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Nonparametric estimation of matching efficiency and elasticity in a marriage agency platform: 2014–2025 婚介平台中配对效率与弹性的非参数估计：2014-2025
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-17 DOI: 10.1016/j.econlet.2025.112617
Suguru Otani
{"title":"Nonparametric estimation of matching efficiency and elasticity in a marriage agency platform: 2014–2025","authors":"Suguru Otani","doi":"10.1016/j.econlet.2025.112617","DOIUrl":"10.1016/j.econlet.2025.112617","url":null,"abstract":"<div><div>This paper examines monthly matching efficiency in the Japanese marriage market using novel data from IBJ, the country’s largest structured matching platform. Unlike administrative or dating app data, IBJ provides full search, dating, and matching logs based on verified profiles and confirmed engagements. Users are highly selected into serious marriage search via costly screening. Covering 3.3% of national marriages annually, I estimate time-varying matching functions using a nonparametric approach. Matching efficiency triples between 2014 and 2025, with diverging elasticities indicating increasingly asymmetric responsiveness. Results show how digital intermediation reshapes partner search in modern marriage markets.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112617"},"PeriodicalIF":1.8,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155161","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
Expectations, learning gains, and forecast errors: Assessing nonlinearities with a functional coefficient approach 期望、学习增益和预测误差：用函数系数方法评估非线性
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-16 DOI: 10.1016/j.econlet.2025.112612
Fabio Milani
{"title":"Expectations, learning gains, and forecast errors: Assessing nonlinearities with a functional coefficient approach","authors":"Fabio Milani","doi":"10.1016/j.econlet.2025.112612","DOIUrl":"10.1016/j.econlet.2025.112612","url":null,"abstract":"<div><div>This paper investigates potential nonlinearities in the gain function, which, under adaptive learning, regulates the updating of agents’ beliefs in response to recent forecast errors.</div><div>I use data on professional survey forecasts to estimate nonparametric functional-coefficient regression models.</div><div>The estimation results reveal nonlinearities in the relationships between expectations and forecast errors, which are indicative of nonlinear gain functions. Gains increase when forecast errors are historically large, and respond asymmetrically to past overpredictions and underpredictions. The findings suggest incorporating nonlinearities in the modeling of learning gains, instead of relying on the constant-gain assumption.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112612"},"PeriodicalIF":1.8,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106332","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
Iterative Complement-clustering PCA: Uncovering latent industry structures in stock returns 迭代互补聚类PCA：揭示股票收益中的潜在行业结构
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-16 DOI: 10.1016/j.econlet.2025.112611
Daning Bi , Le Chang , Yanrong Yang
{"title":"Iterative Complement-clustering PCA: Uncovering latent industry structures in stock returns","authors":"Daning Bi ,&nbsp;Le Chang ,&nbsp;Yanrong Yang","doi":"10.1016/j.econlet.2025.112611","DOIUrl":"10.1016/j.econlet.2025.112611","url":null,"abstract":"<div><div>Principal component analysis (PCA) is a widely implemented statistical method for dimension reduction, but struggles to identify group-specific patterns (sub-homogeneity), such as the latent industry structures in high-dimensional stock return data. We propose an Iterative Complement-clustering PCA (ICcPCA) that jointly estimates homogeneity (market-wide effects) and sub-homogeneity (industry-specific risks), where a Leave-one-out principal component regression (LOO-PCR) clustering approach is developed to iteratively cluster variables (stocks) into disjoint multidimensional subspaces (groups). Simulations show that the ICcPCA outperforms the conventional PCA in both estimating the number of principal components and recovering the data. In analyzing stock returns of 160 firms across 8 industries, ICcPCA with LOO-PCR can separate market-wide effects from industry-specific risks, achieving higher clustering accuracy and lower recovering errors. Applications in portfolio optimization demonstrate that ICcPCA-based minimum variance portfolios can attain lower volatility and higher profitability than PCA-based portfolios.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112611"},"PeriodicalIF":1.8,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119043","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
