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on Investment |
| By: | Yuko MORI; Hiroko OKUDAIRA |
| Abstract: | The margin of adjustment in work hours has received relatively less attention in the minimum wage literature, despite its potentially significant implications for distributional consequences. By applying the frequency distribution approach to a quasi-exogenous policy event in Japan, we find that a minimum wage increase reduced long working-hour jobs while increasing short working-hour jobs disproportionately among women. While the minimum wage had a positive compression effect on the wage distribution for women, its impact on their income inequality was much smaller. This reduced effect was driven by substantial reductions in work hours among women with annual incomes near institutional thresholds set by tax and social benefit provisions. The minimum wage, together with these income-based cutoffs, led women in Japan to work shorter hours. |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:25042 |
| By: | Javier Bianchi; Louphou Coulibaly |
| Abstract: | What is the optimal monetary policy response to tariffs? This paper explores this question within an open-economy New Keynesian model and shows that the optimal monetary policy response is expansionary, with inflation rising above and beyond the direct effects of tariffs. This result holds regardless of whether tariffs apply to consumption goods or intermediate inputs, whether the shock is temporary or permanent, and whether tariffs address other distortions. |
| JEL: | E24 E44 E52 F13 F41 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33560 |
| By: | Tassinari, Arianna; Romo, Oscar Molina; Di Carlo, Donato |
| Abstract: | This article compares the responses of the governments and social partners in Italy and Spain to the inflation crisis of 2021–2023. Faced with a common exogenous shock and sharing a comparable institutional setting in the labour market, the two countries’ responses to the inflation crisis differed substantially with regard to the policy mode of crisis response and the types of policy intervention. First, social partners’ involvement was far more significant in Spain, where peak-level agreements were signed setting a three-year trajectory for negotiated wage increases. In contrast, Italian governments proceeded unilaterally, with no attempts at collective bargaining coordination. Secondly, while the Italian government disbursed more fiscal resources through targeted compensatory measures, the Spanish government relied primarily on energy price controls and minimum wage revaluation, with lower overall fiscal expenditure. Finally, the distribution of inflation costs across population groups differed, with inflation in Spain being lower and having less regressive distributional effects than in Italy. We attribute the differing policy responses to the different partisan compositions and ideological orientations of the two governments. |
| Keywords: | inflation; collective bargaining; crisis; social dialogue; southern Europe; unions; wages |
| JEL: | N0 E6 |
| Date: | 2025–01–23 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127196 |
| By: | Harvey, John; Buscheck, Jeffrey; Yu, Justin; Butt, Ali; Deng, Hanyu; Rahman, Mohammad; Guada, Irwin; Bowman, Michael; Brotschi, Julian; Mateos, Angel |
| Abstract: | This report presents data and analysis of a new mix type that has 100% replacement of aggregate and asphalt binder with reclaimed asphalt pavement (RAP) and the addition of a recycling agent. The data were collected from construction of a pilot project on Interstate 40 in San Bernardino County, which included the new mix , HyRAP® (a registered trademark owned by Brooks Construction Company, Inc. and licensed to Manhole Adjusting Inc. but produced under a non-proprietary Caltrans Non- Standard Special Provision), the control gap-graded rubberized hot mix asphalt (RHMA-G), and a dense-graded polymer- modified mix (HMA-M) that was used in wheelpath digouts on the project. The report includes performance-related testing, a life cycle assessment, and a summary of observations from the construction of the pilot project. It also includes deflection testing results for the test sections and outside the test sections to check if they have similar underlying support. The life cycle assessment includes identification of the primary sources of greenhouse gas and other emissions in the mix production. A comparison is made between the early field performance of the test sections for rutting and the performance-related laboratory rutting tests. Recommendations are that further development of HyRAP be done on projects with less risk and that they aim to demonstrate the ability to achieve mix consistency during production. It is also recommended that approaches for reducing the greenhouse gas emissions from the oxidizer used to reduce volatile organic compounds be explored. |
