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The Behavioral Economics of John Maynard Keynes 约翰·梅纳德·凯恩斯的行为经济学
Research Papers in Economics Pub Date : 2022-12-13 DOI: 10.4337/9781802204896
R. Schettkat
{"title":"The Behavioral Economics of John Maynard Keynes","authors":"R. Schettkat","doi":"10.4337/9781802204896","DOIUrl":"https://doi.org/10.4337/9781802204896","url":null,"abstract":"After the publication of Keynes’ “General Theory,” economics was frequently described as schizophrenia: (neo-) classical at the micro-level, but Keynesian at the macro-level. In actuality, Keynes’ revolution was, to a substantial part, based on the behavioral micro-foundations of the world we live in, which has been dismissed as ad hocery, or simply ignored or reclassified in the neoclassical synthesis. Keynes’ General Theory is truly general. It includes the full-employment equilibrium as a special case. In addition, its microeconomic foundations are broader than the extremely narrow behavioral assumption of the neoclassical model. Consequently, we argue that Keynes’ microeconomics – although not fully worked out - is actually revolutionary. This may be difficult for (neo-) classical economists to accept, but it is strongly confirmed by the recent results in behavioral economics. Keynes’ macroeconomics is the result of his microeconomics. Keynes’ theory is a criticism of (neo-) classical economics, where he offers alternatives from micro to macro. It is truly a general theory, micro and macro.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124422873","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
Who Shall Live? 谁将活下去?
Research Papers in Economics Pub Date : 2022-10-10 DOI: 10.1142/8167
V. Fuchs
{"title":"Who Shall Live?","authors":"V. Fuchs","doi":"10.1142/8167","DOIUrl":"https://doi.org/10.1142/8167","url":null,"abstract":"AbstractGood health and long life have traditionally been among the most prized goals of mankind. In every age and in every land there have been significant efforts to postpone death, whether through sacred dance and song, the imbibing of magic potions, or the application of the most modern medical techniques….","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114892642","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: 148
Patience and Comparative Development 耐心与比较发展
Research Papers in Economics Pub Date : 2021-11-11 DOI: 10.5282/UBM/EPUB.77858
U. Sunde, Thomas Dohmen, B. Enke, A. Falk, David B. Huffmann, Gerrit Meyerheim
{"title":"Patience and Comparative Development","authors":"U. Sunde, Thomas Dohmen, B. Enke, A. Falk, David B. Huffmann, Gerrit Meyerheim","doi":"10.5282/UBM/EPUB.77858","DOIUrl":"https://doi.org/10.5282/UBM/EPUB.77858","url":null,"abstract":"This paper studies the relationship between patience and comparative development through a combination of reduced-form analyses and model estimations. Based on a globally representative dataset on time preference in 76 countries, we document two sets of stylized facts. First, patience is strongly correlated with per capita income and the accumulation of physical capital, human capital and productivity. These correlations hold across countries, subnational regions, and individuals. Second, the magnitude of the patience elasticity strongly increases in the level of aggregation. To provide an interpretive lens for these patterns, we analyze an OLG model in which savings and education decisions are endogenous to patience, aggregate production is characterized by capital-skill complementarities, and productivity implicitly depends on patience through a human capital externality. In our model estimations, general equilibrium effects alone account for a non-trivial share of the observed amplification effects, and an extension to human capital externalities can quantitatively match the empirical evidence.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130782303","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: 37
Overconfidence and the political and financial behavior of a representative sample 过度自信与代表性样本的政治和金融行为
Research Papers in Economics Pub Date : 2021-10-17 DOI: 10.5282/UBM/EPUB.77848
Steffen Ahrens, Ciril Bosch-Rosa, Bernhard Kassner
{"title":"Overconfidence and the political and financial behavior of a representative sample","authors":"Steffen Ahrens, Ciril Bosch-Rosa, Bernhard Kassner","doi":"10.5282/UBM/EPUB.77848","DOIUrl":"https://doi.org/10.5282/UBM/EPUB.77848","url":null,"abstract":"We study the relationship between overconfidence and the political and financial behavior of a nationally representative sample. To do so, we introduce a new method of directly eliciting overconfidence of individuals that is simple to understand, quick to implement, and that captures respondents’ excess confidence in their own judgment. Our results \u0000show that, in line with theoretical predictions, an excessive degree of confidence in one’s judgment is correlated with lower portfolio diversification, larger stock-price forecasting errors, and more extreme political views. Additionally, we find that overconfidence is correlated with voting absenteeism. These results show that overconfidence is a bias that permeates several aspects of peoples’ lives.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128159111","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: 1
Trade Shocks, Labor Markets and Elections in the First Globalization 第一次全球化中的贸易冲击、劳动力市场和选举
Research Papers in Economics Pub Date : 2021-10-17 DOI: 10.5282/UBM/EPUB.77851
Richard Bräuer, Wolf-Fabian Hungerland, F. Kersting
