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Value, Price, and Exploitation: The Logic of the Transformation Problem 价值、价格与剥削:转型问题的逻辑
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2017-10-25 DOI: 10.1111/joes.12223
S. Mohun, Roberto Veneziani
{"title":"Value, Price, and Exploitation: The Logic of the Transformation Problem","authors":"S. Mohun, Roberto Veneziani","doi":"10.1111/joes.12223","DOIUrl":"https://doi.org/10.1111/joes.12223","url":null,"abstract":"This paper tries to clarify the logical structure of the relationship between labour values and prices from an axiomatic perspective. The famous 'transformation problem' is interpreted as an impossibility result for a specific interpretation of value theory based on specific assumptions and definitions. A comprehensive review of recent literature is provided, which shows that there are various theoretically relevant and logically consistent alternative interpretations based on different assumptions and definitions.","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121922594","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: 21
Statistical Arbitrage Pairs Trading Strategies: Review and Outlook 统计套利对交易策略:回顾与展望
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2017-04-01 DOI: 10.1111/joes.12153
C. Krauss
{"title":"Statistical Arbitrage Pairs Trading Strategies: Review and Outlook","authors":"C. Krauss","doi":"10.1111/joes.12153","DOIUrl":"https://doi.org/10.1111/joes.12153","url":null,"abstract":"This survey reviews the growing literature on pairs trading frameworks, i.e., relative-value arbitrage strategies involving two or more securities. The available research is categorized into five groups: The distance approach uses nonparametric distance metrics to identify pairs trading opportunities. The cointegration approach relies on formal cointegration testing to unveil stationary spread time series. The time series approach focuses on finding optimal trading rules for mean-reverting spreads. The stochastic control approach aims at identifying optimal portfolio holdings in the legs of a pairs trade relative to other available securities. The category \"other approaches\" contains further relevant pairs trading frameworks with only a limited set of supporting literature. Drawing from this large set of research consisting of more than 90 papers, an in-depth assessment of each approach is performed, ultimately revealing strengths and weaknesses relevant for further research and for implementation.","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"27 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":"128810356","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: 152
Econometrics for Grumblers: A New Look at the Literature on Cross-Country Growth Empirics 抱怨者的计量经济学:对跨国增长经验文献的新看法
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2011-01-12 DOI: 10.1111/j.1467-6419.2010.00624.x
M. Eberhardt, F. Teal
{"title":"Econometrics for Grumblers: A New Look at the Literature on Cross-Country Growth Empirics","authors":"M. Eberhardt, F. Teal","doi":"10.1111/j.1467-6419.2010.00624.x","DOIUrl":"https://doi.org/10.1111/j.1467-6419.2010.00624.x","url":null,"abstract":"Since the seminal contribution of Gregory Mankiw, David Romer and David Weil (1992), the growth empirics literature has used increasingly sophisticated methods to select relevant growth determinants in estimating cross-section growth regressions. The vast majority of empirical approaches however limit cross-country heterogeneity in production technology to the specification of Total Factor Productivity, the ‘measure of our ignorance’ (Abramowitz, 1956). The central theme of this survey is an investigation of this choice of specification against the background of pertinent data properties when the units of observations are countries or regions and the time-series dimension of the data becomes substantial. We present two general empirical frameworks for cross-country productivity analysis and demonstrate that they encompass the approaches in the growth empirics literature of the past two decades. We then develop our central argument, that cross-country heterogeneity in the impact of observables and unobservables on output is important for reliable empirical analysis. This idea is developed against the background of the pertinent time-series and cross-section properties of macro panel data.","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132784178","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: 420
Picture this: A Simple Graph that Reveals Much Ado About Research 想象一下:一个简单的图表揭示了很多关于研究的烦恼
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2010-01-06 DOI: 10.1111/j.1467-6419.2009.00593.x
T. Stanley, Hristos Doucouliagos
{"title":"Picture this: A Simple Graph that Reveals Much Ado About Research","authors":"T. Stanley, Hristos Doucouliagos","doi":"10.1111/j.1467-6419.2009.00593.x","DOIUrl":"https://doi.org/10.1111/j.1467-6419.2009.00593.x","url":null,"abstract":"Funnel graphs provide a simple, yet highly effective, means to identify key features of an empirical literature. This paper illustrates the use of funnel graphs to detect publication selection bias, identify the existence of genuine empirical effects and discover potential moderator variables that can help to explain the wide variation routinely found among reported research findings. Applications include union–productivity effects, water price elasticities, common currency-trade effects, minimum-wage employment effects, efficiency wages and the price elasticity of prescription drugs.","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120731975","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: 185
Empirics of the Identification of Social Interactions: An Evaluation of the Approaches and Their Results 社会互动识别的经验:方法及其结果的评价
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2006-04-01 DOI: 10.1111/j.0950-0804.2006.00280.x
A. Soetevent
{"title":"Empirics of the Identification of Social Interactions: An Evaluation of the Approaches and Their Results","authors":"A. Soetevent","doi":"10.1111/j.0950-0804.2006.00280.x","DOIUrl":"https://doi.org/10.1111/j.0950-0804.2006.00280.x","url":null,"abstract":"Over the last decade, the study of social interactions in economic decision making has become an important area of research. The main objective of this paper is to survey the extent to which recent empirical contributions have succeeded in overcoming the identification problems as first formulated by Manski (1993). This discussion is followed by a comparison of empirical studies in three key areas of research: neighborhood effects, substance use among teenagers, and peer effects among university roommates. Finally, I discuss questions like: Can economists restrict attention to a specific subcategories of social interactions? How do we define social groups, and what is the importance of social interactions for public policy?","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121627810","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: 158
