{"title":"Bank choice, bank runs, and coordination in the presence of two banks","authors":"","doi":"10.1016/j.jebo.2024.06.031","DOIUrl":"10.1016/j.jebo.2024.06.031","url":null,"abstract":"<div><p>We investigate learning in a repeated bank choice game, where agents first choose a bank to deposit in and then decide to withdraw that deposit or not. This game has a single Nash equilibrium in pure strategies, characterized by all agents depositing in the bank that offers the highest return, even though it may be more vulnerable to bankruptcy if some agents withdraw early. We use an individual evolutionary learning algorithm to model under which circumstances and with which beliefs agents can learn the Nash equilibrium in the repeated game and compare the results to an experiment. We find participants coordinating on the Nash equilibrium in the presence of low or medium vulnerability banks, but efficient coordination fails when both banks are highly vulnerable (irrespective of whether participants have full or only partial information).</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S016726812400249X/pdfft?md5=2be32a52866d4a123b6afc672f003d39&pid=1-s2.0-S016726812400249X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933822","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}
{"title":"Words matter: Experimental evidence from job applications","authors":"","doi":"10.1016/j.jebo.2024.06.013","DOIUrl":"10.1016/j.jebo.2024.06.013","url":null,"abstract":"<div><p>If women are more sensitive to listed qualifications in job ads, does lowering the bar draw in relatively more women and increase diversity in the applicant pool? We examine this question by randomizing 60,000 viewers into one of two job ad versions for over 600 corporate jobs at Uber, where the treatment removed optional and superfluous qualifications. There are two main findings. First, job seekers of both genders respond to qualifications: applications increase by 7%, owing to similar increases in the number of applications from men and women. Second, reducing the qualifications impacts the type of individual who chooses to apply differently by gender. Reducing the qualifications draws in less skilled women and causes an outflow of some highly skilled women. Conversely, the treatment draws in men from across the skill distribution, including the upper end. We find gender differences in application behavior and explore potential mechanisms in a separate, large-scale survey using the RAND American Life Panel. These results highlight that sensitivity to listed requirements is complex, and simply lowering the qualifications in job postings is not guaranteed to increase applicant diversity.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0167268124002312/pdfft?md5=e873dab8749072cf5d33ab8de3eba383&pid=1-s2.0-S0167268124002312-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933823","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}
{"title":"Finance and intergenerational mobility: Evidence from US banking reforms","authors":"","doi":"10.1016/j.jebo.2024.106683","DOIUrl":"10.1016/j.jebo.2024.106683","url":null,"abstract":"<div><p>We investigate the impact of US banking industry deregulation on intergenerational mobility. In order to do so, we use a quasi-natural experimental research design to investigate how a change in state level bank competition (following geographic deregulation) affects the intergenerational mobility of individuals born to (poorer) families at the lower end of the income distribution. We find that individuals born to poorer families who spend their first years as adults in an area with a more competitive banking system, experience higher mobility relative to counterparts located in areas characterised by lower levels of bank competition. Increased educational opportunities and entrepreneurship are important underlying factors driving the observed increases in intergenerational mobility.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0167268124002798/pdfft?md5=efdb8d9ec48728895aabde84087b6907&pid=1-s2.0-S0167268124002798-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933825","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}
{"title":"When fortune favors women: Do marginal increases in female representation persist?","authors":"","doi":"10.1016/j.jebo.2024.106680","DOIUrl":"10.1016/j.jebo.2024.106680","url":null,"abstract":"<div><p>This study investigates whether incidental electoral successes of women contribute to sustained gender parity in Finland, a leader in gender equality. Utilizing election lotteries used to resolve ties in vote counts, we estimate the causal effect of female representation. Our findings indicate that women’s electoral performance (measured by female seat and vote shares) within parties improves following a lottery win, potentially due to increased exposure. However, these gains are offset by negative spillovers on female candidates from other parties. One reason why this may occur is that voters and parties may perceive sufficient female representation has been achieved, leading to reduced support for female candidates in other parties. Consequently, marginal increases in female representation do not translate to overall gains in women elected. In high but uneven gender parity contexts, such increases may not be self-reinforcing, highlighting the complexity of achieving sustained gender equality in politics.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0167268124002762/pdfft?md5=d9f5d271adaf906b66c9b9ec602fb786&pid=1-s2.0-S0167268124002762-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933827","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}
{"title":"Enter stage left: Immigration and the American arts","authors":"","doi":"10.1016/j.jebo.2024.07.011","DOIUrl":"10.1016/j.jebo.2024.07.011","url":null,"abstract":"<div><p>To what extent have immigrants contributed to the growth of the United States arts sector? In this paper, we explore the impact of immigration during the Age of Mass Migration on the development of the arts in the U.S. over the short and long run. In the short run, our results suggest that immigration helped produce greater numbers of native artists. Over a century later, the benefits to the arts persist. Counties with greater historical immigration house more arts businesses and nonprofit organizations that generate more revenue, employ a larger proportion of the community, and earn more federal arts grants. We explore potential mechanisms, including factors such as increased exposure to new cultures and arts knowledge between immigrants and natives. Altogether, our results highlight the important role that immigrants played in the development of the arts in America.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933829","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}
