{"title":"Political power shifts, varying tax policy, and economic outcomes in a creative region","authors":"Amitrajeet A. Batabyal , Hamid Beladi","doi":"10.1016/j.pirs.2024.100065","DOIUrl":"10.1016/j.pirs.2024.100065","url":null,"abstract":"<div><div>We analyze how a permanent shift in political power in a region that is creative <em>a la</em> Richard Florida affects tax policy and economic outcomes. There are three groups of individuals in our region: laborers or workers, creative class members or entrepreneurs, and the elites. The elites initially hold political power but then they lose it to the creative class. We describe the Markov perfect equilibrium of the political game between the above three groups. Specifically, we first derive the optimal taxes that are levied on the elites and on the creative class, by the creative class. Next, we compute the discounted utility of the elites when the creative class holds political power and compare this to their utility when they are in control of politics.</div></div>","PeriodicalId":51458,"journal":{"name":"Papers in Regional Science","volume":"104 1","pages":"Article 100065"},"PeriodicalIF":2.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142659365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Marcelo Brutti Righi, Fernanda Maria Müller, Marlon Ruoso Moresco
{"title":"A risk measurement approach from risk-averse stochastic optimization of score functions","authors":"Marcelo Brutti Righi, Fernanda Maria Müller, Marlon Ruoso Moresco","doi":"10.1016/j.insmatheco.2024.11.005","DOIUrl":"10.1016/j.insmatheco.2024.11.005","url":null,"abstract":"<div><div>We propose a risk measurement approach for a risk-averse stochastic problem. We provide results that guarantee the existence of a solution to our problem. We characterize and explore the properties of the argmin as a risk measure and the minimum as a generalized deviation measure. We provide an example to demonstrate a specific application of our approach. Additionally, we present a numerical example of the problem's solution to illustrate the usefulness of our approach in risk management analysis.</div></div>","PeriodicalId":54974,"journal":{"name":"Insurance Mathematics & Economics","volume":"120 ","pages":"Pages 42-50"},"PeriodicalIF":1.9,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142662504","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}
Resources PolicyPub Date : 2024-11-15DOI: 10.1016/j.resourpol.2024.105405
Shabnam Zeinedini , Mohammad Sharif Karimi , Azad Khanzadi , Ali Falahati
{"title":"Impact of oil and gold prices on Bitcoin price during Russia-Ukraine and Israel-Gaza wars","authors":"Shabnam Zeinedini , Mohammad Sharif Karimi , Azad Khanzadi , Ali Falahati","doi":"10.1016/j.resourpol.2024.105405","DOIUrl":"10.1016/j.resourpol.2024.105405","url":null,"abstract":"<div><div>Political tensions between countries and geopolitical events can create significant uncertainty in financial markets, impacting the prices of traditional assets such as oil and gold, as well as the emerging asset, Bitcoin. This study investigates the effect of gold and oil prices, including their price shocks, on Bitcoin price during two specific conflicts: the Russia-Ukraine war and the Israel-Gaza conflict. To achieve this, we employed the Vector Auto-Regression (VAR) method and wavelet coherence analysis. The data used spans daily observations from January 2022 to April 2024.The findings indicate that gold prices have a positive impact on Bitcoin prices. Specifically, there is a predominantly short-term relationship between gold prices and Bitcoin prices throughout the entire period under review, with this influence gradually decreasing over the medium and long term. Conversely, the relationship between Brent oil prices and Bitcoin prices during the same period shows that crude oil prices generally have a negative and insignificant effect on Bitcoin prices in the short term.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105405"},"PeriodicalIF":10.2,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658083","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}
Romeo Dipura , Elmond Bandauko , Robert Nutifafa Arku
{"title":"‘Precarious power’: Implicit infrastructures and electricity access in Witsand, Cape Town (South Africa)","authors":"Romeo Dipura , Elmond Bandauko , Robert Nutifafa Arku","doi":"10.1016/j.habitatint.2024.103228","DOIUrl":"10.1016/j.habitatint.2024.103228","url":null,"abstract":"<div><div>For the poor residents in Witsand, an informal settlement on the periphery of Cape Town, electricity access is an everyday struggle, where households circumvent Eskom's vouchers and prepaid meters to adapt electricity to their lived realities. In this paper, we argue that in a context where Eskom electricity provision is often exclusionary, residents deploy diverse strategies to challenge this form of infrastructure violence. Drawing on over twenty months of ethnographic work, complemented with participant observations and semi-structured interviews, we demonstrate how resident-made electricity connections prove a critical and implicit part of the electricity infrastructure system. Building from a sociotechnical approach to infrastructure, we use the notion of ‘precarious power’ to explore the mix of agency and precariousness that are entangled in the everyday practices of ordinary people making electricity connections. We highlight that in improvising electricity access, residents in Witsand exercised their agency to circumvent and appropriate Eskom electricity. This paper contributes to an understanding of urban residents' everyday infrastructural experiences through an analytical frame that is neither dismissive of their agency nor celebratory of their struggles.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"154 ","pages":"Article 103228"},"PeriodicalIF":6.5,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Three things about mobile app commissions","authors":"Joshua S. Gans","doi":"10.1016/j.infoecopol.2024.101114","DOIUrl":"10.1016/j.infoecopol.2024.101114","url":null,"abstract":"<div><div>Mobile app commissions paid by app developers to a monopolist device maker/app store operator are examined. Three results are demonstrated. First, unregulated app commissions are set at a level that maximises consumer surplus. Second, eliminating app commissions will likely lead to higher device prices. Third, requiring a menu of options for consumers as to how device makers receive subsidies from app developers constrains app commissions in a way that provides a more equal balance between consumer versus app developer interests.