Market-Oriented Institutions and Policies and Economic Growth: A Critical Survey 市场导向的制度和政策与经济增长:一项批判性调查
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2006-04-01 DOI: 10.1111/j.0950-0804.2006.00278.x
J. de Haan, Susanna Lundström, J. Sturm
{"title":"Market-Oriented Institutions and Policies and Economic Growth: A Critical Survey","authors":"J. de Haan, Susanna Lundström, J. Sturm","doi":"10.1111/j.0950-0804.2006.00278.x","DOIUrl":"https://doi.org/10.1111/j.0950-0804.2006.00278.x","url":null,"abstract":"This paper surveys recent evidence suggesting that market-oriented institutions and policies are strongly related to economic growth, focusing on studies using the economic freedom \"EF\" indicator of the Fraser Institute. This index is critically discussed. Also various serious shortcomings of empirical studies using this index are identified. Nevertheless, there are strong indications that liberalization, i.e. an increase in the EF index, stimulates economic growth. This paper also reviews studies on the determinants of EF. Political liberalization is often found to enhance economic liberalization, whereas there is less evidence for causality running in the other direction. Copyright Blackwell Publishers Ltd, 2006.(This abstract was borrowed from another version of this item.)","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116234178","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: 443
Voting on Pensions: A Survey 养老金投票:一项调查
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2004-10-12 DOI: 10.2139/ssrn.1691476
Gregory de Walque
{"title":"Voting on Pensions: A Survey","authors":"Gregory de Walque","doi":"10.2139/ssrn.1691476","DOIUrl":"https://doi.org/10.2139/ssrn.1691476","url":null,"abstract":"The paper presents a non-exhaustive survey of the literature designed to explain emergence, size and political sustainability of pay-as-you-go pension systems. It proposes a simple framework of analysis (a small open two overlapping generation economy model), around which some variants are displayed. Dictatorship of the median voter is assumed. The text is organized to answer the following questions: (i) do political equilibria with PAYG pension schemes exist, (ii) why do they emerge, (iii) what are the conditions for the participation constraint of the pension game to be verified, and finally (iv) what is the size of the pension system chosen by the median voter and how is this size influenced by an exogenous (e.g. demographic) shock.","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121126932","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: 61
The Role of Feelings in Investor Decision-Making 情感在投资者决策中的作用
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2004-10-01 DOI: 10.2139/ssrn.346302
B. Lucey, M. Dowling
{"title":"The Role of Feelings in Investor Decision-Making","authors":"B. Lucey, M. Dowling","doi":"10.2139/ssrn.346302","DOIUrl":"https://doi.org/10.2139/ssrn.346302","url":null,"abstract":"This paper surveys the research on the influence of investor feelings on equity pricing and also develops a theoretical basis with which to understand the emerging findings of this area. The theoretical basis is developed with reference to research in the fields of economic psychology and decision-making . Recent advancements in understanding how feelings affect the general decision-making of individuals, especially under conditions of risk and uncertainty [e.g. Loewenstein et al . (2001). Psychological Bulletin 127: 267-286], are covered by the review. The theoretical basis is applied to analyze the existing research on investor feelings [e.g. Kamstra et al . (2000). American Economic Review (forthcoming); Hirshleifer and Shumway (2003). Journal of Finance 58 (3): 1009-1032]. This research can be broadly described as investigating whether variations in feelings that are widely experienced by people influence investor decision-making and, consequently, lead to predictable patterns in equity pricing. The paper concludes by suggesting a number of directions for future empirical and theoretical research. Copyright Blackwell Publishers Ltd, 2005.","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131707263","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: 347
Price/Wage Staggering and Persistence: A Unifying Framework 价格/工资惊人和持久性:一个统一的框架
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 2003-09-01 DOI: 10.1111/1467-6419.00203
G. Ascari
{"title":"Price/Wage Staggering and Persistence: A Unifying Framework","authors":"G. Ascari","doi":"10.1111/1467-6419.00203","DOIUrl":"https://doi.org/10.1111/1467-6419.00203","url":null,"abstract":"In this paper, we provide a general unified framework to clarify the issue of persistence of real effects of money shocks in staggered wage/price models. We mainly aim to: (i) highlight which features of the underlying economy, and particularly of the labour market, are crucial for generating output persistence; (ii) analyse the differences between price and wage staggering. Copyright Blackwell Publishing Ltd, 2003.","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"301 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118019431","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: 58
Looking for a Guide to Protect the Environment: The Development of the Precautionary Principle 寻找保护环境的指引:预防原则的发展
Wiley-Blackwell: Journal of Economic Surveys Pub Date : 1999-12-01 DOI: 10.2139/ssrn.229257
G. Immordino
{"title":"Looking for a Guide to Protect the Environment: The Development of the Precautionary Principle","authors":"G. Immordino","doi":"10.2139/ssrn.229257","DOIUrl":"https://doi.org/10.2139/ssrn.229257","url":null,"abstract":"If the precautionary principle is to become the guide of the international community for environmental protection policies, an economic interpretation of the principle is in order. The analysis of case studies and a survey of the recent decision theoretic literature show the lack of a fully satisfactory economic model. More generally various theoretical and empirical results show that the principle cannot be assumed to apply a priori. Though it has been proposed by international treaties as a rule of thumb for situations of scientific uncertainty, the precautionary principle could actually be inefficient. Copyright Blackwell Publishing Ltd, 2003.","PeriodicalId":336613,"journal":{"name":"Wiley-Blackwell: Journal of Economic Surveys","volume":"374 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133705061","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: 30
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