| Keywords: | Engineering, reclaimed asphalt pavement, recycled asphalt shingles, performance-related, life cycle assessment |
| Date: | 2025–05–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt5877p48t |
| By: | Jean Cartelier (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This essay takes seriously the commonplace idea that money is the language of economics. A critical examination of what the scholarly political economy of money can shed light on this notion. The nominal nature of money has not been taken into account by theories of value that presuppose only goods—real analysis—nor its corollary, namely that wealth in our societies is a nominal magnitude. An ancient tradition, called monetary analysis or nominal analysis, has made money its fundamental postulate. It is exemplified in the modern era by Keynes and deserves to be rehabilitated. The fact that money is nominal and that payments record nominal quantities in accounting suggests the hypothesis that it is part of human language. This is what is demonstrated in this essay, with the immediate and important consequence that rehabilitated nominal analysis finds itself quite naturally inserted into the social sciences. Multidisciplinarity finds a transdisciplinary theoretical foundation in the thesis that money is one of the many manifestations of the unique capacity of the human species. Certain consequences are drawn from this new paradigm concerning both the "imaginary institution of society" and the way in which we can conceive of the relationships our societies maintain with their environment. |
| Abstract: | Il s'agit de prendre au sérieux l'idée banale selon laquelle la monnaie est le langage de l'économie. L'examen critique de ce que l'économie politique savante de la monnaie permet d'en éclairer la notion. Le caractère nominal de la monnaie n'a pas été pris en compte par les théories de la valeur qui présupposent seulement des biens – l'analyse réelle – ni son corollaire, à savoir que la richesse est dans nos sociétés une grandeur nominale. Une tradition ancienne, appelée analyse monétaire ou analyse nominale, a fait de la monnaie son postulat fondamental. Elle est illustrée à l'époque moderne par Keynes et mérite d'être réhabilitée. Que la monnaie soit nominale et que les paiements inscrivent des grandeurs nominales dans les comptabilités suggère l'hypothèse qu'elle relève du langage humain. C'est ce qui est montré dans cet essai avec la conséquence immédiate et importante que l'analyse nominale réhabilitée se trouve tout naturellement insérée dans les sciences sociales. La pluridisciplinarité trouve dans la thèse de la monnaie comme étant l'une des nombreuses manifestations de la capacité particulière de l'espèce humaine un fondement théorique transdisciplinaire. Certaines conséquences sont tirées de ce nouveau paradigme concernant tant « l'institution imaginaire de la société » que la façon dont on peut concevoir les relations que nos sociétés entretiennent avec leur environnement. |
| Date: | 2025–04–08 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-05024728 |
| By: | Jasna Tonovska (Ss. Cyril and Methodius University in Skopje, Faculty of Economics – Skopje); Elena Makrevska Disoska (Ss. Cyril and Methodius University in Skopje, Faculty of Economics – Skopje); Katerina Toshevska-Trpcevska (Ss. Cyril and Methodius University in Skopje, Faculty of Economics – Skopje); Viktor Stojkoski (Ss. Cyril and Methodius University in Skopje, Faculty of Economics – Skopje) |
| Abstract: | Purpose. Digitally delivered services have become a pivotal component of global trade, accounting for over 50% of total services exports worldwide as of 2020 (Mourougane, 2021). But how is this digital trade related to the structure of an economy? Despite the growing significance of digital trade, the relationship between trade intensity in digitally delivered services and the structure of an economy remains underexplored (Mourougane, 2021; Dong and Xu, 2022; Zhou et al., 2023; Chiappini and Gaglio, 2024). In this paper, we fill this research gap by examining how exports per capita of digitally delivered services relate to multidimensional economic complexity, encompassing measures for the trade and research structure of an economy (Stojkoski et al., 2023). Understanding this relationship is crucial for policymakers and stakeholders aiming to enhance competitiveness in the digital economy (Hidalgo and Hausmann, 2009; Hausmann et al., 2014; Hartmann et al., 2017; Hidalgo, 2021; Romero and Gramkow, 2021). Design/methodology/approach. We employ a panel regression analysis with time-fixed effects to control unobserved heterogeneity and temporal dynamics across countries and over time. We follow the Handbook on Measuring Digital Trade (Mourougane, 2021) and define digitally delivered services as all international trade transactions that are delivered remotely over computer networks. These range from providing online educational services