nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2018‒08‒27
29 papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Movimientos sociales y desarrollo económico en Chocó y Buenaventura By Jaime Bonet-Morón; Yuri Reina-Aranza; Diana Ricciulli-Marin
  2. К общей теории социально-экономического развития By Polterovich, Victor
  3. Uneven development patterns in global value chains By Bruno Carballa Smichowski; Cédric Durand; Steven Knauss
  4. Le « miracle Poincaré » et la confiance hiérarchique à l’aune de théories gramsciennes. Tentative d’explication et de développement By Nicolas Pinsard
  5. Of Fairies and Governments: An ABM Evaluation of the Expansionary Austerity Hypothesis By Adriano dos Reis M. Laureno Oliveira; Gilberto Tadeu Lima, Laura Carvalho
  6. Input–Output Table for India: 2013-14 By Kanhaiya Singh; M.R. Saluja
  7. The secular decline in profit rates: time series analysis of a classical hypothesis By Trofimov, Ivan D.
  8. Zur mathematischen Struktur der Wertformen von Karl Marx in "Das Kapital" By Schneider, Herbert
  9. Saying and doing gender: intergenerational transmission of attitudes towards the sexual division of labour By Platt, Lucinda; Polavieja, Javier
  10. Opportunities for Rural Electric Cooperatives to Adopt New Cooperative Business Models By Kenkel, Phil
  11. An Analysis of Financial Risk Measures within Agricultural Cooperatives By Schweiss, Kristi
  12. Mergers and Acquisitions by U.S. Farmer Cooperatives: An Empirical Study of Capital Capacity, Spatial Competition, and Strategic Orientation By Grashuis, Jasper; Elliott, Matt
  13. Fostering rural women nonfarm household enterprises financing through local groups By Guloba, Madina; Sarah Ssewanyana; Elizabeth Birabwa
  14. Décrypter les ambiguïtés de la société post-moderne pour penser la morphologie de l'entreprise de demain. Une illustration réticulaire By Maria Giuseppina Bruna; Luc Frédéric Ducray; Nathalie Montargot
  15. The Evolution of Security Prices Is Governed by a Physicomathematical Law By Wally Tzara
  16. Examining Cooperative Sustainable Growth Rates: Who is Growing Broke? By Smart, Nathan; Briggeman, Brian C.
  17. Una política social que promueve el trabajo cooperativo. Un análisis exploratorio del Programa Argentina Trabaja en la ciudad de Mar del Plata a través de la visión de los jóvenes By Zamboni, Manuela
  18. Differential Firm Commitment to Industries Supported by Social Movement Organizations By Durand, Rodolphe; Georgallis, Panayiotis
  19. Household consumption patterns and the sectoral composition of growing economies: A review of the interlinkages By Andreas Chai
  20. Predicting Financial Market Crashes Using Ghost Singularities By Damian Smug; Peter Ashwin; Didier Sornette
  21. "Feministic Analysis of Arundhati Roy's Postmodern Indian Fiction: The God of Small Things" By A. Hariharasudan
  22. The deeds of speed: an agent-based model of market liquidity and flash episodes By Karvik, Geir-Are; Noss, Joseph; Worlidge, Jack; Beale, Daniel
  23. The Efficiency of Occupational Safety Provision at Agricultural Cooperatives By Hanson, Erik
  24. The Financial Performance of U.S. Farmer Cooperatives: A Quantile Regression Analysis of Efficiency, Productivity, and Leverage By Grashuis, Jasper
  25. Testing capital structure theories for agricultural cooperatives: trade-off, pecking order, and signaling theories By Cheng, Yuxi Lance; Katchova, Ani
  26. The Effect of Capital Constraints on the Growth of Agricultural Cooperatives By Yen, Meng-Fen; Katchova, Ani
  27. Human Resource Practices in Agricultural Cooperatives By Kenkel, Phil; Crossman, Zack
  28. Improving intrahousehold cooperation for efficient smallholder farming : a field experiment in central Uganda By Lecoutere, Els
  29. Patron-client Relationship and the Development of Rural Cooperatives in China By Wan, Qian; Fulton, Murray; Micheels, Eric

  1. By: Jaime Bonet-Morón; Yuri Reina-Aranza; Diana Ricciulli-Marin
