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The causal effect of limited attention to FOMC announcements
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-10 DOI: 10.1016/j.jebo.2025.106999
Paul Marmora
{"title":"The causal effect of limited attention to FOMC announcements","authors":"Paul Marmora","doi":"10.1016/j.jebo.2025.106999","DOIUrl":"10.1016/j.jebo.2025.106999","url":null,"abstract":"<div><div>Exploiting instances where Federal Open Market Committee (FOMC) announcements fall close to a national holiday in 16 foreign countries, this paper finds that exogenous holiday-induced inattention suppresses pre-FOMC anomalies and delays post-FOMC reactions in the local benchmark stock index, suggesting that distracted local investors forget that an announcement is scheduled. This result demonstrates that even the most salient global news items can be subject to investor neglect, provides a stark counterexample to the prevailing assumption that attention generates higher trade volume, and helps narrow the range of plausible explanations for the return drift frequently observed before major macroeconomic announcements.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 106999"},"PeriodicalIF":2.3,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143817155","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
Motorways and railroads to trust
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-09 DOI: 10.1016/j.jebo.2025.106972
Despina Gavresi , Anastasia Litina , Georgios Tsiachtsiras
{"title":"Motorways and railroads to trust","authors":"Despina Gavresi ,&nbsp;Anastasia Litina ,&nbsp;Georgios Tsiachtsiras","doi":"10.1016/j.jebo.2025.106972","DOIUrl":"10.1016/j.jebo.2025.106972","url":null,"abstract":"<div><div>This paper examines how transportation infrastructure, specifically motorway and railroad length, impacts interpersonal and political trust. Using data from the European Social Survey (ESS), we observe higher trust levels in individuals from regions with more extensive infrastructure. Our analysis encompasses three layers: a cross-regional analysis, an international immigrant analysis where immigrants are linked to their origin country infrastructure, and an inter-regional immigrant analysis where immigrants are linked to their origin region’s infrastructure, respectively. Consistent results across specifications suggest infrastructure enhances trust by promoting mobility and exposure to new people and ideas, as well as by elevating political trust as the government is perceived as more reliable and effective. Further analysis in a panel of Nuts 1 regions focuses on the mechanics of mobility. We investigate how trust in a region correlates with the road and rail travel time between regions as well as with the cost-effectiveness of its connections. The findings indicate that increased and more affordable mobility leads to higher trust, further supporting our hypothesis.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 106972"},"PeriodicalIF":2.3,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143808172","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
Geopolitics and international trade infrastructure deterrence
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-09 DOI: 10.1016/j.jebo.2025.106996
Sebastian Galiani , Jose Manuel Paz y Miño , Gustavo Torrens
{"title":"Geopolitics and international trade infrastructure deterrence","authors":"Sebastian Galiani ,&nbsp;Jose Manuel Paz y Miño ,&nbsp;Gustavo Torrens","doi":"10.1016/j.jebo.2025.106996","DOIUrl":"10.1016/j.jebo.2025.106996","url":null,"abstract":"<div><div>We develop a simple (incumbent versus entrant) strategic deterrence model to study the economic and geopolitical interactions underlying a strategic international activity, such as trade-related infrastructure projects like the Panama Canal. We study the incentives for global geopolitical players to support allied satellite countries where the strategic activity takes place or could potentially be initiated. We show that even if no effective competitor emerges, the appearance of a geopolitical challenger capable of credibly supporting the entrant has a pro-competition economic effect which benefits consumers all over the world. Thus, we provide a mechanism through which geopolitical rivalry between global powers leads to better economic outcomes for the global economy (i.e., less market power in the provision of international trade-related infrastructure). This contrasts with previous research on politics and market power which emphasizes the negative effects of political interference as well as research on international relations which often highlights the negative global effects of rising geopolitical tensions between an established power and a emerging challenger.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 106996"},"PeriodicalIF":2.3,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143808175","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
Peace and its correlates in the ancient world
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-09 DOI: 10.1016/j.jebo.2025.106997
Jordan Adamson , Patrick Fitzsimmons
