nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2018‒10‒22
twenty-one papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. La conjetura de Shaikh. Un modelo clásico de la tasa de cambio real Colombia - Estados Unidos By Álvaro Martín Moreno Rivas
  2. Public Procurement and Reputation: An Agent-Based Model By Nadia Fiorino; Emma Galli; Ilde Rizzo; Marco Valente
  3. Reconciling Orthodox and Heterodox Views on Money and Banking By Andolfatto, David
  4. Solidarity: a Key Element in Alternative Food Networks By Laura Carlsona; Vera Bitsch
  5. Cooperatives capital structure adjustment during the agricultural downturn By Cheng, Yuxi; Katchova, Ani
  6. Enduring Gendered Mobility Patterns in Contemporary Senegal By Isabelle CHORT; Philippe DE VREYER; Thomas ZUBER
  7. What Determines Bitcoin’s Value? By Jamal Bouoiyour; Refk Selmi; Aviral Kumar Tiwari; Olaolu Richard Olayeni
  8. The Basis for Legitimate Entitlement to Profit in Islamic Law By Güney, Necmeddin
  9. Identifying Influential Traders by Agent Based Modelling By Kopp, Thomas; Salecker, Jan
  10. Establishing Social Enterprises as a unique organizational type: A mission-value grid By Sumit Mitra; Pradeep Kumar Hota
  11. The No TAV Entrepreneurs' Transition towards a Sustainable Solidarity Economy: Pragmatic Analysis of a Social Innovation Process By Marina Soubirou
  12. Critical review of models, containing cultural levels beyond the organizational one By Kiril Dimitrov
  13. Level of the current liquidity ratio versus financial efficiency of dairy cooperatives By Ganc, Marzena
  14. Pobreza multidimensional y trabajo decente By Glejberman, David
  15. Societal Perspectives on a Bio-Economy in Germany: An Explorative Study Using Q Methodology By Corinna Hempel; Sabine Will; Katrin Zander
  16. Gender, knowledge and power: A case study of Market Queens in Ghana By Scheiterle, Lilli; Birner, Regina
  17. El potencial dinamizador de las exportaciones en Centroamérica y la República Dominicana: evidencia empírica a partir del análisis de matrices insumo-producto By Minzer, Rodolfo; Orozco, Roberto
  18. Earnings Management to Avoid Losses: Evidence from India By Rachappa Shette
  19. Bourdieu, neo-smithien ? A propos d’Anthropologie économique By Nicolas Brisset
  20. Moving past sustainable mobility towards a critical perspective on urban transport. A right to the city-inspired analysis of fare-free public transport. By Wojciech Keblowski
  21. Information Aggregation and Countervailing Biases in Organizations By Saori CHIBA; Kaiwen LEONG

  1. By: Álvaro Martín Moreno Rivas
    Abstract: En este trabajo se presenta lo que hemos denominado la “Conjetura de Shaikh”. (i) explicamos la concepción clásica de la competencia real en el modo de producción capitalista, definida como una guerra continua por la sobrevivencia, cuyas armas son el cambio técnico, la inversión en capital y los ajustes de precios que permiten golpear duramente a los capitales adversarios para concentrar y centralizar el poder en el mercado. (ii) introducimos la teoría de la desventaja absoluta que determina la especialización y la división internacional del trabajo, que explica los procesos de causación circular acumulativa de los superávits comerciales y de acumulación de obligaciones externas entre países desarrollados y en desarrollo (iii) explicamos porque la interpretación monetaria de la tasa de interés impide que las ventajas absolutas se transformen en desventajas comparativas en libre comercio. Por último, se presenta el modelo de determinación de la tasa de cambio real entre dos países (USA y Colombia), que se deriva de la teoría clásica del sistema de precios de producción.
    Keywords: tasa de cambio real, competencia real, competencia perfecta, costos reales unitarios de trabajo
    JEL: B12 B51 F50 F31 F41 C32
    Date: 2018–10–09
  2. By: Nadia Fiorino (University of L'Aquila, Italy); Emma Galli (University of Rome "Sapienza", Italy); Ilde Rizzo (University of Catania, Italy); Marco Valente (University of L’Aquila; LEM Sant’Anna, Pisa (Italy); SPRU, University of Sussex (UK) and Ruhr-Universit¨at Bochum (Germany))
    Abstract: Based on the literature on public procurement regulation, we use an Agent-Based Model to assess the performance of different selection procedures. Specifically, we aim at investigating whether and how the inclusion of reputation of firms in the public procurement selection process affects the final cost of the contract. The model defines two types of actors: i) firms potentially competing to win the contract; ii) a contracting authority, aiming at minimizing procurement costs. These actors respond to environmental conditions affecting the actual costs of carrying on the project and which are unknown to firms and to the contracting authority at the time of bidding. The results from the model are generated through simulations by considering different configurations and varying some parameters of the model, such as the firms’ skills, the level of opportunistic rebate, the relative weight of reputation and rebate. The main conclusion is that reputation matters and some policy implications are drawn.
