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An efficiency ordering of k-price auctions under complete information 完全信息下k价拍卖的效率排序
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-20 DOI: 10.1016/j.econlet.2025.112565
Sumit Goel , Jeffrey Zeidel
{"title":"An efficiency ordering of k-price auctions under complete information","authors":"Sumit Goel ,&nbsp;Jeffrey Zeidel","doi":"10.1016/j.econlet.2025.112565","DOIUrl":"10.1016/j.econlet.2025.112565","url":null,"abstract":"<div><div>We study <span><math><mi>k</mi></math></span>-price auctions in a complete information environment and characterize all pure-strategy Nash equilibrium outcomes. In a setting with <span><math><mi>n</mi></math></span> agents having ordered valuations, we show that any agent, except those with the lowest <span><math><mrow><mi>k</mi><mo>−</mo><mn>2</mn></mrow></math></span> valuations, can win in equilibrium. As a consequence, worst-case welfare increases monotonically as we go from second-price auction (<span><math><mrow><mi>k</mi><mo>=</mo><mn>2</mn></mrow></math></span>) to lowest-price auction (<span><math><mrow><mi>k</mi><mo>=</mo><mi>n</mi></mrow></math></span>), with the first-price auction achieving the highest worst-case welfare.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112565"},"PeriodicalIF":1.8,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144902331","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
Hurricanes and labor market disruptions: Insights from unemployment insurance claims 飓风和劳动力市场中断：来自失业保险索赔的见解
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-19 DOI: 10.1016/j.econlet.2025.112531
Pedro I. Hancevic , Hector H. Sandoval
{"title":"Hurricanes and labor market disruptions: Insights from unemployment insurance claims","authors":"Pedro I. Hancevic ,&nbsp;Hector H. Sandoval","doi":"10.1016/j.econlet.2025.112531","DOIUrl":"10.1016/j.econlet.2025.112531","url":null,"abstract":"<div><div>This paper examines the short-term impact of hurricanes on initial unemployment insurance claims (UIC) in Florida, the state most frequently affected by Atlantic hurricanes. Using newly assembled monthly county-level data from 2010–2023 and a wind field model to classify storm exposure, we estimate the causal effect of hurricanes on UIC through an event study design with fixed effects. We find that hurricanes significantly increase UIC, with effects varying sharply by storm intensity: on average, UIC rises by 24.9% after a hurricane, with minor hurricanes increasing claims by 22.4% and major hurricanes by 111.1%. The effects of minor storms dissipate within two months, while major storms persist for about four months. These results highlight the role of storm intensity and timing in shaping labor market disruptions, offering insights for disaster response and the design of unemployment insurance systems.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112531"},"PeriodicalIF":1.8,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144865443","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
Weapons and wealth: Market reaction to Europe’s defense push 武器与财富：市场对欧洲防务推动的反应
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-19 DOI: 10.1016/j.econlet.2025.112538
Nicola Comincioli , Michael Donadelli , Massimiliano Rizzati
{"title":"Weapons and wealth: Market reaction to Europe’s defense push","authors":"Nicola Comincioli ,&nbsp;Michael Donadelli ,&nbsp;Massimiliano Rizzati","doi":"10.1016/j.econlet.2025.112538","DOIUrl":"10.1016/j.econlet.2025.112538","url":null,"abstract":"<div><div>This paper analyzes abnormal returns around the EU’s <em>Readiness 2030</em> defense initiative. Defense stocks saw strong positive returns, especially pre-announcement, while high-tech firms showed weak or negative returns—indicating no spillover effect to the tech sector and underscoring the role of industry classification in market reactions.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112538"},"PeriodicalIF":1.8,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144896066","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
How Bitcoin’s ups and downs are changing the way you bet 比特币的涨跌是如何改变你的下注方式的
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-19 DOI: 10.1016/j.econlet.2025.112564
Barna Bakó, Máté Csaba Sándor
{"title":"How Bitcoin’s ups and downs are changing the way you bet","authors":"Barna Bakó,&nbsp;Máté Csaba Sándor","doi":"10.1016/j.econlet.2025.112564","DOIUrl":"10.1016/j.econlet.2025.112564","url":null,"abstract":"<div><div>We investigate the relationship between Bitcoin price fluctuations and gambling behavior on the blockchain-based LuckyBit platform. Using transaction data spanning four years, we analyze how Bitcoin’s exchange rate, price movements and volatility impact key gambling metrics, including bet size, gambling frequency, and risk appetite. Employing regression models and clustering techniques, we identify distinct behavioral responses among different gambler cohorts. Our findings reveal that higher Bitcoin price levels are associated with increased risk-taking but reduced gambling frequency, whereas higher weekly price volatility leads to a significant reduction in average bet sizes across all player groups. These results suggest that gamblers perceive Bitcoin’s price movements as a psychological reference point, influencing their betting decisions in a manner similar to traditional financial decision-making.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112564"},"PeriodicalIF":1.8,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144879159","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
Geopolitical risk, CEO war experience, and stock price crash risk: Evidence from Korea 地缘政治风险、CEO战争经验和股价崩溃风险：来自韩国的证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-18 DOI: 10.1016/j.econlet.2025.112560
Moonseok Choi, Seung Hun Han, Dongjoon Kim
{"title":"Geopolitical risk, CEO war experience, and stock price crash risk: Evidence from Korea","authors":"Moonseok Choi,&nbsp;Seung Hun Han,&nbsp;Dongjoon Kim","doi":"10.1016/j.econlet.2025.112560","DOIUrl":"10.1016/j.econlet.2025.112560","url":null,"abstract":"<div><div>This study examines the effect of the CEO war experience on the relationship between North Korea geopolitical risk (<em>NKR</em>) and stock price crash risk. Utilizing KOSPI and KOSDAQ listed firms expanding from 2011 to 2022, we find that the heightened <em>NKR</em> significantly increases firms' stock price crash risk. War-experienced CEOs decrease the stock price crash risk by voluntarily disclosing information to stakeholders, which supports the information transparency mechanism. Those results are consistent with several robustness tests.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112560"},"PeriodicalIF":1.8,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144865440","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 innovation theory of harm in merger control: Some clarifications 并购控制中危害的创新理论：若干澄清
