|
on Investment |
| By: | Sari Pekkala Kerr; William R. Kerr; Louis Maiden |
| Abstract: | We characterize the careers of minimum wage workers by merging SIPP panels covering 1992-2016 into the LEHD. A long-run analysis shows strong earnings growth for these workers in subsequent decades, becoming indistinguishable from peers earning modestly more initially. Most of this growth is due to the steep earnings trajectories of young workers. Older workers earning minimum wages show a modest dip in earnings at that moment compared to earlier and later periods. Increases in state minimum wages do not significantly alter the future careers of workers who are on the minimum wage when the increases occur. |
| Keywords: | Minimum wage, career trajectories, mobility, poverty |
| JEL: | J62 D31 E24 J21 J31 J38 J78 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:26-07 |
| By: | Natalia Emanuel; Emma Harrington |
| Abstract: | What are the returns to firms of paying more? We study a Fortune 500 firm’s voluntary firm-wide $15/hour minimum wage, which affected some warehouses more than others. Using a continuous difference-in-differences design, we find that a $1/hour pay increase (5.5 percent) halves worker departures, reduces absenteeism by 18.6 percent, and increases productivity (boxes moved per hour) by 5.7 percent. These productivity gains fully defrayed increased labor costs, offsetting the firm’s incentive to mark down wages. We develop a simple model that connects efficiency-wage incentives and monopsony power, showing how these forces can counterbalance each other to keep wages closer to workers’ marginal revenues. |
| Keywords: | voluntary firm minimum wage; Efficiency wages; monopsony; labor market frictions |
| JEL: | M52 J31 J42 |
| Date: | 2026–02–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednsr:102436 |
| By: | Agathe Sadeghi; Zachary Feinstein |
| Abstract: | Liquidation of collateral are the primary safeguard for solvency of lending protocols in decentralized finance. However, the mechanics of liquidations expose these protocols to predatory price manipulations and other forms of Maximal Extractable Value (MEV). In this paper, we characterize the optimal liquidation strategy, via a dynamic program, from the perspective of a profit-maximizing liquidator when the spot oracle is given by a Constant Product Market Maker (CPMM). We explicitly model Oracle Extractable Value (OEV) where liquidators manipulate the CPMM with sandwich attacks to trigger profitable liquidation events. We derive closed-form liquidation bounds and prove that CPMM transaction fees act as a critical security parameter. Crucially, we demonstrate that fees do not merely reduce attacker profits, but can make such manipulations unprofitable for an attacker. Our findings suggest that CPMM transaction fees serve a dual purpose: compensating liquidity providers and endogenously hardening CPMM oracles against manipulation without the latency of time-weighted averages or medianization. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.12104 |
| By: | McLeod, Mike |
| Abstract: | The UK grassroots music venue sector faces an existential crisis, with venue numbers declining from 960 in 2014 to 810 by 2025, representing a 16% contraction over just eleven years. Whilst sector-specific reports document this decline through economic metrics and policy analyses, such fragmented approaches obscure the systemic nature of the crisis. This paper applies Ostrom's Social-Ecological Systems (SES) framework to integrate longitudinal data from Music Venue Trust annual reports (2014–2025), parliamentary inquiries, and case studies into a comprehensive diagnosis of system vulnerability. The analysis reveals that venue fragility emerges not from isolated market failures but from cross-subsystem interactions: insecure property rights (93% tenancy with 18-month average leases) interact with gentrification pressures and noise complaint enforcement to create reinforcing feedback loops driving accelerating decline. Two critical feedback mechanisms are quantified: (1) a gentrification death spiral where cultural venues attract residents, raising property values and rents until venues close, eliminating the cultural amenity; and (2) an arena substitution effect where venue loss reduces touring route viability, concentrating performances in large venues and further eroding grassroots revenue. System dynamics modelling projects critical thresholds: below approximately 700 venues, regional touring becomes unviable; below 600 venues, the national touring circuit collapses entirely. The sector approaches these thresholds within 5–10 years under current trajectories. Governance analysis against Ostrom's design principles reveals fundamental institutional failures, scoring just 46% compliance, with critical gaps in proportional benefit-sharing (Principle 2: 0.5/3) and rights recognition (Principle 7: 0.5/3). Scenario modelling demonstrates that whilst financial interventions (levy, VAT reduction) provide necessary relief, only structural governance reforms—particularly community ownership models, statutory Agent of Change protections, and collective-choice arrangements—can shift the system from degradation to recovery pathways. This integrated SES analysis reveals leverage points invisible in sectoral studies and provides strategic guidance for adaptive governance interventions before irreversible tipping points are reached. |
