LSE Research Online Documents on Economics最新文献

Large-scale Victorian manufacturers: reconstructing the lost 1881 UK employer census 维多利亚时代的大型制造商:重建丢失的1881年英国雇主普查

LSE Research Online Documents on Economics Pub Date : 2021-08-11 DOI: 10.17863/CAM.74107

L. Hannah, R. Bennett

引用次数: 1

EM Estimation for the Poisson-Inverse Gamma Regression Model with Varying Dispersion: An Application to Insurance Ratemaking 变离散泊松-逆回归模型的电磁估计:在保险费率制定中的应用

LSE Research Online Documents on Economics Pub Date : 2020-09-11 DOI: 10.3390/risks8030097

G. Tzougas

引用次数: 11

What Should We Spend to Save Lives in a Pandemic? A Critique of the Value of Statistical Life 在大流行中，我们应该花什么钱来拯救生命?对统计生命价值的批判

LSE Research Online Documents on Economics Pub Date : 2020-06-25 DOI: 10.2139/ssrn.3636550

M. Adler

{"title":"What Should We Spend to Save Lives in a Pandemic? A Critique of the Value of Statistical Life","authors":"M. Adler","doi":"10.2139/ssrn.3636550","DOIUrl":"https://doi.org/10.2139/ssrn.3636550","url":null,"abstract":"The value of statistical life (VSL) is a risk-to-money conversion factor that can be used to accurately approximate an individual’s willingness-to-pay for a small change in fatality risk. If an individual’s VSL is (say) $7 million, then she will be willing to pay approximately $7 for a 1-in-1-million risk reduction, $70 for a 1-in-100,000 risk reduction, and so forth. VSL has played a central role in the rapidly emerging economics literature about COVID-19. Many papers use VSL to assign a monetary value to the lifesaving benefits of social-distancing policies, so as to balance those benefits against lost income and other policy costs. This is not surprising, since VSL (known in the U.K. as “VPF”: value of a prevented fatality) has been a key tool in governmental cost-benefit analysis for decades and is well established among economists. Despite its familiarity, VSL is a flawed tool for analyzing social-distancing policy—and risk regulation more generally. The standard justification for cost-benefit analysis appeals to Kaldor- Hicks efficiency (potential Pareto superiority). But VSL is only an approximation to individual willingness to pay, which may become quite inaccurate for policies that mitigate large risks (such as the risks posed by COVID-19)—and thus can recommend policies that fail the Kaldor- Hicks test. This paper uses a simulation model of social-distancing policy to illustrate the deficiencies of VSL. I criticize VSL-based cost-benefit analysis from a number of angles. Its recommendations with respect to social distancing deviate dramatically from the recommendations of a utilitarian or prioritarian social welfare function. In the model here, it does indeed diverge from Kaldor- Hicks efficiency. And its relative valuation of risks and financial costs among groups differentiated by age and income lacks intuitive support. Economists writing about COVID-19 need to reconsider using VSL","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"410 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122195344","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: 17

The COVID-19 Pandemic and Business Law: A Series of Posts from the Oxford Business Law Blog COVID-19大流行与商业法:牛津商业法博客系列文章

LSE Research Online Documents on Economics Pub Date : 2020-04-11 DOI: 10.2139/ssrn.3573419

Gert‐Jan Boon, Markus K. Brunnermeier, Horst Eidenmueller, L. Enriques, Aurelio Gurrea-Martínez, Kathryn Judge, J. Landau, M. Pagano, R. Reis, Kristin van Zwieten

{"title":"The COVID-19 Pandemic and Business Law: A Series of Posts from the Oxford Business Law Blog","authors":"Gert‐Jan Boon, Markus K. Brunnermeier, Horst Eidenmueller, L. Enriques, Aurelio Gurrea-Martínez, Kathryn Judge, J. Landau, M. Pagano, R. Reis, Kristin van Zwieten","doi":"10.2139/ssrn.3573419","DOIUrl":"https://doi.org/10.2139/ssrn.3573419","url":null,"abstract":"The COVID-19 Pandemic is the biggest challenge for the world since World War Two, warned UN Secretary General, Antonio Guterres, on 1 April 2020. Millions of lives may be lost. The threat to our livelihoods is extreme as well. Job losses worldwide may exceed 25 million. Legal systems are under extreme stress too. Contracts are disrupted, judicial services suspended, and insolvency procedures tested. Quarantine regulations threaten constitutional liberties. However, laws can also be a powerful tool to contain the effects of the pandemic on our lives and reduce its economic fallout. To achieve this goal, rules designed for normal times might need to be adapted to ‘crisis-mode’, at least temporarily. Business Laws in particular fulfil an important function in this context. Our livelihoods depend on how well businesses are able to navigate through the current crisis. Beginning in early February 2020, the Oxford Business Law Blog has published posts on how Business Laws could contribute to containing the effects of the COVID-19 Pandemic, and on how they need (or need not) to be adapted to achieve the desired effect. This working paper collects the posts published throughout March in chronological order. Thematically, the focus is on finance, financial regulation and insolvency laws. This is not surprising as the most pressing problem businesses face right now is to manage their cash flow. We hope that the contributions in this paper inspire more work by scholars and help policymakers worldwide to adopt the right measures to reduce the damage caused by the Pandemic.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126752666","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: 2