    Keywords: Public works, Procurement, Agent-Based modelling JEL Classification code: H57, L14, C63
    Date: 2018–10
  3. By: Andolfatto, David (Federal Reserve Bank of St. Louis)
    Abstract: A wide range of heterodox theories claim that banks are special because they create money in the act of lending. Put another way, banks can create the funding they need ex nihilo, whereas all other agencies must first acquire the funding they need from other parties. Mainstream economic theory largely agrees with this assessment, but questions its theoretical and empirical relevance, preferring to view banks as one of many potentially important actors in the financial market. In this paper, I develop a formal economic model in an attempt to make these ideas precise. The model lends some support to both views on banking.
    Keywords: Heterodox view; Money; Banking
    JEL: E4 E5
    Date: 2018–10–09
  4. By: Laura Carlsona; Vera Bitsch
    Abstract: Alternative food networks (AFN) are self-organized groups of individuals and businesses that form new economic relationships intended to mitigate perceived problems in conventional food systems. These relationships are based on a set of principles and activities that contribute to a feeling of solidarity among participants. A grounded theory approach is used to examine the importance of solidarity in the operations of four AFN projects in the former East Germany. Data collection methods include document analysis and participant observation. Data were analyzed using the qualitative data analysis package Atlas-ti, and include photographs, printed materials, and field notes. Projects investigated include two community supported agriculture projects, one cooperative grocery, and one urban agriculture project. Results show that, although solidarity is explicitly mentioned by actors and official documents from each initiative, the concept is conceived of and implemented differently. Interactions between characteristics of the individuals who create and live out the rules that govern these new relationships, local social, environmental and economic history and current conditions and outside institutions result in complex, evolving socio-ecological systems that ripple out to related sets of actors.
    Keywords: Agribusiness, Agricultural and Food Policy, Agricultural Finance
    Date: 2018–10–01
  5. By: Cheng, Yuxi; Katchova, Ani
    Keywords: Agribusiness Economics and Management, Ag Finance and Farm Management, Food and Agricultural Marketing
    Date: 2018–06–20
  6. By: Isabelle CHORT; Philippe DE VREYER; Thomas ZUBER
    Abstract: This study explores internal migration patterns of men and women using individual panel data from a nationally representative survey collected in two waves, in 2006-2007 and 2010-2012, in Senegal. The data used are unique in that they contain the GPS coordinates of individuals' location in both waves. We are thus able to precisely calculate distances and map individual moves, avoiding limitations and constraints of migration definitions based on administrative units. Our results reveal major differences across gender. Women are found to be more likely to migrate than men. However, they move less far and are more likely to migrate to rural areas, especially when originating from rural areas. Education is found to increase the likelihood of migration to urban destinations, especially for women. An analysis of the motives for migrating confirms the existence of gendered migration patterns, as female mobility is mostly linked to marriage while labor mobility is frequently observed for men.
    Keywords: Internal Migration ; Gender Inequalities ; Rural-Urban Migration ; Senegal
    JEL: J16 O15 O18 R23
    Date: 2018–10
  7. By: Jamal Bouoiyour (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour); Refk Selmi (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour); Aviral Kumar Tiwari (ICFAI University Tripura - ICFAI University Tripura); Olaolu Richard Olayeni
    Abstract: Despite its great popularity and gradual worldwide acceptance, most people are still confused as to what a Bitcoin actually is. This paper tries to reach clearer knowledge about what determines the Bitcoin's value. . Due to the intrinsic complexity of crypto market, standard approaches often fail to capture the non-stationary and nonlinear properties and properly depict the moving tendencies. This problem can be solved by an objective data analysis method, i.e. Empirical Mode Decomposition. By decomposing Bitcoin price into intrinsic modes based on scale separation, we will be able to explain its generation from a novel perspective. Specifically, the intrinsic modes are composed into a fluctuating process, a slowly varying part and a trend. By doing so, the short-term fluctuations appear the major contributor of this new crypto-currency, without overlooking the power of long term trend. The first outcome suggests that Bitcoin is backed up by nothing other than the expectation of people' willingness to accept it and thus displays characteristics of purely speculative bubble. The second one implies that if traders appreciate risky investments, a trend can be identified and serious disappointments may await the unwary Bitcoiners.
