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Consumers’ Decaying Generosity Can Sustain a Profit-Oriented Firm Dependent on Social Preferences 消费者慷慨的衰退可以维持依赖于社会偏好的以利润为导向的企业
Netspar Research Paper Series Pub Date : 2018-08-30 DOI: 10.2139/ssrn.3241497
Minah H. Jung, Xiao Liu, Leif D. Nelson
{"title":"Consumers’ Decaying Generosity Can Sustain a Profit-Oriented Firm Dependent on Social Preferences","authors":"Minah H. Jung, Xiao Liu, Leif D. Nelson","doi":"10.2139/ssrn.3241497","DOIUrl":"https://doi.org/10.2139/ssrn.3241497","url":null,"abstract":"Can social preferences sustain a for-profit company? We analyze panel data tracking payments of 57,196 customers for five years from an online retail firm whose profitability relies on consumers’ altruism. Most customers are generous and remain so over time. However, their generosity slowly declines as they gain purchase experience over time but does not reach zero. Furthermore, stingier, yet loyal consumers contribute cumulatively more to the firm’s long-term profitability than more generous consumers. These results suggest that altruism can not only sustain a firm in market contexts, but it can also be exploited to generate profits for the firm.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116292268","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
The Malthusian Origins of the General Theory: Or How Keynes Came to Write a Book About Say’s Law and Effective Demand 《通论的马尔萨斯起源:或者凯恩斯如何写出一本关于萨伊定律和有效需求的书》
Netspar Research Paper Series Pub Date : 2018-08-21 DOI: 10.2139/ssrn.3235983
S. Kates
{"title":"The Malthusian Origins of the General Theory: Or How Keynes Came to Write a Book About Say’s Law and Effective Demand","authors":"S. Kates","doi":"10.2139/ssrn.3235983","DOIUrl":"https://doi.org/10.2139/ssrn.3235983","url":null,"abstract":"It was because Keynes read Malthus’s letters to Ricardo in late 1932 that he eventually focused on effective demand in the General Theory. Because of his reading of Malthus, Keynes attacked Say’s Law and wrote the General Theory to establish variations in effective demand as the major cause of fluctuations in economic activity. If these conclusions are right, the story of how the General Theory came to be written cannot be understood in isolation from Malthus’s role nor is it possible to understand the General Theory itself without seeing it in relation to Keynes’s interpretation of Malthus. The continuing focus on aggregate demand by macro and business cycle theorists is due to the insights gained by Keynes from his reading of the Malthus side of the Malthus-Ricardo correspondence during the months of October and November, 1932.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115161498","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
Review of Divine Economics Framework 《神圣经济学框架》述评
Netspar Research Paper Series Pub Date : 2018-04-13 DOI: 10.2139/ssrn.3162020
Mohamad Qutait
{"title":"Review of Divine Economics Framework","authors":"Mohamad Qutait","doi":"10.2139/ssrn.3162020","DOIUrl":"https://doi.org/10.2139/ssrn.3162020","url":null,"abstract":"The primary research aim of the Divine Economics framework is to provide an empirical basis for behavioural comparison between religious and non-religious households with regards to their economic and non-economic choices. Divine Economics framework is an effort to establish cross communication between mainstream economists and faith-inspired economists by using an appropriate and universal methodological framework, which is sufficiently scientific, objective and broadly agreeable in academics. Divine Economics framework attempts to endogenize religious attributes which may potentially enable the comparison of choices between religious and non- religious as well as less-religious and more religious households. However, reliance on stated preferences, overlap between religious and non-religious activities, inability to observe the motivation and intention behind choices and to judge the quality of religious activities are some of the challenges in Divine Economics framework. In the future research, Divine Economics framework could incorporate how faithful economic agents use common property resources and public goods. It can explore whether the faithful households differ in their choices with regards to biodiversity and negative externalities. Lastly, the future research in Divine Economics framework can also explore whether faithful economic agents differ in their willingness to pay for public goods, environmental protection programs, social protection programs and other voluntary welfare activities.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124611334","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
Financialization and Hysteresis: The Case of Chile 金融化与滞后性:以智利为例
Netspar Research Paper Series Pub Date : 2018-02-13 DOI: 10.2139/ssrn.3139432
A. Lodhi