Market Power and Innovation in the Intangible Economy 无形经济中的市场力量与创新

LSE Research Online Documents on Economics Pub Date : 2019-03-29 DOI: 10.17863/CAM.38666

M. D. Ridder

{"title":"Market Power and Innovation in the Intangible Economy","authors":"M. D. Ridder","doi":"10.17863/CAM.38666","DOIUrl":"https://doi.org/10.17863/CAM.38666","url":null,"abstract":"Productivity growth has stagnated over the past decade. This paper argues that the rise of intangible inputs (such as information technology) can cause a slowdown of growth through the effect it has on production and competition. I hypothesize that intangibles cause a shift from variable costs to endogenous fixed costs, and use a new measure to show that the share of fixed costs in total costs rises when firms increase ICT and software investments. I then develop a quantitative framework in which intangibles reduce marginal costs and endogenously raise fixed costs, which gives firms with low adoption costs a competitive advantage. This advantage can be used to deter other firms from entering new markets and from developing higher quality products. Paradoxically, the presence of firms with high levels of intangibles can therefore reduce the rate of creative destruction and innovation. I calibrate the model using administrative data on the universe of French firms and find that, after initially boosting productivity, the rise of intangibles causes a 0.6 percentage point decline in long-term productivity growth. The model further predicts a decline in business dynamism, a fall in the labor share and an increase in markups, though markups overstate the increase in firm profits.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127001239","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: 87

Transmission of Monetary Policy with Heterogeneity in Household Portfolios 家庭投资组合异质性下的货币政策传导

LSE Research Online Documents on Economics Pub Date : 2018-06-21 DOI: 10.1257/MAC.20190064

R. Luetticke

引用次数: 91

Does Investment in National Highways Help or Hurt Hinterland City Growth 国家高速公路的投资是帮助还是伤害内陆城市的发展

LSE Research Online Documents on Economics Pub Date : 2018-05-10 DOI: 10.3386/W24596

Nathaniel Baum-Snow, J. Henderson, M. Turner, Qinghua Zhang, L. Brandt

引用次数: 10

Law and political economy 法律与政治经济学

LSE Research Online Documents on Economics Pub Date : 2018-04-06 DOI: 10.2139/SSRN.3144723

Michael A. Wilkinson, H. Lokdam

引用次数: 4

Bayesian vector autoregressions 贝叶斯向量自回归

LSE Research Online Documents on Economics Pub Date : 2018-03-23 DOI: 10.2139/SSRN.3253086

Silvia Miranda-Agrippino, G. Ricco

引用次数: 31

Collecting data from migrants in Ghana: lessons learned using respondent-driven sampling 收集加纳移民的数据:使用受访者驱动抽样的经验教训

LSE Research Online Documents on Economics Pub Date : 2018-03-16 DOI: 10.4054/demres.2018.38.36

S. R. Lattof

{"title":"Collecting data from migrants in Ghana: lessons learned using respondent-driven sampling","authors":"S. R. Lattof","doi":"10.4054/demres.2018.38.36","DOIUrl":"https://doi.org/10.4054/demres.2018.38.36","url":null,"abstract":"Background: Policymakers and program implementers require high-quality data on migrants and migration in low- and middle-income countries (LMIC); however, a shortage of high-quality data exists in these settings. Sampling migrant populations requires better techniques. Respondent-driven sampling (RDS) may be one such solution. Objective: Using Ghana as a case study, the objectives of this paper are to: 1) assess RDS recruitment productivity, network size, and ties of internal migrants; 2) test for homophily; and 3) detail the successes of and challenges to implementing RDS in Ghana and how these lessons can be applied to migrant populations in other LMIC settings. Methods: This study used RDS to sample 625 rural–urban female migrants working as market porters (kayayei) in Accra, Ghana. Results: This study generated the most comprehensive data set on kayayei to date. Network size increases as participants become more educated and migrate more often to Accra. Ethnic group membership is an important determinant of recruitment, with certain groups preferring to recruit from within. Employing members of the kayayei population to collect data built crucial trust. Conclusions: Whilst RDS is not a one-size-fits-all solution for sampling hard-to-reach migrants in LMIC, it can be a powerful tool to uncover and to recruit hard-to-reach migrant populations. In countries with multiple ethnolinguistic groups, recruiting a migrant population with greater ethnolinguistic overlap may facilitate quicker equilibrium. Contribution: This study expands the evidence base on use of RDS among migrant populations in LMIC and provides lessons learned to assist other researchers implementing RDS in LMIC settings.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130735265","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: 7