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Strategy-Proof Multi-Object Mechanism Design: Ex-Post Revenue Maximization With Non-Quasilinear Preferences 无策略多目标机制设计:非拟线性偏好下的事后收益最大化
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2020-01-07 DOI: 10.2139/ssrn.2968195
Tomoya Kazumura, D. Mishra, Shigehiro Serizawa
{"title":"Strategy-Proof Multi-Object Mechanism Design: Ex-Post Revenue Maximization With Non-Quasilinear Preferences","authors":"Tomoya Kazumura, D. Mishra, Shigehiro Serizawa","doi":"10.2139/ssrn.2968195","DOIUrl":"https://doi.org/10.2139/ssrn.2968195","url":null,"abstract":"Abstract A seller is selling multiple objects to a set of agents, who can buy at most one object. Each agent's preference over (object, payment) pairs need not be quasilinear. The seller considers the following desiderata for her mechanism, which she terms desirable: (1) strategy-proofness, (2) ex-post individual rationality, (3) equal treatment of equals, (4) no wastage (every object is allocated to some agent). The minimum Walrasian equilibrium price (MWEP) mechanism is desirable. We show that at each preference profile, the MWEP mechanism generates more revenue for the seller than any desirable mechanism satisfying no subsidy. Our result works for the quasilinear domain, where the MWEP mechanism is the VCG mechanism, and for various non-quasilinear domains, some of which incorporate positive income effect of agents. We can relax no subsidy to no bankruptcy in our result for certain domains with positive income effect.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130262834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 15
Is Inequality of Opportunity Robust to the Measurement Approach? 机会不平等对测量方法是稳健的吗?
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2020-01-06 DOI: 10.1111/ROIW.12448
Xavier Ramos, Dirk Van de gaer
{"title":"Is Inequality of Opportunity Robust to the Measurement Approach?","authors":"Xavier Ramos, Dirk Van de gaer","doi":"10.1111/ROIW.12448","DOIUrl":"https://doi.org/10.1111/ROIW.12448","url":null,"abstract":"Recent literature has suggested many ways of measuring equality of opportunity. We analyze in a systematic manner the various approaches put forth in the literature to show whether and to what extent different choices matter empirically. We use EU-SILC data for most European countries for 2005 and 2011. The choice between ex-ante and ex-post approaches is crucial and has a substantial influence on inequality of opportunity country orderings. Growth regressions also illustrate the relevance of conceptual choices. We only find significant negative effects for some direct parametric ex-ante measures.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132954129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Corporate Profitability and the Global Persistence of Corruption 企业盈利能力与全球腐败的持续存在
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2020-01-01 DOI: 10.2139/ssrn.3637645
Stephen P. Ferris, J. Hanousek, J. Tresl
{"title":"Corporate Profitability and the Global Persistence of Corruption","authors":"Stephen P. Ferris, J. Hanousek, J. Tresl","doi":"10.2139/ssrn.3637645","DOIUrl":"https://doi.org/10.2139/ssrn.3637645","url":null,"abstract":"We examine the persistence of corporate corruption for a sample of privately-held firms from 12 Central and Eastern European countries over the period 2001 to 2015. Creating a proxy for corporate corruption based on a firm’s internal inefficiency, we find that corruption enhances a firm’s profitability. A channel analysis further reveals that inflating staff costs is the most common approach by which firms divert funds to finance corruption. We conclude that corruption persists because of its ability to improve a firm’s return on assets, which we refer to as the Corporate Advantage Hypothesis.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127961049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
The Evolution of Inequality of Opportunity in Germany: A Machine Learning Approach 德国机会不平等的演变:机器学习方法
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2020-01-01 DOI: 10.2139/ssrn.3570385
P. Brunori, Guido Neidhöfer
{"title":"The Evolution of Inequality of Opportunity in Germany: A Machine Learning Approach","authors":"P. Brunori, Guido Neidhöfer","doi":"10.2139/ssrn.3570385","DOIUrl":"https://doi.org/10.2139/ssrn.3570385","url":null,"abstract":"We show that measures of inequality of opportunity (IOP) fully consistent with Roemer (1998)'s IOP theory can be straightforwardly estimated by adopting a machine learning approach, and apply our novel method to analyse the development of IOP in Germany during the last three decades. Hereby, we take advantage of information contained in 25 waves of the Socio-Economic Panel. Our analysis shows that in Germany IOP declined immediately after reunification, increased in the first decade of the century, and slightly declined again after 2010. Over the entire period, at the top of the distribution we always find individuals that resided in West-Germany before the fall of the Berlin Wall, whose fathers had a high occupational position, and whose mothers had a high educational degree. East-German residents in 1989, with low educated parents, persistently qualify at the bottom.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116614883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