{"title":"Peace and its correlates in the ancient world","authors":"Jordan Adamson ,&nbsp;Patrick Fitzsimmons","doi":"10.1016/j.jebo.2025.106997","DOIUrl":"10.1016/j.jebo.2025.106997","url":null,"abstract":"<div><div>In this paper, we construct and analyze a database of warfare around the Mediterranean from 600 to 30 BCE. We provide the first in-depth statistical summary of war in this period, examining variation across space, time, and belligerents. Then we evaluate two main explanations for international peace: democracy and hegemony, using both statistical analyses and case study comparisons. We find no democratic peace among Ancient Greek city-states and mixed results, both inside and outside of Greece, about how war relates to state power. Broadly, our results challenge prominent political theories of peace and suggest more exploration of alternatives.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 106997"},"PeriodicalIF":2.3,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143807695","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 long-lasting effect of feudal human capital: Insights from Vietnam
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-09 DOI: 10.1016/j.jebo.2025.107006
Trung Xuan Hoang , Cuong Viet Nguyen
{"title":"The long-lasting effect of feudal human capital: Insights from Vietnam","authors":"Trung Xuan Hoang ,&nbsp;Cuong Viet Nguyen","doi":"10.1016/j.jebo.2025.107006","DOIUrl":"10.1016/j.jebo.2025.107006","url":null,"abstract":"<div><div>This study investigates the long-term effect of the density of the elite — the most highly educated — during the period 1075–1919 (the feudal period in Vietnam) on today's educational attainment and economic performance in Vietnam. We use data on the nearly 20,000 elite individuals, including 17,061 junior bachelors and bachelors, and 2895 doctors (equivalent to individuals with a PhD degree) who passed the Imperial Examination (1075–1919), and employ the distance to the nearest examination centers as an instrumental variable for the density of elites. Our findings indicate that elite density continues to influence educational attainment today, which in turn leads to better employment opportunities and higher wages. Individuals from areas with higher elite density have shifted away from agriculture into wage-paying jobs, ultimately increasing their household income.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 107006"},"PeriodicalIF":2.3,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143808173","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
Natural disasters and voting behavior under authoritarian regimes: Evidence from the Brazilian shrimp vote
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-09 DOI: 10.1016/j.jebo.2025.106998
Diogo Baerlocher , Renata Caldas , Francisco Cavalcanti , Rodrigo Schneider
{"title":"Natural disasters and voting behavior under authoritarian regimes: Evidence from the Brazilian shrimp vote","authors":"Diogo Baerlocher ,&nbsp;Renata Caldas ,&nbsp;Francisco Cavalcanti ,&nbsp;Rodrigo Schneider","doi":"10.1016/j.jebo.2025.106998","DOIUrl":"10.1016/j.jebo.2025.106998","url":null,"abstract":"<div><div>This paper explores the connection between natural disasters and protest voting against autocratic regimes, using data from the 1979–1983 drought in Brazil’s semi-arid region. We measure drought severity using deviations from historical water deficit means obtained from meteorological ground stations. Results indicate that adverse weather conditions have a negative impact on protest voting against the military regime. Additionally, disaster relief, income inequality, and social vulnerability measures do not show significant effects as potential mechanisms. However, we observe heterogeneous effects among areas with different shares of irrigated farmland, suggesting that economic vulnerability may be a driving factor behind the results.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 106998"},"PeriodicalIF":2.3,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143808174","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
Who prefers guessing to admitting They Don't Know? Measurement error in financial literacy surveys
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-07 DOI: 10.1016/j.jebo.2025.107003
Giuseppe Bertola, Anna Lo Prete
{"title":"Who prefers guessing to admitting They Don't Know? Measurement error in financial literacy surveys","authors":"Giuseppe Bertola,&nbsp;Anna Lo Prete","doi":"10.1016/j.jebo.2025.107003","DOIUrl":"10.1016/j.jebo.2025.107003","url":null,"abstract":"<div><div>A propensity to guess randomly rather than to admit ignorance answering \"Don't know\" is a plausible reason why frequent wrong answers are given to survey questions that aim to assess competence. We model this source of measurement error and assess its empirical relevance in two consecutive waves of a survey of financial literacy. Misclassification of standard financial literacy indicators is very likely, especially in some demographic groups. Respondents who answer correctly in both waves of the survey are less likely to have guessed in the first wave, and have a lower probability of reporting financial difficulties than those who guessed and were lucky enough to appear literate.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"233 ","pages":"Article 107003"},"PeriodicalIF":2.3,"publicationDate":"2025-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143786048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
