Economic Inquiry最新文献

{"title":"The hidden cost of political connection: Evidence from China's stock market responses to land transactions","authors":"Haoyuan Ding,&nbsp;Kang Shi,&nbsp;Juanyi Xu,&nbsp;Xiaoyu Zhang","doi":"10.1111/ecin.13291","DOIUrl":"https://doi.org/10.1111/ecin.13291","url":null,"abstract":"<p>We construct a matched database of land transactions and Chinese listed companies. By analyzing the stock market's reaction to these transactions, we investigate the hidden cost of political connections for firms. Our results show a negative market response to land deals by politically connected companies. This suggests that potential future political or legal risks associated with the land transaction could harm the firm. To strengthen our findings, we leverage the anti-corruption campaign as a natural experiment and employ a difference-in-differences approach. This analysis yields consistent results. Furthermore, we discover that short-term and long-term investors have differing views on political connections.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"785-804"},"PeriodicalIF":1.7,"publicationDate":"2025-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A simple model of competitive testing","authors":"Boris Ginzburg","doi":"10.1111/ecin.13289","DOIUrl":"https://doi.org/10.1111/ecin.13289","url":null,"abstract":"<p>Multiple agents are competing for a prize. Each agent is privately informed about his type. The principal who allocates the prize wants to give it to the agent with the highest type. Each agent can take a test that reveals his type at a cost. I show that an increase in competition makes the principal more informed when the cost is high, and less informed when the cost is low. Nevertheless, the principal always benefits from greater competition. Making the test mandatory for receiving the prize is Pareto-dominated by voluntary verification unless competition is low.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"888-902"},"PeriodicalIF":1.7,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Unconditional cash transfers & voter turnout","authors":"Alexander James,&nbsp;Nathaly M. Rivera,&nbsp;Brock Smith","doi":"10.1111/ecin.13287","DOIUrl":"https://doi.org/10.1111/ecin.13287","url":null,"abstract":"<p>We estimate the effect of unconditional cash transfers on voter turnout, leveraging a large-scale natural experiment, the Alaska Permanent Fund Dividend (PFD) program, which has provided residents with a check of varying size 1 month before election day since 1982. We find that larger transfers cause people to vote, especially in gubernatorial elections in which a 10% increase in cash ($190) causes a 1.4 percentage point increase in turnout. Effects are concentrated among the young and poor. Survey data suggests the mechanism is reduced voter apathy. Implications are discussed.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"805-829"},"PeriodicalIF":1.7,"publicationDate":"2025-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Employment effects of minimum wage indexing: Establishment evidence from Oregon restaurants","authors":"Stephen Miller,&nbsp;Gary A. Wagner,&nbsp;Alicia Plemmons","doi":"10.1111/ecin.13284","DOIUrl":"https://doi.org/10.1111/ecin.13284","url":null,"abstract":"<p>Though 18 states will index their minimum wage to the Consumer Price Index by 2025, few studies have examined indexing's differential employment effects. Leveraging a period of stability in minimum wages (2000–2007) and two distinct national geocoded databases of establishments, we explore how indexing affected employment in Oregon restaurants, one of the earliest indexing states (2003). Nearest-neighbor matching is used as a preprocessing step before regression, pairing individual restaurants in Oregon to restaurants with similar characteristics in states where the minimum wage was unchanged. We find evidence that establishment employment falls 3.6% after indexing, implying an employment elasticity of −0.18.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"681-714"},"PeriodicalIF":1.7,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144493011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A closer look at Doleac and Mukherjee (2022) and the effects of naloxone access laws on opioid ER admissions","authors":"Sergey Alexeev","doi":"10.1111/ecin.13277","DOIUrl":"https://doi.org/10.1111/ecin.13277","url":null,"abstract":"<p>In their 2022 study, ‘The Effects of Naloxone Access Laws on Opioid Abuse, Mortality, and Crime,’ Doleac and Mukherjee conclude that broadening access to a life-saving drug—naloxone—does not reduce opioid-related mortality as the drug simultaneously encourages riskier drug use. I show issues with their data, design, and estimation methods. For example, their Google Search data has an unverifiable origin, the law timing is incorrect, and the statistical inference is invalid. Correcting these issues within a triple difference design shows that naloxone, contrary to their findings, does not increase ER opioid admissions. I conclude that the moral hazard (and the ensuing adverse consequences) of naloxone use lacks empirical support.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"64 1","pages":"54-87"},"PeriodicalIF":1.3,"publicationDate":"2025-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13277","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145993918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Charitable giving responses to education budgets","authors":"Jonathan Meer,&nbsp;Hedieh Tajali","doi":"10.1111/ecin.13286","DOIUrl":"https://doi.org/10.1111/ecin.13286","url":null,"abstract":"<p>Do changes in government spending affect voluntary contributions to those recipients? We examine how changes in K-12 education budgets impact donations to teachers using data from DonorsChoose.org, an online crowdfunding platform for public school teachers to raise money. We find a positive correlation between budgets and voluntary contributions when not accounting for their endogenous relationship. Estimates using instrumental variables show evidence for crowd-out of private giving, though the magnitudes are small relative to spending and do not meaningfully offset budget changes. These results are driven entirely by teachers' posting of requests.