    Abstract: Desde mediados del siglo XX los movimientos sociales en Chocó y Buenaventura han sido la principal forma de reclamación por el rezago económico y social que experimentan estos territorios. En la mayoría de los casos las protestas han terminado con el compromiso del gobierno de realizar inversiones para superar las brechas. Sin embargo, las manifestaciones continúan, argumentadas en el incumplimiento o el poco avance de lo pactado. Ante esta situación han surgido dos visiones opuestas: la idea de un olvido estatal por parte de los habitantes y el uso ineficiente de los recursos existentes que sugiere el gobierno nacional. El principal objetivo de este documento es revisar la evidencia que permita examinar estas tesis. Los resultados muestran que, en efecto, los gobiernos nacionales y locales han ejecutado más recursos. Sin embargo, las necesidades de inversión que revelan los indicadores, y que coinciden con las peticiones de las protestas, superan en algunos casos los fondos disponibles. Mejorar la gestión pública local, a través de una mayor transparencia y calidad del gasto, podría ser una buena oportunidad para trabajar en la superación del rezago. **** ABSTRACT: Since the 1960s, social movements in Choco and Buenaventura have emerged to demand solutions for the region’s economic and social lag. In most cases, the population reaches an agreement with the government, where the latter compromises on specific investments to overcome the region’s lag. Despite the former, agreements aren’t totally fulfilled and protests continue. Hence, two opposing perspectives have emerged: the region’s inhabitants argue the government ignores their needs, while the national government claims an inefficient use of existing resources. The aim of this paper is to revise these arguments using available evidence. Results show that more resources have been executed in the region. However, investment needs, revealed both through indicators and protesters demands, surpass available funds in some cases. Improving public administration, through higher fiscal transparency and spending efficiency, might be a good opportunity to work on overcoming the region’s lag.
    Keywords: Movimientos sociales, desarrollo económico, litoral Pacífico colombiano, Social movements, economic development, Colombian Pacific Coast
    JEL: O10 I38
    Date: 2018–08–08
  2. By: Polterovich, Victor
    Abstract: A new approach to understanding social and economic development is proposed, based on consideration of the evolution of coordination mechanisms. The work consists of two parts. In the first part, a critical analysis of four recently proposed theories of social development, focusing on geographical, institutional or cultural factors, is given. These theories have greatly enriched our understanding of the evolution of society, however, as analysis shows, none of them provides a satisfactory description of the driving forces and mechanisms of this evolution; the main reason is rooted in their common shortcoming - monocausality. It is proposed to distinguish between two types of development, catching up and leading. The basic ideas of the theory of catching-up development are presented. This approach makes it possible to explain the phenomenon of the "economic miracle" as a result of mutually conditioned changes in culture, institutions, technological progress and well-being in the context of interaction of competition, power and collaboration mechanisms. The second part is devoted to the theory of leading socioeconomic development. . It is shown how in Western Europe, as a result of the interaction of the above four factors, specific forms and combinations of the three main mechanisms of coordination - competition, power and cooperation - emerged at each stage of evolution. I emphasize the importance of ideology and the phenomenon of technical progress in the formation of institutions of economic and political competition that contributed to the creation of the welfare state. These changes and economic growth created the conditions for further transformation of civil culture: increasing levels of trust, tolerance, altruism and cosmopolitanism, expanding the planned horizon. The decrease in the level of coercion built into the mechanisms of power and competition are demonstrated as well as the expansion of the role of collaboration. A hypothesis is advanced that the speed of this process depends on geographical factors. The idea of welfare world is discussed.
