经济学最新文献

{"title":"Schooling and Self-Control","authors":"Deborah A. Cobb-Clark ,&nbsp;Sarah C. Dahmann ,&nbsp;Daniel A. Kamhöfer ,&nbsp;Hannah Schildberg-Hörisch","doi":"10.1016/j.jebo.2025.107147","DOIUrl":"10.1016/j.jebo.2025.107147","url":null,"abstract":"<div><div>While there is an established positive relationship between self-control and education, the direction of causality remains a matter of debate. We make a contribution to resolving this issue by exploiting a series of Australian and German educational reforms that increased minimum education requirements as a source of exogenous variation in education levels. We find no evidence that an additional year of schooling increased the self-control of those people affected by the reforms, though our limited estimation power makes our estimates somewhat imprecise. Thus, while enhancing self-control through school-based interventions may be feasible, simply increasing the time early school leavers spend in formal education does not seem to meaningfully increase their self-control.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"237 ","pages":"Article 107147"},"PeriodicalIF":2.3,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144757926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Regional income redistribution in an era of rising market concentration","authors":"Roberta Capello,&nbsp;Kenneth Castillo-Hidalgo,&nbsp;Giovanni Perucca","doi":"10.1016/j.pirs.2025.100106","DOIUrl":"10.1016/j.pirs.2025.100106","url":null,"abstract":"<div><div>Starting from the superstar firm hypothesis of Autor et al. (2020), the paper conceptually analyses the regional industrial market power-induced effect on profit shares elaborating on the role of space. Our idea is that an industrial market power-induced effect exists, but this is heterogeneous across regions due to: i) the different capacity of regions to host superstar firms; ii) the multiplicative negative effects on inequalities that propagate in the area through the local <em>filière</em> of companies. We test these assumptions in European Union regions, thanks to a micro-level approach able to capture the real income redistribution between capital and labor remuneration, in different regions. The industry market power-induced effect on profit share is estimated for 82 industries competing at European level, observed between 2013 and 2019. Our findings suggest that the increase in the firms’ profit share is positively affected by an increasing industrial market power, and that this is higher, the larger the number of superstar firms located in the region. This effect is more intense in regions highly specialized in the same industry as the superstar firms located there.</div></div>","PeriodicalId":51458,"journal":{"name":"Papers in Regional Science","volume":"104 4","pages":"Article 100106"},"PeriodicalIF":2.3,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144739058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tacit knowledge in management roles: Evidence from the use of expatriates in South Korean MNCs","authors":"Carmen Astorne,&nbsp;Joonhyung Lee","doi":"10.1016/j.jebo.2025.107158","DOIUrl":"10.1016/j.jebo.2025.107158","url":null,"abstract":"<div><div>We study the use of tacit knowledge in management roles for a MNC through the lens of a knowledge hierarchy model. We use data on labor mobility of MNCs headquartered in South Korea. Given that South Korea is one of the least diverse countries in terms of ethnicity, culture, and language, and that Korean is an uncommon language isolated from other language families, the use of expatriates instead of locals serves as a means of transferring tacit knowledge from headquarters to foreign affiliates. We investigate how the use of expatriates changes for executive and manager layers as foreign affiliates expand or contract. In particular, we analyze foreign affiliates that expand with and without changing their organization of hierarchical layers. When affiliates expand by adding an organizational layer, we find that the new layer mostly comprises expatriates, while the need for expatriates in the layer immediately below declines. Similarly, when affiliates contract by dropping a layer, the need for expatriates in the layer immediately below increases. When foreign affiliates expand (contract) without reorganizing, they require more (fewer) Korean expatriates at the management layers as well. These results are robust to accounting for sectoral complexity and monitoring intensity, suggesting that expatriate use is not influenced by R&amp;D intensity or monitoring duties, and that the need for tacit knowledge in management is stable across sectors. Moreover, expatriate usage in management does not change with affiliate age, suggesting no evidence that expatriates’ tacit knowledge is converted into explicit knowledge at the foreign affiliate level.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"237 ","pages":"Article 107158"},"PeriodicalIF":2.3,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144748638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Money matters: Does access to financial services foster household energy transitions in Africa?","authors":"Logan Richardson ,&nbsp;Prabisha Shrestha ,&nbsp;Caleb Milliken ,&nbsp;Erin O. Sills ,&nbsp;Shannon Lloyd ,&nbsp;Lauren Nareau ,&nbsp;Stephanie Scott ,&nbsp;Pamela Jagger","doi":"10.1016/j.erss.2025.104215","DOIUrl":"10.1016/j.erss.2025.104215","url":null,"abstract":"<div><div>Financial inclusion is hypothesized to facilitate adoption of modern energy technologies, but the relationship has not been extensively studied in the African context. We use the World Bank Energy Sector Management Assistance Program (ESMAP) Multi-Tier Framework (MTF) Global Surveys on Energy Access for Kenya, Rwanda, and Zambia to examine the relationship between financial services and adoption of modern energy technologies. Using a series of logit regression models, we interact gender of the household head with