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"865-887"},"PeriodicalIF":1.7,"publicationDate":"2025-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Child custody laws and partners' cooperation: An analysis of married and unmarried mothers during the time of COVID-19","authors":"Ho-Po Crystal Wong,&nbsp;Cynthia Bansak","doi":"10.1111/ecin.13276","DOIUrl":"https://doi.org/10.1111/ecin.13276","url":null,"abstract":"<p>This paper evaluates the impact of 50/50 custody laws on mothers' decision to leave the labor force for caregiving during the COVID-19 pandemic. During the onset of the pandemic, variation in family law regarding shared parenting may have affected the labor market decisions of mothers and the impact may have been stronger for those in fragile non-cooperative relationships. We use monthly CPS data from January 2019 to May 2021 to show that the impact of COVID-19 changed the labor force outcomes for mothers based on child custody laws, marital status and parental educational attainment.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"759-784"},"PeriodicalIF":1.7,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Predicting voluntary contributions by “revealed-preference Nash-equilibrium”","authors":"Irenaeus Wolff","doi":"10.1111/ecin.13280","DOIUrl":"https://doi.org/10.1111/ecin.13280","url":null,"abstract":"<p>One-shot public-good situations are prominent in the public debate, and a prime example for behavior diverging from the standard Nash-equilibrium. Could a Nash-equilibrium predict one-shot public-good behavior in principle? A “revealed-preference Nash-equilibrium” (<span>rpne</span>) out-of-sample predicts behavior, outperforming other social-preference models. The <span>rpne</span> is the set of “mutual conditional contributions,” interpreting elicited conditional contributions as best-responses. Individual-level analyses confirm the results and allow for studying equilibrium selection. While the Pareto-dominant equilibrium is the modal choice, many participants use other criteria. Given the predictive positive-contributions <span>rpne</span>s, many real-life public-good problems may be solvable if players could coordinate on an equilibrium-selection criterion beforehand.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"846-864"},"PeriodicalIF":1.7,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13280","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Introduction to the symposium on reproducibility and replicability in economics: Part I","authors":"Farasat A. S. Bokhari,&nbsp;Abel Brodeur,&nbsp;Michalis Drouvelis","doi":"10.1111/ecin.13285","DOIUrl":"https://doi.org/10.1111/ecin.13285","url":null,"abstract":"&lt;p&gt;Reproducibility and replicability are cornerstones of scientific progress, ensuring that findings can withstand scrutiny and that results hold under varied analyses. In economics, these principles support a self-correcting system, fostering more reliable empirical research and more robust foundations for policy design. However, despite the recognition of replication's importance, many empirical studies, particularly non-experimental ones, lack rigorous replication. This symposium of &lt;i&gt;Economic Inquiry&lt;/i&gt; aims to address this gap, presenting new research that underscores the need for reproduction and replication, particularly in non-experimental studies, and proposes innovative approaches to overcoming the practical challenges of replicability in economics. Due to the volume of high-quality submissions we received, we have divided this symposium into two parts. This first part highlights key methodological advances and remaining challenges that contribute to the broader conversation on reproducibility and replicability in economics. A forthcoming second part will continue this exploration, further showcasing reproductions and replications of seminal and well-cited articles.&lt;/p&gt;&lt;p&gt;Our call for papers sought empirical replications, methodological advances, and theoretical contributions that enrich our understanding of replication's role in economic research. The selected papers in this first part introduce new methodological tools and provide frameworks for conducting and evaluating the effectiveness of reproductions and replications. These contributions advance our collective understanding of what it means for economics to be a replicable and self-correcting science. We provide a short summary of each article below.&lt;/p&gt;&lt;p&gt;The symposium's first article, “A Framework for Evaluating Reproducibility and Replicability in Economics”, proposes a structured approach to assess these core aspects of scientific reliability in economics. By distinguishing between various types of reproducibility (computational, recreate, robustness) and replicability (direct, conceptual), and introducing clear indicators to measure each, the article offers a practical and theoretically grounded framework that addresses long-standing ambiguities in the field. This contribution is particularly significant in the context of increasing efforts to improve transparency and credibility in economics research.&lt;/p&gt;&lt;p&gt;The article “Replication Code Availability Over Time and Across Fields: Evidence From the German Data Archive for Business and Economic Studies” provides trends in replication code availability over time and across disciplines by examining studies that used the German Socio-Economic Panel (SOEP) data, which, while restricted, is available to researchers and has been used in over 2500 articles in economics and social sciences. By concentrating on studies with large common data, the study highlights both progress and ongoing challenges in making replication code accessib","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 2","pages":"335-337"},"PeriodicalIF":1.7,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13285","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"MPCs of ABCs: The housing wealth effect for affluent boomers with credit","authors":"Niloy Bose,&nbsp;Antu Panini Murshid","doi":"10.1111/ecin.13282","DOIUrl":"https://doi.org/10.1111/ecin.13282","url":null,"abstract":"<p>This paper combines exogenous variation in house prices with anonymized individual-level expenditures data to identify a causal channel from housing wealth to consumption. We show that the Sandy Hook school shooting provided a large negative exogenous shock to local housing which lowered credit card spending by about 4.2 cents for each $1 fall in house prices: rescaled this translates to an annual marginal propensity to consume (MPC) of about 9 cents on the dollar. These consumption sensitivities are driven entirely by creditworthy middle-aged consumers, with those closest to the retirement threshold reacting the strongest.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"945-960"},"PeriodicalIF":1.7,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}