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Implementing Lindahl Allocations in a Warm-Glow Economy 在暖光经济中实现林达尔分配
ERN EM Feeds Pub Date : 2022-05-01 DOI: 10.2139/ssrn.3940198
A. Carvajal, Xinxi Song
{"title":"Implementing Lindahl Allocations in a Warm-Glow Economy","authors":"A. Carvajal, Xinxi Song","doi":"10.2139/ssrn.3940198","DOIUrl":"https://doi.org/10.2139/ssrn.3940198","url":null,"abstract":"We provide a novel mechanism that delivers efficient provision of public goods in an economy that may display warm-glow preferences. No information about the fundamentals of the economy is required on the mechanism designer's side, so the mechanism is informationally decentralized. The mechanism is individually rational, single-valued, feasible and continuous, and the Nash equilibria of the mechanism coincide with the Lindahl equilibria of the economy. When no warm-glow preferences are present in the economy, the mechanism fully implements the classical Lindahl allocations.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"91 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133896184","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
Bias in Instrumental-Variable Estimators of Fixed-Effect Models for Count Data 计数数据固定效应模型的工具变量估计的偏差
ERN EM Feeds Pub Date : 2022-02-01 DOI: 10.2139/ssrn.3937105
Koen Jochmans
{"title":"Bias in Instrumental-Variable Estimators of Fixed-Effect Models for Count Data","authors":"Koen Jochmans","doi":"10.2139/ssrn.3937105","DOIUrl":"https://doi.org/10.2139/ssrn.3937105","url":null,"abstract":"This note looks at the properties of instrumental-variable estimators of count data models in the presence of individual effects. We show that fixed-effect versions of the estimators of Mullahy (1997) and Windmeijer and Santos Silva (1997) are inconsistent under conventional asymptotics, in general, and that inference based on them in long panels requires bias correction. Such corrections are derived and their effectiveness is investigated in numerical experiments. We further show that consistent estimation in short panels is nonetheless possible in the setting underlying Mullahy’s (1997) approach using a differencing strategy.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124440113","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
Income Elasticity of Demand for Horse Wagering – Large-Scale Evidence from Online Betting Accounts 赛马需求的收入弹性——来自在线博彩账户的大规模证据
ERN EM Feeds Pub Date : 2022-02-01 DOI: 10.2139/ssrn.3924943
D. Forrest, Tuomo P. Kainulainen, Jani Saastamoinen, Niko Suhonen
{"title":"Income Elasticity of Demand for Horse Wagering – Large-Scale Evidence from Online Betting Accounts","authors":"D. Forrest, Tuomo P. Kainulainen, Jani Saastamoinen, Niko Suhonen","doi":"10.2139/ssrn.3924943","DOIUrl":"https://doi.org/10.2139/ssrn.3924943","url":null,"abstract":"The paper investigates income elasticity of demand for online horserace betting, using individual account data and administrative data from Finland. Overall income elasticity is positive but low. However, elasticity varies substantially across the income distribution from near-zero at the bottom to unity among higher income groups. Increased betting expenditure as income increases is associated with greater intensity rather than with greater frequency of betting.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128700179","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
Decomposing Value Added in Gross Exports from a Country and Bilateral Perspective 国家和双边视角下的出口总额增加值分解
ERN EM Feeds Pub Date : 2022-01-01 DOI: 10.2139/ssrn.3926133
S. Miroudot, Ming Ye
{"title":"Decomposing Value Added in Gross Exports from a Country and Bilateral Perspective","authors":"S. Miroudot, Ming Ye","doi":"10.2139/ssrn.3926133","DOIUrl":"https://doi.org/10.2139/ssrn.3926133","url":null,"abstract":"Relying on international input-output tables, the analysis of trade flows in value-added terms has become popular in the past decade. Decomposing gross exports in different value-added terms not only allows to remove the double counting of intermediate inputs but also provides useful insights on the structure of global value chains (GVCs). While different frameworks have been proposed, they generally define double-counting from a world perspective. In this paper, we provide consistent formula for the value-added decomposition of gross exports from a country and bilateral perspective to be closer to the needs of trade economists and GVC researchers.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132190153","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: 5
A Lower-Bound on Monopoly Profit for Log-Concave Demand 对数凹需求下垄断利润的下界
ERN EM Feeds Pub Date : 2021-12-01 DOI: 10.2139/ssrn.3929271
D. Condorelli
{"title":"A Lower-Bound on Monopoly Profit for Log-Concave Demand","authors":"D. Condorelli","doi":"10.2139/ssrn.3929271","DOIUrl":"https://doi.org/10.2139/ssrn.3929271","url":null,"abstract":"If demand is log-concave a monopolist obtains at least 1/e of the area under the demand.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134526433","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
Inequality, Crime and Private Protection 不平等、犯罪和私人保护
ERN EM Feeds Pub Date : 2021-12-01 DOI: 10.2139/ssrn.3931658
A. Corvalan, Matteo Pazzona
