Econometrics: Applied Econometric Modeling in Microeconomics eJournal最新文献

{"title":"Can the Life Insurance Market Provide Evidence for a Bequest Motive?","authors":"J. Inkmann, Alexander Michaelides","doi":"10.1111/j.1539-6975.2011.01455.x","DOIUrl":"https://doi.org/10.1111/j.1539-6975.2011.01455.x","url":null,"abstract":"Using U.K. microeconomic data, we analyze the empirical determinants of participation in the life insurance market. We find that term insurance demand is positively correlated with measures of bequest motives like being married, having children and/or subjective measures of strong bequest motives. We then show that a life-cycle model of life insurance demand, saving and portfolio choice can rationalize quantitatively the data in the presence of a bequest motive. These findings provide evidence supporting the presence of a bequest motive.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"230 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127690082","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":"Social Divisions in School Participation and Attainment in India: 1983-2004","authors":"M. Asadullah, U. Kambhampati, F. Lopez Boo","doi":"10.2139/ssrn.1821925","DOIUrl":"https://doi.org/10.2139/ssrn.1821925","url":null,"abstract":"This study documents the size and nature of \"Hindu-Muslim\" and \"boy-girl\" gaps in children's school participation and attainments in India. Individual-level data from two successive rounds of the National Sample Survey suggest that considerable progress has been made in decreasing the Hindu-Muslim gap. Nonetheless, the gap remains sizable even after controlling for numerous socio-economic and parental covariates, and the Muslim educational disadvantage in India today is greater than that experienced by girls and Scheduled Caste Hindu children. A gender gap still appears within as well as between communities, though it is smaller within Muslim communities. While differences in gender and other demographic and socio-economic covariates have recently become more important in explaining the Hindu-Muslim gap, those differences altogether explain only 25 percent to 45 percent of the observed schooling gap.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133490349","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":"Are We Really Mama’S Boys? How Incomes Affect Italians’ Leaving Home Decisions","authors":"F. Belloc","doi":"10.25071/1874-6322.23681","DOIUrl":"https://doi.org/10.25071/1874-6322.23681","url":null,"abstract":"The aim of this article is to identify the main determinants of Italians’\u0000leaving-home decisions. We use data from the Survey of Household\u0000Income and Wealth (SHIW) by the Bank of Italy. The empirical\u0000study is performed by cross-section probit and panel-probit estimation.\u0000Contrary to the predominant literature’s claim, our findings unveil the\u0000positive and statistically significant effects of both children’s and parents’\u0000income on the departure probability. We interpret this positive\u0000parents’ income effect as a signal for inter-household transfers. Finally,\u0000we distinguish by gender and find that while the young men’s\u0000leaving home is strongly dependent on such transfers, the same does\u0000not hold for young women.\u0000Keywords: leaving home, intergenerational","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123473067","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":"Consumers’ Mortgage Loan Complaints and Boom and Bust in the Mortgage Market 2001-2008","authors":"Daniel E. Nolle","doi":"10.2139/SSRN.1987196","DOIUrl":"https://doi.org/10.2139/SSRN.1987196","url":null,"abstract":"The historic boom and subsequent, on-going bust in the U.S. residential mortgage market over the past decade have been periods of revolutionary change in consumer credit access. In particular, the burgeoning subprime mortgage market intertwined with the explosive growth of nontraditional mortgages increased not only the number of households to whom mortgage credit was extended, but also the array of mortgage products available to them. Currently, record numbers of households face foreclosure, and mortgage loan delinquency rates continue to climb. Related to these disturbing trends are widespread observations that a significant number of households have not fully understood the terms of the mortgage contracts to which they committed, especially as from the peak of the subprime lending boom in late 2005 and early 2006. Research on consumers’, lenders’, and regulators’ behaviors over the ongoing turmoil in the mortgage market has addressed a range of issues, including the benefits and pitfalls of recent innovations in mortgage finance, the shifting roles of bank versus nonbank lenders and servicers, federal-level and state-level supervision of mortgage market participants, and predatory lending. One aspect of mortgage activity receiving very little systematic analysis is the nature of consumers’ complaints about both the mortgage origination and the servicing processes. In view of widespread belief about exploitative and abusive practices in the residential mortgage industry, quantitative information about borrower complaints could improve policy makers’ grasp of the nature of both problems and possible policy responses.A formidable obstacle to understanding the nature and scope of consumers’ mortgage-related complaints has been a lack of data. The first major aim of the current study is to address that shortcoming by turning to the OCC’s Customer Assistance Group (CAG) data. Since the late-1990s, the OCC, via its CAG system, has documented at the individual account level a broad range of complaints about customers’ credit issues with national banks. By