    Keywords: inclusive and extractive institutions, limited and open access orders, cycle of emancipation, violence, rent, power, competition, collaboration, industrial revolution, welfare state, civic culture
    JEL: B4 B52 D7 H1 N4 O14 P11 P5
    Date: 2018–07–24
  3. By: Bruno Carballa Smichowski (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); Cédric Durand (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); Steven Knauss (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)
    Abstract: This paper has three interconnected aims: proposing a novel and rigorous definition of a global value chain (GVC) that more easily permits the delineation of its frontiers; creating new indicators of GVC participation and value capture that can overcome the limitations of the existing ones; and offering empirical evidence demonstrating that participation in global value chains is part of an uneven development process that produces a variety of distinct integration patterns that differ with respect to economic and social outcomes. The paper is structured as follows. Section 1 offers a definition of GVCs that conceives the latter as a specific form of the division of labor and therefore facilitates the delineation of the frontiers of a GVC. Building on this definition, Section 2 proposes new indicators to measure GVC participation and value capture. Section 3 provides empirical evidence to argue that, contrary to what mainstream economics and international organizations state, larger participation in GVCs does not necessarily lead to higher levels of value capture. Section 4 offers some theoretical justifications to interpret these findings and adds other measures such as the level of productive investment and dimensions of social outcomes in order to better understand differentiated development patterns in GVCs. Sections 5, 6 and 7 empirically show the heterogeneity of development patterns in GVCs for 51 countries between 1995 and 2008. Using country-level data on GVC participation, value capture, investment rates and social indicators (Gini coefficient, labor's share of income, median income and employment rate), we perform a principal component analysis and a cluster analysis. We find three distinct development patterns in GVCs: reproduction of the core, immiserizing growth, and a social upgrading mirage. We conclude by underlying the apparent complementarity between these development patterns and by identifying some limitations of the paper that open the way to further research.
    Abstract: Cet article a trois objectif interconnectés : proposer une définition originale et rigoureuse d'une chaîne globale de valeur (CGV) qui permette de délimiter ses frontières plus facilement ; créer de nouveaux indicateurs de participation aux CGV et de capture de valeur qui puissent surmonter les limites de ceux qui existent actuellement ; et offrir des preuves empiriques qui montrent que la participation aux chaînes globales de valeur est un processus qui produit une variété de formes d'intégration qui différent en termes de résultats économiques et sociaux. L'article est organisé comme suit. La Section I offre une définition des CGV qui les conçoit comme une forme spécifique de la division du travail et facilite ainsi la démarcation des frontières d'une CGV. En s'appuyant sur cette définition, la Section II propose de nouveaux indicateurs pour mesurer la participation aux CGV et la capture de valeur. La Section 3 apporte des preuves empiriques pour argumenter que, contrairement à ce que l'économie orthodoxe et les organisations internationales soutiennent, une plus grande participation aux CGV ne conduit pas nécessairement à des niveaux de capture de valeur plus élevés. La Section 4 offre quelques justifications théoriques pour interpréter ces résultats et ajoute d'autres mesures telles que le niveau d'investissement productif et des indicateurs sociaux dans l'objectif de mieux comprendre les modèles de développement différentiés dans les CGV. Les Sections 5, 6 et 7 montrent empiriquement l'hétérogénéité des modèles de développement dans les CGV pour 51 pays entre 1995 et 2008. En utilisant des données de niveau national sur la participation aux CGV, la capture de valeur, le taux d'investissement et des indicateurs sociaux (coefficient de Gini, part des salaires dans le revenu, revenu médian et taux d'activité) nous réalisons une analyse en composantes principales et une analyse de cluster. Nous trouvons trois modèles de développement différentiés dans les CGV : reproduction du noyau, croissance appauvrissante et mirage de progrès social. Nous concluons en soulignant l'apparente complémentarité entre ces modèles de développement et en identifiant quelques limites de l'article qui ouvrent la voie à de la recherche future.