to cloud computing subscriptions (Stojkoski et al., 2024). Using this definition, we collect data from the BATIS WTO dataset on services (Fortanier et al., 2017) and Eurostat mappings (European Commission). Statistical Office of the European Union, 2021) to calculate per capita exports of digitally delivered services for over 120 countries from 2005 to 2020. We also use data on the Economic Complexity Index (ECI) for the research and trade dimensions from the Observatory of Economic Complexity (Simoes and Hidalgo, 2011). These indexes compare the economic structure of a country to an ensemble of other countries, with higher values implying that the country is more sophisticated compared to the ensemble. We then employ panel regression analysis on average data segmented into four four-year periods: 2005-2008, 2009-2012, 2013-2016, and 2017-2022 in which the dependent variable is the log of the digitally delivered services exports per capita. This methodological approach allows us to investigate the correlation between exports per capita and the economic complexity indices derived from trade and research data, and to study their interaction in explaining digital trade. Findings. The analysis reveals a robust positive relationship between economic complexity and digitally delivered services exports per capita (see Table 1 for the regression results). Specifically, according to our final model (including all covariates, Table 1, column 7), a one-unit increase in trade ECI is associated with a 0.733 increase in the log of digitally delivered services exports per capita (p |
| Keywords: | Digital trade, Economic complexity, ICT, Panel data analysis |
| JEL: | F10 F13 F14 C23 F63 |
| Date: | 2024–12–15 |
| URL: | https://d.repec.org/n?u=RePEc:aoh:conpro:2024:i:5:p:88-90 |
| By: | Hilber, Christian A. L.; Turner, Tracy M. |
| Abstract: | We examine the role that housing market regulatory restrictiveness plays in differentially affecting the net wealth of owners and renters over time, and its contribution to wealth inequality. In tightly regulated desirable cities, house prices and rents rise strongly in response to growing demand. Rising prices financially benefit existing homeowners. Rising rents hurt renters. Because credit constraints prevent many households from becoming homeowners, this can lead to growing differences in wealth accumulation between homeowners and renters and, consequently, rising wealth inequality. Employing the confidential version of the Panel Study of Income Dynamics (PSID), we explore to what extent changes in household net wealth can be explained by regulatory restrictiveness and demand shock-induced spatial differences in house price growth. We find that, accounting for sorting, a household with average characteristics that owns instead of rents in a tightly regulated location accumulates 56% more in net wealth between 1999 and 2019. This effect explains 59% of the observed difference in net wealth accumulation between actual owners and renters in these locations, consistent with an observed increase in the Gini-coefficient of wealth inequality during our sample period of 13%. In less regulated metro areas, we do not find a difference in wealth accumulation by homeownership status nor rising wealth inequality. Examining homeowners only and accounting for sorting, our findings suggest that if a homeowner with average characteristics had resided in a tightly rather than loosely regulated metro area, their predicted twenty-year net wealth increase would be 81% higher. We examine transition and timing effects and find theoretically plausible results that the housing boom yielded net wealth changes that varied by regulatory status, but the housing bust did not. We conduct robustness checks that examine the potential endogeneity of initial homeownership, account for unobserved heterogeneity and test for homeowner cash-out/reinvest behavior. In a falsification test, we show that our findings cannot be explained by correlations between local house price growth, a rising college premium and local variation in stock investment behavior. Taken as a whole, our findings imply that expected gains provide powerful financial incentives to existing homeowners in tightly regulated markets to maintain regulatory stringency, further exacerbating housing unaffordability and wealth inequality. |
| Keywords: | land use regulation; wealth accumulation; wealth inequality; house prices; housing rents; housing supply; housing affordability |
| JEL: | R11 R21 R31 R52 G12 |
| Date: | 2024–06–10 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:126794 |
| By: | Permanyer, Inaki; Seth, Suman; Yalonetzky, Gaston |