| Date: | 2026–01–23 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:wxyke_v1 |
| By: | Bastianin, Andrea; Castelnovo, Paolo; Frattini, Federico Fabio; Vona, Francesco |
| Abstract: | This paper develops a novel text-based approach to identify CRM-saving innovation using patent data and studies how mineral price signals shape the direction of technological change. Using patent data from 1978–2020, we distinguish technologies that rely on CRMs from those that explicitly aim to reduce their use through efficiency improvements, substitution, or recycling. We provide evidence consistent with the induced-innovation hypothesis: higher mineral prices reallocate inventive effort toward CRM-saving technologies, while having little effect on CRM-reliant innovation. The response strengthens over time and is especially pronounced for battery minerals and rare earth elements. These findings are robust to alternative specifications and are reinforced by complementary identification strategies, including a falsification test and the use of plausibly exogenous supply-side price variation. |
| Keywords: | Climate Change, Environmental Economics and Policy, Resource/Energy Economics and Policy, Sustainability |
| Date: | 2026–01–30 |
| URL: | https://d.repec.org/n?u=RePEc:ags:feemwp:391378 |
| By: | Zilla, Claudia; Peschke, Marie |
| Abstract: | In Lateinamerika haben drei Länder offiziell angekündigt, sich zu einer feministischen Außenpolitik (FAP) zu verpflichten: Mexiko im Jahr 2020, Chile und Kolumbien im Jahr 2022. Die Einführung eines feministischen Ansatzes in die Außenpolitik steht im Zusammenhang mit einem zunehmenden Gender-Bewusstsein in der internationalen, regionalen und nationalen Politik. Im Vergleich zu europäischen FAP-Varianten zeichnen sich die FAP-Ansätze dieser Länder durch einen stärkeren Inlandsbezug aus, einen Bezug zu den Problematiken der eigenen Gesellschaft. Dies zeigt sich besonders im mexikanischen Fall, während die chilenische FAP auch die feministische Perspektive im Außenhandel betont und die kolumbianische FAP sich als pazifistisch definiert. In keinem dieser Länder führt die FAP eine politische Wende herbei. Sie verleiht vielmehr einer bereits bestehenden Politik der Gleichstellung der Geschlechter und des Gender-Mainstreamings neuen Schwung. Sie sorgt dafür, den Grad an Partizipation und Repräsentation von Frauen zu erhöhen sowie deren Beiträge zur Außenpolitik deutlich sichtbar zu machen. Im Sinne einer globalen Gender- und Menschenrechtsagenda sind Mexiko, Chile und Kolumbien wichtige Partner, für Deutschland wie für die EU. Da sie untereinander die Zusammenarbeit in diesen Bereichen intensivieren, sind sie zudem lohnende Partner für die Erweiterung von Dreieckskooperationen. Da das Auswärtige Amt die FAP aufgegeben hat, das Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung die feministische Entwicklungspolitik jedoch weiterführt und die Zukunft der FAP in Chile angesichts eines anstehenden Machtwechsels ungewiss ist, empfehlen sich für die Kooperation in diesem Feld variable begriffliche Rahmungen und Formate. Deutschland sollte den bi-regionalen Dialog und Austausch - auch zwischen feministischen und Frauenorganisationen - intensiv fördern und sich nicht nur mit Finanzmitteln, sondern auch an den Lernprozessen beteiligen. |
| Keywords: | Lateinamerika, feministische Außenpolitik (FAP), Mexiko, Chile, Kolumbien, Gender-Bewusstsein, Menschenrechtsagenda, bi-regionaler Dialog EU-Lateinamerika |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:swpstu:335864 |
| By: | Süß, Juliana |
| Abstract: | Space capabilities are a core element of any modern defence arsenal. In Europe, however, military space capabilities are limited and dependence on the United States remains high. Europe must develop its capabilities in order to reduce dependencies and enhance its capacity to act on its own, thereby fostering European autonomy. To ensure that European space capabilities are developed efficiently, it is necessary to identify which dependencies on the US are particularly critical and which obstacles would hinder the development of such capabilities. Priority should be given to space situational awareness, military reconnaissance, navigation resilience and missile early warning. |