    Keywords: Global value chains,Value capture,Development Economics
    Date: 2016–07
  4. By: Nicolas Pinsard (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)
    Abstract: Le Cartel des Gauches resta au gouvernement de juin 1924 à juillet 1926, mois au cours duquel R. Poincaré revint aux affaires. Trois jours après que l'on sut que R. Poincaré avait accepté de diriger le gouvernement, le franc s'apprécia de 20 % par rapport à la livre sterling. Ce fut la fin de la crise du franc sur le marché des changes, et cela sans qu'aucune annonce politique soit faite, et avant même la déclaration d'investiture du gouvernement. Comment expliquer le "miracle Poincaré" ? La monnaie est "un lien de confiance", elle se décline en trois types de confiance : la confiance méthodique, éthique et hiérarchique. Or, la crise du franc, lors du gouvernement du Cartel, est essentiellement due à une perte de confiance hiérarchique en ce gouvernement. En effet, celui-ci n'était plus capable d'assurer son rôle de souverain monétaire, c'est-à-dire garantir la valeur du franc. Or, la monnaie est ce qui représente symboliquement l'unité d'une communauté de compte, et si celle-ci entre en crise, c'est la communauté en elle-même qui est fragilisée. Ainsi, il y eut une perte de confiance hiérarchique dans la monnaie. Comment expliquer que la crise économique ait suffisamment d'ampleur pour projeter dans la sphère politique des problèmes initialement économiques ? Comment s'opère le passage d'une crise économique à une crise politique qui se traduit par une perte de confiance hiérarchique ? Comment expliquer l'arrêt de la crise monétaire, à la fois économique et politique, et, in fine, comment la confiance hiérarchique a-t-elle été recouvrée, alors que ce phénomène de crise est auto-entraînant ? Gramsci et notamment ses concepts de crise organique et de césarisme seront mobilisés pour répondre à ces problématiques. Le concept de crise organique articule le passage de la crise économique à la crise politique. La notion de césarisme permet d'interpréter la cause du renversement soudain de la valeur du franc sur le marché des changes, dans la mesure où le "César" réussit à instrumentaliser la crise organique pour arriver au pouvoir et à l'arrêter lorsqu'il y parvient. Les raisons de la perte de confiance hiérarchique et son recouvrement peuvent alors être éclairées par ces deux concepts gramsciens qui complètent celui de confiance hiérarchique.
    Keywords: Monnaie , Raymond Poincaré , Cartel des Gauches , Théorie de la Régulation , Antonio Gramsci
    Date: 2016–10–13
  5. By: Adriano dos Reis M. Laureno Oliveira; Gilberto Tadeu Lima, Laura Carvalho
    Abstract: Paradoxically, the expansionary austerity hypothesis may find greater support in a theoretical framework that places an emphasis on the role of uncertainty for investment decisions not subject to a savings-in-advance constraint than in a more standard supply-led macroeconomic theory. This paper builds a demand-driven agent-based model featuring contagion across firms to explore whether fiscal consolidations may become expansionary due to a positive effect on investors’ expectations, which could be the result of a dominant public discourse on the need for austerity. Simulations suggest that while a wave of optimism affecting a small proportion of firms may lead to short-run positive output effects in the economy, these effects are not sufficient to neutralize the negative macroeconomic impacts of cutting government spending. These findings are in keeping with the scantiness (or absence) of empirical evidence in favor of the expansionary fiscal contraction hypothesis.
    Keywords: Expansionary fiscal consolidation; contagion; confidence; ABM; Keynesian Macroeconomics.
    JEL: E12 E22 E37 H30
    Date: 2018–08–14
  6. By: Kanhaiya Singh (National Council of Applied Economic Research, New Delhi); M.R. Saluja (India Development Foundation, Gurugram & National Council of Applied Economic Research, New Delhi)
    Abstract: The input–output table for India has been constructed for the year 2013-14 consistent with the National Accounts estimates given in the National Accounts Statistics (NAS) 2015, while the supply use table (SUT) is for the year 2012-13. In order to allow for comparisons with the 2007-08 inputoutput table, the number of sectors has been kept the same. The validation has been done by physically comparing the output multipliers for these two tables. The 2012-13 SUT has 140 rows and 67 columns, which have been collapsed and expanded, respectively, to make the 130 x 130 input output table.