    Keywords: Crypto market,Bitcoin price,Empirical mode decomposition
    Date: 2018–09–24
  8. By: Güney, Necmeddin (Necmettin Erbakan University Faculty of Divinity, Konya, Turkey)
    Abstract: This paper is intended to investigate the basis for legitimate profit in Islamic law and compare it to the theories held by modern conventional economics regarding the cause of profit. This study shall use the theoretical framework of the Hanafi concept of damān (guarantee) and apply it to the cases of fixed revenue and profit. Finally, this paper aims at exposing how the Hanafi formulation of damān, along with capital and labor, can be useful in explaining and determining the basis for a legitimate profit in Islamic law.
    Keywords: Profit; Legitimate; Islamic law; Damān; Partnership
    JEL: A12 D31 D33 P40
    Date: 2018–07–23
  9. By: Kopp, Thomas; Salecker, Jan
    Keywords: Ag Finance and Farm Management, Behavioral & Institutional Economics, Demand and Price Analysis
    Date: 2018–06–20
  10. By: Sumit Mitra (Indian Institute of Management Kozhikode); Pradeep Kumar Hota (Indian Institute of Management Kozhikode)
    Abstract: Over last two decades, Social enterprises have established themselves as globally relevant ventures exhibiting innovative and sustainable social value creation processes and addressing long-standing social issues through entrepreneurial process. Because of their unique combination of private structure with public purpose, strong connection to citizens, flexibility in operations, ability to innovate, and capacity to tap private resource for public purpose, SEs have emerged as strategically important organizational forms Despite growing interest for social entrepreneurship in academic literature and practices, the body of scholarly research is still much less developed. One of the primary reasons for lack of development in social entrepreneurship domain is difficulties in differentiating social enterprise from other type of organizations. In this paper, we used the concept of value and mission, to propose a grid, which helps to distinguish social enterprises from other enterprise types. This paper argues that working to incorporate negotiation outputs of diverse stakeholder groups, within a plurality of institutional logics, the different enterprise types reflect their distinct design, resourcing and strategy types through their business models. Given the challenges of matching demand and supply side constraints, particularly in the challenging situation of rapid scaling up, hybrid organizational types like social enterprise face greater challenges to identifying effective business models compared to commercial organizations narrowly focused on maximizing benefits of shareholders or owners.
    Keywords: Social enterprises,
    Date: 2018–03
  11. By: Marina Soubirou (Pacte, Laboratoire de sciences sociales - UPMF - Université Pierre Mendès France - Grenoble 2 - UJF - Université Joseph Fourier - Grenoble 1 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes, Labex ITEM - Laboratoire d'excellence Innovation et Territoires de Montagne - UGA - Université Grenoble Alpes - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc - Irstea - UJF - Université Joseph Fourier - Grenoble 1 - UPMF - Université Pierre Mendès France - Grenoble 2)
    Date: 2018–09–19
  12. By: Kiril Dimitrov
    Abstract: The current article traces back the scientific interest to cultural levels across the organization at the University of National and World Economy, and especially in the series of Economic Alternatives - an official scientific magazine, issued by this Institution. Further, a wider and critical review of international achievements in this field is performed, revealing diverse analysis perspectives with respect to cultural levels. Also, a useful model of exploring and teaching the cultural levels beyond the organization is proposed. Keywords: globalization, national culture, organization culture, cultural levels, cultural economics. JEL: M14, Z10.
    Date: 2018–10
  13. By: Ganc, Marzena
    Abstract: The study shows the efficiency of the dairy cooperative depending on the level of their current financial liquidity. Cooperatives were grouped according to the current liquidity ratio using quartiles methods and significance e test of the differences between the groups was conducted on the groups. Adopted to verify the hypothesis that dairy cooperatives with liquidity above the recommended standards of literature show highest efficiency adopted for verification. The most advantageous financial conditions were characterized by dairy cooperatives with liquidity above and within the limits recommended in the literature. This may be due to the fact that having adequate levels of liquidity may be in the form of cooperative farming more important than maximizing financial performance.
    Keywords: Agricultural Finance, Financial Economics, Production Economics
    Date: 2018
  14. By: Glejberman, David
    Date: 2017–12–29
  15. By: Corinna Hempel; Sabine Will; Katrin Zander
    Abstract: Bio-economy describes an economy based on renewable instead of fossil resources. To ensure the success of this transformation it is necessary to involve society into the process. Q methodology was used to empirically assess people’s perspectives on bio-economy in Germany. Using a Q-type factor analysis three perspectives were identified. “Sufficiency and close affinity to nature” focuses on natural/ecological relations, while “Technological Progress” favours technologies to become less dependent on fossil resources. The third perspective “Not at any price” is rather concerned about economic trade-offs. An online survey is planned to investigate the representation of these perspectives in the wider population.