| Abstract: | Many health indicators are bounded, that is, their values lie between a lower and an upper bound. Inequality measurement with bounded variables faces two normative challenges well‐known in the health inequality literature. One is that inequality rankings may or may not be consistent across admissible attainment and shortfall representations of the variable. The other is that the set of maximum‐inequality distributions for bounded variables is different from the respective set for variables with no upper bound. Therefore, the ethical criteria for ranking maximum‐inequality distributions with unbounded variables may not be appropriate for bounded variables. In a novel proposal, we justify an axiom requiring maximum‐inequality distributions of bounded variables to be ranked equally, irrespective of their means. Then, our axiomatic characterization naturally leads to indices that measure inequality as an increasing function of the observed proportion of maximum attainable inequality for a given mean. Additionally, our inequality indices rank distributions consistently when switching between attainment and shortfall representations. In our empirical illustration with three health indicators, a starkly different picture of cross‐country inter‐temporal inequality emerges when traditional inequality indices give way to our proposed normalized inequality indices. |
| Keywords: | bounded variables; inequality measurement; consistency |
| JEL: | D63 I31 O57 |
| Date: | 2025–04–19 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127974 |
| By: | Brewer, Mike; Cominetti, Nye; Jenkins, Stephen P. |
| Abstract: | This report uses a newly available dataset – payroll data held by HM Revenue and Customs on over 250, 000 working-age people covering April 2014 to March 2019 – to look at monthly and weekly volatility in employee pre-tax earnings. It is one of a very few UK studies to look at high-frequency earnings volatility on a large scale, and the first do so on a sample that is representative of the population of employees in the UK. Earnings volatility will not pose problems for all workers (for example, if erratic earnings are the minority of a household’s income, or if they are the side effect of being able to take shifts that fit around other parts of a worker’s life). But unpredictable earnings can mean financial stress, difficulty planning for the future, and increased reliance on credit or social support. So understanding earnings volatility is crucial for building fairer labour markets, effective social policies, and financial security in an uncertain world. |
| JEL: | R14 J01 |
| Date: | 2025–03–04 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127596 |
| By: | Paul Simshauser; Evan Shellshear |
| Keywords: | Renewable Energy Zones, renewables, battery storage, Shapely value |
| JEL: | D52 D53 G12 L94 Q40 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:enp:wpaper:eprg2506 |
| By: | Adrien Bilal; Shlok Goyal |
| Abstract: | This paper proposes an analytic representation of sequence-space Jacobians in heterogeneous agent models with aggregate shocks in continuous time. Our approach is based on a pen-and-paper perturbation of individual policy functions with respect to price changes, rather than numerical or automatic differentiation. We obtain linear partial differential equations that can be solved efficiently. Our continuous time algorithm speeds up computation of Jacobians and impulse responses threefold relative to discrete time. Continuous time is key to take the analytic perturbation in the presence of binding borrowing constraints. We illustrate our approach in leading heterogeneous agent models with and without nominal rigidities. |
| JEL: | C02 C6 E10 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33525 |
| By: | Bernd Hayo; Matthias Neuenkirch; Manuel Walz |
| Abstract: | This documentation paper provides background information and basic descriptive statistics for a representative survey of the French, German, and Italian populations, focusing on attitudes towards and the demand for a digital euro conducted on our behalf by Dynata in November and December 2023. The survey is quota-based by gender, age, income, and region. To measure views on a digital euro, the survey controls for various characteristics, including the digitalisation of daily life, financial literacy, payment behaviour, attitudes towards European integration, and several socio-demographic characteristics. Additionally, three treatments are implemented. Treatment 1 highlights the differences between private and public money, Treatment 2 presents various hypothetical designs for a digital euro, and Treatment 3 introduces a digital euro holding limit. |
| Keywords: | Digital Euro, ECB, Monetary Policy, Money Demand, Payment Systems |
| JEL: | E41 E42 E51 E58 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:trr:wpaper:202504 |
| By: | Mingliang Li; Yanrong Li; Lai Wei; Wei Jiang; Zuo-Jun Max Shen |