| Keywords: | Space capabilities, United States, Europe, European Space Agency (ESA), Starlink, dependency, space situational awareness, satellite communication, Intelligence, Surveillance and Reconnaissance (ISR), Positioning, Navigation and Timing (PNT), early warning, nflict, Russia, NATO |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:swpcom:335919 |
| By: | Marchionni, Mariana; Tognatta, Namrata Raman; Vazquez, Emmanuel Jose; Yanez Pagans, Monica |
| Abstract: | Decline in the school-age population due to demographic changes presents an opportunity to redirect resources within the education sector to improve access and quality. However, the experiences of countries that have gone through similar demographic transitions show that a shrinking student population does not automatically translate into more efficient spending due to structural and political challenges. Realizing the potential fiscal space depends critically on how education systems adapt in practice to demographic changes. This paper projects public education expenditure as a percentage of gross domestic product from 2020 to 2050 across eight South Asian countries, considering demographic shifts and different scenarios related to education system coverage, efficiency, and economic growth. The findings show that demographic changes could allow for reinvesting educational resources for basic education equivalent to 0.6 percentage points of gross domestic product on average by 2050 (compared to 2020), even after achieving universal basic education. Although the reinvestment potential for pre-primary and tertiary education is smaller, it remains significant at an estimated 0.14 percentage points of gross domestic product on average. |
| Date: | 2026–02–05 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:11303 |
| By: | Thibault Mirabel (UPN - Université Paris Nanterre); Marco Lomuscio (UNIPR - Università degli studi di Parma = University of Parma) |
| Abstract: | This article examines why Italy has ten times more worker cooperatives than France. Since this rarity gap cannot be explained by higher death rates of French worker cooperatives in respect to Italian ones, we discuss the differences in barriers to worker cooperative entries in the two countries. We claim that such differences can hardly explain the difference of their rarity. Rather, we propose that the rarity gap of worker cooperatives between France and Italy is due to different institutional opportunity structures which raise the opportunity cost of French worker cooperatives relative to Italian ones. To do so, we perform a comparative institutional analysis, by hypothesising that substitution effects between institutions favouring worker cooperatives and those favouring workers' participation via alternative organisations could explain the worker-cooperative gap identified in the target countries. We stress that general institutions in favour of worker participation and workers' solidarity hinder the development of worker cooperatives, and that the prevalence of worker cooperatives in Italy is due to the hostile environment for worker participation. Our findings suggest that institutions favouring workers' participation can, paradoxically, limit the development of worker cooperatives by making them less attractive as means of economic participation relative to available alternative organizations. |
| Keywords: | entrepreneurship, opportunity cost, democracy JEL codes J54, institutions, worker cooperatives, L31, D02, J51, P13 |
| Date: | 2025–03–20 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05429435 |
| By: | Jason Lu; Dimitre Milkov |
| Abstract: | A striking feature of US-China trade tensions in mid-2025 is China’s acceleration of exports to the US ahead of new tariff increases, a phenomenon we term export frontloading. To understand how this was achieved, we develop a factor model analytical framework to characterize China’s product-level exports, across time and destinations, according to a set of latent export baskets. Applying this to data from China’s General Administration of Customs, we document the channels behind the 2024-25 episode and compare them with the 2018 US-China trade tensions. Our analysis points to broad-based adjustments across multiple dimensions in a manner not observed in 2018: (i) shipments to the US accelerated in the second half of 2024, possibly supported by the retention of intermediate inputs that facilitated a ramp-up in domestic production; (ii) from January 2025, domestic production slowed and shipments of intermediate inputs to Vietnam and other ASEAN economies accelerated, consistent with the relocation of export-oriented manufacturing following US tariffs; (iii) exporters prioritized shipments to the US through March 2025, reallocating flows away from third destinations with similar export profiles; and (iv) as shipments to the US fell sharply in April-May amid the escalation of reciprocal tariffs, the decline was offset by increased shipments to third destinations consistent with fulfilling previously deferred orders. |