    Keywords: Agribusiness, Agricultural and Food Policy, Agricultural Finance
    Date: 2018–10–01
  16. By: Scheiterle, Lilli; Birner, Regina
    Keywords: Behavioral & Institutional Economics, Food and Agricultural Marketing, International Development
    Date: 2018–06–20
  17. By: Minzer, Rodolfo; Orozco, Roberto
    Abstract: En este estudio se analizan los resultados de las diferentes formas de inserción comercial seguidas por un grupo de países de la subregión en la generación de valor agregado y empleo a partir de sus exportaciones. El enfoque adoptado, sustentado en matrices de insumo-producto nacionales, permite cuantificar la importancia del comercio internacional para estos países, y en particular la importancia del comercio centroamericano. Las principales dos variables estimadas —el valor agregado generado por las exportaciones y el empleo inducido por estas— son utilizadas para calcular la razón de valor agregado por ocupado, que puede ser interpretada como un indicador de la productividad laboral, o bien como el retorno por ocupado como resultado de la actividad exportadora. La aplicación de estos conceptos a nivel nacional y sectorial permite realizar un análisis estructural de las economías de los países de la subregión, el que arroja luces tanto de las semejanzas como las diferencias de las distintas actividades exportadores de cada país.
    Date: 2018–10–04
  18. By: Rachappa Shette (Indian Institute of Management Kozhikode)
    Abstract: The present study examine whether Indian corporates undertake earnings management methods to avoid earnings losses. First, this paper provides evidence that firms manage reported earnings to avoid losses in India. Second, the results indicate that two components of earnings, cash from operations and changes in working capital, are used to achieve increases in earnings. The robustness of the results is examined under various scenarios. The results are consists with existing literature. The present study support two theories based on stakeholder’s use of informationprocessing heuristics and prospect theory about the motivation for avoidance of earnings losses. The results are useful to regulators, investors and financial analysts
    Keywords: Social enterprises,
    Date: 2018–02
  19. By: Nicolas Brisset (Université Côte d'Azur, France; GREDEG CNRS)
    Keywords: Pierre Bourdieu, don, transition, marxisme politique, capitalisme, Robert Brenner, Edward Thompson
    Date: 2018
  20. By: Wojciech Keblowski
    Abstract: Cette thèse de doctorat est consacrée aux politiques de transport public gratuit, à travers des données empiriques tirées d'une analyse géographique globale de la FFPT et de programmes particuliers de FFPT à Tallinn (Estonie), Aubagne (France) et Chengdu (Chine). Le travail empirique et les réflexions qui y sont menées résultent d’un intérêt pour les « alternatives » urbaines et d’une réflexion sur la façon dont les celles-ci pourraient être identifiées et étudiées dans le domaine de transports urbains. Reconnaissant la domination des perspectives dites « néoclassiques » et « durables » sur le transport urbain, la thèse propose de remettre en cause cette domination en intégrant une dimension explicitement urbaine dans l'analyse des politiques des transports. L'objectif principal de la recherche est donc de renforcer le lien entre les traditions critiques de la théorie urbaine et la géographie des transports en analysant et en démontrant comment les politiques des transports sont également des politiques urbaines. Elle développe ainsi un cadre inspiré du concept de « droit à la ville » d’Henri Lefebvre. Cela permet d'étudier comment les politiques de transports sont étayées par des questions de gouvernance, de coalitions et de régimes urbains ;quels intérêts et acteurs elle représentent ;comment elles sont au centre de l’entre-preneurialisme urbain ainsi que des résistances aux logiques entrepreneuriales ;quel rôle elle jouent dans la compétitivité territoriale ;comment elle peuvent être explorées à travers des questions liées à la participation des travailleurs et des citoyens, en soulignant le rôle de ses travailleurs et utilisateurs. Dans ce sens, le « droit à la ville » est proposé comme une grille d’analyse critique à travers laquelle la réalité des transports urbains peut être vue, analysée et, de manière volontairement normative, modifiée.
    Keywords: fare-free public transport; transport policy; urban studies; urban geography
    Date: 2018–05–07
  21. By: Saori CHIBA; Kaiwen LEONG
    Abstract: A decision maker relies on an agent for decision-relevant information. We consider two dimensions of biases—one over projects (project bias) often assumed in cheap talk models à la Crawford and Sobel (1982) and the other over the outside option (pandering bias) scrutinized in Che, Dessein and Kartik (2013). The two biases counteract each other. This effect is more significant as payoffs to different projects are more highly negatively correlated. As a result, a larger project bias can facilitate cheap talk communications and benefit the players. Due to this correlation-driven countervailing biases, the comparison between vetobased delegation and non-delegation is not trivial.
    Keywords: Bias, Cheap Talk, Correlation, Outside Option.
    JEL: D82 D83
    Date: 2018–10

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