financial inclusion variables to understand this relationship in rural–urban households, controlling for a range of household demographic and socioeconomic characteristics. We find that bank account ownership is broadly associated with grid connection, solar ownership, and clean cooking fuels, with the most robust associations observed among male-headed households in urban settings. Access to credit is linked to the adoption of solar technologies and clean cooking fuels, but not across all settings. Mobile money is associated with grid electricity access for all households in Kenya, and with solar adoption for female-headed households in Rwanda and Zambia. Our research demonstrates the differential role of financial services in catalyzing household energy transitions by gender of household head and rural–urban settings. Future studies should collect data on individuals and intrahousehold dynamics to better inform policymakers about the potential gender-related mechanisms that support financial services as a pathway to household energy transitions.</div></div>","PeriodicalId":48384,"journal":{"name":"Energy Research & Social Science","volume":"127 ","pages":""},"PeriodicalIF":7.4,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144748834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Ancestors call me home: Cultural distance and settlement intention of domestic migrant workers in China","authors":"Junfeng Ma ,&nbsp;Wentao Fu","doi":"10.1016/j.cities.2025.106317","DOIUrl":"10.1016/j.cities.2025.106317","url":null,"abstract":"<div><div>Employing data from the 2017 China Migrants Dynamic Survey, this paper investigates how deep-rooted cultural distance—measured by genetic distance between domestic migrants' origin and destination cities—affect their settlement intention. Our findings reveal that greater genetic distance significantly reduces domestic migrant workers' local identity in their current cities, thereby hindering their intention to settle. This causal effect prevails after controlling for other dimensions of inter-city cultural distance. This deterrent effect is particularly pronounced among migrants with lower educational attainment, those migrating from rural to urban areas, or those without a family history of domestic migration. Additionally, migrants facing greater cultural distance tend to report shorter expected settlement durations and a stronger intention to return to their hometown.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"167 ","pages":"Article 106317"},"PeriodicalIF":6.6,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144750201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Electric vehicle market dynamics: A multi-agent approach to policy, infrastructure, and consumer behavior","authors":"Javier Moralejo Piñas ,&nbsp;Francisco Martinez-Gil ,&nbsp;Maria Soriano Santacruz ,&nbsp;Fernando Fernández","doi":"10.1016/j.enpol.2025.114800","DOIUrl":"10.1016/j.enpol.2025.114800","url":null,"abstract":"<div><div>The transition to sustainable mobility is a critical component to reducing carbon emissions. However, the adoption of electric vehicles (EVs) is influenced by complex interactions among various stakeholders, including consumers, energy companies, and government bodies. This paper presents an agent-based model (ABM) of electric vehicle adoption and a multi-agent system (MAS) implemented to simulate and analyze these interactions within the EV market. By means of year-based temporal simulations, the framework provides insights into the factors driving EV adoption, consumer satisfaction, and the economic viability of energy infrastructure investments. A key strength of our ABM approach is its ability to capture the emergent dynamics arising from local interactions among heterogeneous agents. These micro-level behaviors collectively form a complex ecosystem that can influence the decision-making processes of higher-level stakeholders such as governments and firms, an aspect that is typically unaddressed in more aggregated, non-agent-based approaches. We test our model by simulating the EV market of a mid-sized city (170,000 inhabitants). Across several experimental scenarios, the system demonstrates how local strategic interactions among heterogeneous agent types give rise to emergent global outcomes and collective behavioral patterns. For example, improvements in charging speed and station availability can enhance user experience and facilitate broader EV adoption. Likewise, optimizing service station configurations can influence driver decision-making, leading to increased profitability for energy providers. This framework captures emerging market behaviors and serves as a robust tool to evaluate the impacts of various policies and market conditions, supporting informed decisions toward sustainable transportation solutions.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"206 ","pages":"Article 114800"},"PeriodicalIF":9.2,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144757034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do structured products improve portfolio performance? A backtesting exercise","authors":"Florian Perusset ,&nbsp;Michael Rockinger","doi":"10.1016/j.jimonfin.2025.103396","DOIUrl":"10.1016/j.jimonfin.2025.103396","url":null,"abstract":"<div><div>In this paper, we show how the inclusion of structured products affects the performance of a portfolio of primary assets. We consider fairly priced, synthetic structured products (convertible bonds, reverse convertibles, or barrier reverse convertibles) that we include in a 60/40 portfolio (60 % stocks and 40 % bonds), a typical portfolio held by institutional investors. We demonstrate that including structured products in the 60/40 portfolio generally lowers returns and risk-adjusted performance across all product types. Moreover, we evaluate the opportunity costs – in terms of utility – of including structured products in the 60/40 portfolio. We demonstrate that the opportunity cost is overwhelmingly negative, implying that investors who choose to include structured products in their portfolios suffer from a disutility. Our findings are robust to alternative settings. We expect further performance deterioration for real-world structured products that are highly illiquid, exhibit high transaction costs, and are often more complex than the products we are considering.