    Keywords: Input-output Table, Supply Use Table, National Account, India
    JEL: C67 E01
    Date: 2016–12
  7. By: Trofimov, Ivan D.
    Abstract: Recent global financial crisis and ongoing turbulence in the global economy revived interest in the classical hypothesis of declining profit rates and vanishing profit opportunities as one of the reasons of economic instabilities. This paper, while not joining theoretical debate on the driving factors of profit rates’ decline, reconsiders empirically the hypothesis of the secular decline in economy-wide profit rates. A panel of unit root tests is used and deterministic and stochastic trend models (with or without structural breaks) are estimated. It is shown that instead of continuous downward trend, profit rates exhibit diverse dynamics – random walk, deterioration with breaks, reversals, or the absence of trend. Likewise, it is shown in an exploratory analysis that a variety of factors were determining profit rates, with capital productivity and competitive dynamics in the economy likely being the most salient.
    Keywords: Profit rates, time series, unit root, trend estimation, classical political economy
    JEL: B51 C22 P17
    Date: 2018–06–08
  8. By: Schneider, Herbert
    Abstract: In the first section of Das Kapital by Karl Marx different forms of values are analysed. From a mathematical point of view one can find therein structures, which correspond to elements of the mathematical theory of categories. These are especially the limit of cones and the definition of subobjects as morphisms. Using the limit cone, the concept of money contains the categorial product of commodities. The concept of the value of a commodity contains the categorial definition of a subobject.
    Keywords: Marx, Kapital,capital, Ware,commodity, Geld, Money, Tauschsphäre, exchange space, Tausch, Exchange, Tauschwert, exchange-value, exchange value, Gebrauchswert, use-value, use value, Wertform, value-form, form of value, Äquivalentform, universal equivalent form, Äquivalentware, universal equivalent commodity, Wert, value, Arbeitsproduktivität, labour productivity, Mathematik, mathematics, Kategorientheorie, category theory, Kategorie, category, kategoriales Produkt, categorical product, Limeskegel, limit cone, Unterobjekt, subobject
    JEL: A12 B14 B16 B51 C02 C60 C65 P16
    Date: 2018–07–26
  9. By: Platt, Lucinda; Polavieja, Javier
    Abstract: The persistence of gender inequalities in the division of paid and unpaid work poses an important question for gender socialization research: what matters most for the intergenerational transmission of gender-role attitudes, parental own attitudes or parental behaviours? Recent explanations in cultural economics suggest that intentional attitudinal transmission is the main driver of cultural reproduction. In line with classical sex-role learning models, we contend, however, that what parents do is at least as important as what parents say for gender-role transmission. Using data for British children aged between 11 and 15 we estimate the independent influence of each of these two socialization channels on children’s attitudes towards the sexual division of labour (ASDL). We show that both parental attitudes and parental behaviours are crucial in the formation of children’s ASDL, and that parental influences are stronger when they operate through same-sex dyads. We also show that mothers’ time out of the labour force is a stronger predictor of children’s ASDL than either mothers’ or fathers’ own attitudes. Finally, analysis of a subset of the children followed into their early adult lives shows that ASDL formed in childhood have significant and lasting consequences for both adults’ gender attitudes and their behaviours.