aggregating individual case information across categories of mortgage loan-related complaints over time, the current analysis examines trends in consumer complaints at both the national and state levels.The second major goal of the paper is to investigate ways in which the CAG mortgage loan complaint data can add insight to our understanding of the ongoing problems plaguing the residential real estate markets. Broadly, the study’s perspective is to ask whether, and how, detailed knowledge about the nature and scope of consumers’ mortgage-related complaints confirms or contradicts commonly-held presumptions. In the absence of previous research to guide such an investigation of consumers’ mortgage-related complaints, the current study is of necessity exploratory rather than definitive in nature. Nevertheless, this analysis identifies several issues meriting further empirical research that could benefit","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127963865","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":"When Do International Operations Lead to Improved Performance? An Analysis of Property‐Liability Insurers","authors":"Yu-Luen Ma, Dr. B. Elango","doi":"10.1111/j.1540-6296.2008.00135.x","DOIUrl":"https://doi.org/10.1111/j.1540-6296.2008.00135.x","url":null,"abstract":"In recent decades, insurers have been increasing their exposure to international markets. This article seeks to investigate the relationship between property‐liability insurers' international operations and their risk‐adjusted returns using cross‐section and time‐series data for the years 1992 through 2000. Our findings indicate that the relationship between international operations and performance is contingent upon the degree of product diversification. Insurance companies with focused operations in terms of product lines achieve higher risk‐adjusted performance as they increase their exposures to international markets. However, insurers who are highly diversified across product lines face declining returns with greater exposure to international markets.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131618030","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":"Value of Information in Endogenously Asymmetric Dynamic Auction: An Empirical Analysis","authors":"Sudip Gupta","doi":"10.2139/ssrn.970841","DOIUrl":"https://doi.org/10.2139/ssrn.970841","url":null,"abstract":"Design of selling strategies for heterogenous divisible goods auctions with endogenous informational asymmetry is an important policy question. This problem can be analyzed empirically using the distributions of ex- ante valuations of bidders, the value of information and the degree of informational asymmetry. In this paper, I estimate these by a three step procedure from a dynamic auction model with endogenous informational asymmetry. The seller sells multiple goods via a sequence of first price auctions. While bidders are ex-ante symmetric, the first period winner has an informational advantage in the second period bidding game and becomes a strong bidder. This endogenous asymmetry leads to excessive entry and overbidding in the first period relative to a one period game. I characterize the equilibrium in terms of the observed bid distribution and entry behavior. I apply a three step estimation procedure to data on OCS oil tract auctions. I find that the federal government is only ecovering 23% of the 'strong' buyers' willingness to pay in the second period. Bidders perceive the value of information to be at most 12% of their first period's informational rent. A new semiparametric structural test cannot reject the hypothesis of the strong bidder's informational superiority in the second period and sets it at 18% relative to the weak bidder. I use the estimates to design alternate mechanisms and empirically show that government's revenue increases when the asymmetry is taken into account in allocating the goods.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126533384","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":"Can Educational Attainment Explain Total Factor Productivity? Growth Accounting Evidence from Seven Transition Countries for the Period 1991-2000","authors":"Kaloyan Ganev","doi":"10.2139/ssrn.2025900","DOIUrl":"https://doi.org/10.2139/ssrn.2025900","url":null,"abstract":"In this paper we use growth accounting methodology to study whether human capital explains a part of total factor productivity in transition. The results that are obtained are not in support of the theoretical findings of growth theory that human capital is a major determinant of growth and productivity. However, eventually we continue to believe that the reasons for this misfit to theory lie in the very nature of data and not in the specifics of the methodology used.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127504877","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":"Four Long-Term Scenarios for the Dutch Government and the Health Care Sector","authors":"F. Bos, R. Douven, E. Mot","doi":"10.2139/ssrn.2017738","DOIUrl":"https://doi.org/10.2139/ssrn.2017738","url":null,"abstract":"Since 2003, a new set of scenario-analyses have been published by the CPB in Four Futures of Europe (de Mooij and Tang, 2003), four scenarios are sketched for the development of the European economy until 2040. The scenarios are defined in terms of two groups of 'key uncertainties'. The first concerns national institutions: to what extent will the mix of public and private responsibilities change? The second key uncertainty concerns international cooperation: to what extent are national states willing and able to cooperate in Europe and at a world wide scale? In the CPB-study Four Futures of the Netherlands: Production, Labour and Sectoral Structure in Four Scenarios until 2040 (Huizinga and Smid, 2004), the European scenarios are elaborated for the Dutch economy. These scenarios differ with respect to demography(population growth, ageing), macro-economic development (productivity, labour market participation, inflation, interest rates, world trade), government policy (e.g. social security system) and specific sector trends. In this paper, the four scenarios are discussed for the development of the sectors government (public administration, defense and subsidised education) and health care (including pharmaceuticals) are discussed. Both sectors are of great economic importance in the Netherlands. In terms of value added they constituteabout one fifth of the Dutch economy; in terms of employment and final consumption even about one quarter is involved. Furthermore, these sectors have in common that they are mainly financed publicly (by social security contributions and taxes) and that productivity growth is relatively slow. Baumol's cost disease model suggests that this can lead to increasing pressure on public finance and to negative effects for economic growth and inflation. In the two scenarios that stress the importance of collective provisions, (Regional Communities and Strong Europe), the share of government production (public administration, defense and subsidised education) will increase from 10.5% of GDP in 2001 to about 12% in 2040. In the other two scenarios, (Transatlantic Market and Global Economy), the government sector will decrease in size to 8% of GDP in 2040.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"67 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117233792","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":"Ageing, Health Care and Retirement in Europe: Use of Health and Nursing Care by the Elderly","authors":"E. Schulz","doi":"10.2139/SSRN.2005149","DOIUrl":"https://doi.org/10.2139/SSRN.2005149","url":null,"abstract":"If the hypothesis that people live longer and in better health is true, it could be expected that the changes in the health of the elderly have important consequences for the further demand for health services, the need for long-term care and also for the development of health expenditures. But other trends could also be essential to determining the extent and structure of the demand for health care and health expenditures. In the case of long-term care, there are other important effects that concern the structure of health care and institutional settings. Most long-term care recipients currently live in households and their caregivers are predominantly members of the family – especially daughters, daughters-in-law and spouses. The increasing labour force participation of women may affect the future supply of informal family care-giving and may increase the demand for professional home care and institutional care. In all EU countries family structures are changing: the proportion of elderly persons living with their children has fallen.Projections on the use of health care and the need for long-term care require an analysis of the current situation in each EU country and a study of the determinants for using both (especially the influence of health). This paper, produced as part of the ENEPRI AGIR project, presents the results of data collection and analyses for EU countries that participated in the study – Belgium, France, Finland, the Netherlands, Spain, the UK and Germany. Additionally, data are provided for Denmark. Along with analyzing the data provided, DIW has investigated the relationships between health care utilization, health status and age respectively with long-term care-giving at home, based on the European Community Household Panel (ECHP). Further, long-time series data from the OECD Health Data 2002 and 2003 are used to show the changes in the utilization and supply of health care services over time.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125281635","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":"Cognitive Skills Matter: The Employment Disadvantage of the Low-Educated in International Comparison","authors":"A. Abrassart","doi":"10.2139/ssrn.1967595","DOIUrl":"https://doi.org/10.2139/ssrn.1967595","url":null,"abstract":"It is now a widely acknowledged fact that the low-skilled are facing important risks of labour market exclusion in modern economies. However, possessing low levels of educational qualifications leads to very different situations from one country to another, as the cross-national variation in the unemployment rates of the low-skilled attest. While conventional wisdom usually blames welfare states and the resulting rigidity of labour markets for the low employment opportunities of low-skilled workers, empirical evidence tends to contradict this predominant view.Using microdata from the International Adult Literacy Survey that was conducted between 1994 and 1998, we examine the sources of the cross-national variation in the employment disadvantage of low-skilled workers in 14 industrialized nations. In particular, we test the validity of the conventional theories concerning the supposedly harmful effect of labour market regulation against a new and promising hypothesis on the importance of cognitive skills for the employment opportunities of the low-educated. Our findings support the latter and suggest that the employment disadvantage the low-educated experience relatively to medium-educated workers is mainly due to their deficit in the skills that have become so important for labour market success in the recent past, namely cognitive skills.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123916434","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}