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"157 ","pages":"Article 103396"},"PeriodicalIF":3.3,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144748991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"When do short sellers trade? Evidence from intraday data and implications for informed trading models","authors":"Danqi Hu ,&nbsp;Charles M. Jones ,&nbsp;Xiaoyan Zhang ,&nbsp;Xinran Zhang","doi":"10.1016/j.jfineco.2025.104148","DOIUrl":"10.1016/j.jfineco.2025.104148","url":null,"abstract":"<div><div>Using 2015–2019 intraday short sale data from CBOE, we show that shorting flows near the open, middle, and close all negatively predict future returns, but the shorting flows near the open and middle have stronger predictive power than shorting flows near the close. We relate our findings to three informed trading models with different predictions on the timing of the trades. The long term predictive power of shorting flows near the open and midday is consistent with Kyle’s (1985) model of steady trading; the intraday variation in shorting flows’ predictive power is more consistent with Holden and Subrahmanyam’s (1992) aggressive trading model, in the sense that predictive power of shorting flows is stronger when there is greater urgency to trade at open and when the securities lending market is more competitive; and the liquidity timing hypothesis from Collin-Dufresne and Fos (2016) is also supported by the finding that opening shorting flows increase for firms with better liquidity conditions.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104148"},"PeriodicalIF":10.4,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144757452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A revisiting of 2021 Japanese electricity spot market dysfunction event: How it happened and what can we learn from it?","authors":"Hong-Zhou Li ,&nbsp;Lin-Lan Bu ,&nbsp;Maria Kopsakangas-Savolainen ,&nbsp;Mika Goto","doi":"10.1016/j.enpol.2025.114802","DOIUrl":"10.1016/j.enpol.2025.114802","url":null,"abstract":"<div><div>In January 2021, despite the absence of natural disasters, Japan's electricity spot market experienced a significant dysfunction lasting more than 40 days. During this period, prices surged from 10 JPY/kWh to 251 JPY/kWh, an unprecedented event in Japan's electricity market's history. Research indicates that this incident is causally linked to the design of relevant institutions, which not only failed to provide effective hedging mechanisms but also exacerbated the negative impact of exogenous factors on the electricity spot market. Specifically, the primary causes include an imperfect pricing mechanism for unbalanced power, inadequate systems for information collection and disclosure, potential cross-subsidies within incumbent power companies, and impractical market risk diversification mechanisms.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"206 ","pages":"Article 114802"},"PeriodicalIF":9.2,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144757033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An integrated approach for enhancing the planning perspective of peri-urban and urban green spaces: The case of the Limassol Metropolitan Area in Cyprus","authors":"Nicolas-George Homer Eliades ,&nbsp;George Kefalas ,&nbsp;Roxanne Suzette Lorilla","doi":"10.1016/j.cities.2025.106332","DOIUrl":"10.1016/j.cities.2025.106332","url":null,"abstract":"<div><div>Urban and peri-urban green spaces are increasingly recognized as critical infrastructure for enhancing ecological resilience, mitigating the urban heat island (UHI) effect, and supporting human well-being in rapidly urbanizing and climate-vulnerable regions. This study presents an integrated spatial planning framework to identify and prioritize areas for green space development in the Limassol Metropolitan Area (Cyprus), an Eastern Mediterranean city significantly affected by urban expansion and vegetation loss over the past three decades. A temporal analysis (1990–2020) revealed marked urban sprawl and intensification of UHI conditions, particularly in densely built environments lacking adequate green infrastructure. A GIS-based multi-criteria suitability assessment, employing the Analytical Hierarchy Process (AHP), was conducted to evaluate spatial variables including land use, slope, soil type, and proximity to population centres. The resulting spatial model identified high-priority zones for green space interventions, emphasizing enhancing thermal comfort, promoting biodiversity connectivity through ecological corridors, and addressing spatial inequalities in green space access. Crucially, the methodological framework incorporated stakeholder engagement to ensure alignment with local socio-environmental needs, spatial planning regulations, and climate adaptation policy objectives. Findings underscore the uneven distribution of green infrastructure across the urban landscape and highlight the importance of targeting interventions in areas of both ecological sensitivity and social vulnerability. The proposed framework offers a transferable tool for sustainable urban planning and climate resilience, particularly for Mediterranean and other regions confronting similar development and environmental challenges. It supports data-informed, equitable green infrastructure planning to enhance urban sustainability and adaptive capacity under climate change.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"167 ","pages":"Article 106332"},"PeriodicalIF":6.6,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144750175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}