    Keywords: gender-role attitudes; children; parental socialization; behavioural sex-role modelling; British household panel survey; UKHLS
    JEL: R14 J01
    Date: 2016–12
  10. By: Kenkel, Phil
    Keywords: Community/Rural/Urban Development, Institutional and Behavioral Economics
    Date: 2016–11–02
  11. By: Schweiss, Kristi
    Keywords: Financial Economics, Risk and Uncertainty
    Date: 2017–11–01
  12. By: Grashuis, Jasper; Elliott, Matt
    Keywords: Financial Economics, Institutional and Behavioral Economics
    Date: 2017–11–01
  13. By: Guloba, Madina; Sarah Ssewanyana; Elizabeth Birabwa
    Abstract: Rural women entrepreneurs in Uganda continue to face multiple challenges that impede their enterprise growth and expansion, despite pragmatic interventions from government and non-state actors to enhance entrepreneurship. Uganda’s female managed nonfarm household enterprises continue to be micro, informal and face bottlenecks to access high credit to grow their business as they do not have the necessary collateral that formal credit institutions demand. Hence, many resort to borrowing from locally managed community or village credit associations to start or grow their businesses and yet, these financing mechanisms are limited. The Uganda Women Entrepreneurship Programme (UWEP) should therefore ensure that the distribution of funds is equitable taking into consideration the heterogeneities across spatial areas, region, education level and size of business enterprise.
    Date: 2017–04–28
  14. By: Maria Giuseppina Bruna (IPAG Business School - Chaire IPAG "Entreprise Inclusive"); Luc Frédéric Ducray; Nathalie Montargot (Sup de Co La Rochelle - Ecole Supérieure de Commerce de la Rochelle - Sup de Co La Rochelle)
    Abstract: This essay proposes a critical decipherment of the main ambiguities and ambivalences that connote and denote our postmodern society with contradictory promises. The concept of super-diversity, the contours of the totem of the standard and the ideology of control are put into perspective on organizational and managerial levels. This reflection leads to a theoretical proposal and a research agenda, which invites the scientific community to rethink the shape of the post-modern enterprise.
    Abstract: Cet essai propose un décryptage critique des principales ambiguïtés et ambivalences qui connotent et dénotent notre société post-moderne aux promesses contradictoires. Le concept de super-diversité, les contours du totem de la norme et l'idéologie du contrôle sont mis en perspective sur les plans organisationnels et managériaux. Cette réflexion aboutit à une proposition théorique et un agenda de recherche, qui invite la communauté scientifique à repenser la forme de l'entreprise post-moderne.
    Keywords: Management inclusif,Prospective de l'entreprise,Post-modernité,Diversité Culturelle,Superdiversité
    Date: 2017–12–01
  15. By: Wally Tzara
    Abstract: Since Bachelier's thesis in 1900, when mathematical finance began, attempts at understanding the nature of stock market prices and at predicting them have not succeeded. Statistical models have only found minor regularities and anomalies. Other approaches have failed or are illusory. To this day, physicists and mathematicians working in economy consider that the evolution of security prices is largely random, and, thus, not predictable. We show that not only is the evolution of security prices not random but it is semi-deterministic and, more remarkably, governed by a physical law. The law takes the form of a physicomathematical theory centered around a purely mathematical function (not a model and unrelated to statistical methods). The function, which can be described as an "isodense" network of "moving" regression curves of an order greater than or equal to 1, can be conveniently represented graphically. The graphical representation, called a "topological network", reveals the existence of new mathematical objects, which emerge spontaneously (they are not mathematically drawn). What is remarkable is that these objects, called "characteristic figures", mainly "cords", have the unique property of attracting and repelling the price, so that the price bounces from one cord to another. The direct consequence is that prices are driven by these cords in a semi-deterministic manner (leaning towards deterministic). We can say that we now understand the reason behind price movements and can predict stock prices both qualitatively and quantitatively. Note that time series data (not limited to financial) is input directly into the function without any fitting. The function is universal (it is a one fits all function) and, thanks to its extreme sensitivity, reveals the hidden order present in time series data that other methods have never uncovered.
