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Randomized control trials (RCTs) are recognized as the preferred tool of analysis in modern development economics literature/research and policy evaluation. This may lead to methodologies, including case studies, tabular analysis, simple regressions, taking a back seat. This survey explores the implications of such a methodological hierarchy and the implications of preoccupation with a particular evidence/methodology for research and policy. Similar developments in macroeconomic modelling are also discussed. Major advantages and limitations of RCTs and the attempts to address them are highlighted. The article argues that preoccupation with a methodology can sometimes lead to important inquiries for research and policy getting side-lined on methodological considerations. This leads to inferences favouring a particular technique/methodology or issue. Focusing solely on methodologies that emphasize quantifying the 'effect' may not be appropriate to address all questions relevant to development. As policies involve multiple and conflicting social concerns, methodological pluralism may be preferable. [ABSTRACT FROM AUTHOR]

This paper provides a systematic and critical review of the economics literature on data as an economic good and draws lessons for data governance. We conclude that focusing on data as an economic good in governance efforts is hardwired to only result in more data production and cannot deliver other societal goals contrary to what is often claimed in the literature and policy. Data governance is often a red herring which distracts from other digital problems. The governance of digital society cannot rely exclusively on data-centric economic models. We review the literatures and the underlying empirical and political claims concerning data commons. While commons thinking is useful to frame digital problems in terms of ecologies, it has important limitations. We propose a political-ecological approach to governing the digital society, defined by ecological thinking about governance problems and the awareness of the political nature of framing the problems and mapping their ecological makeup. [ABSTRACT FROM AUTHOR]

This article examines the role of legal structure in explaining financial development in twenty-three emerging markets, which has not been explored in institutional economics literature before. This study relied on Pedroni, and Kao cointegration tests, which is followed by the renowned panel cointegration technique. The results of the Pedroni and Kao cointegration tests show that the variables understudy is cointegrated in the long-run. These findings are confirmed by the panel cointegration showing that legal structure (LS) has positive impact on financial development (FIND) in long-run that support Law and Finance, and New Institutional Economics theories in emerging markets. This study is the first to directly examine the long-run impact of LS on FIND in emerging markets, and the result remains consistent across alternative measure of FIND. The findings of this study have important policy implications for emerging markets. Policymakers should focus on creating a legal environment that is conducive to financial development. This includes strengthening the legal framework, improving regulatory regimes, and promoting market autonomy. Additionally, policymakers should work to attract foreign investment, which can help spur economic growth and development in emerging markets. The findings of the study are consistent across battery of robustness testing. [ABSTRACT FROM AUTHOR]

Fishing portfolio diversification has been identified as a mechanism to mitigate risk exposure for harvesters operating in wild-capture fisheries. As in financial markets, however, the benefits from diversification in fisheries will be a function of whether individuals adopt active or passive investment strategies. There is a long history of evidence of the superior performance of passive investment strategies in the financial economics literature, but little is known about the relative performance of these two strategies in fisheries. Here we use a case study of an observed and high-profile climate shock in the California Dungeness crab fishery to estimate the impact of a relatively active investment strategy, in the form of an extreme decision to exit the fishery for the season, in response to the shock. We find robust evidence of negative revenue impacts from an active investment strategy in this context. [ABSTRACT FROM AUTHOR]

We introduce the rejection game, designed to formalize the interaction between interlocutors in a Stalnakerian conversation: a speaker who asserts something and a listener who may accept or reject. The rejection game is similar to other signalling games known to the literature in economics and biology. We point out similarities and differences, and propose an application in linguistics. We uncover basic conditions under which the Gricean maxim of quality emerges from incentives among the players, providing evidence for a functionalist understanding of the Gricean program. [ABSTRACT FROM AUTHOR]