| Keywords: | Export Frontloading; Trade Tariffs; Production Relocation |
| Date: | 2026–01–23 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2026/013 |
| By: | Paulo Henrique V. Freire |
| Abstract: | A escassez de mão de obra qualificada e a necessidade de industrialização da construção representam desafios centrais para a viabilização de projetos do programa Minha Casa Minha Vida (MCMV). Nos últimos anos, o setor enfrenta dificuldades de recrutamento, retenção e qualificação de trabalhadores, agravadas pela demanda crescente por obras de habitação popular. A ausência de mão de obra suficiente eleva prazos, aumenta custos e reduz a produtividade, prejudicando a competitividade das empresas envolvidas e o ritmo de entrega das unidades habitacionais. Além disso, a baixa especialização em técnicas construtivas modernas limita a adoção de soluções mais eficientes, com impactos diretos na qualidade e durabilidade das moradias. Nesse contexto, a industrialização da construção surge como saída estratégica. A construção off-site, com pré-fabricação de componentes e montagem em linha, oferece ganhos significativos: melhoria de qualidade, redução de desperdícios, menor dependência de mão de obra local em certos estágios e maior previsibilidade de custos e prazos. A implementação de componentes padronizados, sistemas construtivos leves e processos de montagem acelerada facilita o atendimento de metas de universalização do MCMV, especialmente em áreas de alta demanda habitacional. Além disso, a industrialização pode estimular a formação de mão de obra qualificada, por meio de capacitações específicas para operários de linhas de produção, engenheiros de produção e equipes de controle de qualidade. Para ampliar os benefícios, é essencial promover políticas públicas de incentivo à indústria da construção, como subsídios para inovação em materiais, crédito mais acessível para empreendimentos com alto conteúdo de industrialização, e normas técnicas que incentivem a padronização sem comprometer a qualidade. Em síntese, a combinação de combate à escassez de mão de obra e a expansão da industrialização da construção é crucial para aumentar a eficiência, reduzir custos e acelerar a entrega de moradias do MCMV. |
| Keywords: | construção; Construction; housin; Industrialização; Industrialization; mão de obra; MCMV; pré-fabricação; pre-fabrication |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:lre:wpaper:lares-2025-118 |
| By: | Luisa Gaviria (School of Government, Universidad de los Andes) |
| Abstract: | The effective management of public policies requires monitoring and evaluation systems to measure their performance. This study focuses on analyzing the factors that influence the performance of such a system in the municipality of Tenjo, Cundinamarca. Methodologies from the Harvard Kennedy School, such as PDIA and SPDI, are employed for a dynamic and participatory approach. Analytical categories based on Gonzalez's theory (2015) are established to understand the specific dynamics and challenges of the SyE system in Tenjo. Information is derived from interviews and document review and analyzed using the Nvivo program. Findings reveal deficiencies in policy formulation, resource limitations, and lack of information for decision-making. Phase two delves into these barriers, identifying root causes such as lack of personnel training. Concrete actions are proposed, such as developing a comprehensive design methodology and improving information systems. The study offers recommendations to strengthen institutional capacity in SyE and improve public policy processes in Tenjo and similar municipalities, contributing to the development of applied knowledge in local public policies. |
| Keywords: | Public policy; Monitoring and evaluation; Institutional capacity |
| Date: | 2025–02–07 |
| URL: | https://d.repec.org/n?u=RePEc:col:000547:022179 |
| By: | Gatifi Ayoub (ESTC - Ecole Supérieure de Technologie de Casablanca); Mdarbi Saïd (ESTC - Ecole Supérieure de Technologie de Casablanca) |