Mapping the landscape of sustainable finance (2004–2025): A bibliometric analysis 绘制可持续金融景观（2004-2025）：文献计量分析
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-16 DOI: 10.1016/j.econlet.2025.112625
Zhan Wang, Lijuan Xu
{"title":"Mapping the landscape of sustainable finance (2004–2025): A bibliometric analysis","authors":"Zhan Wang,&nbsp;Lijuan Xu","doi":"10.1016/j.econlet.2025.112625","DOIUrl":"10.1016/j.econlet.2025.112625","url":null,"abstract":"<div><div>Sustainable finance supports long-term investment and financing aligned with environmental, social, and economic goals. This study conducts a bibliometric analysis of 2,101 SSCI-indexed articles on sustainable finance (2004–2025) from the Web of Science (WoS) database. Using CiteSpace and VOSviewer, we examine the following key aspects, in terms of leading journals, institutions and countries, highly cited articles, core research themes and development trend of sustainable finance. Our findings contribute to the deeper understanding of knowledge landscape of sustainable finance and offer valuable insights for future academic inquiry, interdisciplinary collaboration, and policy development.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112625"},"PeriodicalIF":1.8,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106334","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
Willingness to compete and distributional preferences at early ages: an experimental study of Chinese schoolchildren 幼儿竞争意愿与分配偏好：中国学童的实验研究
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-16 DOI: 10.1016/j.econlet.2025.112620
Ming Dai , Chi Cui , Tianming Ren , Liu Liu
{"title":"Willingness to compete and distributional preferences at early ages: an experimental study of Chinese schoolchildren","authors":"Ming Dai ,&nbsp;Chi Cui ,&nbsp;Tianming Ren ,&nbsp;Liu Liu","doi":"10.1016/j.econlet.2025.112620","DOIUrl":"10.1016/j.econlet.2025.112620","url":null,"abstract":"<div><div>We conducted a lab-in-the-field experiment to examine the relationship between distributional preferences and willingness to compete with 197 Chinese children aged from 9 to 12 years old. Using a real-effort task to elicit competitive choice and a modified dictator game to estimate selfishness-fairness and efficiency-equality tradeoffs via a CES utility framework, we find that children with a strong fairness focus are significantly more likely to choose competitive schemes. Efficiency orientation is positively associated with the competitive choice, and this relationship is moderated by gender. Our findings provide novel evidence on the early emergence of economically relevant preferences.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112620"},"PeriodicalIF":1.8,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106336","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
Commodity terms of trade news and country spreads in emerging economies 新兴经济体的商品贸易新闻和国家价差
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-14 DOI: 10.1016/j.econlet.2025.112604
Jia Liu , Ingul Baek , Sanha Noh
{"title":"Commodity terms of trade news and country spreads in emerging economies","authors":"Jia Liu ,&nbsp;Ingul Baek ,&nbsp;Sanha Noh","doi":"10.1016/j.econlet.2025.112604","DOIUrl":"10.1016/j.econlet.2025.112604","url":null,"abstract":"<div><div>This paper examines the dynamic relationship between commodity terms of trade (CTOT) news shocks and country spreads in commodity-exporting emerging economies. Using a VAR model and shock identification approach based on Uhlig (2003), we show that positive CTOT news shocks lead to significant and persistent increases in output, consumption, and investment, accompanied by reductions in country spreads. Our analysis reveals that country spread shocks largely reflect information about future movements in CTOT. Country-specific results highlight heterogeneity, with stronger correlations between these shocks observed in Argentina, Peru, and Colombia compared to Brazil and Chile. Our findings emphasize that financial frictions potentially play a role in propagating CTOT news shocks in commodity-exporting emerging economies.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112604"},"PeriodicalIF":1.8,"publicationDate":"2025-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106335","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
Dissecting the ESG ratings: Does one size fit all? 剖析ESG评级：一个标准适用于所有吗？
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-14 DOI: 10.1016/j.econlet.2025.112606
Monica Billio , Aoife Claire Fitzpatrick , Carmelo Latino , Loriana Pelizzon