Shocks, Frictions, and Inequality in US Business Cycles 美国商业周期中的冲击、摩擦和不平等
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2020-01-01 DOI: 10.2139/ssrn.3536730
Christian Bayer, Benjamin Born, R. Luetticke
{"title":"Shocks, Frictions, and Inequality in US Business Cycles","authors":"Christian Bayer, Benjamin Born, R. Luetticke","doi":"10.2139/ssrn.3536730","DOIUrl":"https://doi.org/10.2139/ssrn.3536730","url":null,"abstract":"How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and frictions in Smets and Wouters (2007) by allowing for shocks to income risk and taxes. We find that adding data on inequality does not materially change the estimated shocks and frictions driving the US business cycle. The estimated shocks, however, have significantly contributed to the evolution of US wealth and income inequality. The systematic components of monetary and fiscal policy are important for inequality as well.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116875863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 41
Rationalizable Incentives: Interim Implementation of Sets in Rationalizable Strategies 合理化激励:合理化策略中集合的临时实现
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2020-01-01 DOI: 10.2139/ssrn.3540535
Takashi Kunimoto, R. Serrano
{"title":"Rationalizable Incentives: Interim Implementation of Sets in Rationalizable Strategies","authors":"Takashi Kunimoto, R. Serrano","doi":"10.2139/ssrn.3540535","DOIUrl":"https://doi.org/10.2139/ssrn.3540535","url":null,"abstract":"This paper investigates rationalizable implementation of social choice sets (SCSs) in incomplete information environments. We identify rationalizable incentive compatibility (RIC) as its key condition, argue by means of example that RIC is strictly weaker than the standard Bayesian incentive compatibility (BIC), and show that RIC reduces to BIC when we only consider single-valued SCSs (i.e., social choice functions or SCFs). We next identify additional necessary conditions and, essentially closing the gap be-tween necessity and sufficiency, obtain a sufficiency result for rationalizable implementation in general environments. We also characterize a well-studied class of economic environments in which RIC is essentially the only condition needed for rationalizable implementation. Considering SCFs, we show that interim rationalizable monotonicity, found in the literature, is not necessary for rationalizable implementation, as had been previously claimed.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127714854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Looking Back at 50 Years of the Clean Air Act 《清洁空气法》50年回顾
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2020-01-01 DOI: 10.2139/ssrn.3544266
Joseph E. Aldy, M. Auffhammer, M. Cropper, A. Fraas, R. Morgenstern
{"title":"Looking Back at 50 Years of the Clean Air Act","authors":"Joseph E. Aldy, M. Auffhammer, M. Cropper, A. Fraas, R. Morgenstern","doi":"10.2139/ssrn.3544266","DOIUrl":"https://doi.org/10.2139/ssrn.3544266","url":null,"abstract":"We synthesize and review retrospective analyses of federal air quality regulations to examine the contributions of the Clean Air Act (CAA) to the vast air quality improvements seen since 1970. Geographic heterogeneity in stringency affects emissions, public health, compliance costs, and employment. Cap-and-trade has delivered greater emission reductions at lower cost than conventional mandates, yet has fallen short of textbook ideals. Market power also influenced the CAA’s benefits and costs. New benefit categories have been identified ex post, but specific technology requirements have not yet been rigorously evaluated. Comparisons of aggregate benefits and costs of the CAA are beyond present capabilities. (JEL D61, K32, Q51, Q53, Q58)","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126864468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 24
Ethical Consumption and Happiness: Evidence from Pakistan 道德消费与幸福:来自巴基斯坦的证据
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2019-12-29 DOI: 10.2139/ssrn.3510913
A. Khurshid, D. Siddiqui