| Abstract: | Recently, autonomous driving system (ADS) has been widely adopted due to its potential to enhance travel convenience and alleviate traffic congestion, thereby improving the driving experience for consumers and creating lucrative opportunities for manufacturers. With the advancement of data sensing and control technologies, the reliability of ADS and the purchase intentions of consumers are continually evolving, presenting challenges for manufacturers in promotion and pricing decisions. To address this issue, we develop a two-stage game-theoretical model to characterize the decision-making processes of manufacturers and consumers before and after a technology upgrade. Considering the unique structural characteristics of ADS, which consists of driving software and its supporting hardware (SSH), we propose different business strategies for SSH (bundle or unbundle with the vehicle) and driving software (perpetual licensing or subscription) from the manufacturer's perspective. We find that, first, SSH strategies influence the optimal software strategies by changing the consumers' entry barriers to the ADS market. Specifically, for manufacturers with mature ADS technology, the bundle strategy provides consumers with a lower entry barrier by integrating SSH, making the flexible subscription model a dominant strategy; while perpetual licensing outperforms under the unbundle strategy. Second, the software strategies influence the optimal SSH strategy by altering consumers' exit barriers. Perpetual licensing imposes higher exit barriers; when combined with a bundle strategy that lowers entry barriers, it becomes a more advantageous choice for manufacturers with mature ADS technology. In contrast, the subscription strategy allows consumers to easily exit the market, making the bundle strategy advantageous only when a substantial proportion of consumers are compatible with ADS. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2503.17174 |
| By: | David Bardey (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Philippe de Donder (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Vera Zaporozhets (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We review the medico-economic literature assessing the economic value of diagnostic and prognostic tests, with a focus on innovative and, more specifically, companion tests. Our analysis begins with a summary of systematic reviews that provide a descriptive synthesis of existing findings rather than conducting quantitative meta-analyses. These reviews reveal no consistent evidence that such tests outperform traditional approaches, such as pharmaceutical interventions. However, the cost-effectiveness of these tests, often measured in cost per QALY (Quality-Adjusted Life Year) gained, exhibits considerable heterogeneity. Notably, some genetic testing procedures may demonstrate superior performance compared to non-genetic alternatives. We then examine the economic implications of imperfect test features, exploring strategies to optimize their accuracy levels and integrating these considerations into the assessment of their economic value. Lastly, we review recent methodological and empirical studies employing these approaches, highlighting advancements in evaluating the economic impact of diagnostic and prognostic tests. |
| Keywords: | Genetic tests, Innovative tests, Companion tests, Health Technology Assessment (HTA), Personalized medicine, Receiver-operator (ROC) curve, Incremental cost-effectiveness ration (ICER) |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05024927 |
| By: | Abhishek Bhardwaj; Abhinav Gupta; Sabrina T. Howell; Kyle Zimmerschied |
| Abstract: | Do returns in private equity (PE) rise or fall with fund scale? This question is increasingly urgent amid larger funds and new focus on the retail market. Since better managers can raise larger funds, the causal effect is difficult to identify. We develop an instrument based on gifts to universities, which lead to more capital for managers with preexisting relationships. We show decreasing returns; for example, a 1% size increase reduces net IRR by 0.1 percentage points. Larger funds do larger deals, which perform worse. We find no change in risk, in part because additional deals are more levered. |
| JEL: | G11 G23 G24 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33596 |
| By: | Marzanna Poniatowicz (Faculty of Economics and Finance, University of Bialystok); Agnieszka Piekutowska (Faculty of Economics and Finance, University of Bialystok) |