{"title":"Dissecting the ESG ratings: Does one size fit all?","authors":"Monica Billio ,&nbsp;Aoife Claire Fitzpatrick ,&nbsp;Carmelo Latino ,&nbsp;Loriana Pelizzon","doi":"10.1016/j.econlet.2025.112606","DOIUrl":"10.1016/j.econlet.2025.112606","url":null,"abstract":"<div><div>In this study, we unpack the ESG ratings of three prominent agencies in Europe and find that (i) each E, S, and G pillar contributes differently to the overall ESG score, (ii) there is a low co-movement between the three E, S, G pillars and (iii) there are specific ESG Key Performance Indicators (KPIs) that are driving these ratings more than others.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112606"},"PeriodicalIF":1.8,"publicationDate":"2025-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119154","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
Environmental backsliders, repeat offenders and capital markets: Evidence from India 环境倒退者、惯犯和资本市场：来自印度的证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-13 DOI: 10.1016/j.econlet.2025.112603
Shreekant Gupta , Bishwanath Goldar , Shubham Dang , Omer F. Baris
{"title":"Environmental backsliders, repeat offenders and capital markets: Evidence from India","authors":"Shreekant Gupta ,&nbsp;Bishwanath Goldar ,&nbsp;Shubham Dang ,&nbsp;Omer F. Baris","doi":"10.1016/j.econlet.2025.112603","DOIUrl":"10.1016/j.econlet.2025.112603","url":null,"abstract":"<div><div>Regulatory rollbacks raise a critical question for emerging markets: do investors discipline firms that relapse on environmental performance? We combine the two public rounds of India’s <em>Green Rating Project</em> (GRP) for 17 mills in the paper-and-pulp sector with a variance-robust event study. We uncover a double-digit market penalty for environmental <em>backsliding</em> (decline in green rating), proving that investors care about a firm’s <em>trajectory</em>, not just its current score. Plants that improve or maintain ratings experience no significant abnormal return. Periodic, third-party performance evaluation and rating programs can leverage capital-market discipline to compensate for persistently weak regulation in emerging markets or for regulatory rollback as observed in the U.S., Brazil and Europe.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112603"},"PeriodicalIF":1.8,"publicationDate":"2025-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119042","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
Motivations behind peer-to-peer (Counter-)punishment in public goods games: An experiment 公共物品博弈中点对点（反）惩罚背后的动机：一项实验
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-12 DOI: 10.1016/j.econlet.2025.112598
Kenju Kamei , Katy Tabero
{"title":"Motivations behind peer-to-peer (Counter-)punishment in public goods games: An experiment","authors":"Kenju Kamei ,&nbsp;Katy Tabero","doi":"10.1016/j.econlet.2025.112598","DOIUrl":"10.1016/j.econlet.2025.112598","url":null,"abstract":"<div><div>It is well-known that efficiency often fails to improve in public goods games with peer-to-peer punishment when counter-punishment is possible. This paper experimentally demonstrates, for the first time, that the effects of sanctioning institutions are modest, regardless of the decision-making format (individual or team). In the “team” conditions, subjects are randomly assigned to teams of three, and make joint decisions through communication. Their dialogue provides valuable insights into the motivations behind (counter-)punishment, as well as the resulting behavioral effects. A coding exercise reveals that first-order punishments (and counter-punishments) are primarily emotional responses to peers’ low contributions (and first-order punishments, respectively).</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"257 ","pages":"Article 112598"},"PeriodicalIF":1.8,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145236563","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
On machine learning instrumental variable estimators 关于机器学习工具变量估计
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-12 DOI: 10.1016/j.econlet.2025.112601
Edvard Bakhitov
{"title":"On machine learning instrumental variable estimators","authors":"Edvard Bakhitov","doi":"10.1016/j.econlet.2025.112601","DOIUrl":"10.1016/j.econlet.2025.112601","url":null,"abstract":"<div><div>This paper examines the practical challenges arising from the ill-posedness of the nonparametric instrumental variable (NPIV) estimation problem. We show that conventional NPIV series estimators struggle to estimate the underlying structural function with desired precision even in “moderate” dimensions. We argue that machine learning instrumental variable algorithms leverage sophisticated regularization techniques to mitigate these issues, achieving superior finite-sample performance.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112601"},"PeriodicalIF":1.8,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145104343","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
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