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Pathologies of iterated strict dominance revisited
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2025.112178
Xuewen Qian, Chen Qu
{"title":"Pathologies of iterated strict dominance revisited","authors":"Xuewen Qian,&nbsp;Chen Qu","doi":"10.1016/j.econlet.2025.112178","DOIUrl":"10.1016/j.econlet.2025.112178","url":null,"abstract":"<div><div>We revisit two pathologies of iterated elimination of strictly dominated strategies (IESDS) in infinite games: spurious Nash equilibria and order dependence. By introducing bounded dominance relations (Hsieh et al., 2023), we demonstrate that a bounded version of IESDS mitigates the former issue and is neutral to the latter. The second point is illustrated through a series of examples using ordinals. We also provide a sufficient and necessary condition for the non-existence of spurious Nash equilibria.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112178"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143130177","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
Substituting one risk increase for another: Extension and application
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2025.112185
Jianli Wang , Hongxia Wang , Jingyuan Li
{"title":"Substituting one risk increase for another: Extension and application","authors":"Jianli Wang ,&nbsp;Hongxia Wang ,&nbsp;Jingyuan Li","doi":"10.1016/j.econlet.2025.112185","DOIUrl":"10.1016/j.econlet.2025.112185","url":null,"abstract":"<div><div>The paper theoretically extends the idea of the rate of substitution of one risk change for another. We provide a generalized definition of the rate of substitution between two risk changes beginning with different starting risks. It is demonstrated that our generalized version can be used to compare two agents’ attitudes towards risk according to the Ross risk averse order. Moreover, we find that it provides additional insight into the probability premium approach to comparative risk aversion.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112185"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143130178","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
Teacher personality and the perceived socioeconomic gap in student outcomes
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112096
Giorgio Brunello , Clementina Crocè , Pamela Giustinelli , Lorenzo Rocco
{"title":"Teacher personality and the perceived socioeconomic gap in student outcomes","authors":"Giorgio Brunello ,&nbsp;Clementina Crocè ,&nbsp;Pamela Giustinelli ,&nbsp;Lorenzo Rocco","doi":"10.1016/j.econlet.2024.112096","DOIUrl":"10.1016/j.econlet.2024.112096","url":null,"abstract":"<div><div>We randomly assign student profiles to teachers and elicit teachers’ beliefs about the student's likelihood of success in alternative high school tracks. We document a large and statistically significant gradient in teachers’ beliefs about students’ high school prospects with respect to students’ socioeconomic background (SEB), ceteris paribus. We find that this gradient varies with teacher's personality, a hard-to-observe and understudied teacher trait. Specifically, higher levels of teacher's extraversion and openness are associated with a steeper negative SEB gradient in teachers’ beliefs about students’ success prospects in an academic track. Conversely, more conscientious and agreeable teachers assign to low-SEB students, on average, a higher probability of success in a vocational track. We discuss some policy implications of our findings.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112096"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165729","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 customer corporate financialization have contagion effects on their suppliers?
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112102
Yan Zhao, Kun Su
{"title":"Does customer corporate financialization have contagion effects on their suppliers?","authors":"Yan Zhao,&nbsp;Kun Su","doi":"10.1016/j.econlet.2024.112102","DOIUrl":"10.1016/j.econlet.2024.112102","url":null,"abstract":"<div><div>Using a sample of Chinese non-financial listed firms from 2009 to 2022, this paper shows that corporate financialization has a supply chain contagion effect, i.e., the higher the financialization of customers, the higher the level of financialization of suppliers. The effect is stronger when firms have bad operational efficiency, have close geographical distance to customers, and when their customer relationship is benign. In addition, customer stability can reduce this effect, while customer market value can enhance it.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112102"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165736","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
Human capital investments in a democracy
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112123
Stylianos Papageorgiou , Dimitrios Xefteris
{"title":"Human capital investments in a democracy","authors":"Stylianos Papageorgiou ,&nbsp;Dimitrios Xefteris","doi":"10.1016/j.econlet.2024.112123","DOIUrl":"10.1016/j.econlet.2024.112123","url":null,"abstract":"<div><div>A public and a private investment in human capital, plus intrinsic skills, contribute to each household’s human capital. The public investment is decided by the winner of a democratic election between two office-motivated candidates. We show that households with too low or too high human capital are less likely to vote for the candidate that supports the larger public investment, as opposed to households with moderate human capital. Moreover, the property of single-peaked preferences is violated. Despite the absence of well-behaved preferences, we identify sufficient conditions for the existence, uniqueness and efficiency of an equilibrium public investment in human capital.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112123"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165741","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
Childhood obesity and air pollution: Evidence from China