| Abstract: | Purpose The dynamic development of the alternative finance sector is a characteristic phenomenon of contemporary times. In the literature, the key reasons identified for this phenomenon are: i. Technological advancement: The development of digital technologies, including the Internet, blockchain, and artificial intelligence, has enabled the creation of innovative financial platforms and services that are more accessible and efficient compared to traditional financial institutions (Taherdoost, 2023; Lekhi, 2024). ii. Financial exclusion issues: Many small and medium-sized enterprises, startups, and individuals have limited access to traditional sources of financing, such as bank loans, due to stringent credit requirements. This exclusion manifests as a lack of access to traditional banking services, high costs and demands of traditional financial institutions, lack of flexibility of traditional financial services, limited geographical availability of specific financial services, low financial awareness, and a lack of trust in traditional financial institutions. Alternative finance, through technological innovations and flexible business models, offers solutions that can reduce the problem of financial exclusion and provide access to essential financial services for entities previously excluded from the traditional financial system (Carbó et al., 2005). iii. The search for higher returns: Investors are looking for new investment opportunities that offer higher returns compared to traditional bank deposits or bonds. Alternative forms of investing, such as crowdfunding, attract investors due to potentially higher profits (Freedman and Nutting, 2015). iv. Changes in consumer behavior in the market: The younger generation, known as Millennials and Generation Z, prefers convenient, fast, and online financial services. Young people are more open to using modern financial technologies and are less attached to traditional banks (CAsfera.pl, 2022). v. Changing regulations and government policies aimed at increasing competition in the financial sector: Many governments and regulatory bodies are introducing regulations that support the development of alternative finance. These include not only regulations regarding crowdfunding but also cryptocurrencies and open banking, which promote innovation and competition in the financial sector (World Bank and Cambridge Centre for Alternative Finance, 2019). The aforementioned conditions contribute to the rapid development of the alternative finance sector, which is becoming an increasingly important part of the global financial system. In this context, the dynamic growth of crowdfunding (CF) as a community financing instrument is also observed. CF appears to be a kind of phenomenon. The term was first used in 2006 by the American blogger M. Sullivan, founder of Fundavlog. One of the most comprehensive definitions of CF is proposed by Mollick (2014). According to him, CF “refers to the efforts by entrepreneurial individuals and groups - cultural, social, and for-profit - to fund their ventures by drawing on relatively small contributions from a relatively large number of individuals using the internet, without standard financial intermediaries” (Mollick, 2014). The research objective set by the authors is to determine the specifics of CF as an alternative financing tool in the Polish context. The authors focus on ten key characteristics of the analyzed instrument, including (1) community financing, (2) accessibility for small and medium-sized enterprises and startups, (3) lower entry barriers compared to traditional financial services, (4) direct interaction with investors, (5) diversity of financing models (e.g., donation-based CF, reward-based CF, royalty-based CF, equity CF, debt CF, etc.), (6) market testing, (7) marketing and promotion, (8) investment risk, (9) administrative support and legal regulations, and (10) community and engagement. Design/methodology/approach The study employed the method of analyzing literature related to the issues of alternative finance and CF, as well as the analysis of legal acts regulating CF for instance Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business) and the national level (the Act of 7 July 2022 on crowdfunding for business ventures and assistance to borrowers). Additionally, an analysis was conducted on the functioning of selected crowdfunding platforms and entities authorized to provide crowdfunding services, as well as an analysis of examples of investments financed using this instrument. The article also utilized statistical data from the European Securities and Markets Authority database. Findings The conducted research confirmed the research hypothesis, which states that the development of CF as a financial instrument in Poland is driven by technological advancements that enable the creation of innovative financial platforms, as well as by the ability of the instrument to offer greater financial flexibility (compared to traditional financing instruments), faster access to capital, and the potential to build communities around financed projects. It was shown that in Poland, compared to other EU member states (such as France, Italy, Spain, the Netherlands, and even Lithuania), CF is at an early stage of development (European Securities and Markets Authority Database, 2024). However, it has significant growth potential due to the aforementioned attributes. These features make it not only an attractive instrument for entities that face difficulties in obtaining traditional financing but also contribute to reducing