{"title":"Trade Shocks, Labor Markets and Elections in the First Globalization","authors":"Richard Bräuer, Wolf-Fabian Hungerland, F. Kersting","doi":"10.5282/UBM/EPUB.77851","DOIUrl":"https://doi.org/10.5282/UBM/EPUB.77851","url":null,"abstract":"This paper studies the economic and political effects of a large trade shock in agriculture – the grain invasion from the Americas – in Prussia during the first globalization (1871-1913). We show that this shock accelerated the structural change in the Prussian economy through migration of workers to booming cities. In contrast to studies using today’s data, we do not observe declining per capita income and political polarization in counties affected by foreign competition. Our results suggest that the negative and persistent effects of trade shocks we see today are not a universal feature of globalization, but depend on labor mobility. For our analysis, we digitize data from Prussian industrial and agricultural censuses on the county level and combine it with national trade data at the product level. We exploit the cross-regional variation in cultivated crops within Prussia and instrument with Italian trade data to isolate exogenous variation.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129448915","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
In sickness and in health? Health shocks and relationship breakdown: Empirical evidence from Germany 无论疾病还是健康?健康冲击和关系破裂:来自德国的经验证据
Research Papers in Economics Pub Date : 2021-10-01 DOI: 10.4419/96973005
Christian Bünnings, Lucas Hafner, S. Reif, H. Tauchmann
{"title":"In sickness and in health? Health shocks and relationship breakdown: Empirical evidence from Germany","authors":"Christian Bünnings, Lucas Hafner, S. Reif, H. Tauchmann","doi":"10.4419/96973005","DOIUrl":"https://doi.org/10.4419/96973005","url":null,"abstract":"From an economic perspective, marriage and long-term partnership can be seen as a riskpooling device. This informal insurance contract is, however, not fully enforceable. Each partner is free to leave when his or her support is needed in case of an adverse life event. An adverse health shock is a prominent example for such events. Since relationship breakdown itself is an extremely stressful experience, partnership may backfire as informal insurance against health risks, if health shocks increase the likelihood of relationship breakdown. We address this question empirically, using survey data from Germany. Results from various matching estimators indicate that adverse shocks to mental health substantially increase the probability of a couple splitting up over the following two years. In contrast, there is little effect of a sharp decrease in physical health on relationship stability. If at all, physical health shocks that hit both partners simultaneously stabilize a relationship.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127965143","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
Leveraging census data to study migration flows in Latin America and the Caribbean: an assessment of the available data sources 利用人口普查数据研究拉丁美洲和加勒比的移徙流动:对现有数据来源的评估
Research Papers in Economics Pub Date : 2021-10-01 DOI: 10.4054/mpidr-wp-2021-019
Julieta Bengochea Soria, E. Fava, Victoria Prieto Rosas, E. Zagheni
{"title":"Leveraging census data to study migration flows in Latin America and the Caribbean: an assessment of the available data sources","authors":"Julieta Bengochea Soria, E. Fava, Victoria Prieto Rosas, E. Zagheni","doi":"10.4054/mpidr-wp-2021-019","DOIUrl":"https://doi.org/10.4054/mpidr-wp-2021-019","url":null,"abstract":"Although the scarcity of accurate and accessible data on international migration flows typically prevents a full understanding of migratory patterns, this might not be the case for Latin America, where high-quality census data on migrant flows is publicly available through the project International Migration in Latina America (IMILA). However, such data has mostly been used for research at the regional level because of the fragmented nature of their availability and the lack of English documentation. To tackle this issue, we consolidated data from the IMILA collection to provide a harmonized dataset with five-year flows by country of birth, sex, and age group, for 19 countries of destination and five census waves. Moreover, comparing IMILA to other two available data sources on flows to Latin America, we showed that IMILA provides a more accurate assessment of migration flows from North America and Europe, enables a better quantification of minor migration flows, and enhances the visibility of female migration.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"150 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131870850","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: 1
Mortality Rates by College Degree Before and During COVID-19 COVID-19之前和期间按大学学位分列的死亡率
Research Papers in Economics Pub Date : 2021-10-01 DOI: 10.3386/w29328
A. Case, A. Deaton
{"title":"Mortality Rates by College Degree Before and During COVID-19","authors":"A. Case, A. Deaton","doi":"10.3386/w29328","DOIUrl":"https://doi.org/10.3386/w29328","url":null,"abstract":"It is now established that mortality and excess mortality from COVID-19 differed across racial and ethnic groups in 2020. Less is known about educational differences in mortality during the pandemic. We examine mortality rates by BA status within sex, age, and race/ethnic groups comparing 2020 with 2019. Mortality rates have increasingly differed by BA status in the US in recent years and there are good reasons to expect the gap to have widened further during the pandemic. Using publicly available provisional data from the National Center for Health Statistics we find that mortality rates increased in 2020 over 2019 for those with and without a BA, irrespective of age, sex, or race/ethnicity. Although mortality rates increased by more for those without a BA, the ratio of mortality rates for those with and without a BA changed surprisingly little from 2019 to 2020. Among 60 groups (sex by race/ethnicity by age) that are available in the data, the ratio of mortality rates of those without a BA to those with a BA fell for more than half of the groups. Our results suggest that differences in the risk of infection were less important in structuring mortality by education than differences in the risk of death conditional on infection.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123077371","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
