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Characterizing Higher-Order Ross More Risk Aversion by Comparison of Risk Compensation 基于风险补偿比较的高阶Ross风险厌恶特征
IF 1.1 4区 经济学
International Studies of Economics Pub Date : 2026-09-02 Epub Date: 2026-06-07 DOI: 10.1002/ise3.70036
Zhen Huang, Guoqiang Tian, Yougong Tian
{"title":"Characterizing Higher-Order Ross More Risk Aversion by Comparison of Risk Compensation","authors":"Zhen Huang,&nbsp;Guoqiang Tian,&nbsp;Yougong Tian","doi":"10.1002/ise3.70036","DOIUrl":"https://doi.org/10.1002/ise3.70036","url":null,"abstract":"<p>This paper characterizes higher-order Ross more risk aversion by means of risk compensation rather than the traditional risk premium. Our approach extends the willingness-to-accept (WTA) framework of Denuit and Eeckhoudt (2013) to a broader class of risk changes. In addition, we provide a characterization of the strength of precautionary saving based on precautionary compensation, thereby complementing the analysis of Liu (2014), which is based on the precautionary premium.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 3","pages":"200-206"},"PeriodicalIF":1.1,"publicationDate":"2026-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70036","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148862435","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
Temporary VAT Reduction in Vietnam: Consumer Behavior Analysis 越南临时增值税减免：消费者行为分析
IF 1.1 4区 经济学
International Studies of Economics Pub Date : 2026-09-02 Epub Date: 2025-10-22 DOI: 10.1002/ise3.70022
Hang Thi Thu Trinh
{"title":"Temporary VAT Reduction in Vietnam: Consumer Behavior Analysis","authors":"Hang Thi Thu Trinh","doi":"10.1002/ise3.70022","DOIUrl":"https://doi.org/10.1002/ise3.70022","url":null,"abstract":"<p>This study investigates the impact of temporary VAT rate changes on consumer behavior in Vietnam, particularly concerning the VAT reduction implemented during 2023–2024. The research analyzes annual survey data and household expenditure reports to assess changes in consumer spending on durable goods during the first half of 2024 (2024 H1) following the VAT decrease. The results showed that households who were fully aware of the 2% VAT cut were 8 percentage points more likely to plan higher durable-goods spending in 2024 H1. The spending boost is strongest for low-wealth and income-insecure households, confirming that temporary VAT relief mainly stimulates big-ticket purchases among liquidity-constrained consumers. The focus on durable goods may limit the applicability of the findings to other product categories. This study focuses on durable goods and may limit the generalizability of findings to other product categories.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 3","pages":"249-263"},"PeriodicalIF":1.1,"publicationDate":"2026-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70022","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148862494","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 Effect of the Interaction Between Price and Time Preference on Cigarette Consumption 价格与时间偏好交互作用对卷烟消费的影响
IF 1.1 4区 经济学
International Studies of Economics Pub Date : 2026-09-02 Epub Date: 2026-05-11 DOI: 10.1002/ise3.70037
Yan Song
{"title":"The Effect of the Interaction Between Price and Time Preference on Cigarette Consumption","authors":"Yan Song","doi":"10.1002/ise3.70037","DOIUrl":"https://doi.org/10.1002/ise3.70037","url":null,"abstract":"<p>The primary focus of this essay is to obtain new estimates of the price sensitivity of cigarette consumption and related outcomes using the 1979 cohort of the National Longitudinal Survey of Youth (NLSY79). This work expands on the existing literature on the topic by taking into account measures of time preference in the NLSY79 to examine interactions between these measures and price in the demand function for cigarettes. My specific hypothesis is that those who discount the future consequences of their current actions heavily are likely to be more sensitive to price than those who do not. I find that the people who discount the future heavily are more sensitive to price change.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 3","pages":"264-280"},"PeriodicalIF":1.1,"publicationDate":"2026-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70037","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148862407","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
Gravitational Fields and Local Moran's I in Economics: Analyzing the Spatial Structure of Labor and Capital in the USA 引力场与经济学中的局部莫兰I：美国劳动力和资本的空间结构分析
