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Wealth creators or inheritors? Unpacking the gender wealth gap from bottom to top and young to old 财富创造者还是继承者？解读从下到上、从年轻到年老的性别贫富差距
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-06 DOI: 10.1016/j.econlet.2024.111997
Charlotte Bartels , Eva Sierminska , Carsten Schröder
{"title":"Wealth creators or inheritors? Unpacking the gender wealth gap from bottom to top and young to old","authors":"Charlotte Bartels ,&nbsp;Eva Sierminska ,&nbsp;Carsten Schröder","doi":"10.1016/j.econlet.2024.111997","DOIUrl":"10.1016/j.econlet.2024.111997","url":null,"abstract":"<div><div>There is growing interest in understanding how gender influences the accumulation of wealth. While prior studies focused on labor-related determinants, our research focuses on inheritances and gifts. Using unique survey data that oversamples the top 1% of wealth holders in Germany, we show that the gender wealth gap is small for individuals up to age 40, then widens, and declines for those past retirement age. Transfer amounts and their timing are important drivers of these differences: men tend to inherit larger sums than women during their working life. Women often outlive their male partners, thus receiving larger inheritances at older ages.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"246 ","pages":"Article 111997"},"PeriodicalIF":2.1,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702268","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
Matching workers to firms facing budget constraints 为面临预算限制的企业选配工人
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-06 DOI: 10.1016/j.econlet.2024.112048
Amirreza Ahmadzadeh , Behrang Kamali Shahdadi
{"title":"Matching workers to firms facing budget constraints","authors":"Amirreza Ahmadzadeh ,&nbsp;Behrang Kamali Shahdadi","doi":"10.1016/j.econlet.2024.112048","DOIUrl":"10.1016/j.econlet.2024.112048","url":null,"abstract":"<div><div>We study a many-to-one matching model with salaries in which firms face budget constraints. Mongell and Roth (1986) show that when firms face a budget constraint, a stable matching may not exist. We introduce an algorithm to find a strong stable matching by changing the budget of firms such that the total budget remains the same and each firm’s budget change is bounded by the value of at most one worker for that firm.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112048"},"PeriodicalIF":2.1,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661954","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
Comovement of labor supply and human capital investment in policy analysis 政策分析中劳动力供给与人力资本投资的相关性
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112056
Minhyeon Jeong , Euiyoung Jung , Chul-In Lee
{"title":"Comovement of labor supply and human capital investment in policy analysis","authors":"Minhyeon Jeong ,&nbsp;Euiyoung Jung ,&nbsp;Chul-In Lee","doi":"10.1016/j.econlet.2024.112056","DOIUrl":"10.1016/j.econlet.2024.112056","url":null,"abstract":"<div><div>Quantitative studies of human capital report the comovement of labor and human capital investment in response to policy changes, which is usually understood based on the intuition that human capital is utilized only while working: both inputs are complements in the formation of effective labor. Given the lack of (i) theoretical analysis of exact conditions and (ii) the preference-side intuition that both inputs involve disutility leading to a similar comovement, we fill the gap. The general condition for the comovement specifies the minimum extent of disutility smoothing between labor and human capital investment, and the prior intuition relaxes this condition, raising comovement possibilities. The conclusion has wide applicabilities in policy analysis.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112056"},"PeriodicalIF":2.1,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661960","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 equilibrium strategy of insurance companies’ dividends and reinsurance games 保险公司分红与再保险博弈的均衡策略
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112040
Bo Yang , Yizhi Wang , Dingjun Yao , Yueyang Wang , Xin Xu
{"title":"The equilibrium strategy of insurance companies’ dividends and reinsurance games","authors":"Bo Yang ,&nbsp;Yizhi Wang ,&nbsp;Dingjun Yao ,&nbsp;Yueyang Wang ,&nbsp;Xin Xu","doi":"10.1016/j.econlet.2024.112040","DOIUrl":"10.1016/j.econlet.2024.112040","url":null,"abstract":"<div><div>We investigated the optimal risk management strategies of an insurance company within a two-player non-cooperative differential game framework. The key feature of this model is considering the company’s surplus as a strategic variable to make the insurance company more attractive to shareholders. In this setup, shareholders are participants who demand a share of the surplus, while managers are participants concerned with the risk management of the surplus. The objective of the shareholders is to maximize the expected discounted dividends. We address this asymmetric game under two different assumptions about the managers’ objectives: in the first scenario, the managers aim to minimize the probability of bankruptcy; in the second scenario, the managers aim to maximize the expected discounted utility derived from the surplus.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112040"},"PeriodicalIF":2.1,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661955","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
Does the income elasticity of energy demand vary with the stages of economic development? 能源需求的收入弹性是否随经济发展阶段而变化？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112055
Nader AlKathiri, Abdulelah Darandary, Jeyhun I. Mikayilov
{"title":"Does the income elasticity of energy demand vary with the stages of economic development?","authors":"Nader AlKathiri,&nbsp;Abdulelah Darandary,&nbsp;Jeyhun I. Mikayilov","doi":"10.1016/j.econlet.2024.112055","DOIUrl":"10.1016/j.econlet.2024.112055","url":null,"abstract":"<div><div>This paper revisits the empirical evidence on the income elasticity of energy demand by investigating whether it varies with the level of economic development. We estimate the elasticity using mean-group type estimators for a sample of 111 countries spanning three decades. Our analysis reveals that the elasticity is not constant and tends to decline as countries become wealthier. As economies become more developed, their energy intensity falls, eventually reaching zero elasticity, indicating a decoupling between economic growth and energy demand. This finding underscores the importance of considering countries’ stages of economic development when making energy outlook projections.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112055"},"PeriodicalIF":2.1,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661953","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