{"title":"Financialization and Hysteresis: The Case of Chile","authors":"A. Lodhi","doi":"10.2139/ssrn.3139432","DOIUrl":"https://doi.org/10.2139/ssrn.3139432","url":null,"abstract":"The changing relationship between the financial and non-financial sectors in both developed and developing economies during the past three decades has been labelled ‘financialization’ — a process entailing the “metastasization of financial motives, financial markets, financial actors and financial institutions in the operation of domestic and international economies” (Kotz 2009). In Chile, this transformation has been maligned by all manner of deleterious macroeconomic consequences, including tepid real economic growth, increased financial instability, widening distributional inequality, stagnant productivity and, most notably, a ‘missing link’ between profits and investment (T. Palley 2007). By way of a simple, post-Kaleckian, endogenous growth model, we explicate the following overarching causal conduit between these phenomena: a self-perpetuating cycle of rising inequality, financialization, deficiencies in effective demand, financial speculation, reduced investment, stagnant productivity, slow growth, and so forth (Hein 2015). A remedial policy regime, based on inclusive development and the socialization of investment, is accordingly posited.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117055771","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
Several Considerations on Commercial Techniques, in the Student's Interest 关于商业技术的几点考虑，学生感兴趣
Netspar Research Paper Series Pub Date : 2017-05-08 DOI: 10.2139/SSRN.2964754
I. Bostan
{"title":"Several Considerations on Commercial Techniques, in the Student's Interest","authors":"I. Bostan","doi":"10.2139/SSRN.2964754","DOIUrl":"https://doi.org/10.2139/SSRN.2964754","url":null,"abstract":"By this article, we aim at achieving, in several rows, more than just a Book Review (on the editorial approach entitled “Commercial Techniques”, by Cristina Mihaela Lazar, Lumina Lex, Bucharest, 2015), intending to bring into discussion other elements of the author's scientific personality (including bio-bibliographic ones), Prof. PhD at the Faculty of Economic Sciences, Ovidius University of Constanta. The paper in question was conceived to respond to the requirements of the students enrolled in economic studies (and beyond), containing enough landmarks for a complete insight into the methods and processes carried out in commercial activities.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115802899","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
Policy and State in Complexity Economics 复杂性经济学中的政策与状态
Netspar Research Paper Series Pub Date : 2017-03-31 DOI: 10.4337/9781789905083.00009
Wolfram Elsner
{"title":"Policy and State in Complexity Economics","authors":"Wolfram Elsner","doi":"10.4337/9781789905083.00009","DOIUrl":"https://doi.org/10.4337/9781789905083.00009","url":null,"abstract":"Complexity economics has developed into a powerful empirical, theoretical, and computational research program in the last three decades, advancing more realistic economics. It converges with long-standing heterodox schools, and its theoretical and empirical findings are consistent with older heterodox research interests and predictions. Economic complexity is characterized by path-dependence, idiosyncrasies, some self-organization capacity, structural emergence, and certain statistical distributions in economic topologies and motions, as complex economic systems move between building order and phases of sudden disorder. In agent-based systems, underlying “intentionality” of agents includes improving their performance, reducing perceived complexity, and generating social institutions. Boosted by the financial crisis 2008ff., a surge to explore complexity-economics’ policy implications has emerged. This chapter will briefly review the literature on economic Complex Adaptive Systems (CAS) and derive implications for economic-policy interventions and the state to act upon socio-economic complexity. From an “evolution-of-cooperation” perspective, we exemplarily derive some more specific policy orientations, specified “framework-policy” or “interactive-policy” approaches, embedded in a conception that we call “new meritorics”. We consider some required structures and capacities that a modern effective state, capable of a strong and persistent, but learning and adapting “complexity policy”, should have.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115586969","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: 8
The Joint Mortality of Couples in Continuous Time 连续时间内夫妻的共同死亡率
Netspar Research Paper Series Pub Date : 2016-10-31 DOI: 10.2139/ssrn.2862159
Petar Jevtic, T. Hurd
{"title":"The Joint Mortality of Couples in Continuous Time","authors":"Petar Jevtic, T. Hurd","doi":"10.2139/ssrn.2862159","DOIUrl":"https://doi.org/10.2139/ssrn.2862159","url":null,"abstract":"This paper introduces a probabilistic framework for the joint survivorship of couples in the context of dynamic stochastic mortality models. The death of one member of a couple can have either deterministic or stochastic effects on the other; our new framework gives an intuitive and flexible pairwise cohort-based probabilistic mechanism that can account for both. It is sufficiently flexible to allow modelling of effects that are short-term (called the broken-heart effect) and/or long-term (named life circumstances bereavement). In addition, it can account for the state of health of both the surviving and the dying spouse and can allow for dynamic and asymmetric reactions of varying complexity. Finally, it can accommodate the pairwise dependence of mortality intensities before the first death. Analytical expressions for bivariate survivorship in representative models are given, and their sensitivity analysis is performed for benchmark cases of old and young couples. Simulation and estimation procedures are provided that are straightforward to implement and lead to consistent parameter estimation on synthetic dataset of 10000 pairs of death times for couples.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134065866","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
