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Free food for thought: The effect of universal free school meals on graduation rates in the US
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112127
Vivian Zhao
{"title":"Free food for thought: The effect of universal free school meals on graduation rates in the US","authors":"Vivian Zhao","doi":"10.1016/j.econlet.2024.112127","DOIUrl":"10.1016/j.econlet.2024.112127","url":null,"abstract":"<div><div>This paper evaluates the impact of the Community Eligibility Provision (CEP) – which expanded free school meal access at low-income schools across the US – on high school graduation rates. Using education and demographic data, I compare within-school outcomes between 2011 and 2020. I find that CEP improved graduation rates by 1.506 percentage points (<em>p = 0.024</em>) at schools where a lower percentage of students were originally eligible for free or reduced-price meals. Further analysis shows that a single year of exposure improved graduation rates by 1.373 percentage points (<em>p = 0.040</em>) and exposure for over a year increased graduation rates by 1.787 percentage points (<em>p = 0.039</em>).</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112127"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal monetary policy under fairness concerns in pricing
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112140
Toyoichiro Shirota
{"title":"Optimal monetary policy under fairness concerns in pricing","authors":"Toyoichiro Shirota","doi":"10.1016/j.econlet.2024.112140","DOIUrl":"10.1016/j.econlet.2024.112140","url":null,"abstract":"<div><div>This study explores the implications of fairness concerns in pricing for optimal monetary policy. Building on the fair-pricing model of Eyster et al. (2001), it derives a utility-based welfare loss function and identifies two key findings. First, fairness concerns shift the policy objective from stabilizing inflation, as emphasized in New Keynesian models, to minimizing and stabilizing perceived unfairness. Second, the analysis uncovers a novel disinflationary bias under discretionary policy, which contrasts with the inflationary bias widely discussed in the literature.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112140"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Validity of CARA function under expected utility
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112075
Yu Yan , Yan Tong , Yiming Wang
{"title":"Validity of CARA function under expected utility","authors":"Yu Yan ,&nbsp;Yan Tong ,&nbsp;Yiming Wang","doi":"10.1016/j.econlet.2024.112075","DOIUrl":"10.1016/j.econlet.2024.112075","url":null,"abstract":"<div><div>This paper assumes that the agent will make the same decision regarding a risk game involving a little bit of money at different levels of wealth. Under this assumption, we prove that as long as the agent’s utility function is in the form of expected utility, then the agent’s utility function is the constant absolute risk aversion (CARA) utility function. This suggests that the CARA utility function is likely the form that most closely approximates the true utility function under classical conditions. As application, this paper presents an asset pricing model with heterogeneous consumers with CARA utility function. It is found that the equity premium, the logarithmic return of risk assets minus the logarithmic return of risk-free assets, is a linear expression of the per capita consumption. The required relative risk aversion coefficient is about 4 within a reasonable range of 2 to 10.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112075"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Group size, member selection, and performance: Evidence from legislative elections in Brazil
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112153
Vinicius Lima
{"title":"Group size, member selection, and performance: Evidence from legislative elections in Brazil","authors":"Vinicius Lima","doi":"10.1016/j.econlet.2024.112153","DOIUrl":"10.1016/j.econlet.2024.112153","url":null,"abstract":"<div><div>This paper provides empirical evidence on the causal effects of group size on member selection and performance. Using data from local legislative elections in Brazil in a difference-in-differences framework, I explore an electoral reform that reduced the maximum number of candidates allowed in coalitions disputing legislative seats. The reform did not change the number of candidates and parties in the election, which was possible because in municipalities affected by the new cap parties reorganized into 21% more coalitions than would be expected without the reform. I discuss how the heterogeneity of the candidates combined with the coalitions’ adjustment to the reform led to the election of city councilors who were 17% wealthier, on average. Although the reform achieved the goal of reducing campaign costs, which fell by 9%, the election of wealthier politicians was an unintended consequence that weakened the representation of economically disadvantaged groups in the legislative body.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112153"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A simple proof of Blackwell’s theorem on the comparison of experiments for a general state space
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112146
M. Ali Khan , Haomiao Yu , Zhixiang Zhang
{"title":"A simple proof of Blackwell’s theorem on the comparison of experiments for a general state space","authors":"M. Ali Khan ,&nbsp;Haomiao Yu ,&nbsp;Zhixiang Zhang","doi":"10.1016/j.econlet.2024.112146","DOIUrl":"10.1016/j.econlet.2024.112146","url":null,"abstract":"<div><div>This paper offers, for a general state space, a simple proof of the equivalence between Blackwell <em>sufficiency</em> and the Bohnenblust–Shapley–Sherman criterion of <em>more-informativeness</em>. The proof relies on nothing more than the finite intersection property of compact sets. While several proofs exist for finite state spaces, infinite spaces, as necessitated in applications with continuous distributions, is explored by Boll (1955), Amershi (1988) (but for a finite-dimensional action set), and reviewed in LeCam’s foundational rubric for the subject. We offer two examples to show the fragility of Boll’s definition of the second criterion, and the necessity of his assumption of absolute continuity.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112146"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does supply chain finance improve firms’ ESG performance?