financial exclusion in Poland. It was demonstrated that CF is gaining importance primarily as an alternative source of financing for small and medium-sized enterprises, startups, and various social and cultural projects. Originality/value The legal regulations regarding CF in Poland are relatively new, and analyses of the functioning of crowdfunding platforms and investments financed through this source of funding are limited. This analysis fills that gap. The unique economic context of Poland, with its specific economic and social conditions differing from those of other EU countries, is significant in this regard. The analysis of CF in Poland takes into account the specific conditions of the country, such as the level of digitization of society, trust in new technologies, the level of financial exclusion, and the specific financial needs of small and medium-sized enterprises. Moreover, Poland is one of the fastest growing fintech markets in Europe. Analyzing CF in this context allows us to understand how innovative financial technologies impact the development of alternative sources of financing in the country. Poland is at the stage of developing various types of crowdfunding platforms, including donation-based, equity-based, and reward-based platforms. Examining the functioning of these platforms provides valuable information about their effectiveness and attractiveness to different user groups. It is also worth noting that Poland has a strong community culture (e.g., "Solidarity" as a social movement in the 1980s, which played a key role in overthrowing communism in Poland and is one of the most well-known examples of a strong community and solidarity culture in Europe), which can promote the development of CF. Importantly, our research also considers the aspect of financial education, which is crucial for understanding and accepting alternative forms of financing by society. |
| Keywords: | Crowdfunding, Alternative financing, Investment |
| JEL: | G11 G23 G28 |
| Date: | 2024–12–15 |
| URL: | https://d.repec.org/n?u=RePEc:aoh:conpro:2024:i:5:p:248-250 |
| By: | Astghik Mavisakalyan (Bankwest Curtin Economics Centre, Faculty of Business and Law, Curtin University, Australia, and Global Labor Organization); Michael Palmer (Department of Economics, University of Western Australia Business School); Silvia Salazar (r Bankwest Curtin Economics Centre, Faculty of Business and Law, Curtin University, Australia) |
| Abstract: | Self-promotion plays a crucial role in shaping performance evaluations across various domains, yet its effects remain difficult to quantify. This paper examines how strategic self-promotion influences subjective performance assessments in high-stakes, competitive sports environments. We leverage the unique setting of professional surfing, where athletes can engage in nonverbal self-promotion by claiming a wave before receiving their score from a panel of judges. Using data from over 5, 500 waves in the World Surf League, we show that claiming significantly improves judged performance evaluations, increasing wave scores by 0.78–1.08 standard deviations (1.6–2 points on a 10 point scale). Female surfers are far less likely than their male counterparts to engage in claiming, yet they receive comparable rewards when they do. These findings provide evidence on the role of self-promotion as a strategic tool for influencing subjective evaluations of performance, and highlight gender disparities in the adoption of such behaviors, in high-stakes competitive environments. |
| Keywords: | Self-promotion, Performance evaluation, Professional surfing, Gender differences, Instrumental variables |
| JEL: | J24 J16 Z22 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:uwa:wpaper:25-04 |
| By: | Paul X. McCarthy; Xian Gong; Marieth Coetzer; Marian-Andrei Rizoiu; Margaret L. Kern; John A. Johnson; Richard Holden; Fabian Braesemann |
| Abstract: | This study explores the relationship between personality diversity and national economic performance, introducing the Global Personality Diversity Index ({\Psi}-GPDI) as a novel metric. Leveraging a dataset of 760, 242 individuals across 135 countries, we quantify within-country diversity based on the Big Five personality traits. Our findings reveal that personality diversity accounts for 19.9% of the variance in GDP per capita and provides an additional 2.8% explanatory power beyond institutional quality and immigration, underscoring its unique contribution to economic vitality. Through multi-factor analysis, we demonstrate how personality diversity complements existing economic frameworks, offering actionable insights for policymakers seeking to enhance innovation, productivity, and resilience. This research positions psychological diversity as a critical yet under explored factor in driving economic growth, bridging the fields of psychology and economics. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2503.19388 |