de gestion et d’interroger leur portée démocratique. Tout comme certains statuts d’associations, le fonctionnement de la coopérative (ou SCOP) répond aux critères de la démocratie participative (Ellerman, 2009). La forme délibérative de la démocratie semble, quant à elle, se retrouver au sein des sociocraties (Endenburg & Bowden, 1988; Romme, 1995a, 1995b, 1997, 2004) et des holacraties (Robertson, 2007, 2015). En effet, certaines décisions collectives sont prises par consensus (Romme, 1995b) : ce principe doit garantir l’équité des participants en dépit de leur position hiérarchique (Romme, 1995a, 1995b). Dans la thèse en cours, nous souhaitons contribuer à ce champ théorique en nous interrogeant sur les modalités de décision collectives dans les organisations qui se revendiquent démocratiques. Notre volonté est de mettre en exergue les éventuelles tensions entre pratiques et discours notamment à propos d’une répartition censée être équitable du pouvoir décisionnel, et d’analyser les expériences (satisfaisante ou non) de la démocratie. Pour ce papier, nous voulons apporter notre contribution à travers une mise en perspective théorique des modes d’organisation sociocratiques et holacratiques. Plus précisément, nous proposons d’analyser la manière dont ces organisations interrogent la démocratie, notamment à travers les prises de décision collective.
    Keywords: holacratie, sociocratie, démocratie organisationnelle, cms, démocratie participative, démocratie délibérative, démocratie, consensus, décision par consentement, prise de décision collective
    Date: 2018–03–13
  10. By: Deborah Laura Isaacs; Ali Parsa; Seow Eng Ong
    Abstract: The role for and of Islam in urban planning is typically overlooked or misperceived, with the question of how ‘Islamic’ contemporary Muslim cities are not addressed. Despite numerous works on Muslim city planning and characteristics, these have not provided a simplified model of Islamic goals and features which can be utilised for general testing and comparison. In this study, such a model is constructed using the Qur’an, Sunnah, and sources detailing planning and administration of cities in the Caliphate from 622 AD to roughly 650 AD. Eight major objectives are linked to 21 observable features, which can be used to measure conformance of a subject city with the theoretical ideal based on Shari’ah. The measured conformance differences can also be used to compare modern cities across time and with each other. This allows clearer identification of contextual factors responsible, and can depict the fluctuating influence of Islamic objectives. The constructed model additionally exhibits Islam’s compatibility with and relevance to modern urban planning paradigms, including economic and environmental sustainability and social cohesion. Adaptation and application of Islamic planning objectives in contemporary cities can then rationally be utilised to ameliorate current shortcomings, improving urban conditions for Muslim and other communities.
    Keywords: Islamic city; testing model; Urban Form; Urban Planning
    JEL: R3
    Date: 2017–07–01
  11. By: Jose Francisco (Instituto de Economía Aplicada Regional)
    Abstract: El presente texto busca explorar la situación de la financierización de la vivienda en Antofagasta como posible explicación de la persistente reproducción de la pobreza en al ciudad. Para avanzar en esta exploración, se utilizan métodos primarios generalmente usados para determinar la existencia de una burbuja inmobiliaria en una región, ciudad o nación, pero no solo incorporando una mirada crítica a la configuración del precio de los bienes raíces sino también los efectos que los procesos de especulación inmobiliaria producen en los presupuestos de los hogares. Para esto, se expone el caso de Antofagasta, ciudad en la que se habla de la existencia de una burbuja pero de la que no existen investigaciones que lo confirmen. Así, la ciudad se configura como idónea para ensayar la veracidad de una metodología primaria de evaluación sobre potenciales burbujas inmobiliarias, inspirada en una serie de contribuciones teóricas y por un conjunto de recomendaciones elaboradas por la Sociedad de Tasadores de España.
    Keywords: financierización, inmobiliario, vivienda, precio, Antofagasta
    JEL: R21 R30 R31
    Date: 2017–04
  12. By: Markus P. A. Schneider
    Abstract: This paper offers a two-pronged critique of the empirical investigation of the income distribution performed by physicists over the past decade. Their finding rely on the graphical analysis of the observed distribution of normalized incomes. Two central observations lead to the conclusion that the majority of incomes are exponentially distributed, but neither each individual piece of evidence nor their concurrent observation robustly proves that the thermal and superthermal mixture fits the observed distribution of incomes better than reasonable alternatives. A formal analysis using popular measures of fit shows that while an exponential distribution with a power-law tail provides a better fit of the IRS income data than the log-normal distribution (often assumed by economists), the thermal and superthermal mixture's fit can be improved upon further by adding a log-normal component. The economic implications of the thermal and superthermal distribution of incomes, and the expanded mixture are explored in the paper.