This article argues that the contributions of Marxist Dependency Theory (MDT) can provide theoretical insights for the analysis of financialized capitalism dynamics, contribute to the debate about the rise of a globalized working class, and help guide a transformative praxis in the periphery, therefore being relevant for the debate of contemporary imperialism. I discuss which traditions of dependency theories were most featured in economics literature and why I believe that MDT is marginalized and misinterpreted, focusing on the historical and political aspects of that process. Next, I debate some contributions of contemporary imperialism theory, and conclude that MDT has the potential to advance some of its core concepts and formulate a powerful synthesis. JEL Classification: B51, F54 [ABSTRACT FROM AUTHOR]

Behavioural welfare economics has lately been challenged on account of its use of the satisfaction of true preferences as a normative criterion. The critique contests what is taken to be an implicit assumption in the literature, namely that true preferences are context-independent. This assumption is considered not only unjustified in the behavioural welfare economics literature but unjustifiable – true preferences are argued to be, at least sometimes, context-dependent. This article explores the implications of this 'critique of the inner rational agent'. I argue that the critique does not support a wholesale shift away from the use of true preferences as an evaluative standard in normative economics; instead, the critique implies that behavioural welfare economists need to inquire into and establish the 'source' of particular context-dependent choices in individuals' decision-making. The source determines the permissibility of correcting individuals' context-dependent choices and can, in some situations, support decisive welfare judgements. [ABSTRACT FROM AUTHOR]

Amazon Mechanical Turk (MTurk) is one of the most popular crowdsourcing platforms for online research. Although the recent MTurk data quality crisis has raised serious concerns regarding its utility, this issue can be mitigated by including quality control methods. To date, only a few studies have compared the effectiveness of the methods in preserving an experimental effect. To provide empirical guidance on which quality control methods to use for MTurk research, this study compared different methods on their effectiveness in preserving the magnitude effect in delay discounting, a robust finding in the behavioral economics literature. Two groups of MTurkers, whose HIT approval rate (%) was between 95 and 98 and 99 and 100, were recruited in October 2021. They completed a delay discounting task evaluating the magnitude effect and questions from different quality control methods. The results showed that the group with higher HIT approval rates (i.e., 99%–100%) showed a greater magnitude effect and were more likely to pass the quality control methods than those with lower rates. In addition, the majority of the quality control methods were able to preserve the magnitude effect at the expense of sample sizes. The best combinations of quality control methods that optimally maintained the effect were explored with a discussion of their implications. Although improving data quality is imperative, caution should be exercised as the quality control methods may potentially bias the sample in an undesirable manner (e.g., excluding individuals who show steep delay discounting). [ABSTRACT FROM AUTHOR]

Parallel literatures in economics and psychology investigate why people voluntarily help others in need. Economics has investigated an other-regarding motive (altruism) and a self-regarding motive (warm-glow) and has used choice-based observations for inference. Psychology has similarly examined other- and self-regarding motives and has developed survey-based measurements to assess corresponding measures of empathic concern and a moral principle of care. This paper explores whether and how elicitation of charitable motives from economics relate to measurements from psychology. We find that when making donations to others in need, individuals with stronger empathic concern dispositions are more altruistic/other-regarding. Also, those who more strongly endorse a moral principle of care are more motivated by warm-glow/self-regard. The results connect two literatures, offer novel evidence from economics about theories developed in psychology, and demonstrate that well-developed survey questions from psychology can be predictive of the choice-based inference on altruistic and warm-glow motivations from economics. [ABSTRACT FROM AUTHOR]

This paper describes an emerging literature in economics that aims to merge macro issues of structural change and growth with micro data and analysis. This literature focuses on a set of related patterns of change that accompany the processes of growth and development. Traditionally, the focus has been on industrialization – and more broadly the reallocation of employment and economic activity from agriculture to manufacturing and services. The new literature considers a broader set of transformations: from rural to urban, from home to market (and from market to home), from informal to formal, and from self-employment to wage work. Drawing on new data sources, including micro data and administrative records, the literature tries to understand the complex interactions of a broad set of market failures, policy distortions, and impediments to the growth process. In broadening the understanding of structural transformation – to encompass processes beyond industrialization – this literature opens the door to a richer understanding of the processes of growth and a wider set of potential levers for policy. [ABSTRACT FROM AUTHOR]