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2025.112181
Ziyue Wang , Mary F. Evans , Huixia Wang , Si Wang
{"title":"Childhood obesity and air pollution: Evidence from China","authors":"Ziyue Wang ,&nbsp;Mary F. Evans ,&nbsp;Huixia Wang ,&nbsp;Si Wang","doi":"10.1016/j.econlet.2025.112181","DOIUrl":"10.1016/j.econlet.2025.112181","url":null,"abstract":"<div><div>We provide causal estimates of the effect of fine particulate matter pollution on childhood overweight and obesity. The estimate is based on quasiexperimental variation in <span><math><msub><mrow><mtext>PM</mtext></mrow><mrow><mn>2</mn><mo>.</mo><mn>5</mn></mrow></msub></math></span> levels resulting from China’s Huai River Policy. The policy offered free or heavily subsidized coal for indoor heating during the winter to cities located north of the Huai River, while cities located south of the river did not receive such benefits. Using data from the 2018 China Household Income Project in a regression discontinuity design, we find that the Huai River policy increased overweight and obesity among Chinese children. Results from a two-stage least squares model estimate that a <span><math><mrow><mn>10</mn><mspace></mspace><mi>μ</mi><msup><mrow><mtext>g/m</mtext></mrow><mrow><mn>3</mn></mrow></msup></mrow></math></span> increase in <span><math><msub><mrow><mtext>PM</mtext></mrow><mrow><mn>2</mn><mo>.</mo><mn>5</mn></mrow></msub></math></span> increases the fraction of children classified as obese by about five percentage points.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112181"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166067","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
Bounds for average treatment effect on couples with an application to the retirement-consumption puzzle
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2025.112197
Eduardo Fé
{"title":"Bounds for average treatment effect on couples with an application to the retirement-consumption puzzle","authors":"Eduardo Fé","doi":"10.1016/j.econlet.2025.112197","DOIUrl":"10.1016/j.econlet.2025.112197","url":null,"abstract":"<div><div>We present bounds for the Average Treatment Effect (ATE) of an exposure, <span><math><mi>Z</mi></math></span>, on an outcome, <span><math><mi>Y</mi></math></span>, when the units of interest are couples or individuals in a couple. We illustrate the usage of the bound in an application to the retirement-consumption puzzle.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112197"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166080","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
Free to work: Measuring workforce outcomes after Illinois' criminal records reforms
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112095
Darwyyn Deyo , Alicia Plemmons
{"title":"Free to work: Measuring workforce outcomes after Illinois' criminal records reforms","authors":"Darwyyn Deyo ,&nbsp;Alicia Plemmons","doi":"10.1016/j.econlet.2024.112095","DOIUrl":"10.1016/j.econlet.2024.112095","url":null,"abstract":"<div><div>We provide the first analysis of economic outcomes from the 2017 Illinois reform to its Civil Administrative Code, which restricted licensing boards from denying licenses based on previous criminal convictions and annual reporting. We observe increases in employment within generally licensed industries as compared with unlicensed occupations, and a reduction in crime after the collateral consequence reform. Finally, we discuss implications for states considering these policies.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112095"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166142","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 reflection on the reflection example
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2024.112120
Pavlo Blavatskyy
{"title":"A reflection on the reflection example","authors":"Pavlo Blavatskyy","doi":"10.1016/j.econlet.2024.112120","DOIUrl":"10.1016/j.econlet.2024.112120","url":null,"abstract":"<div><div>Machina (2009) reflection example challenges Choquet expected utility, cumulative prospect theory, and many other well-known models of ambiguity aversion. This paper shows that the reflection example can be accommodated within a modified Choquet expected utility with one capacity for relatively ambiguous events and a different capacity—for relatively unambiguous events.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112120"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166143","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 comeback effect: Market responses to Trump's 2024 election victory
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-02-01 DOI: 10.1016/j.econlet.2025.112170
Shaker Ahmed , Mostafa M. Hasan , Ashrafee T. Hossain , Samir Saadi
{"title":"The comeback effect: Market responses to Trump's 2024 election victory","authors":"Shaker Ahmed ,&nbsp;Mostafa M. Hasan ,&nbsp;Ashrafee T. Hossain ,&nbsp;Samir Saadi","doi":"10.1016/j.econlet.2025.112170","DOIUrl":"10.1016/j.econlet.2025.112170","url":null,"abstract":"<div><div>We analyze the impact of the 2024 U.S. presidential election outcome on equity markets using an event study methodology. The results indicate significant abnormal returns in U.S. equities during the immediate post-election trading session, following Donald Trump's confirmed victory. However, this initial surge was followed by a modest reversal, suggesting fluctuating investor sentiment over time. Cross-sectional firm-level analysis shows that small-cap equities experienced the most notable positive abnormal returns. Sectoral analysis reveals varied responses: the energy sector saw substantial gains, likely due to anticipated regulatory shifts, while industries like chemicals had more moderate post-event reactions. These findings underscore the complex and varied market responses to significant political developments.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"247 ","pages":"Article 112170"},"PeriodicalIF":2.1,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143166182","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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