{"title":"Ethical Consumption and Happiness: Evidence from Pakistan","authors":"A. Khurshid, D. Siddiqui","doi":"10.2139/ssrn.3510913","DOIUrl":"https://doi.org/10.2139/ssrn.3510913","url":null,"abstract":"Today’s customers are ethically conscious and prefer those products that are ethically produced without using child labor and harm to animals and nature.This study shows various factors that affect ethical consumption and happiness. We proposed a model explaining effect of ethical purchase on happiness and onwards to repurchase intention. For this purpose this research adopted (Hwang & Kim, 2016) model of factors affecting happiness and repurchase intention and added variables such as ethical consumption, altruism and ethical obligation from (Oh & Yoon, 2014). Using a questionnaire-based survey, the data were collected from 212 respondents to analyze their attitude towards ethical consumption and happiness. To analyze data and test the hypothesis, Structured Equation modeling, PLS algorithm and bootstapping were used. The results showed that guilt positively affects empathy. However, empathy does not affect ethical consumption. Narcissism positively affects self-actualization. While, Self-actualization negatively affect ethical consumption. Ethical obligation also inversely affect ethical consumption however the relationship seems to be insignificant. Surprisingly, Altruism and ethical consumption also seems to have a negative connection. Moreover, ethical consumers didn’t draw happiness out of their purchase, however, happiness positively affected repurchase intention. The results of this study demonstrate the strong associations of the paths from happiness to repurchase intention, happiness to self-actualization, repurchase intention to happiness and self-actualization to happiness.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125600714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Assortative Mating and Earnings Inequality in France 法国的分类交配和收入不平等
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2019-12-15 DOI: 10.1111/ROIW.12450
N. Frémeaux, A. Lefranc
{"title":"Assortative Mating and Earnings Inequality in France","authors":"N. Frémeaux, A. Lefranc","doi":"10.1111/ROIW.12450","DOIUrl":"https://doi.org/10.1111/ROIW.12450","url":null,"abstract":"This paper analyzes economic assortative mating and its contribution to inequality in France. We first provide descriptive evidence on the statistical association in several socio-economic attributes of partners among French couples (annual earnings, potential earnings, education, occupation). Second, we assess the contribution of assortative mating to earnings inequality between couples. Contrary to previous estimates, we account for possible biases in the estimation of assortative mating arising from sample-selection into the labor force. We also provide a new method for assessing the contribution of assortative mating to inequality in couple's potential earnings. Our results indicate a strong degree of assortative mating in France. The correlation coefficient for education is above 0.6. The correlation in earnings is lower but sizable: around 0.17 for annual earnings, when including zeroes; around 0.35 for full-time equivalent earnings and up to 0.49 when using multi-year average earnings. We show that assortative mating tends to increase inequality among couples, compared to random mating. For annual earnings, the effect is non-negligible and accounts for 3 to 9% of measured inequality. The effect of assortative mating on household potential earnings is much larger and amounts to 10 to 20% for observed inequality.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"376 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131544996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 24
Taking Down the Wall: Transition and Inequality 推倒高墙:转型与不平等
Microeconomics: Welfare Economics & Collective Decision-Making eJournal Pub Date : 2019-12-06 DOI: 10.1111/rode.12637
Serhan Cevik, Carolina Correa-Caro
{"title":"Taking Down the Wall: Transition and Inequality","authors":"Serhan Cevik, Carolina Correa-Caro","doi":"10.1111/rode.12637","DOIUrl":"https://doi.org/10.1111/rode.12637","url":null,"abstract":"In this article, we investigate the main determinants of income inequality in the transition countries of Central and Eastern Europe and the Commonwealth of Independent States during the period 1990–2018. To this end, we address a major methodological challenge that lies at the core of the cross‐country literature on income inequality: the potential endogeneity of income per capita, which is largely ignored by most empirical studies. We adopt a two‐pronged empirical strategy by (1) using trading partners’ weighted average real GDP as an instrumental variable and (2) estimating the model via the two‐stage least squares approach for static models and the generalized method of moments estimator for dynamic models. Our empirical findings are consistent with the Kuznets curve that illustrates a nonlinear relationship between income inequality and the level of economic development. We also find that the redistributive impact of fiscal policy is statistically insignificant and taxation and government spending appear to have the opposing effects on income inequality in transition economies over the sample period.","PeriodicalId":129815,"journal":{"name":"Microeconomics: Welfare Economics & Collective Decision-Making eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134096316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
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