{"title":"Every cloud has a silver lining: The role of study time and class recordings on university students’ performance during COVID-19","authors":"","doi":"10.1016/j.jebo.2024.07.012","DOIUrl":"10.1016/j.jebo.2024.07.012","url":null,"abstract":"<div><p>We study the impact of the COVID-19 pandemic and its side effects on the academic achievement of students in a large university located in a northern Italian region severely affected by the pandemic. Thanks to the richness of our data, we can investigate for the first time the role of two specific channels: the increase in study time due to the exceptionally strict confinement measures adopted and the availability of class recordings. We use administrative data on four cohorts of students merged with original survey data. We adopt a fixed-effect difference-in-differences approach, where we compare the outcomes of students from different enrolment cohorts observed in the same semester of their academic career before and after the COVID-19 outbreak. We find a generalized positive effect of the COVID-19 pandemic on students’ academic achievement in terms of both earned credits and GPA. We provide evidence that both increased study time and the availability of class recordings contributed to mediating this positive effect.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933828","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}
{"title":"The evolution of collective choice under majority rules","authors":"","doi":"10.1016/j.jebo.2024.06.039","DOIUrl":"10.1016/j.jebo.2024.06.039","url":null,"abstract":"<div><p>A collective choice (or opinion) supported by a majority of individuals is challenged recurrently by a new one in a society. We consider a long-run evolution of collective choice under majority rules by stochastic evolutionary game theory. The Condorcet winner is uniquely a long-run equilibrium for all (super-)majority rules. When the Condorcet winner does not exist, the long-run equilibria under all majority rules belong to the top cycle set. In a multidimensional choice problem where the top cycle set tends to become the whole policy space, a long-run equilibrium belongs to the min–max policy set if the core is non-empty. We show that stochastic evolutionary game theory can mitigate the indeterminacy problem in social choice.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0167268124002579/pdfft?md5=d86dc0617cfac2153c99968afbfc8346&pid=1-s2.0-S0167268124002579-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141961929","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}
{"title":"A simple twist of fate","authors":"","doi":"10.1016/j.jebo.2024.07.007","DOIUrl":"10.1016/j.jebo.2024.07.007","url":null,"abstract":"<div><p>In this paper we study electoral systems in an experimental governance game in which citizens contribute to a public good and policymakers decide how to distribute it. In the <em>Voting</em> condition, citizens receive information about the policymaker performance (how much she shared of the public good with individual participants), her skills and her altruism, and vote directly for a policymaker for the next election cycle. In the <em>Referendum</em> condition voters receive information about the policymaker's performance before deciding whether to remove her from office in a simpler binary choice (in or out). If they decide to remove the incumbent, a new policymaker is chosen randomly from the remaining group members, in the spirit of referendums like Brexit or the plebiscite about the peace agreements in Colombia. We compare these two electoral mechanisms with two baselines in which the policymaker is never replaced (<em>Baseline</em>) and another one (<em>Random</em>) in which the policymaker is always randomly replaced by another participant. Our results show that both electoral mechanisms are largely effective in improving citizens’ earnings by generating more equitable sharing rules. Citizens in <em>Voting</em> and <em>Referendum</em> extract greater surplus from policymakers than in the other conditions and voting against a candidate (<em>Referendum</em>) is more effective in increasing surplus than voting for a candidate (<em>Voting</em>). Contributions to the public good and conditional cooperation patterns remain strikingly similar in democratic (<em>Referendum</em> and <em>Voting</em>) and non-democratic (<em>Baseline</em> and <em>Random</em>) conditions. Empirical expectations about contributions of other citizens are similar as well. However, we show that policymakers distribute the public good differently in democratic institutions, and more effectively in <em>Referendum</em> than in <em>Voting</em>, as policymakers use clientelist transfers to avoid being replaced. Overall, both democratic institutions are effective in improving citizens’ payoffs by indirectly limiting policymakers’ surplus.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933830","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}
{"title":"The effects of land titling on intergenerational transfers in rural China","authors":"","doi":"10.1016/j.jebo.2024.07.015","DOIUrl":"10.1016/j.jebo.2024.07.015","url":null,"abstract":"<div><p>The motives behind transfers from adult children to parents hold significance in the well-being of the elderly. In the context of China’s land titling program, we utilize a dominant child model to study the trade-off between altruism and exchange motives. Based on data from the China Health and Retirement Longitudinal Study, this paper employs the endogenous switching model to investigate the effects of land titling on children’s pecuniary and time transfers. The results of the average treatment effect on the treated (ATT) indicate that for children whose parents receive land titling, land titling has significantly increased their pecuniary transfers while decreasing their time transfers. Mechanism analysis reveals that the land titling program results in higher parental income by incentivizing parents to rent out their land and engage in off-farm employment. These findings reveal the exchange motive, suggesting that children provide transfers out of concern about their parents’ wealth. Heterogeneous analysis demonstrates that both sons and daughters lean towards exchange motives. Land titling effects are pronounced among children without siblings, those from parental households with lower land per capita, and those with higher income.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141951085","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}
{"title":"Growth volatility and trade: Market diversification vs. production specialization","authors":"","doi":"10.1016/j.jebo.2024.07.001","DOIUrl":"10.1016/j.jebo.2024.07.001","url":null,"abstract":"<div><p>We analyze how trade affects aggregate volatility using a multi-country, multi-industry, and multi-destination framework. We decompose aggregate output growth risk into destination risk, origin risk, and idiosyncratic risk (and their covariances). We then use this framework to run counterfactuals changing the degree of destination-market diversification (including home) and industry specialization. Using data on 19 industrial sectors, 34 countries, and 84 destination markets for the 1980–2011 period, we find that destination risk dominates, followed by idiosyncratic risk. From the counterfactuals, we find that the effect of increased destination-market diversification is quantitatively important in reducing aggregate volatility for high volatility countries. On the other hand, reducing specialization increases volatility.</p></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0167268124002592/pdfft?md5=8e4460509a83fc7876bd2ac3204d131d&pid=1-s2.0-S0167268124002592-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141954532","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}