IF 1.1 4区 经济学
International Studies of Economics Pub Date : 2026-09-02 Epub Date: 2026-07-09 DOI: 10.1002/ise3.70039
Luigi Capoani, Mattia Banin, Barbara Brollo, Piergiorgio Martini
{"title":"Gravitational Fields and Local Moran's I in Economics: Analyzing the Spatial Structure of Labor and Capital in the USA","authors":"Luigi Capoani,&nbsp;Mattia Banin,&nbsp;Barbara Brollo,&nbsp;Piergiorgio Martini","doi":"10.1002/ise3.70039","DOIUrl":"https://doi.org/10.1002/ise3.70039","url":null,"abstract":"<p>In this article, we apply the notion of gravitational fields to commercial attraction, with the aim of providing valuable insights to inform the development of an econophysical methodology. We revisit the traditional notion of gravitational fields, extending it to encompass multiple economic variables and incorporating mobility and production-related factors. Following Isard's approach, we apply the gravitational framework to spatial analysis, mapping the interactions among economic forces generated by the individual fields of different regions. To capture the cumulative intensity of these multi-source interactions, we introduce the Integrated Gravitational Potential Gradient (IPG), a scalar field measure that quantifies systemic macro-regional economic attraction. This provides insights into spatial concentration phenomena, particularly in the American market. Our approach involves a comprehensive cross-analysis that integrates gravitational fields and Moran's I, enabling the identification and analysis of patterns of spatial concentration and dispersion. By combining gravitational fields and Moran's I Test, we advance the study of trade dynamics beyond traditional economic theories, uncovering new perspectives on the complexity of spatial interactions. This research contributes to a deeper understanding of how economic forces shape spatial patterns and highlights the significance of spatial analysis in understanding trade and market dynamics.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 3","pages":"230-248"},"PeriodicalIF":1.1,"publicationDate":"2026-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70039","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148862165","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
On the Evolution of the Stock Market Efficiency: Evidence From Emerging Markets 股票市场效率的演化：来自新兴市场的证据
IF 1.1 4区 经济学
International Studies of Economics Pub Date : 2026-09-02 Epub Date: 2026-04-14 DOI: 10.1002/ise3.70034
Júlio Lobão, Luís Pacheco, Nuno Cruz
{"title":"On the Evolution of the Stock Market Efficiency: Evidence From Emerging Markets","authors":"Júlio Lobão,&nbsp;Luís Pacheco,&nbsp;Nuno Cruz","doi":"10.1002/ise3.70034","DOIUrl":"https://doi.org/10.1002/ise3.70034","url":null,"abstract":"<p>The study of market efficiency is one of the most covered topics in the field of financial markets, with the Efficient Market Hypothesis gathering devotees as well as several critics. The perception of markets as agents with an adaptive nature gave rise to the Adaptive Market Hypothesis (AMH). This paper aims to combine this evolutionary view of market efficiency with the need to assess the behavior of emerging markets over the years. The empirical method selected was the Adjusted Market Inefficiency Magnitude. The sample consists of daily returns between 2005 and 2023 for six stock indices, namely the Indian (BSESN), Brazilian (BVSP), Chinese (CSI300), South African (JALSH), South Korean (KS11), and Taiwanese (TWII), representing the emerging economies bloc. Our findings show greater proximity to the efficiency framework proposed by the AMH, with the emerging markets evidencing an evolutionary behavior, combining a state of generalized efficiency with periods of remarkable inefficiency. Also, the observable synchronization between evolutionary moments and the occurrence of major economic events, both systemic and related to a particular economy, reinforces the need to frame the study of the efficiency of this category of markets within the global economic framework.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 3","pages":"281-293"},"PeriodicalIF":1.1,"publicationDate":"2026-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70034","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148862389","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
Land Use Policy and Racial Segregation 土地使用政策与种族隔离
IF 1.1 4区 经济学
International Studies of Economics Pub Date : 2026-09-02 Epub Date: 2025-10-22 DOI: 10.1002/ise3.70020