    Date: 2018–04
  13. By: Homann, Karl; Pies, Ingo
    Abstract: Dieser Kurzaufsatz versucht, Karl Marx als Klassiker ernst zu nehmen. Wir vertreten folgende Thesen: (1) Marx war ein Kämpfer für individuelle Freiheit. (2) Marx war ein Systemdenker, von dem sich die moderne Wirtschaftsethik auch heute noch fruchtbar inspirieren lassen könnte. (3) Marx war ein ökonomischer Autodidakt. Als solchem ist ihm ein kapitaler Fehler unterlaufen. (4) Marx war ein sprachlich begnadeter Demagoge. Das macht seine Ideologie auch heute noch gefährlich.
    Keywords: Marx,Kapitalismus,Wettbewerb,Moral,Systemtheorie,Demagogie,Solidarität,Capitalism,Competition,Morality,System Theory,Demagogism,Solidarity
    Date: 2017
  14. By: Kaushal, Kevin R. (School of Economics and Business, Norwegian University of Life Sciences); Navrud, Ståle (School of Economics and Business, Norwegian University of Life Sciences)
    Abstract: Climate change will have a major impact on global biodiversity. However, these changes – and their economic value– is inadequately captured in the existing Integrated Assessment Models (IAMs). We provide improved damage cost estimates based on a recent biophysical assessment of impact on species loss from increased global mean temperature, and value transfer from a recent global Delphi Contingent Valuation (CV) study of households´ willingness-to-pay (WTP) to avoid species loss due to deforestation of the Amazon rainforest. This is implemented in the FUND (Climate Framework for Uncertainty, Negotiation and Distribution) IAM. The numerical simulations suggest that the global species loss is lower than the original FUND model predicted. However, the economic valuation of the species loss is larger, resulting in higher aggregate biodiversity damage cost. Moreover, depending on the assumed marginal utility of consumption in the regions and discount rate used, the global Social Cost of Carbon Dioxide (SCCO2) could be more than seven times higher than in the original FUND 3.9 IAM. This indicate that IAMs with incomplete assessment and valuation of species loss could greatly underestimate SC-CO2; and thus lead to underinvestment in greenhouse gas mitigation measures.
    Keywords: Integrated Assessment Models; Climate change; Ecosystem services; Species loss; Social Costs of Carbon Dioxide
    JEL: Q54
    Date: 2018–04–23
  15. By: Massimo Baldini; Elizabeth J. Casabianca; Elena Giarda; Lorenzo Lusignoli
    Abstract: In 2017, Italy’s government introduced a minimum income scheme, the so-called Income inclusion programme (REI, Reddito di inclusione). REI is a selective, means-tested and conditional scheme that aims at supporting incomes of those more in need. Its structure was recently modified to reach a larger percentage of the poor. In this paper, we simulate the impact of REI on household incomes and evaluate its effects with respect to poverty alleviation and inequality reduction. The analysis is based on the 2015 wave of IT-SILC, the Italian module of European Union Statistics on Income and Living Conditions. Our results show that, under full take-up, REI will reach 45.8% of households in absolute poverty and 22.5% of those in relative poverty. However, it has a mild impact on the incidence of both types of poverty, while it is more successful in reducing their intensity. We also estimate that REI would contribute to raising GDP by 0.14 percentage points through an increase in private consumption.
    Keywords: microsimulation, minimum income schemes, poverty, Italy
    JEL: D31 I32 I38
    Date: 2018–04
  16. By: Homann, Karl; Pies, Ingo
    Abstract: Dieser Kurzaufsatz versucht, Karl Marx als Klassiker ernst zu nehmen. Wir vertreten folgende Thesen: (1) Marx war ein Kämpfer für individuelle Freiheit. (2) Marx war ein Pionier des Systemdenkens. (3) Marx war ein ökonomischer Autodidakt. Als solchem ist ihm ein kapitaler Fehler unterlaufen. (4) Marx war ein sprachlich begnadeter Demagoge. Das macht seine Ideologie auch heute noch gefährlich.
