ERN: Equity最新文献

{"title":"Financial Actions vs Gambling","authors":"A. Anastasopoulos","doi":"10.2139/ssrn.2944811","DOIUrl":"https://doi.org/10.2139/ssrn.2944811","url":null,"abstract":"The advantages and the shortcomings of the financial sector for the real economy are well known. In two previous articles we have elaborated, from a theoretical point, our views on the New Classical School (NCS) which espouses the functions of this sector in modern capitalist economies, and is mostly liable for its pros and cons. Here we discuss two additional negative side-effects that have emerged from the operation of this sector, and argue for the benefits of a proposal we have made in the articles mentioned above: The side effects are: (a) the acquisition of enormous power by some firms in that sector, and (b) the focus of its activities towards gambling. These effects are contrary to the purpose of the existence of the financial sector, and the spirit of the competitive economy. The first one reinforces the strong tendency of modern capitalism towards income inequality, and corrupts the moral of open markets. The second one, is opposing the long-run growth of the economy, and preys on not well informed, and unsophisticated in financial matters private agents. \u0000To deal with such (and many other) problems we have recommended that financial sector firms should become, in a fair manner, quasi-partners with firms in the private sector that use their services to finance investment projects they undertake. Here we repeat the technical core (with minor changes) of our proposal, and stress its effectiveness in reducing several of the obstacles the financial sector creates to the real economy. The main advantages of our proposal are that it induces firms in the real sector to develop more concrete investment strategies, and financial firms to evaluate carefully the plans they accept to finance. When financial firms are interconnected the proposed quasi-partnership minimizes the risks of domino effects (in cases of liquidity shortages). In addition, it reduce the tendencies to gamble, and brings the economy closer to the state the NCS wishes: to the state where the economy faces only irreducible risks.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"920 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126993194","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}

{"title":"A Theory of Causal Responsibility Attribution","authors":"F. Engl","doi":"10.2139/ssrn.2932769","DOIUrl":"https://doi.org/10.2139/ssrn.2932769","url":null,"abstract":"People frequently reward and punish other people if they perceive them to be responsible for the implementation of events that they like or dislike. However, the determinants of such responsibility perceptions are not well understood within economics. In this paper, I propose a notion of causal responsibility as one determinant of responsibility perceptions. The notion attempts to objectively capture the causal importance of a person’s action for the implementation of an event when the implementation depends on the interaction of multiple persons and, potentially, moves of nature. I incorporate the notion in a framework of responsibility preferences and study its implication for behavior and equilibria in strategic settings. Finally, I show that the notion can explain experimentally elicited punishment and reward patterns in multi-agent situations that are not well-explained by existing social preference theories.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133898595","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}

{"title":"Equal Awards vs. Equal Losses in Bankruptcy Problems","authors":"José Alcalde, Josep E. Peris","doi":"10.2139/ssrn.2919582","DOIUrl":"https://doi.org/10.2139/ssrn.2919582","url":null,"abstract":"The Constrained Equal Awards and Equal Losses rules are traditional ways to solve bankruptcy problems. These rules are characterized by two parameters α and β that represent, respectively, the maximum amount a claimant receives, or the maximum amount a claimant loses. Moreover, these rules define a partition in the set of agents: those who are equally rationed, and those sustaining a lower rationing (because their maximal award and maximal loss cannot exceed their claim). We investigate the relationship between α and β, and the corresponding partitions they originate in the set of agents, by using a characteristic τ measuring the relative degree of conflict.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"06 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127183634","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}

{"title":"Urbanizing with Equity Consideration","authors":"Guanghua Wan, Zhi Luo, Xun Zhang","doi":"10.2139/ssrn.2955517","DOIUrl":"https://doi.org/10.2139/ssrn.2955517","url":null,"abstract":"Research has not yet been undertaken on the optimal level of urbanization, notwithstanding the pioneering work of Au and Henderson (2006) on optimal urban concentration. We develop two-sector general equilibrium models of urbanization, with and without equity consideration, respectively. It is shown that considering equity will result in a higher level of urbanization than otherwise, when urban inequality is sufficiently small or migration costs are sufficiently large. Such a theoretical prediction is confirmed by empirical modeling results using panel data from People’s Republic of China (PRC). Provincial governments that paid attention to the inequality issue are found to have higher urbanization levels than those that did not. Finally, we explore possible equity consideration-to-urbanization transmission channels, and empirically establish that equity consideration in PRC (e.g., government initiatives towards combating rural poverty or the urban-rural gap) is positively correlated with road density, which helps reduce migration costs, and with bank lending to the manufacturing sector, which helps enhance the pulling force of migration. Thus, policy makers in the developing world should reverse their prevailing anti-urbanization attitudes and practices that tend to slow down urbanization or restrict rural-to-urban migration.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134461989","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}

{"title":"Globalization and the Labor Share in National Income","authors":"H. Doan, Guanghua Wan","doi":"10.2139/ssrn.2942647","DOIUrl":"https://doi.org/10.2139/ssrn.2942647","url":null,"abstract":"Contradicting the conventional wisdom of constant factor shares, the portion of national income accruing to labor has been trending downward in the last three decades. This decline must have contributed to rising inequality as labor income is more evenly distributed than capital income. This study contributes to the literature on income inequality by exploring the role of globalization in driving the labor share. In particular, we focus on the impacts of trade openness and foreign direct investments (FDI) on the labor share. Using country-level panel data for 1980–2010, the study finds that trade is a significant and robust determinant of labor share. Generally speaking, export depresses while import increases the labor share. The impact of FDI, however, is insignificant. These results are similar for both developed and developing countries.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127135931","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}

