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A nonparametric test of mth-degree inverse stochastic dominance 第 mth 度逆随机优势的非参数检验
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-21 DOI: 10.1016/j.econlet.2024.111978
Hongyi Jiang , Zhenting Sun , Shiyun Hu
{"title":"A nonparametric test of mth-degree inverse stochastic dominance","authors":"Hongyi Jiang ,&nbsp;Zhenting Sun ,&nbsp;Shiyun Hu","doi":"10.1016/j.econlet.2024.111978","DOIUrl":"10.1016/j.econlet.2024.111978","url":null,"abstract":"<div><div>This paper proposes a nonparametric test for <span><math><mi>m</mi></math></span>th-degree inverse stochastic dominance which is a powerful tool for ranking distribution functions according to social welfare. We construct the test based on empirical process theory. The test is shown to be asymptotically size controlled and consistent. The good finite sample properties of the test are illustrated via Monte Carlo simulations. We apply our test to the inequality growth in the United Kingdom from 1995 to 2010, and obtain a more complete ranking of the income distributions.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111978"},"PeriodicalIF":2.1,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142531017","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
Do fertility preferences in early adulthood predict later average fertility outcomes of the same cohort?: Pritchett (1994) revisited with cohort data 成年早期的生育偏好能否预测同一队列后来的平均生育结果？普里切特（1994 年）利用队列数据进行的再研究
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-21 DOI: 10.1016/j.econlet.2024.111975
Stuart Gietel-Basten , Melissa LoPalo , Dean Spears , Sangita Vyas
{"title":"Do fertility preferences in early adulthood predict later average fertility outcomes of the same cohort?: Pritchett (1994) revisited with cohort data","authors":"Stuart Gietel-Basten ,&nbsp;Melissa LoPalo ,&nbsp;Dean Spears ,&nbsp;Sangita Vyas","doi":"10.1016/j.econlet.2024.111975","DOIUrl":"10.1016/j.econlet.2024.111975","url":null,"abstract":"<div><div>Pritchett (1994) influentially examined the relationship between survey-reported ideal fertility and period total fertility rates. Pritchett’s analyses found that country-period by country-period differences in fertility preferences could statistically account for the majority of the variation in period total fertility rates. This result was impactful because it suggested that preferences, rather than constraints such as contraceptive access, explain fertility outcomes. However, because Pritchett’s analysis documented a correlation between two <em>period</em> measures, it cannot say whether a <em>cohort</em> of women achieves their fertility preferences, on average, over a life course. In the three decades since Pritchett’s paper, a longer span of repeated cross-section data has been collected that allows us to revisit this question with data that tracks cohorts of women as they age. In this paper, we update this evidence by examining the relationship between ideal fertility in early adulthood and completed fertility for the same cohort of women in later adulthood. We find that the prior result replicates: The relationship between fertility preferences and completed cohort fertility is, if anything, even stronger in our data.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111975"},"PeriodicalIF":2.1,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142315714","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
Ultimatum bargaining: Algorithms vs. Humans 最后通牒谈判：算法与人类
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-21 DOI: 10.1016/j.econlet.2024.111979
Ali I. Ozkes , Nobuyuki Hanaki , Dieter Vanderelst , Jurgen Willems
{"title":"Ultimatum bargaining: Algorithms vs. Humans","authors":"Ali I. Ozkes ,&nbsp;Nobuyuki Hanaki ,&nbsp;Dieter Vanderelst ,&nbsp;Jurgen Willems","doi":"10.1016/j.econlet.2024.111979","DOIUrl":"10.1016/j.econlet.2024.111979","url":null,"abstract":"<div><div>We study human behavior in ultimatum game when interacting with either human or algorithmic opponents. We examine how the type of the AI algorithm (mimicking human behavior, optimising gains, or providing no explanation) and the presence of a human beneficiary affect sending and accepting behaviors. Our experimental data reveal that subjects generally do not differentiate between human and algorithmic opponents, between different algorithms, and between an explained and unexplained algorithm. However, they are more willing to forgo higher payoffs when the algorithm’s earnings benefit a human.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111979"},"PeriodicalIF":2.1,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165176524004634/pdfft?md5=7035d59c89d338f0eefef616934e5cf0&pid=1-s2.0-S0165176524004634-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142310275","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
European politicians and financial literacy activism: Does financial (in)stability matter? 欧洲政治家和金融扫盲活动：金融（不）稳定重要吗？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-21 DOI: 10.1016/j.econlet.2024.111981
Elisa Borghi, Donato Masciandaro, Alessia Papini
{"title":"European politicians and financial literacy activism: Does financial (in)stability matter?","authors":"Elisa Borghi,&nbsp;Donato Masciandaro,&nbsp;Alessia Papini","doi":"10.1016/j.econlet.2024.111981","DOIUrl":"10.1016/j.econlet.2024.111981","url":null,"abstract":"<div><div>Financial education can influence the level of financial literacy. In each country, political incentives can shape financial education policies. Political activism in financial education can be motivated by concerns over financial instability. This theoretical relationship is empirically validated applying text analysis. By using financial education narratives as a proxy for political activism among European Parliament politicians from 1997 to 2024, we test whether financial instability cases matter in explaining political activism in financial education.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111981"},"PeriodicalIF":2.1,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142315715","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
Probability distortion and non-participation 概率扭曲和不参与
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-19 DOI: 10.1016/j.econlet.2024.111989
Lunyi Wang , Yao Wang , Shunming Zhang
