Journal of Economic Dynamics & Control最新文献_第2页

Pride and persistence: Social comparisons in production 骄傲和坚持：生产中的社会比较

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-09-02 DOI: 10.1016/j.jedc.2025.105169

Kun Zhang , Nick Feltovich , Yanren Zhang

{"title":"Pride and persistence: Social comparisons in production","authors":"Kun Zhang , Nick Feltovich , Yanren Zhang","doi":"10.1016/j.jedc.2025.105169","DOIUrl":"10.1016/j.jedc.2025.105169","url":null,"abstract":"<div><div>Work is ordinary and necessary for most people, but some people work excessively (“work persistence”), seemingly driven by internal forces. We theoretically and experimentally investigate the role of relative performance incentives in causing or exacerbating work persistence. In our setting, agents perform a task over two stages. In the first stage, they can earn prizes, which are allocated either randomly or according to relative performance. Afterwards, they have the opportunity to continue working in a second stage, with payment by piece rate and no competition against others. Our theoretical model of motivated belief updating predicts that agents adjust their beliefs asymmetrically: they attribute their relative performance more to their productivity if they win a prize, and more to luck if they lose. This bias leads <em>winners</em> of the first-stage prize to increase their effort in the subsequent piece-rate stage, but with no corresponding decrease in work effort by <em>losers</em>. Results from a real-effort experiment confirm these predictions: winners' effort in the piece-rate stage is roughly 30 percent <em>higher</em> when earlier bonus prizes had been allocated by performance, compared to when those prizes had been allocated randomly. Losers' effort is also <em>higher</em> – not lower – though this difference is not significant.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"179 ","pages":"Article 105169"},"PeriodicalIF":2.3,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144989204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The evolution of income and wealth inequality in China 中国收入和财富不平等的演变

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-09-01 DOI: 10.1016/j.jedc.2025.105167

Yan Wang , Juan Carlos Conesa

引用次数: 0

Scenario discovery to address deep uncertainty in monetary policy 情景发现，以解决货币政策的深层次不确定性

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-08-26 DOI: 10.1016/j.jedc.2025.105168

Chamon Wieles , Jan Kwakkel , Willem L. Auping , J.W. van den End

引用次数: 0

Systemic risk of commodity traders 大宗商品交易商的系统性风险

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-08-22 DOI: 10.1016/j.jedc.2025.105166

Thorsten Glück , Zeno Adams

引用次数: 0

Optimal harvesting under uncertain environment with clusters of catastrophes 不确定灾变环境下的最优收获

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-08-14 DOI: 10.1016/j.jedc.2025.105165

M'hamed Gaïgi , Vathana Ly Vath , Simone Scotti

{"title":"Optimal harvesting under uncertain environment with clusters of catastrophes","authors":"M'hamed Gaïgi , Vathana Ly Vath , Simone Scotti","doi":"10.1016/j.jedc.2025.105165","DOIUrl":"10.1016/j.jedc.2025.105165","url":null,"abstract":"<div><div>The fishery industry is facing increasing challenges in the exploitation of marine resources. Marine resources are classic examples of common-property resources subject to fundamental problems of economic waste and over-exploitation, which may lead to resource destruction, including extinction. The past decades have highlighted the relevance of ecological catastrophes, such as the fate of the cod population in the Northwest Atlantic. These events do not occur with a constant frequency, but are clustered over time. Our objective is to study a harvesting management problem under the assumption that unexpected ecological disasters may occur in clusters. We model this clustering phenomenon using marked Hawkes processes. We characterize our value function as the unique solution to a Hamilton-Jacobi-Bellman inequality. We describe the optimal harvesting strategy by identifying the harvesting and non-harvesting regions. Our results are counterintuitive, challenging the generally accepted belief that, when facing an increasing risk of decimation due to disasters, the optimal harvesting policy should lead to a reduction in harvesting activity. These findings offer valuable insights into the fragile nature of fish resources, potentially explaining the collapse of fisheries in the Northwest Atlantic. Governments and international authorities must take action against the causes of such disasters, such as pollution and the overexploitation of marine resources, in order to reduce the risk of further decimation and to better assess and address the true cost of marine resource extinction. We further enrich our study with numerical analysis, providing additional insights into the optimal harvesting policy.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"179 ","pages":"Article 105165"},"PeriodicalIF":2.3,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144864595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Execution risk and price improvement under dark pools 暗池下的执行风险与价格改善