    Date: 2018–07
  16. By: Smart, Nathan; Briggeman, Brian C.
    Keywords: Institutional and Behavioral Economics
    Date: 2017–11–01
  17. By: Zamboni, Manuela
    Abstract: En un contexto de deterioro de los indicadores del mercado laboral observamos un intento por parte del Estado en años recientes de mitigar esta situación social generalizada mediante la aplicación de un programa que promueve la acción cooperativa como es el "Argentina Trabaja". El programa creado en el año 2009 en el marco del Ministerio de Desarrollo Social de la Nación e implementado a nivel local busca promover el trabajo cooperativo así como la capacitación laboral de personas vulnerables saliéndose de la lógica asistencialista. Dado que según pudimos observar el programa se encuentra integrado en una parte importante por sectores juveniles quisimos conocer a través de relatos en primera persona de jóvenes beneficiarios del programa en el Partido de General Pueyrredon qué incidencia tenía el mismo en sus experiencias y perspectivas laborales utilizando como metodología de análisis las entrevistas a jóvenes beneficiarios del mismo. Del análisis de las entrevistas pudimos concluir que el dispositivo no sólo incide positivamente en aspectos económicos de los jóvenes sino que también hace un aporte positivo en términos de experiencia laboral y personal constituyéndose como una alternativa pública que puede mejorarse en su implementación.
    Keywords: Política Social; Programas Sociales; Jóvenes; Impacto Social; Cooperativas; Mar del Plata;
    Date: 2018–03
  18. By: Durand, Rodolphe; Georgallis, Panayiotis
    Abstract: This article theorizes about and tests the conditions under which firms’ commitment to an industry is influenced by social movement organizations (SMOs) that favor the industry. We argue that the more prominent SMOs are within an industry, the more a firm increases its commitment to that industry by expanding its operations; yet, this main effect should be moderated substantially by a firm’s idiosyncratic characteristics. The current research predicts that a firm’s location, its sensitivity to information about the industry’s potential, and its history of associations with activists determine the magnitude of the effect of SMO prominence on its strategic commitment to the industry. We test and find support for these hypotheses using a longitudinal data set of European manufacturers of solar photovoltaic cells between 1990 and 2011. The findings offer new insights for literature on social movements and organizations, as well as strategic management research.
    Keywords: Organization and Management Theory; Strategy and Policy; Sustainability/Corporate Environmentalism; Economic Sociology; Nonmarket/Political Environment
    JEL: L10
    Date: 2017–06–22
  19. By: Andreas Chai
    Keywords: Household consumption, economic development, structural change
    JEL: D12 C14 O11 B50
    Date: 2018–02
  20. By: Damian Smug (University of Exeter); Peter Ashwin (University of Exeter); Didier Sornette (ETH Zürich and Swiss Finance Institute)
    Abstract: We analyse the behaviour of a non-linear model of coupled stock and bond prices exhibiting periodically collapsing bubbles. By using the formalism of dynamical system theory, we explain what drives the bubbles and how foreshocks or aftershocks are generated. A dynamical phase space representation of that system coupled with standard multiplicative noise rationalises the log-periodic power law singularity pattern documented in many historical financial bubbles. The notion of ‘ghosts of finite-time singularities’ is introduced and used to estimate the end of an evolving bubble, using finite-time singularities of an approximate normal form near the bifurcation point. We test the forecasting skill of this method on different stochastic price realisations and compare with Monte Carlo simulations of the full system. Remarkably, the former is significantly more precise and less biased. Moreover, the method of ghosts of singularities is less sensitive to the noise realisation, thus providing more robust forecasts.
    Keywords: Financial Markets, State Space Models, Price Forecasting, Simulation, Bifurcation Theory, Finite-Time Singularity
    JEL: C02 C18 C32 G01 G17
    Date: 2017–06
  21. By: A. Hariharasudan (Kalasalingam Univesity, India. Author-2-Name: S. Robert Gnanamony Author-2-Workplace-Name: Dept. of English, Kalasalingam University, India Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: "Objective – The aim of the research is to identify the feminist strains in the postmodern Indian Fiction The God of Small Things (TGST). The researcher has planned to investigate the text systematically for seeking feministic values. Methodology/Technique – The study reviews previous literature. Findings – Gender bias and feminism are relevant themes explored by postmodernists. Arundhati Roy portrays the predicament of women through her female characters belonging to three generations in this novel. In the novel, a sense of antagonism and division also infuse the difference senses of identity among the different generation of women. It also generates a line of the clash between the older and the younger generation. Family and political customs play a key role in disadvantaging women. Social constrains are so built up as to sanctify the persecution of women. This is because, in most of the civilizations, social structures are basically patriarchal. Arundhati's novel challenges this position, though her avowed feminist stance. Novelty – Women across the globe worldwide, nationwide, regionally and may be capable of holding the influential note of feminism and being capable of deconstructing a constructive implication of their own femaleness and womanhood after reading this paper."