Welfare measurement with income-dependent discrete choice 依赖收入的离散选择的福利衡量
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-02 DOI: 10.1016/j.econlet.2024.112051
P. Delle Site , K. Kilani
{"title":"Welfare measurement with income-dependent discrete choice","authors":"P. Delle Site ,&nbsp;K. Kilani","doi":"10.1016/j.econlet.2024.112051","DOIUrl":"10.1016/j.econlet.2024.112051","url":null,"abstract":"<div><div>The expectation of the random compensating variation is the welfare change measure that is used in discrete choice models. The expectation of the equivalent variation is equally founded theoretically. When choices are income independent and income enters utilities linearly, the two measures are identical. The case of income-dependent choices remains an area for exploration. The paper provides the equivalent variation counterparts of the formulas that are available for the expectation of the compensating variation.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112051"},"PeriodicalIF":2.1,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142661956","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
High school to work: How did Millennials fare? 从高中到工作：千禧一代的表现如何？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-02 DOI: 10.1016/j.econlet.2024.112044
Audra Bowlus , Yuet-Yee Linda Wong
{"title":"High school to work: How did Millennials fare?","authors":"Audra Bowlus ,&nbsp;Yuet-Yee Linda Wong","doi":"10.1016/j.econlet.2024.112044","DOIUrl":"10.1016/j.econlet.2024.112044","url":null,"abstract":"<div><div>This paper studies Millennials’ school-to-work transition by race and gender based on flow-sampled data. We construct labor market histories upon entry for a sample of high school graduates, and estimate a wage posting equilibrium search model. We find the labor market deteriorated substantially for white male Millennials relative to those in Generation X resulting in the disappearance of racial differences. Further, Millennial males search less efficiently but receive higher mean wage offers than females pointing to a gender wage gap driven only by productivity differences.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112044"},"PeriodicalIF":2.1,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586742","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
Solving HACT models with bankruptcy choice 利用破产选择解决现金转移统一办法模型
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-02 DOI: 10.1016/j.econlet.2024.112045
Gustavo Mellior , Katsuyuki Shibayama
{"title":"Solving HACT models with bankruptcy choice","authors":"Gustavo Mellior ,&nbsp;Katsuyuki Shibayama","doi":"10.1016/j.econlet.2024.112045","DOIUrl":"10.1016/j.econlet.2024.112045","url":null,"abstract":"<div><div>We introduce bankruptcy choice to the heterogeneous agent in continuous time (HACT) framework developed in Achdou et al. (2022). We demonstrate that real-options-like problems such as the decision to declare bankruptcy can be efficiently solved using the “value-matching” condition only (unlike alternative methods that require both value matching and “smooth pasting”). Moreover, we show that under certain conditions, smooth-pasting may not hold. Given this, we recommend (and demonstrate the use of) linear complementarity problem (LCP) solvers for real-option like problems, especially in settings where control variables depend on the slope of the value function. We show that this approach is more flexible and computationally efficient than other popular solution methods. In particular, it is less prone to errors in settings that have corner solutions.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"245 ","pages":"Article 112045"},"PeriodicalIF":2.1,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586750","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
Monetary policy and house price heterogeneity: Evidence from the U.K 货币政策与房价异质性：英国的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-01 DOI: 10.1016/j.econlet.2024.112023
Aristotelis Margaris
{"title":"Monetary policy and house price heterogeneity: Evidence from the U.K","authors":"Aristotelis Margaris","doi":"10.1016/j.econlet.2024.112023","DOIUrl":"10.1016/j.econlet.2024.112023","url":null,"abstract":"<div><div>This paper investigates the effects of monetary policy shocks on regional house prices in the U.K. The empirical results indicate significant heterogeneity in the impact of monetary policy on regional house prices. Focusing on the source of heterogeneity, the paper suggests a demand-side factor to be a major driver. The regions with relatively affordable housing exhibit higher sensitivity to monetary policy than those with less affordable housing. The prevailing view that region-specific housing supply constraints and regional housing supply elasticity are responsible for the heterogeneous response of regional house prices to monetary policy shocks is not confirmed by the empirical findings.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112023"},"PeriodicalIF":2.1,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142551877","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
Vocabulary Herfindahl Index (VocaHIn): Linguistic dominance and collective effervescence in WallStreetBets 词汇赫芬达尔指数（VocaHIn）：华尔街博彩公司的语言优势和集体活力
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-11-01 DOI: 10.1016/j.econlet.2024.112027
Ko Hayakawa , Yoichi Otsubo , Ser-huang Poon , Siliang Wei
{"title":"Vocabulary Herfindahl Index (VocaHIn): Linguistic dominance and collective effervescence in WallStreetBets","authors":"Ko Hayakawa ,&nbsp;Yoichi Otsubo ,&nbsp;Ser-huang Poon ,&nbsp;Siliang Wei","doi":"10.1016/j.econlet.2024.112027","DOIUrl":"10.1016/j.econlet.2024.112027","url":null,"abstract":"<div><div>Our analysis of over 150,000 WallStreetBets comments reveals dominant phrases when members of the community experience collective excitement and solidarity (<em>Collective Effervescence</em>). Using the novel <em>Vocabulary Herfindahl Index</em> (<em>VocaHIn</em>), we find that stock returns volatility increases after <em>CE</em>, and vice versa.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 112027"},"PeriodicalIF":2.1,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142561216","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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