{"title":"Inequality, Crime and Private Protection","authors":"A. Corvalan, Matteo Pazzona","doi":"10.2139/ssrn.3931658","DOIUrl":"https://doi.org/10.2139/ssrn.3931658","url":null,"abstract":"There is a consensus that inequality increases the supply of crime. As disparity in income grows within a society, the incentives for low-income individuals to engage in criminal activities also increase. However, in a context of high inequality, better-off individuals invest in deterring those who want to appropriate their resources. We examine this twofold effect of inequality in an equilibrium model of crime and private protection. We show that inequality unambiguously increases investment in private protection, but the relationship between inequality and crime is ambiguous.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122926366","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: 4
Two-Stage Least Squares with a Randomly Right-Censored Outcome 具有随机右审查结果的两阶段最小二乘
ERN EM Feeds Pub Date : 2021-10-11 DOI: 10.2139/ssrn.3937824
Jad Beyhum
{"title":"Two-Stage Least Squares with a Randomly Right-Censored Outcome","authors":"Jad Beyhum","doi":"10.2139/ssrn.3937824","DOIUrl":"https://doi.org/10.2139/ssrn.3937824","url":null,"abstract":"This note develops a simple two-stage least squares (2SLS) procedure to estimate the causal effect of some endogenous regressors on a randomly right censored outcome in the linear model. The proposal replaces the usual ordinary least squares regressions of the standard 2SLS by weighted least squares regressions. The weights correspond to the inverse probability of censoring. We show consistency and asymptotic normality of the estimator. The estimator exhibits good finite sample performances in simulations.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131293594","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: 0
What is the Expected Return on Bitcoin? Extracting the Term Structure of Returns from Options Prices 比特币的预期回报是什么?从期权价格中提取收益期限结构
ERN EM Feeds Pub Date : 2021-10-01 DOI: 10.2139/ssrn.3934317
Sean Foley, Simeng Li, H. Malloch, Jiri Svec
{"title":"What is the Expected Return on Bitcoin? Extracting the Term Structure of Returns from Options Prices","authors":"Sean Foley, Simeng Li, H. Malloch, Jiri Svec","doi":"10.2139/ssrn.3934317","DOIUrl":"https://doi.org/10.2139/ssrn.3934317","url":null,"abstract":"We infer the forward-looking Bitcoin risk premium from options contracts. Using data from 2018 to 2020, we show that the expected excess returns for Bitcoin are time-varying and significantly higher than in equities or gold, averaging almost 80% per annum. A temporal analysis of the term structure of Bitcoin risk premia reveals an upward sloping term structure during Bitcoin bull markets and downward sloping during Bitcoin bear markets.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"90 12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126458552","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: 4
How to Counteract Biased Self-Assessments? An Experimental Investigation of Reactions to Social Information 如何消除有偏见的自我评估?对社会信息反应的实验研究
ERN EM Feeds Pub Date : 2021-04-28 DOI: 10.2139/ssrn.3932106
Gerlinde Fellner-Röhling, Kristijan Hromek, Janina Kleinknecht, Sandra Ludwig
{"title":"How to Counteract Biased Self-Assessments? An Experimental Investigation of Reactions to Social Information","authors":"Gerlinde Fellner-Röhling, Kristijan Hromek, Janina Kleinknecht, Sandra Ludwig","doi":"10.2139/ssrn.3932106","DOIUrl":"https://doi.org/10.2139/ssrn.3932106","url":null,"abstract":"In a lab experiment, we investigate whether social information can improve the accuracy of self-assessments of relative performance. In particular, we compare the effectiveness of different types of social information: subjects either learn their close peers' (i) average absolute performance, (ii) average self-assessment or (iii) average bias of selfassessments. Additionally, we explore the demand for the different types of social information. Our results suggest that social information can help debiasing subjects' selfassessments, but not all types of information are equally effective. Only learning about the average bias of peers' self-assessments improves own self-assessments. Subjects are, in general, willing to pay for social information but mostly prefer information about their peers' absolute performance, which is the least helpful type of social information. Consequently, endogenous choice of social information does not further improve self-assessments.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131083735","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: 0
Ethnogenesis and Statelessness 民族起源和无国籍
ERN EM Feeds Pub Date : 2020-01-13 DOI: 10.2139/ssrn.3944520
Vincent J. Geloso, L. Rouanet
{"title":"Ethnogenesis and Statelessness","authors":"Vincent J. Geloso, L. Rouanet","doi":"10.2139/ssrn.3944520","DOIUrl":"https://doi.org/10.2139/ssrn.3944520","url":null,"abstract":"The process of ethnogenesis (i.e. the formation of new ethnic groups) can be considered equivalent to the production of \"governance goods\" in situation of statelessness. The process of ethnogenesis is a response to the problem of social distance between heterogeneous groups which is a barrier to trade. As an investment in governance, ethnogenesis reduces this trade barrier and expands the scope for specialization. To argue the case, this paper relies on two examples of peaceful and productive relations between Native Indians and European settlers in Canada before the mid-19th century. The emergence of \"hybrid\" cultural groups and identities fostered peaceful relations and permitted trade to occur in borderlands areas where state rule was virtually nonexistent. This in turn facilitated the transatlantic fur trade. Both these examples suggest that cultural processes can be endogenous responses to the production of governance.","PeriodicalId":261816,"journal":{"name":"ERN EM Feeds","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127778973","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: 6
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