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-08-07 DOI: 10.1016/j.jedc.2025.105163

Alejandro Bernales , Daniel Ladley , Evangelos Litos , Marcela Valenzuela

{"title":"Execution risk and price improvement under dark pools","authors":"Alejandro Bernales , Daniel Ladley , Evangelos Litos , Marcela Valenzuela","doi":"10.1016/j.jedc.2025.105163","DOIUrl":"10.1016/j.jedc.2025.105163","url":null,"abstract":"<div><div>We develop a theoretical dynamic trading model with heterogeneous agents to examine how introducing a dark pool—running in parallel to a traditional lit exchange organized as a limit order market—primarily affects execution risk and price settings, and how these changes, in turn, influence the welfare of different trader types. Our model’s computational simulations show that the addition of a dark pool reduces liquidity on the traditional lit exchange. This liquidity reduction is evidenced by longer order execution times and a wider effective spread in the traditional lit exchange, driven by the migration of trading activity to the dark pool. We also identify two opposing channels that influence traders’ performance: the execution delay channel and the price improvement channel. Regarding the execution delay channel, dark orders lead to longer execution times for impatient traders (who seek to trade quickly) and shorter execution times for speculators (who wait for favorable execution prices relative to the asset’s fundamental value). This is because dark orders generally have longer (shorter) execution times than market (limit) orders. Regarding the price improvement channel, dark orders offer more favorable prices for impatient traders than market orders, while dark orders can result in less advantageous pricing for speculators. This is because dark orders are typically executed at the midquote of the bid and ask prices from the limit order market. Ultimately, the effect on execution risk, price improvement, and welfare for both impatient traders and speculators depends on which of these two opposing channels prevails.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"179 ","pages":"Article 105163"},"PeriodicalIF":2.3,"publicationDate":"2025-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144886056","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A Gaussian smooth transition vector autoregressive model: An application to the macroeconomic effects of severe weather shocks 高斯平滑过渡向量自回归模型：在恶劣天气冲击的宏观经济影响中的应用

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-08-06 DOI: 10.1016/j.jedc.2025.105162

Markku Lanne, Savi Virolainen

引用次数: 0

Robust p theory of taxes and debt management 健全的税收和债务管理理论

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-08-05 DOI: 10.1016/j.jedc.2025.105158

Yingjie Niu , Zian Tang , Jinqiang Yang

引用次数: 0

Cap and trade versus tradable performance standard in a production network model with sectoral heterogeneity 具有部门异质性的生产网络模型中的限额与交易与可交易绩效标准

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-08-05 DOI: 10.1016/j.jedc.2025.105154

Peter Burgold , Anne Ernst , Natascha Hinterlang , Marius Jäger , Nikolai Stähler

{"title":"Cap and trade versus tradable performance standard in a production network model with sectoral heterogeneity","authors":"Peter Burgold , Anne Ernst , Natascha Hinterlang , Marius Jäger , Nikolai Stähler","doi":"10.1016/j.jedc.2025.105154","DOIUrl":"10.1016/j.jedc.2025.105154","url":null,"abstract":"<div><div>In this paper, we compare the economic and welfare implications of two carbon pricing policies, namely the European Cap and Trade (CaT) regime and the Chinese Tradeable Performance Standard (TPS). The former sets an economy-wide emissions target and forces firms to purchase sufficient certificates. The latter sets an emissions intensity and requires firms with a higher intensity to either abate or buy emissions allowances from firms with lower-than-target intensities. It can be shown that TPS is equivalent to CaT when carbon pricing revenues are redistributed to firms according to output. In a dynamic two-agent general equilibrium model with heterogenous production sectors, we show that TPS outperforms a CaT regime that redistributes carbon revenues to households in a lump-sum manner, both, in terms of output gains and welfare due to lower costs on the production side. However, CaT with labor tax reduction increases welfare most because it alleviates distortions on the production side and improves the income situation of all households.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105154"},"PeriodicalIF":2.3,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The role of central bank digital currency in an increasingly digital economy 中央银行数字货币在日益数字化的经济中的作用

IF 2.3 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-08-05 DOI: 10.1016/j.jedc.2025.105161

Benjamin Hemingway

引用次数: 0