Early papers found empirical support for a natural resource curse—the notion that exporting natural resources is detrimental to economic growth. Later papers, using reportedly improved econometric models and data, largely reversed these early findings by estimating that natural resources improve economic performance. However, this changing coefficient on natural resource dependence over time may not only be a function of model or data quality. Masked by this evolution in the economics literature is the possibility that the fundamental relationship between natural resources and economic performance has changed over the past several decades. This paper sheds a new perspective on the substantial resource curse literature by repeatedly estimating a single econometric model on data that evolve over time. The coefficient on natural resource dependence is estimated to steadily increases with the passage of time from a value that is negative and significant (for 1970, the basis for much of the early literature) to a positive and significant value a few decades later. Whatever natural resource estimated initially with data from 1970 seems to have evolved into a resource blessing over time. [ABSTRACT FROM AUTHOR]

We employ extreme value theory to identify stock price crashes, featuring low-probability events that produce large, idiosyncratic negative outliers in the conditional distribution. Traditional methods employ approximations under Gaussian assumptions and central moments. This is inherently imprecise and susceptible to misspecifications, especially for tail events. We instead propose new definitions and measures for crash risk based on conditional extremal quantiles (CEQ) of idiosyncratic stock returns. CEQ provide information on quantile-specific impact of covariates, and shed light on prior empirical puzzles and shortcomings in identifying crashes. Additionally, to capture the magnitude of crashes, we provide an expected shortfall analysis of the losses due to crash. Our findings have important implications for a burgeoning literature in financial economics that relies on traditional approximations. [ABSTRACT FROM AUTHOR]

This paper studies the controversy on Fehr and Schmidt's model of inequity aversion. It borrows insights from disciplines such as philosophy and the sociology of science that have specialized in studying scientific controversies. Our goal is to contribute to the historical and methodological literature on behavioral economics, which happens to have neglected behavioral economists' research on social preferences. Our analysis of the controversy reveals some new insights about the relation of behavioral economics with other sub-fields in economics, as well as with other disciplines. [ABSTRACT FROM AUTHOR]

Despite a varied picture in terms of their relative economic strength, Developing and Emerging Economies (DEEs) remain in a subordinate position in the global monetary and financial system. While the IPE and economics literatures provide rich insights about the significance of this phenomenon, research efforts remain fragmented. To address this problem, we offer an umbrella concept—international financial subordination (IFS)—to channel research efforts towards cumulative theory-building. IFS is about unearthing why the structural power of finance takes a particularly violent form of expression in DEEs. To provide structure to IFS as a scholarly field, we first assess the contributions of IPE in analyzing various factors that reproduce IFS. To better ground these efforts in processes of accumulation and the histories of the relation between finance and (post)colonial development, we then offer a critical synthesis of three heterodox traditions—dependency theory, post-Keynesian economics, and Marxism. Next, we develop a pluridisciplinary research agenda organized around six analytical axes: the historical analysis of financial relations, the relations between financial and productive subordinations, the constitutive role of monetary relations as expressions of power, the role of the state, the actions and practices of non-state actors, and the spatial relations of financial subordination. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to characterize feminist pedagogy within the context of economics instruction in the US and to contribute to the development of this paradigm by charting out a research agenda for feminist pedagogy in economics. Our argument proceeds in two parts. First, we answer the question, what is feminist pedagogy in economics (FPiE)? This section sets out a working definition and contextualizes FPiE within the broader pedagogy literature, within the pedagogy literature specific to economics, and within the practice of economics teaching today. Next, we explore new directions for research and practice in FPiE by discussing post-positivist epistemologies, resisting the depoliticization of economics education, and effective responses to diversity in the neoliberal university. [ABSTRACT FROM AUTHOR]