{"title":"How is the Perception of Fairness of Performance Evaluation Practices Constructed? A Case Study of Shop Floor Workers Employed by the Large FMCG Retailer in Scandinavia","authors":"Marko Studen, R. Lueg","doi":"10.2139/ssrn.2921160","DOIUrl":"https://doi.org/10.2139/ssrn.2921160","url":null,"abstract":"Prior research, investigating the perception of fairness of performance evaluation practices has researched the topic as a cause-effect phenomenon. This investigation takes a different approach. First, it adopts the bottom-up investigating, starting from the worker herself. Second, it investigates the reasons that influence the construction of fairness, by that gaining an underlying understanding of the perception of fairness. \u0000In order to answer the research question, a method of open qualitative interviews has been adopted. A sample of ten shop floor workers from the Danish fast-moving consumer goods (FMCG) retail industry has been chosen for the purpose of answering the research question. This study examines three sets of aspects of performance evaluation. The first set of characteristics analyzes the design of a performance measurement system. Second set of features investigates the formality of the performance evaluation procedures, and third set of characteristics explores the power of subordinate’s voice and its influence on the construction of fairness. \u0000I discovered three primary reasons, which collectively influence the construction of the perception of fairness. The first two are the contextual impacts of job design and logical mechanisms of workers. Both directly influence the construction of fairness, yet their impact is limited and strongly dependent on the job design and specific worker-manager relation. The third reason is the feelings. Feelings have the strongest impact on overall perception of fairness. They form an underlying condition, which is the wanted feeling of being appreciated. Performance evaluation managers need to evoke the feeling of being appreciated in order to positively influence the construction of fairness of the performance evaluation practices. \u0000The findings of this paper serve as tool for middle management when designing the performance evaluation practices for shop floor workers as well as a tool for evaluating managers when engaging in performance evaluating behavior. First, middle management should recognize that not all shop floor job designs are the same, and provisions for recognizing these differences should be implemented in the design of the performance evaluation system. Second, managers evaluating should recognize that workers want to feel appreciated and respected while receiving evaluation. Therefore, they should engage in a facilitating behavior, taking into consideration the needs of the individual worker, and by that positively influencing the construction of fairness. \u0000The contribution to the contemporary research is the provided insight into the process of constructing the perception of fairness, which is offered as an alternative to the established cause-effect studies. The researched population further contributes as it differs from those used prior in contemporary management accounting and behavioral research. The research subject of shop floor worker provides an interesting insight int","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"1985 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125464229","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}

{"title":"Inequality and Growth: A Heterogeneous Approach","authors":"F. Grigoli, Evelio Paredes, C. Di Bella","doi":"10.5089/9781475560527.001","DOIUrl":"https://doi.org/10.5089/9781475560527.001","url":null,"abstract":"This article tests for cross-country convergence in income inequality and \u0000estimates its impact on growth with a heterogeneous Panel Structural Vector \u0000AutoRegression model, which addresses some empirical challenges plaguing \u0000the literature. We find that income inequality is converging across countries, \u0000and that its impact on growth is heterogeneous. While the median response of \u0000real per capita Gross Domestic Product (GDP) growth to income inequality \u0000shocks is negative and significant, at least one fourth of the sample presents a \u0000positive effect. Also, we find evidence that improved institutional frameworks \u0000can reduce the negative effect of income inequality on growth.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122155529","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}

{"title":"On Construction of Social Welfare Orders Satisfying Hammond Equity and Weak Pareto Axioms","authors":"R. Dubey","doi":"10.2139/ssrn.2731300","DOIUrl":"https://doi.org/10.2139/ssrn.2731300","url":null,"abstract":"This paper examines the constructive nature of a social welfare order that respects Hammond equity axiom and Weak Pareto axiom. It describes the domains (of the one period utilities) on which an explicit construction is possible. A social welfare order satisfying the Hammond equity and Weak Pareto admits an explicit construction if and only if the domain is a well-ordered set.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132092006","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}

{"title":"Malaise in the Western Middle Classes","authors":"Louis Chauvel, Anne Hartung","doi":"10.2139/ssrn.3035220","DOIUrl":"https://doi.org/10.2139/ssrn.3035220","url":null,"abstract":"The living conditions and well-being of the middle class are traditionally considered an expression of how society is progressing. Yet growing inequality and the polarization of incomes observed in Western countries due to globalization, the recession and rapid technological change, is leading to what has been described as a “malaise of the middle class”. This article presents the evolution of the income distribution in selected Western countries and discusses the possible impact of the threat created by downward mobility and the erosion of the middle class in today's society.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125541967","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}

{"title":"Does Rising Inequality Delay Marriage? Evidence from India","authors":"A. Chari, A. Maertens, S. Srinivasan","doi":"10.2139/ssrn.3149382","DOIUrl":"https://doi.org/10.2139/ssrn.3149382","url":null,"abstract":"Top incomes in India have been rising sharply since the 1980s. In this chapter, we show that this phenomenon may have resulted in delays to female marriage. Our analysis takes advantage of cross-sectional variation in earnings distribution across narrowly defined marriage markets. We find that female marriage rates decline in response to increases in top male incomes. We also find marked effects on women’s educational attainment (in terms of years of schooling, as well as high school and college completion rates). We examine a number of hypotheses, and conclude that the pattern of results suggests a mechanism in which increases in top male incomes prolong the duration of marital search on the part of women.","PeriodicalId":282303,"journal":{"name":"ERN: Equity","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115260292","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}