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-16 DOI: 10.1016/j.econlet.2025.112556
Tommaso Valletti
{"title":"The innovation theory of harm in merger control: Some clarifications","authors":"Tommaso Valletti","doi":"10.1016/j.econlet.2025.112556","DOIUrl":"10.1016/j.econlet.2025.112556","url":null,"abstract":"<div><div>Recent literature has analyzed the unilateral effects of mergers on investment and innovation. This note explores the Innovation Theory of Harm from a policy perspective, clarifying possible conceptual misunderstandings and identifying directions for future research.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112556"},"PeriodicalIF":1.8,"publicationDate":"2025-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144858364","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
Clustering Dutch citizens into behavioural phenotypes to understand green energy investment preferences 将荷兰公民聚类成行为表现型，以了解绿色能源投资偏好
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-15 DOI: 10.1016/j.econlet.2025.112566
M. Nikoloski , W.J.W. Botzen , S. Banerjee , J. Blasch
{"title":"Clustering Dutch citizens into behavioural phenotypes to understand green energy investment preferences","authors":"M. Nikoloski ,&nbsp;W.J.W. Botzen ,&nbsp;S. Banerjee ,&nbsp;J. Blasch","doi":"10.1016/j.econlet.2025.112566","DOIUrl":"10.1016/j.econlet.2025.112566","url":null,"abstract":"<div><div>People differ in their underlying economic preferences and needs for energy retrofits. Accelerating the energy transition, therefore, requires tailoring personalised solutions for distinct groups of individuals. In this paper, we create behavioural phenotypes of green energy investors in the residential sector of the Netherlands. Using a latent class analysis on a representative sample of 2245 respondents, we identify four distinct classes of investors: <em>Comfort-driven Rationalists, Financially Driven Rationalists, Policy-driven Environmentalists,</em> and <em>Erratic Choosers</em>. We innovate upon the literature by linking class profiling to economic preferences and behavioural biases, alongside socio-demographic and household characteristics. Our findings can help practitioners design bottom-up tailored behavioural interventions to accelerate the uptake of green energy investments.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112566"},"PeriodicalIF":1.8,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144865530","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
Automation and heterogeneous earnings dynamics 自动化和异质性收益动态
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-14 DOI: 10.1016/j.econlet.2025.112518
Trevor Gallen , Soojin Kim
{"title":"Automation and heterogeneous earnings dynamics","authors":"Trevor Gallen ,&nbsp;Soojin Kim","doi":"10.1016/j.econlet.2025.112518","DOIUrl":"10.1016/j.econlet.2025.112518","url":null,"abstract":"<div><div>We examine the effects of automation on workers’ earnings dynamics in the United States using micro-level panel data. We find a significant and adverse impact of automation on earnings, particularly for older individuals, those in routine occupations, or during recessionary periods. However, our analysis of taxes and program participation suggests that the status-quo tax and transfer system mitigates these losses by half.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112518"},"PeriodicalIF":1.8,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144860548","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
Outperforming equal weighting 优于同等权重
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-14 DOI: 10.1016/j.econlet.2025.112552
Antonello Cirulli , Patrick S. Walker
{"title":"Outperforming equal weighting","authors":"Antonello Cirulli ,&nbsp;Patrick S. Walker","doi":"10.1016/j.econlet.2025.112552","DOIUrl":"10.1016/j.econlet.2025.112552","url":null,"abstract":"<div><div>The equally weighted portfolio has been shown to outperform many more sophisticated ones, despite not requiring any computations. We demonstrate that the equally weighted stock portfolio can be consistently enhanced by avoiding negative exposure to some of the most prominent equity factors. This can be achieved while preserving the simplicity of the portfolio construction process. Specifically, we introduce three simple long-only portfolios that rely solely on historical return data. These portfolios are slight conceptual deviations from the equally weighted strategy, yet they consistently generate significantly higher risk-adjusted returns in realistic out-of-sample assessments. We provide the most straightforward examples to challenge the notion that outperforming the equally weighted strategy is difficult.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112552"},"PeriodicalIF":1.8,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144879157","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 impact of organizational capital on corporate debt maturity structure choices 组织资本对公司债务期限结构选择的影响
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-12 DOI: 10.1016/j.econlet.2025.112559
Iman Charkhchi , Francesca Toscano , Viet Tran
{"title":"The impact of organizational capital on corporate debt maturity structure choices","authors":"Iman Charkhchi ,&nbsp;Francesca Toscano ,&nbsp;Viet Tran","doi":"10.1016/j.econlet.2025.112559","DOIUrl":"10.1016/j.econlet.2025.112559","url":null,"abstract":"<div><div>We examine the relationship between organizational capital and corporate debt maturity choices using a sample of U.S. public firms from 1990 to 2017. Our findings show that firms with higher organizational capital prefer shorter debt maturities. This positive effect is consistent over time and remains robust even after accounting for firm-specific, macroeconomic factors, and alternative definitions of our variable of interest. Cross-sectional analyses show that the effect of organizational capital is magnified in fast-growing firms but moderated in firms experiencing financial distress.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112559"},"PeriodicalIF":1.8,"publicationDate":"2025-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144860547","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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