The relationship between the interestrate and stock pricesis a frequently discussed topic in the economics literature. Estimating the direction and size of the interaction between two different investment instruments is very important for economic decision units. Central banks of developing countries such as Turkey attach great importance to maintaining the optimal balance between stock returns and interest rates. This subject, which was first investigated with linear econometric time series analysis, then started to be investigated with current nonlinear techniques. The use of non-linear techniques by the economic reality is important to determine the relationship between the variables in a healthy way. In this study, the Central Bank weighted average funding cost is used for policy interest rate, and Ise100 price index data is used for the stock price. The study was carried out using monthly data between the years 2011-2023. The relationship between stock prices and interest rate Banerjee et al. (2017) Fourier ADL cointegration test was used. First of all, it was determined that both variables were I(1), and then the cointegration relationship was tested. According to the study's findings, a long-term cointegration relationship was determined between the interest rate and the Ise100 index. Based on the cointegration relationship found, the long-term coefficients were estimated with the FMOLS model. In this context, it has been determined that the 1% increase in the interest variable causes a decrease of approximately 55 points in the BIST100 index. [ABSTRACT FROM AUTHOR]

Economic efficiency is the ultimate goal of all markets, including the electricity market. Several technical and pecuniary restrictions known as externalities in economics literature can significantly affect the economic efficiency of the electricity market. Negative externalities resulting from the operational restrictions of generation units are inherent to electricity markets. In this paper, after reviewing the effects of externalities on the day‐ahead electricity markets' economic efficiency using a unit commitment‐based model, an innovative and theoretically efficient service‐based procedure aimed at internalizing negative externalities in the day‐ahead electricity markets is presented. In this way, a new service procured by the energy storage system to provide energy interchange possibilities in the electricity market is introduced. The proposed service uses both price and quantity adjustment methods to internalize externalities. A new discriminatory method for pricing the service and a bi‐level optimization problem for determining the capacity of the energy storage system required to provide the service are considered. The consideration of the proposed method facilitates reaching the first‐best optimal market solution by alleviating negative externalities existing in the sub‐optimal second‐best solution in the presence of generation sector operational constraints. Numerical case studies demonstrate the functioning of the proposed externalities internalization scheme. [ABSTRACT FROM AUTHOR]

Human is defined as homo-economicus in mainstream theories. It is accepted that economic person always behaves rationally under the assumptions that he has full information about his decisions, and makes decisions that will maximize his utility. Thus, in a world where there are limited resources with unlimited desires, people are expected to make the same decision between preferences. However, a person who is faced with a decision problem between his preferences at every stage of his life may not always make the expected decisions as the theories assume. As a psychological being, human can make different decisions than expected under the influence of many factors. Thus, with the behavioral approach, psychological, emotional, intuitive, social and cultural factors replace the mainstream concepts of rationality and utility, and human psychology comes to the forefront. It is accepted that people can be bounded rational, and while they are expected to make objective decisions that will always maximize their utility, they can make subjective decisions that emphasize instant pleasure with different priorities. Behavioral approach increases the power of the mainstream to explain people by bringing a different perspective. The aim of the study is to bring together the important points of human behavior in the process from mainstream economics to behavioral economics with a literature review and to explain the human in economic life from the perspective of behavioral approach. [ABSTRACT FROM AUTHOR]

It is a common stereotype that leaders lie, but for all our beliefs about how normal it is for a president to lie to the public we know next to nothing about how voters might actually view this conduct. Drawing from literature in behavioral economics, we theorize that voters apply their attitudes towards interpersonal lies when judging leaders, with people who see lying as more socially acceptable being less willing to punish leaders for exhibiting this behavior. Using a novel vignette-style survey experiment, we find strong support for our theory: despite widespread willingness to punish leaders who lie, individuals high in Machiavellianism and Self-Monitoring are far less willing to punish presidents for lying than their low-type peers, and in some cases do not punish at all. Using robustness checks and causal mediation analysis, we confirm that views regarding the moral acceptability of lying drive responses to presidential deception. [ABSTRACT FROM AUTHOR]