| Abstract: | This paper examines the integration of Artificial Intelligence (AI) into Accounting Information Systems (AIS). The analysis highlights the major contributions of AI, including the automation of repetitive tasks, the reduction of human errors, the strengthening of internal controls, and the improvement of financial data reliability. The study also underlines the ability of AI to process large datasets and deliver predictive analyses, thereby enhancing decision-making and organizational performance, particularly in SMEs and industrial sectors. However, the article stresses the main barriers to adoption: high implementation costs, resistance to change, the need for new skills, and ethical challenges related to data confidentiality and algorithm transparency. Through case studies and a theoretical framework combining TAM, TOE and TTF, this research illustrates both the benefits and limitations of this technological transformation. Ultimately, it opens up future perspectives, demonstrating that innovations such as machine learning, blockchain, and continuous auditing will transform the accounting profession. |
| Abstract: | Cet article analyse l'intégration de l'intelligence artificielle (IA) dans les systèmes d'information comptable (SIC). Il montre que l'IA contribue à l'automatisation des tâches répétitives, à la réduction des erreurs et à l'amélioration de la qualité décisionnelle grâce à des analyses prédictives. Toutefois, l'adoption de ces technologies reste freinée par des coûts d'implémentation élevés, la résistance au changement, la nécessité de nouvelles compétences et des enjeux éthiques liés à la confidentialité des données et à la transparence des algorithmes. À travers des études de cas et un cadre théorique mobilisant le TAM, le TOE et le TTF, ce travail illustre les bénéfices et limites de cette transformation numérique.Enfin, il ouvre des perspectives en montrant que des innovations comme le machine learning, la blockchain et l'audit en continu redéfiniront durablement la profession comptable. |
| Keywords: | Artificial Intelligence – Accounting Information Systems – Automation – Performance – Ethical Governance ., Intelligence artificielle -Systèmes d'information comptable -Automatisation -Performance -Gouvernance éthique Artificial Intelligence -Accounting Information Systems -Automation -Performance -Ethical Governance |
| Date: | 2025–11–25 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05392003 |
| By: | Sri Sairam Gautam B.; Isha |
| Abstract: | The Fundamental Review of the Trading Book (FRTB) poses a significant challenge for exotic derivatives pricing, particularly for non-modelable risk factors (NMRF) where sparse market data leads to infinite audit bounds under classical Martingale Optimal Transport (MOT). We propose a unified Rough Martingale Optimal Transport (RMOT) framework that regularizes the transport plan with a rough volatility prior, yielding finite, explicit, and asymptotically tight extrapolation bounds. We establish an identifiability theorem for rough volatility parameters under sparse data, proving that 50 strikes are sufficient to estimate the Hurst exponent within $\pm 0.05$. For the multi-asset case, we prove that the correlation matrix is locally identifiable from marginal option surfaces provided the Hurst exponents are distinct. Model calibration on SPY and QQQ options (2019--2024) confirms that the optimal martingale measure exhibits stretched exponential tail decay ($\sim\exp(-k^{1-H})$), consistent with rough volatility asymptotics, whereas classical MOT yields trivial bounds. We validate the framework on live SPX/NDX data and scale it to $N = 30$ assets using a block-sparse optimization algorithm. Empirical results show that RMOT provides approximately \$880M in capital relief per \$1B exotic book compared to classical methods, while maintaining conservative coverage confirmed by 100-seed cross-validation. This constitutes a pricing framework designed to align with FRTB principles for NMRFs with explicit error quantification. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.00097 |
| By: | Dadgar, Iman (Center for Education and Leadership Excellence); Nermo, Magnus (Department of Sociology, Stockholm University); Shahbazian, Roujman (Swedish Institute for Research (SOFI), Stockholm University) |
| Abstract: | This paper studies how students’ relative academic rank in compulsory school affects entry into the teaching profession. Using population-wide Swedish administrative data, we link grade-9 GPA for cohorts attending grade 9 in 1990–1997 to detailed occupational outcomes observed at age 40. We measure relative position as within-school–cohort GPA rank and estimate rank effects by exploiting variation in ordinal position among students with similar absolute achievement. The empirical design includes school-by-cohort fixed effects and controls for absolute ability via national GPA-rank indicators interacted with grading-environment (school-type) measures, along with family background controls. We find that lower-ranked students are more likely to become teachers, but the pattern differs across teaching segments: low local rank predicts entry into compulsory and upper-secondary teaching, while very high local rank predicts university teaching; there is no clear relationship for pre-school teaching. Effects are concentrated among women and are strongest for women in high-achieving schools. Results are robust to alternative specifications. The findings highlight relative academic standing as an important, previously overlooked determinant of occupational choice into teaching. |