</div></div>","PeriodicalId":47029,"journal":{"name":"Information Economics and Policy","volume":"69 ","pages":"Article 101114"},"PeriodicalIF":4.5,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The impact of financial technology advancement on stock crash risk: An Analysis of the mediating effect of information transparency","authors":"Qifeng Zou , Yanliang Zhang","doi":"10.1016/j.frl.2024.106448","DOIUrl":"10.1016/j.frl.2024.106448","url":null,"abstract":"<div><div>This paper meticulously examines the influence of financial technology (fintech) development on stock price crash risk. Utilizing a fixed-effects model, the analysis focuses on a comprehensive sample of China's A-share listed companies spanning the years 2012 to 2020. The findings reveal a significant insight: within China's capital markets, enhancements in regional fintech development act as a potent deterrent against the peril of corporate share price collapses. Notably, fintech exerts its influence on mitigating stock price crash risk by enhancing the degree of corporate information transparency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106448"},"PeriodicalIF":7.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660468","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":"A model of mobile app and ad platform markets","authors":"Yusuke Zennyo","doi":"10.1016/j.ijindorg.2024.103117","DOIUrl":"10.1016/j.ijindorg.2024.103117","url":null,"abstract":"<div><div>The mobile application (app) economy comprises two distinct platform markets through which app developers generate revenue: app platform and ad platform markets. When developers monetize their apps by charging users (or through in-app advertising), they must pay commissions to the app platform (or ad platform). Both platform markets are interconnected, as developers choose which market to use for monetization (paid or ad-funded). The model shows that app and ad platforms are substitutes for app developers. Thus, an imbalance between app and ad commissions induces some developers to choose inefficient business models. For example, if the app commission is lower than the ad commission, some ad-friendly developers may choose the paid business model even though they could generate a greater surplus from advertising from a social welfare perspective. This finding highlights the benefits of distinct platforms setting similar commissions. The model is also used to evaluate the impact of a non-price strategy implemented by the app platform to limit the ability of app developers to monetize through advertising. The analysis shows that the app platform can use this non-price strategy to increase its demand at the expense of the ad platform.</div></div>","PeriodicalId":48127,"journal":{"name":"International Journal of Industrial Organization","volume":"97 ","pages":"Article 103117"},"PeriodicalIF":1.7,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
CitiesPub Date : 2024-11-15DOI: 10.1016/j.cities.2024.105574
Duncan A. Smith
{"title":"Travel sustainability of new build housing in the London region: Can London's Green Belt be developed sustainably?","authors":"Duncan A. Smith","doi":"10.1016/j.cities.2024.105574","DOIUrl":"10.1016/j.cities.2024.105574","url":null,"abstract":"<div><div>Although London's high-density compact city planning has largely delivered sustainable development in the urban core, the wider regional challenge is that housing targets have been consistently missed for the last decade, and the lack of supply is exacerbating the housing affordability crisis. Releasing Green Belt land has been cited as a solution. This paper analyses new build development in the London region from 2011 to 2022, and confirms that Green Belt policy needs reform – local authorities in the Green Belt have the lowest housing delivery in the region, and car dependent ‘leap-frog’ development is occurring beyond the Green Belt boundary. The relaxation of Green Belt restrictions could greatly boost development, but would also risk producing car dependent housing. This research produces a new Travel Sustainability Index using census travel behaviour data, and analyses the travel patterns of residents in new build housing over the last decade. The conclusions are that more sustainable Green Belt development can be achieved by prioritising development in Outer London and through extending existing towns and cities in the Greater South East. Achieving this outcome will require improved regional planning coordination and infrastructure investment.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"156 ","pages":"Article 105574"},"PeriodicalIF":6.0,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142657756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mostafa Monzur Hasan , Nurul Alam , Mohammad Riaz Uddin , Stewart Jones
{"title":"Real earnings management and debt choice","authors":"Mostafa Monzur Hasan , Nurul Alam , Mohammad Riaz Uddin , Stewart Jones","doi":"10.1016/j.intfin.2024.102080","DOIUrl":"10.1016/j.intfin.2024.102080","url":null,"abstract":"<div><div>This study investigates whether real earnings management (RealEM) affects firms’ debt choice. We find that firms with higher RealEM rely more on bank debt than public debt as a source of financing. Our cross-sectional analysis reveals that the RealEM–debt choice association is more significant in the presence of poor corporate governance and heightened financing constraints. We also observe that the connection between RealEM and bank debt is more significant for suspect firms (i.e., firms with a genuine motive for opportunistic earnings management) than their non-suspect counterparts. Additionally, we find that RealEM increases the use of trade credit and short-term debt. Our findings are robust to endogeneity concerns and other issues. Overall, our findings suggest that the impact of information asymmetry issues arising from RealEM is less for bank than for public debtholders.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102080"},"PeriodicalIF":5.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653424","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":"Mobility for All: Representative Intergenerational Mobility Estimates over the Twentieth Century","authors":"Elisa Jácome, Ilyana Kuziemko, Suresh Naidu","doi":"10.1086/732527","DOIUrl":"https://doi.org/10.1086/732527","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"62 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637540","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}