{"title":"Probability distortion and non-participation","authors":"Lunyi Wang ,&nbsp;Yao Wang ,&nbsp;Shunming Zhang","doi":"10.1016/j.econlet.2024.111989","DOIUrl":"10.1016/j.econlet.2024.111989","url":null,"abstract":"<div><div>This paper explores the impact of probability distortion on investors’ participation decisions and market performance. Specifically, we construct a one-period investment model with two types of investors—probabilistic pessimistic and neutral investors. The former assign more weight to bad outcomes and tail events when making decisions. Our findings suggest that non-participation arises from these probabilistic pessimistic investors. In equilibrium, their participation decisions affect the asset premium, which can be decomposed into the risk premium and probabilistic premium.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111989"},"PeriodicalIF":2.1,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142310276","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
Climate risks, corporate bonds, and economic uncertainty 气候风险、公司债券和经济不确定性
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-19 DOI: 10.1016/j.econlet.2024.111984
Vaibhav Lalwani
{"title":"Climate risks, corporate bonds, and economic uncertainty","authors":"Vaibhav Lalwani","doi":"10.1016/j.econlet.2024.111984","DOIUrl":"10.1016/j.econlet.2024.111984","url":null,"abstract":"<div><p>We test for the existence of climate change risks in corporate bond returns. Using risk factors based on textual analysis of news articles, we estimate the sensitivity of bonds to climate change news. Bonds that covary highly with global warming news earn lower returns. We also test whether economic policy uncertainty moderates the relationship between bond returns and climate news risk. The lower returns to high climate-risk bonds are driven by periods of high economic policy uncertainty. Therefore, investors increase their demand for bonds that perform better in periods of high global warming risks, especially when economic uncertainty is high.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111984"},"PeriodicalIF":2.1,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142274018","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 to interpret consumer confidence shocks? State-level evidence 如何解读消费者信心冲击？国家层面的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-18 DOI: 10.1016/j.econlet.2024.111985
Sangyup Choi , Jaehun Jeong , Donghoon Yoo
{"title":"How to interpret consumer confidence shocks? State-level evidence","authors":"Sangyup Choi ,&nbsp;Jaehun Jeong ,&nbsp;Donghoon Yoo","doi":"10.1016/j.econlet.2024.111985","DOIUrl":"10.1016/j.econlet.2024.111985","url":null,"abstract":"<div><p>Using novel quarterly data of 29 U.S. states from 2005:I to 2015:IV, we revisit the link between consumer confidence and economic activity. We find that an innovation in consumer confidence is followed by a significant and persistent increase in consumption and output but a temporary decline in inflation. These findings suggest that the supply-side (news) interpretation of consumer confidence receives more empirical support than the demand-side (animal spirit) interpretation in our sample.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111985"},"PeriodicalIF":2.1,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142274016","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
10 years of stablecoins: Their impact, what we know, and future research directions 稳定币 10 年：稳定币的影响、我们所知道的以及未来的研究方向
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-17 DOI: 10.1016/j.econlet.2024.111939
Lambis Dionysopoulos , Andrew Urquhart
{"title":"10 years of stablecoins: Their impact, what we know, and future research directions","authors":"Lambis Dionysopoulos ,&nbsp;Andrew Urquhart","doi":"10.1016/j.econlet.2024.111939","DOIUrl":"10.1016/j.econlet.2024.111939","url":null,"abstract":"<div><div>This paper highlights the growth and importance of stablecoins since they were launched 10 years ago. We outline their impact on the cryptocurrency ecosystem as well as the financial system as a whole, while also summarising the main findings in the literature. Finally, we outline future research directions.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111939"},"PeriodicalIF":2.1,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358745","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
The needs of the many, the wealth of the few: How responsibility affects decision-making for others 多数人的需求，少数人的财富：责任如何影响为他人做出决策
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-17 DOI: 10.1016/j.econlet.2024.111986
Georgia E. Buckle , Sascha Füllbrunn , Wolfgang J. Luhan
{"title":"The needs of the many, the wealth of the few: How responsibility affects decision-making for others","authors":"Georgia E. Buckle ,&nbsp;Sascha Füllbrunn ,&nbsp;Wolfgang J. Luhan","doi":"10.1016/j.econlet.2024.111986","DOIUrl":"10.1016/j.econlet.2024.111986","url":null,"abstract":"<div><div>We test whether the number of principals or the investment amount amplify responsibility in risky decision-making for others. We do not find increased caution for more people, but rather an effect of increased endowment per person, but not in total.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111986"},"PeriodicalIF":2.1,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165176524004701/pdfft?md5=3af8603e729f7d9f712835eabe434a92&pid=1-s2.0-S0165176524004701-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142310467","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
Algorithmic trading and mini flash crashes: Evidence from Austria 算法交易与小型闪电崩盘：来自奥地利的证据
IF 2.1 4区 经济学
Economics Letters Pub Date : 2024-09-16 DOI: 10.1016/j.econlet.2024.111982
Roland Mestel , Viktoria Steffen , Erik Theissen
{"title":"Algorithmic trading and mini flash crashes: Evidence from Austria","authors":"Roland Mestel ,&nbsp;Viktoria Steffen ,&nbsp;Erik Theissen","doi":"10.1016/j.econlet.2024.111982","DOIUrl":"10.1016/j.econlet.2024.111982","url":null,"abstract":"<div><p>We use stock-day level data on the market share of algorithmic trading to analyze whether algorithmic trading affects the frequency of mini flash crashes in the Austrian stock market. We use an instrumental variables approach and the Petrin and Train (2010) control function approach to address endogeneity concerns. We find no evidence that algorithmic trading significantly affects the probability of the occurrence of mini flash crashes.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"244 ","pages":"Article 111982"},"PeriodicalIF":2.1,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S016517652400466X/pdfft?md5=4206d13842db54d4fc1587610e53d594&pid=1-s2.0-S016517652400466X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142274203","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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