The behavioral economics literature suggests that exposure to traumatic events shifts preference features including risk aversion and time preference. In this study, we examined the association between traumatic life events and self-control in old age. Data were obtained from the Health and Retirement Study, which offers retrospective data on trauma exposure and early life characteristics. The results showed that experiences of serious physical attacks or assaults is associated with a 3.1% reduction in self-control, adjusted for demographic and childhood socioeconomic characteristics. The attacks or assaults were experienced approximately 30 years prior to the survey, indicating that traumatic life events exert a lasting influence on self-control. Further analyses found no difference in the association between the experience of serious physical attacks or assaults and self-control according to the timing of occurrence. Our findings are consistent with the evidence that experiences of natural disasters or armed conflicts increase impatience among survivors. [ABSTRACT FROM AUTHOR]

We examine gender differences in willingness to compete, using data from a TV game show where in each episode the winner of an elimination competition in expectation wins hundreds of thousands of euros. At several stages of the elimination competition, contestants face a choice between continuing to compete and opting out in exchange for a comparatively modest prize. When there is no strategic interaction embedded in this choice, we observe the well-known pattern that women compete less than men, but this difference derives entirely from women avoiding competition against men. When there is strategic interaction and contestants should factor in their opponents' willingness to compete, women again tend to avoid competing against men; men then seem to anticipate the lower competitiveness of female opponents, as evidenced by their greater propensity to compete against women. Ability differences are unlikely to explain these results. Our findings show that the gender difference in willingness to compete that is well-documented in the experimental economics literature also occurs in a quasi-experimental real-world setting with exceptionally high stakes, and underline the importance of the gender of competitors. [ABSTRACT FROM AUTHOR]

International trade in the 21st century operates through global value chains (GVCs). There is a growing literature on how the emergence of GVCs has changed the playing field for catch-up industrialization of developing countries. Inter-industry linkages have historically been a central aspect of catch-up industrialization. How such linkages on the country level are affected by the reality that trade is conducted via GVCs is an important research question. This paper synthesizes the theoretical elaborations on inter-industry linkages from the classic development economics literature with secondary empirical data from the East Asian industrialization experience to illustrate the importance of inter-industry linkages for the industrialization process. Using primary data from the South African automotive industry, the paper shows how the dynamics of the automotive GVC have affected domestic inter-industry linkage building in the country. The backward linkages to the domestic component manufacturing industry and to the domestic materials industries from South Africa's successful integration into the automotive GVC have been disappointing. Both local policy decisions as well as GVC-specific dynamics of follow sourcing and the proliferation of manufacturing technologies and material standards have undermined more substantial backward linkages from exports of automobiles. [ABSTRACT FROM AUTHOR]

Motivated reasoning refers to the idea that people hold certain beliefs about themselves or the world due to their desire to do so, rather than striving for accuracy. This type of belief formation can lead to overconfidence and polarization, as well as facilitate immoral behavior at both the individual and collective levels. One of the supply-side mechanisms for motivated reasoning is motivated memory, or the selective retrieval of past experiences or information based on self-serving criteria. In this article, we review the still young economics literature on motivated memory. Summarizing both theoretical and empirical work, we highlight the key results this literature has produced. We also discuss open questions and potentially exciting avenues for future research in this area. [ABSTRACT FROM AUTHOR]

There is growing evidence to suggest that there is an increase in species extinction occurring globally. In this article, we briefly review the literature on the economics of species extinction, examining what is meant by extinction before explaining how economics has conceptualised this. The initial economics literature on species extinction focuses largely on renewable resources, in particular fisheries, but has subsequently evolved to cover many aspects of biodiversity across all physical scales, employing an increasing array of methodological tools. We also consider aspects of cultural and societal extinctions (e.g. local languages, local knowledge) and how this is positively correlated with loss of biodiversity, as well as an economist's outlook on the potential to re-capture value post-extinction. [ABSTRACT FROM AUTHOR]