| Keywords: | Educational inequality; Teaching profession; Occupational choice; School position; Reference groups; Relative deprivation; Sweden |
| Date: | 2026–02–06 |
| URL: | https://d.repec.org/n?u=RePEc:hhb:hastel:2025_002 |
| By: | Matias Ciaschi (CEDLAS-IIE-FCE-UNLP and CONICET); Mario Negre (The World Bank); Guido Neidhöfer (Türk-Alman Üniversitesi & ZEW Mannheim) |
| Abstract: | This paper presents comprehensive evidence on intergenerational mobility in Mozambique—the country with the lowest documented level of mobility worldwide—and investigates its relationship with child labor. Using survey data that includes a module on non co-resident adult children, we document a strong link between children’s educational attainment and parental education and household wealth. Interestingly, our findings suggest that child labor perpetuates intergenerational inequality, not merely as a response to income shocks, but mainly due to labor market structures—particularly the complementarity between parental and child labor and the substantial opportunity costs associated with schooling. These findings underscore the need for targeted policies that decouple children’s labor market prospects from those of their parents and enhance awareness of the long-term returns to education. |
| JEL: | D63 I24 J62 O15 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:dls:wpaper:0365 |
| By: | Evgeny Kagan; Kyle Hyndman; Andrew Davis |
| Abstract: | We use a series of pre-registered, incentive-compatible online experiments to investigate how people evaluate and choose among different waiting time distributions. Our main findings are threefold. First, consistent with prior literature, people show an aversion to both longer expected waits and higher variance. Second, and more surprisingly, moment-based utility models fail to capture preferences when distributions have thick-right tails: indeed, decision-makers strongly prefer distributions with long-right tails (where probability mass is more evenly distributed over a larger support set) relative to tails that exhibit a spike near the maximum possible value, even when controlling for mean, variance, and higher moments. Conditional Value at Risk (CVaR) utility models commonly used in portfolio theory predict these choices well. Third, when given a choice, decision-makers overwhelmingly seek information about right-tail outcomes. These results have practical implications for service operations: (1) service designs that create a spike in long waiting times (such as priority or dedicated queue designs) may be particularly aversive; (2) when informativeness is the goal, providers should prioritize sharing right-tail probabilities or percentiles; and (3) to increase service uptake, providers can strategically disclose (or withhold) distributional information depending on right-tail shape. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.06263 |
| By: | Yunus C. Aybas; Matthew O. Jackson |
| Abstract: | People learn about opportunities and actions by observing the experiences of their friends. We model how homophily -- the tendency to associate with similar others -- affects both the endogenous quality and diversity of the information accessible to decision makers. Homophily provides higher-quality information, since observing the payoffs of another person is more informative the more similar that person is to the decision maker. However, homophily can lead people to take actions that generate less information. We show how network connectivity influences the tradeoff between the endogenous quantity and quality of information. Although homophily hampers learning in sparse networks, it enhances learning in sufficiently dense networks. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.00934 |
| By: | Keller, Andrew |
| Abstract: | The One Big Beautiful Bill (OBBB), signed in July 2025, reshapes the farm tax landscape primarily by preventing the scheduled 2026 sunset of major 2017 Tax Cuts and Jobs Act provisions and by adding targeted new benefits for producers. This post summarizes the law’s effects across three practical domains for Midwestern farm operations. First, it locks in lower individual income tax rates and the higher standard deduction, avoiding an automatic tax increase for most farm families, while also strengthening and permanently extending the Child Tax Credit and adding a temporary senior deduction for 2025–28. Second, it improves farm business investment incentives by making the 20% qualified business income deduction permanent, restoring 100% bonus depreciation, and expanding Section 179 expensing, alongside other provisions that affect interest limits, SALT, and clean fuel incentives. Third, it supports intergenerational succession by permanently increasing the estate and gift tax exemption to $15 million per person (indexed) and preserving stepped-up basis, helping most family farms transfer assets without federal estate tax exposure. |