First Names and Ascribed Characteristics
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-05 DOI: 10.1016/j.jebo.2025.107005
Susanna Grundmann , Bettina Rockenbach , Katharina Werner
{"title":"First Names and Ascribed Characteristics","authors":"Susanna Grundmann ,&nbsp;Bettina Rockenbach ,&nbsp;Katharina Werner","doi":"10.1016/j.jebo.2025.107005","DOIUrl":"10.1016/j.jebo.2025.107005","url":null,"abstract":"<div><div>Experimental studies on (implicit) gender biases often deal with the problem of subtly revealing gender, yet without making the study's focus too salient. One prominent solution is to indicate gender through first names. While easy to apply, this method may be prone to confounds: first names may carry various perceptions beyond gender, such as age, socio-economic status, or other traits. We examine the relevance of potential confounds in a comprehensive survey experiment with 4,000 participants of a wide age range (between 18 and 65 years), each rating one of 20 common and timeless first names (10 male and 10 female) on 7 demographic, 9 labor-market relevant and 13 further personal characteristics. We demonstrate that first names actually evoke perceptions beyond gender and show that certain names are consistently and significantly perceived as more prosocial, assertive, or positive / negative than other common and timeless first names of the same gender. Our results send a clear message to experimental studies using first names to convey gender, namely to take into account the perceptions the selected names evoke beyond gender in order to avoid being misled by confounding perceptions. Our data set can serve as a valuable resource for future experimental studies, allowing researchers to choose names that evoke – among a wide age range of participants – similar or diverse associations across different characteristics.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 107005"},"PeriodicalIF":2.3,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Salience and medication panic buying
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-04 DOI: 10.1016/j.jebo.2025.106949
Xueying Lyu , Xiqian Cai , Daixin He
{"title":"Salience and medication panic buying","authors":"Xueying Lyu ,&nbsp;Xiqian Cai ,&nbsp;Daixin He","doi":"10.1016/j.jebo.2025.106949","DOIUrl":"10.1016/j.jebo.2025.106949","url":null,"abstract":"<div><div>We study the health risks associated with pandemics as a causal channel causing medication panic buying. Using a unique administrative dataset from March 2018 to March 2020 covering 1.4 million patients in 314 primary community hospitals in a major Chinese city, as well as a difference-in-differences approach, we find that the COVID-19-related health risks led to hospital expenditure exceeding normal levels by 18.7%. This increase was primarily driven by a significant rise in medication expenses, which surpassed normal levels by 29.2%. We further explore three possible mechanisms of bottom-up attention, contrasting, surprising, and prominent stimuli, and demonstrate that they are the key channels through which the salience effect causes panic buying.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 106949"},"PeriodicalIF":2.3,"publicationDate":"2025-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767992","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
Extreme high temperatures and adaptation by social dynamics: Theory and evidence from China
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-03 DOI: 10.1016/j.jebo.2025.106989
Jiaowei Gong , Xiangyu Shi , Chang Wang , Xin Zhang
{"title":"Extreme high temperatures and adaptation by social dynamics: Theory and evidence from China","authors":"Jiaowei Gong ,&nbsp;Xiangyu Shi ,&nbsp;Chang Wang ,&nbsp;Xin Zhang","doi":"10.1016/j.jebo.2025.106989","DOIUrl":"10.1016/j.jebo.2025.106989","url":null,"abstract":"<div><div>Using a novel city-level high-frequency panel dataset of social and public events in Chinese cities, we document that extreme high temperatures significantly reshape social dynamics. Extreme high temperatures increase social cooperation, and the effects are more pronounced when labor productivity is lower and environmental awareness is higher. Our estimates, combined with a quantitative model, indicate that humanity adapts to climate change in part by reshaping social dynamics. Adaptation offsets nearly 10% of the negative economic impacts of extreme high temperatures. Our quantitative analysis suggests that directly subsidizing cooperation is the most effective strategy for mitigating the adverse effects of extreme high temperatures.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 106989"},"PeriodicalIF":2.3,"publicationDate":"2025-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143759138","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
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