Ling Huang
{"title":"Land Use Policy and Racial Segregation","authors":"Ling Huang","doi":"10.1002/ise3.70020","DOIUrl":"https://doi.org/10.1002/ise3.70020","url":null,"abstract":"<p>Land use policies, though seemingly race-neutral, can inadvertently contribute to racial segregation. Our study focuses on examining the impact of minimum lot size regulations on the likelihood of ethnic minorities integrating into a community, which reveals compelling evidence suggesting that black households exhibit a preference for smaller minimum lot sizes compared to white households. Specifically, our findings indicate that black households are willing to pay $934 to $2126 less annually for every additional acre of minimum lot size, accounting for approximately 3.36%–7.65% of the average house value, after controlling for various other factors influencing housing preferences. The result suggests that minimum lot size regulations can contribute to racial segregation not solely through income disparities but also voluntary choices made by different racial groups. With smaller minimum lot size requirements, communities can foster greater inclusivity and reduce the extent of racial segregation from housing policies.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 3","pages":"207-229"},"PeriodicalIF":1.1,"publicationDate":"2026-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70020","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148862495","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
Promise-Keeping Reputations in an Investment Game: An Experimental Investigation 投资博弈中的守信声誉：一项实验研究
IF 0.5 4区 经济学
International Studies of Economics Pub Date : 2026-06-03 Epub Date: 2025-08-17 DOI: 10.1002/ise3.70016
Ninghua Du, Qun Zhao
{"title":"Promise-Keeping Reputations in an Investment Game: An Experimental Investigation","authors":"Ninghua Du,&nbsp;Qun Zhao","doi":"10.1002/ise3.70016","DOIUrl":"https://doi.org/10.1002/ise3.70016","url":null,"abstract":"<p>We design a controlled laboratory experiment to mitigate moral hazard problems in livestream shopping when sellers make promises to buyers. In our experiment, the promise-keeping reputation mechanism allows sellers to send promises to buyers while buyers can observe the sellers' historical promise-keeping records. Results demonstrate that bare promises under the mechanism significantly enhance trust and trustworthiness. Specifically, bare promises under the promise-keeping reputation mechanism can build trust quickly between buyers and sellers in the beginning; when sellers have a good reputation for promise-keeping, buyers will trust sellers more. When sellers' promise-keeping histories are not recorded, bare promises fail to enhance trust or trustworthiness, as buyers cannot distinguish between trustworthy sellers and opportunistic sellers.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 2","pages":"92-110"},"PeriodicalIF":0.5,"publicationDate":"2026-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70016","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148153204","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 “Zhang Xuefeng Effect”: Information Intervention and the College Admission Problem in China “张雪峰效应”：信息干预与中国高校录取问题
IF 0.5 4区 经济学
International Studies of Economics Pub Date : 2026-06-03 Epub Date: 2025-03-19 DOI: 10.1002/ise3.70002
Yutong Huo, Yun Wang
{"title":"The “Zhang Xuefeng Effect”: Information Intervention and the College Admission Problem in China","authors":"Yutong Huo,&nbsp;Yun Wang","doi":"10.1002/ise3.70002","DOIUrl":"https://doi.org/10.1002/ise3.70002","url":null,"abstract":"<p>Information regarding the quality of colleges and labor-market prospects of majors plays an important role in parents' and students' school-choice decisions, particularly when these decisions are crucially relevant to the students' long-run career choices and life earnings. This paper studies the impact of information intervention under the current college admission system in China, exploring how access to college-major–related information affects students' preferences, thus resulting in changes to school majors' score lines, students' welfare, and industrial productivity. We consider a setting where there are a finite set of students and a finite set of schools, each school offering two majors featuring high or low labor-market returns. We find that the score lines for high-return majors rise, while those for low-return majors fall, primarily due to changes in preferences among some “pivotal” students in the admission process. Moreover, a majority of students benefit from information intervention, though some students experience welfare deterioration, and the distribution of such benefits and losses depends on students' types of preferences. Without school-prioritized preferences, more students can benefit, and students with higher scores will benefit more. When all students' preferences are school-prioritized, students with different scores benefit almost equally from the information intervention. Our findings offer insights for upgrading information consulting services and designing career-oriented college majors for China's college admission problems.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 2","pages":"111-130"},"PeriodicalIF":0.5,"publicationDate":"2026-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148153250","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
Always Be Prepared: Lessons Learned From Risk-Coping Strategies of Thai Households in the Wake of Two Major Economic Crises 随时准备：泰国家庭在两次重大经济危机后的风险应对策略的教训
IF 0.5 4区 经济学
International Studies of Economics Pub Date : 2026-06-03 Epub Date: 2025-05-13 DOI: 10.1002/ise3.70009
Aeggarchat Sirisankanan, Papar Kananurak
{"title":"Always Be Prepared: Lessons Learned From Risk-Coping Strategies of Thai Households in the Wake of Two Major Economic Crises","authors":"Aeggarchat Sirisankanan,&nbsp;Papar Kananurak","doi":"10.1002/ise3.70009","DOIUrl":"https://doi.org/10.1002/ise3.70009","url":null,"abstract":"<p>This paper aimed to comparatively examine the function of three risk-coping strategies, namely savings, borrowings, and work-hour adjustments, during two major economic crises in Thailand. Using the Socioeconomic Survey (SES) collected by the National Statistical Office (NSO) in Thailand, we examined data from the 1998 financial crisis and the 2021 COVID-19 outbreak. The empirical methods were the two-step estimation method and the income decomposition technique, with an emphasis on correcting an endogeneity problem with an instrumental variable approach. The results showed that risk-coping strategies respond more strongly to income shocks during crisis periods than in noncrisis periods. Borrowing was the most important risk-coping strategy, followed by work-hour adjustments employed by Thai households to smooth their consumption against transitory income shocks caused by unemployment in crisis and noncrisis periods. On the contrary, we found that Thai households are less prudent.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 2","pages":"176-197"},"PeriodicalIF":0.5,"publicationDate":"2026-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148153240","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
Navigating ESG in the Artificial Intelligence Era: Evidence From AI Pilot Zones in China 在人工智能时代引领ESG：来自中国人工智能试验区的证据
IF 0.5 4区 经济学
International Studies of Economics Pub Date : 2026-06-03 Epub Date: 2025-07-23 DOI: 10.1002/ise3.70011
Yujie Liu, Xinyi Shen
{"title":"Navigating ESG in the Artificial Intelligence Era: Evidence From AI Pilot Zones in China","authors":"Yujie Liu,&nbsp;Xinyi Shen","doi":"10.1002/ise3.70011","DOIUrl":"https://doi.org/10.1002/ise3.70011","url":null,"abstract":"<p>Artificial intelligence is reshaping business models, but limited literature explores how ESG evolves in the AI era. This paper regards AI Pilot Zones in China as a quasi-natural experiment, and adopts the DID approach to investigate its impact on corporate ESG performance. Using the sample of Chinese A-share listed companies from 2016 to 2022, we find that the AI policy significantly enhances ESG performance. The AI policy improves ESG through promoting corporate AI applications, reducing information asymmetry, and easing financing constraints. Heterogeneity analyses indicate that the policy effects are more pronounced for firms in regions with high institutional quality, non-state-owned enterprises, and non-high-tech enterprises. Then, we provide evidence supporting the moderating roles of government AI focus and public attention. Finally, further analyses provide granular evidence of corporate environmental and social practices.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"21 2","pages":"131-146"},"PeriodicalIF":0.5,"publicationDate":"2026-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.70011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148153578","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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