Older Men's Labor Force Participation in Belgium 比利时老年男性的劳动参与率
Netspar Research Paper Series Pub Date : 2016-06-30 DOI: 10.2139/ssrn.2836429
Alain Jousten, M. Lefebvre
{"title":"Older Men's Labor Force Participation in Belgium","authors":"Alain Jousten, M. Lefebvre","doi":"10.2139/ssrn.2836429","DOIUrl":"https://doi.org/10.2139/ssrn.2836429","url":null,"abstract":"We provide an overview of the institutional framework in Belgium that is of relevance for labor market participation and retirement decision at older ages. We then describe key labor market indicators using data from the Labour Force Survey (LFS) over the period 1983‐2013 and also present trends in participation in (early‐) retirement routes. Next, we explore how the types of jobs in the country have changed over time, both in terms of their “quality” and the “quantity” of work involved.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121922375","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
PALM: Nomics or Palmonomics (Conference Paper Slides) PALM:经济学或棕榈经济学(会议论文幻灯片)
Netspar Research Paper Series Pub Date : 2016-04-13 DOI: 10.2139/ssrn.2764915
Ali Muhammad Lakdawala
{"title":"PALM: Nomics or Palmonomics (Conference Paper Slides)","authors":"Ali Muhammad Lakdawala","doi":"10.2139/ssrn.2764915","DOIUrl":"https://doi.org/10.2139/ssrn.2764915","url":null,"abstract":"\"Never Get High on Your Own Supply:\" caution to policy makers of producing centers. \"Economics teaches that the market economy, if left on its own devices it will maximise the utility of each individual and to the best of all the possible worlds. However, now we see how a flood of new ideas is providing us with the tool to shape a better, fairer and more sustainable economy. These ideas come from diverse sources: new areas of mathematics, social movements like environmentalism or feminism and also the ancient discipline of ethics. Current economic theory is less a science that an ideology peculiar to certain period of history, which may well be nearing an end\" - EconoMyths. Paper will discuss various \"economic terms/buzzwords\" which has flooded the market in recent times, post which it will unveil \"PALM:nomics.\" The new concept/paradigm/buzzword which I am proposing is not confined to the commodity markets or commodity alone but it deals with the relationship between economic policies and price change of commodity/commodities, it tries to demystify that the economic policies at producing centre and various external economic factors along with closely related commodities, which play a major role in influencing the price behaviour besides commodity/commodities fundamental \"S&D.\" It also cautions key producers on \"Never Get High on Your Own Supply\" and deprive the consuming centre. Further to that paper will also explore the behaviour of key consuming centre (.i.e) India, and how price change influences the decision making process.Last but not the least, paper will conclude by revisiting palm price forecasts for 2016.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129365300","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
Pension Fund Asset Allocation in Low Interest Rate Environment 低利率环境下的养老基金资产配置
Netspar Research Paper Series Pub Date : 2016-03-21 DOI: 10.2139/ssrn.2766512
D. Bams, P. Schotman, Mukul Tyagi
{"title":"Pension Fund Asset Allocation in Low Interest Rate Environment","authors":"D. Bams, P. Schotman, Mukul Tyagi","doi":"10.2139/ssrn.2766512","DOIUrl":"https://doi.org/10.2139/ssrn.2766512","url":null,"abstract":"We analyze changes in portfolios of pension funds since the start of current low interest rate environment. We find that they have on average decreased the allocation to equity and increased the allocation to fixed income, which is inconsistent with the literature on strategic asset allocation. Next, more generally, we empirically investigate the relationship between variables that predict asset returns and portfolio allocation in levels as well as changes. We find that dividend-price ratio shows the strongest relationship among other variables. However, we find a negative relationship as opposed to a positive one predicted by the literature. Overall, the results suggest that pension funds are unable to incorporate predictive information in their strategic asset allocation, but they take active decisions by under or over-weighting their portfolio relative to the stated strategic portfolio to benefit from time-varying investment opportunities.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115345588","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
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