| Keywords: | Agribusiness, Agricultural and Food Policy, Agricultural Finance |
| Date: | 2025–07–21 |
| URL: | https://d.repec.org/n?u=RePEc:ags:arpcbr:391416 |
| By: | Zhonghui Luo; Kenji TAKEUCHI |
| Abstract: | This study examines how Economic Policy Uncertainty (EPU) shapes disparities in air pollution exposure across individuals with different levels of education. Using a shift–share instrumental variable based on world import demand to predict provincial EPU fluctuations, we construct an individual-level panel dataset linking personal exposure to EPU and SO2 concentration across six survey waves from 2000 to 2015. The results indicate that a 1% increase in the EPU index leads to an average rise of approximately 1.15μg/m3 in SO2 exposure among individuals without a high school degree, relative to those with one. Mechanism analyses suggest that this effect operates mainly through two channels:changes in government regulatory behavior and in firm-level emission decisions. |
| Keywords: | Economic Policy Uncertainty; Environmental Inequality; Government Regulation; Firm Emission Decisions |
| JEL: | D63 D81 Q53 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:kue:epaper:e-25-011 |
| By: | Tuba Bakici; Maher a N Agi (Rennes SB - Rennes School of Business); Tekin Kose (University of Brighton); Horst Treiblmaier |
| Abstract: | This study investigates blockchain's effectiveness and the drivers of its success in supply chain management. Drawing upon the Information Systems Success post-adoption model and Contingency Theory, we propose a moderated mediation analysis to analyze the relationships among extended use, user satisfaction, individual benefits, supply chain complexity, and their impact on performance outcomes at both the supply chain and individual firm levels. The model was validated by using survey data from a cross-sectional sample of 370 supply chain professionals from the United States with blockchain experience. Our findings indicate that individual benefits mediate the impact of extended use and user satisfaction on supply chain and operational performance, while supply chain complexity positively moderates the indirect effect of extended use on supply chain performance through individual benefits. This suggests that blockchain adoption is more impactful in complex supply chain contexts with numerous processes, stakeholders, and data sources. These results highlight the importance of adequately considering the supply chain context to fully understand the effectiveness of blockchain technology. This study contributes to the nascent literature on the blockchain post-adoption phase and proposes a new extension to the Information Systems Success model by incorporating supply chain complexity as a contextual factor. |
| Keywords: | information systems success model, blockchain post-adoption, supply chain complexity, supply chain, Blockchain |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05444075 |
| By: | Patrice Bougette (Université Côte d'Azur, CNRS, GREDEG, France); Frédéric Marty (CNRS, GREDEG, Université Côte d'Azur, France) |
| Abstract: | This article examines the Structure-Conduct-Performance (SCP) paradigm that dominated U.S. antitrust policy until the 1970s, before being displaced by the Chicago School and, from the 1980s onwards, by Post-Chicago analysis, i.e., modern industrial organization. Long portrayed as indifferent to firms' conduct and to economic efficiency, structuralism has been subject to a persistent "black legend." This contribution reassesses that critique by examining: (i) the evolution of structuralism between the 1940s and the 1970s; (ii) the influence of a deconcentrationist perspective embedded in a particular legal interpretation of U.S. antitrust rules; (iii) the implications of the digital economy for contemporary analyses of market structures; and (iv) the SCP paradigm's legacy in Neo-Brandeisian and conservative antitrust thought. |
| Keywords: | Structure-Conduct-Performance (SCP) paradigm; Structuralism; U.S. antitrust; Chicago School; Post-Chicago industrial organization; Merger control; Digital markets; Neo-Brandeisian antitrust; Market structure; Structural remedies |
| JEL: | L10 L12 L13 L41 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2026-03 |