    Keywords: Feminism; Gender Bias; Patriarchal; Postmodernism; Downtrodden.
    JEL: B54 H83
    Date: 2017–06–23
  22. By: Karvik, Geir-Are (Bank of England); Noss, Joseph (Bank of England); Worlidge, Jack (Bank of England); Beale, Daniel (Bank of England)
    Abstract: This paper examines the role of high-frequency traders in flash episodes in electronic financial markets. To do so, we construct an agent-based model of a market for a financial asset in which trading occurs through a central limit order book. The model consists of heterogeneous agents with different trading strategies and frequencies, and is calibrated to high-frequency time series data on the sterling-US dollar exchange rate. Flash episodes occur in the model due to the procyclical behaviour of high-frequency market participants. This is aligned with some empirical evidence as to the drivers of real-world flash crashes. We find that the prevalence of flash episodes increases with the frequency with which high-frequency market participants trade compared to their low-frequency counterparts. This provides tentative theoretical evidence that the recent growth in high-frequency trading across some markets has led to flash episodes. Furthermore, we adapt the model so that large movements in price trigger temporary halts in trading (ie circuit breakers). This is found to reduce the magnitude and frequency of flash episodes.
    Keywords: Agent-based modelling; high-frequency trading; financial stability; market liquidity; flash episodes; principal trading firms (PTFs)
    JEL: C63 G11 G12 G17
    Date: 2018–07–27
  23. By: Hanson, Erik
    Keywords: Institutional and Behavioral Economics, Labor and Human Capital
    Date: 2016–11–02
  24. By: Grashuis, Jasper
    Keywords: Financial Economics, Production Economics
    Date: 2016–11–02
  25. By: Cheng, Yuxi Lance; Katchova, Ani
    Keywords: Industrial Organization, Institutional and Behavioral Economics
    Date: 2017–11–01
  26. By: Yen, Meng-Fen; Katchova, Ani
    Keywords: Financial Economics, Production Economics
    Date: 2016–11–02
  27. By: Kenkel, Phil; Crossman, Zack
    Keywords: Institutional and Behavioral Economics, Labor and Human Capital
    Date: 2017–11–01
  28. By: Lecoutere, Els
    Abstract: Does increased cooperation between spouses in agricultural households lead to more efficient farming? This working paper describes an experiment in Uganda in which were given either couple seminars or randomly encouraged for an intensive coaching package or did not receive any treatment. First, the experiment found that intensively coached couples did better on joint management of food crops and cash crops than couples in the couple seminars group. Secondly, they were more likely to change towards more food security by growing crops with a more reliable harvest. Thirdly, intensive coached couples tended to adopt more sustainable and efficient farming practices for cash crops such as coffee as compared to the group without treatment. Fourthly, the intensive coaching resulted in a higher income from livestock as compared to the group without treatment; and while coffee income generally decreased over time, it decreases less among the intensively coached couples than among the couple seminar group. Fifthly, couples who received couple seminars bought or acquired more land than the group without treatment. And finally, couples from both the intensively coached and couple seminars groups reported they perceived their economic wellbeing as higher than couples who did not receive any treatment. Women seem to have particularly benefitted in terms of being better informed about the household income – which will help for their intrahousehold bargaining power – and in terms of subjective wellbeing and household food security. There is still little evidence of positive impact on household income or asset accumulation, but it may have been too soon for such impact to realise.
    Keywords: Uganda; intrahousehold cooperation
    Date: 2018–07
  29. By: Wan, Qian; Fulton, Murray; Micheels, Eric
    Keywords: Labor and Human Capital, Public Economics
    Date: 2017–11–01

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