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112098
Shaohua Wang , Hong Hu , Hong Fan
{"title":"Does supply chain finance improve firms’ ESG performance?","authors":"Shaohua Wang ,&nbsp;Hong Hu ,&nbsp;Hong Fan","doi":"10.1016/j.econlet.2024.112098","DOIUrl":"10.1016/j.econlet.2024.112098","url":null,"abstract":"<div><div>This study investigates the impact of supply chain finance (SCF) participation on firms’ ESG performance by studying Chinese companies between 2011 and 2021. We find a significant positive association between SCF participation and ESG performance. Additional analysis indicates that SCF improves ESG by alleviating financial constraints and enhancing operational scrutiny. The results are consistent across various ESG and SCF measures and remain robust after endogeneity concerns are addressed.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112098"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
To the best of both worlds: Firm's nationalism and corporate tax
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112094
Zhi Wang, Shiyuan Li
{"title":"To the best of both worlds: Firm's nationalism and corporate tax","authors":"Zhi Wang,&nbsp;Shiyuan Li","doi":"10.1016/j.econlet.2024.112094","DOIUrl":"10.1016/j.econlet.2024.112094","url":null,"abstract":"<div><div>With the increasing uncertainty and instability on the international landscape, nationalism is reawakening over the world. Using the listed firms from 2009 to 2019 in China as the sample, this study investigates the relation between firm-level nationalism and tax outcomes and provides robust evidence that pro-nation firms (expressing greater nationalistic sentiments) would bear less tax burden. The tax alleviation mainly comes from the reciprocal favor accorded by tax authorities for nationalism endorsed by firms. Our study evaluates the tax implications of firms’ nationalism and highlights the essentiality of social factors in business management.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112094"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
From digital to innovative: How does digital transformation affect corporate innovation?
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2025.112210
Yi Qiao , Xiaorong Li , Juncheng Hu
{"title":"From digital to innovative: How does digital transformation affect corporate innovation?","authors":"Yi Qiao ,&nbsp;Xiaorong Li ,&nbsp;Juncheng Hu","doi":"10.1016/j.econlet.2025.112210","DOIUrl":"10.1016/j.econlet.2025.112210","url":null,"abstract":"<div><div>We document that digital transformation significantly enhances corporate innovation, including both exploitative and exploratory types. This finding is supported by instrumental variable regression analysis. Digital transformation improves innovation efficiency by accelerating the conversion of research and development activities into patents and by reducing the time between patent application and approval. Improvements in labor quality and access to financing serve as mediating channels through which digital transformation fosters innovation, with a stronger mediating effect on exploitative innovation. In contrast, digital transformation exerts a more pronounced direct effect on exploratory innovation.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112210"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143167012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Forecasting retail fuel prices with spatial interdependencies
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112128
Adam Clements , Jesús Otero
{"title":"Forecasting retail fuel prices with spatial interdependencies","authors":"Adam Clements ,&nbsp;Jesús Otero","doi":"10.1016/j.econlet.2024.112128","DOIUrl":"10.1016/j.econlet.2024.112128","url":null,"abstract":"<div><div>This paper forecasts station-level retail fuel prices using econometric methods, incorporating spatial interdependencies. Error correction models with cross-sectional dependence outperform autoregressive models with wholesale prices or spatial effects, demonstrating the benefits of spatial interdependencies in terms of improved forecasting performance.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112128"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The vehicle value externality
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2025.112200
Gernot Sieg , Berthold U. Wigger
{"title":"The vehicle value externality","authors":"Gernot Sieg ,&nbsp;Berthold U. Wigger","doi":"10.1016/j.econlet.2025.112200","DOIUrl":"10.1016/j.econlet.2025.112200","url":null,"abstract":"<div><div>This paper introduces the vehicle value externality as a previously unacknowledged cost of car traffic. Unlike established externalities such as emissions or congestion, the vehicle value externality arises from the impact of vehicle value on accident damages. By developing a model linking insurance premiums to this externality and applying it to German car traffic data, we estimate the annual aggregate cost at 10 billion euros in 2021.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112200"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143134589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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