    Keywords: Marx,Kapitalismus,Wettbewerb,Moral,Systemtheorie,Demagogie,Solidarität,Marx,Capitalism,Competition,Morality,System Theory,Demagogism,Solidarity
    Date: 2018
  17. By: Basile Grassi
    Abstract: Firm-level productivity shocks can help understand sector- and macroeconomic-level outcomes. Capturing the market power of these firms is important: it determines how productivity gains translate into prices and markups. In existing models, firms do not internalize the impact of their systemic size. This paper explores the alternative oligopolistic market structure. To this end, I build a tractablemulti-sector heterogeneous-firmgeneral equilibriummodel featuring oligopolistic competition and an input-output (I-O) network. By affecting price and markup, firm-level productivity shocks propagate both to the downstream and upstream sectors. Sector-level competition intensity affects the strength of these new propagation mechanisms. The structural importance of a firm is determined by the interaction of (i) the sector-level competition intensity, (ii) the firm’s sector position in the I-O network, and (iii) the firm size. In a calibration exercise, the aggregate volatility arising from independent firm-level shock is 34% of the one observed in the data. Keywords: Input-Output Network, Production Network, Shocks Propagation, Oligopoly, Imperfect Competition, IndustrialOrganization, FirmHeterogeneity,RandomGrowth,Granularity, Volatility, Micro-Origin of Aggregate Fluctuations, Business Cycle
    Date: 2018
  18. By: Collischon; Matthias
    Abstract: This paper investigates whether personality traits can explain glass ceilings (increasing gender wage gaps across the wage distribution). Using longitudinal survey data from Germany, the UK, and Australia, I combine unconditional quantile regressions with wage gap decompositions to identify the effect of personality traits on wage gaps. The results suggest that the impact of personality traits on wage gaps increases across the wage distribution in all countries. Personality traits explain up to 14.5% of the overall gender wage gap. However, controlling for personality traits does not lead to a significant reduction of unexplained wage gaps in most cases.
    Keywords: Non-cognitive skills, personality traits, unconditional quantile regression, gender wage gap, glass ceiling
    JEL: C21 J16 J31
    Date: 2018
  19. By: Benesch, Christine; Loretz, Simon; Stadelmann, David; Thomas, Tobias
    Abstract: This paper empirically explores the link between mass media coverage of migration and immigration worries. Using detailed data on media coverage in Germany, we show that the amount of media reports regarding migration issues is positively associated with concerns about immigration among the German population. The association is robust to the inclusion of time-variant individual control variables and individual fixed-effects. We employ media spillovers from the neighboring country of Switzerland, which occur due to referendum decisions on immigration as an instrumental variable to address endogeneity concerns. The IV estimates suggest that media coverage has a causal impact on immigration worries. Exploring heterogeneous effects between respondents, the results reveal that the link between media reports and immigration worries is particularly relevant for women and respondents active in the workforce.
    Keywords: media,migration,news spillovers,political attitudes
    JEL: L8 D7 F2
    Date: 2018
  20. By: Anne Ardila Brenøe; Ulf Zölitz
    Abstract: This paper investigates how high school gender composition affects students’ participation in STEM college studies. Using Danish administrative data, we exploit idiosyncratic within-school variation in gender composition. We find that having a larger proportion of female peers reduces women’s probability of enrolling in and graduating from STEM programs. Men’s STEM participation increases with more female peers present. In the long run, women exposed to more female peers earn less because they (1) are less likely to work in STEM occupations, and (2) have more children. Our findings show that the school peer environment has lasting effects on occupational sorting and the gender wage gap.
    Keywords: Gender, peer effects, STEM studies
    JEL: I21 J16 J31
    Date: 2018–04
    Date: 2018
  22. By: Sarah Guillou (Observatoire français des conjonctures économiques)
    Abstract: Revue de : Jonathan Haskel et Stian Westlake, Capitalism Without Capital. The Rise of the Intangible Economy, Princeton University Press, 2017, 288 p. Ce livre est à la croisée des débats sur la nature de la croissance contemporaine et future. La place grandissante des actifs intangibles est en effet au cœur des interrogations sur les gains de productivité, les emplois de demain, la croissance des inégalités, la fiscalité des entreprises et la source des revenus futurs. [Premier paragraphe]
    Keywords: Investissement; Actifs immatériels; Capitalisme immatériel
    Date: 2018–03

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