Transações com Partes Relacionadas em empresas com estrutura piramidal: uma comparação dos fatores explicativos nas controladoras e coligadas 金字塔结构公司的关联方交易:母公司和关联方解释因素的比较
Research Papers in Economics Pub Date : 2021-09-30 DOI: 10.17524/REPEC.V15I3.2900
Silvia Amelia Mendonça Flores, I. Sonza
{"title":"Transações com Partes Relacionadas em empresas com estrutura piramidal: uma comparação dos fatores explicativos nas controladoras e coligadas","authors":"Silvia Amelia Mendonça Flores, I. Sonza","doi":"10.17524/REPEC.V15I3.2900","DOIUrl":"https://doi.org/10.17524/REPEC.V15I3.2900","url":null,"abstract":"Objetivo: Na ausencia de mecanismos para proteger acionistas minoritarios, controladores poderao exercer beneficios privados, utilizando mecanismos como as Transacoes com Partes Relacionadas (TPRs) ou desvios de direitos. O objetivo deste artigo e analisar os fatores explicativos das TPRs, em empresas controladoras/controladas e coligadas com estrutura piramidal no Brasil.\u0000Metodo: Os dados de TPRs foram obtidos por meio do Formulario de Referencia para 153 empresas no periodo de 2010 a 2017. Mediante a estimacao de regressoes quantilicas, buscou-se encontrar os fatores (presenca de estrutura piramidal, desempenho, valor da firma e governanca corporativa) que mais explicam essas transacoes, tanto entre controladoras/controladas quanto entre coligadas.\u0000Resultados: Para controladoras/controladas, os fatores explicativos das TPRs sao os desvios de direitos, alavancagem, presenca de acionistas estrangeiros e auditores independentes. Para coligadas, constataram- se efeitos da rentabilidade do ativo (ROA), tangibilidade e auditoria pelas Big Four.Contribuicoes: O estudo contribui ao demonstrar que ha um efeito da estrutura piramidal nas TPRs sem empresas controladoras/controladas e do desempenho nas coligadas, sendo que a governanca nao foi um moderador para mitigar conflitos de interesses. Portanto, abordaram-se tematicas pouco exploradas na literatura nacional e nos mercados emergentes, caracterizados por estruturas de propriedade concentradas, permitindo novos caminhos para as relacoes de agencia.\u0000Palavras-chave: Transacoes com partes relacionadas; Estrutura piramidal; Empresas controladoras/ controladas; Empresas coligadas.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120900635","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
Moderator Effect of Innovation on the Relationship between Internationalization and Performance in Brazilian and European Companies 创新对巴西和欧洲企业国际化与绩效关系的调节作用
Research Papers in Economics Pub Date : 2021-09-30 DOI: 10.17524/REPEC.V15I3.2880
Antonio Rodrigues Albuquerque Filho, Editinete André da Rocha Garcia, A. Vasconcelos, A. Lima
{"title":"Moderator Effect of Innovation on the Relationship between Internationalization and Performance in Brazilian and European Companies","authors":"Antonio Rodrigues Albuquerque Filho, Editinete André da Rocha Garcia, A. Vasconcelos, A. Lima","doi":"10.17524/REPEC.V15I3.2880","DOIUrl":"https://doi.org/10.17524/REPEC.V15I3.2880","url":null,"abstract":"Objective: To analyzes the moderating effect of innovation on the relationship between internationalization and financial performance. \u0000Method: The sample gathers 1,840 companies listed on Brasil, Bolsa, Balcao (B3) and NYSE Euronext  during the period of 2014-2018. Tests for difference of means were performed and linear regression models with panel data via systemic generalized moments method (GMM-Sys) were estimated. \u0000Results: Estimates indicate that the degree of internationalization alone does not assure high financial performance in Brazilian companies, while in European companies it influences return on assets (ROA) negatively. Moreover, in both contexts, the individual moderating effect of the two variables of innovation, exploration (R&D) and exploitation (Capex), could not be identified. However, a positive and significant effect of ambidextrous innovation activities in the relationship between internationalization and financial performance was verified. Evidence of the effect of internationalization on financial performance in both Brazilian and European companies is confirmed when enhanced by the simultaneous engagement of innovation activities. \u0000Contributions: This study contributes to a recent investigative line, which verifies the effect of intervening variables in the internationalization-performance relationship. It contributes to the analysis of this relationship in companies from emerging markets, a much and still needed research focus as a way of gaining a better understanding of business opportunities in adverse institutional conditions and how to seize them.","PeriodicalId":422295,"journal":{"name":"Research Papers in Economics","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116109883","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: 1
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