The main objective of this article is to explore new paradigms of teacher training in the field of environmental education. That is why this qualitative study explores the literature on ecological economics and degrowth to identify the most important theoretical principles that can be integrated into environmental education practices. From a transdisciplinary approach, the study integrates a philosophical and epistemological dialogue between scientific knowledge and indigenous wisdom of the Ecuadorian peoples. Then, the results of introducing the ecological economics foundations in the Ecuadorian environmental education policies are described with the analysis of the TiNi program. Subsequently, the emergence of the regenerative economics in the literature is discussed. To conclude, the Sustainable Development Goals (SDGs) are questioned for their conventional economic vision, and regenerative cultures are proposed to promote world futures focused in human well-being and environmental justice. [ABSTRACT FROM AUTHOR]

The relationship between public expenditures and economic growth is one of the most important issues in the economics literature. It is thought that examining the relationship between related studies in the literature will offer new researchers a clearer and broader perspective. The aim of this study is to try to determine the common and different aspects of the literature examining the relationship between these two variables. While determining these aspects, 3498 studies on public expenditures and economic growth for the period 1975-2021 compiled from the Web of Science core collection; It was analyzed with VOSviewer software and bibliometric network maps were produced. As a result of the analysis, it has been seen that the institutions owned by developed states such as the United States, England, Germany, and the authors working under these institutions come to the fore and shape the literature. In addition to the public expenditures and growth keywords used in the studies, it has been determined that the fiscal and monetary policy keywords are also frequently used. It has been determined that 3498 studies, which emerged within the framework of certain limitations, increased rapidly after 2005 in general. [ABSTRACT FROM AUTHOR]

The coexistence of economic units has revealed social needs. Meeting the social needs is possible with the realization of public expenditures of the state. There are two main views on public expenditures in the economics literature. The first of these advocates that public expenditures should be at a minimum level. According to the second view, the state should not have such a limitation. After the 1929 crisis, the second opinion gained weight. Therefore, the state has started to direct public expenditures to areas such as education and health. Thus, the human development of countries has also been supported. There is a great deal of interest in the literature on the impact of public spending on human development. As a matter of fact, economic growth can accelerate as a result of increased human development. The aim of the study is to analyze whether public expenditures have an impact on human development. In this direction, annual data covering the period 1996-2019 are used in the study and 30 countries in the upper middle-income group are discussed. Westerlund (2005) panel CUSUM cointegration test is used in the analysis. FMOLS and DOLS coefficient estimators are calculated to estimate the coefficients. According to the findings, a cointegration relationship is found between public expenditures and the human development index. In addition, according to the coefficient estimates, it is seen that the increase in public expenditures has a positive effect on the human development index. The absence of a study that analyzes the relationship of public expenditures with the human development index for countries in the upper middle income group with our best knowledge can be expressed as the contribution of the study to the literature. [ABSTRACT FROM AUTHOR]

Designing policy for climate change requires analyses which integrate the interrelationship between the economy and the environment. We argue that, despite their dominance in the economics literature and influence in public discussion and policymaking, the methodology employed by Integrated Assessment Models (IAMs) rests on flawed foundations, which become particularly relevant in relation to the realities of the immense risks and challenges of climate change, and the radical changes in our economies that a sound and effective response require. We identify a set of critical methodological problems with the IAMs which limit their usefulness and discuss the analytic foundations of an alternative approach that is more capable of providing insights into how best to manage the transition to net-zero emissions. [ABSTRACT FROM AUTHOR]

Inference and hypothesis testing are typically constructed on the basis that a specific model holds for the data. To determine the veracity of conclusions drawn from such data analyses, one must be able to identify the presence of the assumed structure within the data. In this paper, a model verification test is developed for the presence of a random walk-like structure in the variations in the frequency of complex-valued sinusoidal signals measured in additive Gaussian noise. This test evaluates the joint inference of the random walk hypothesis tests found in economics literature that seek random walk behaviours in time series data, with an additional test to account for how the random walk behaves in frequency space. [ABSTRACT FROM AUTHOR]

In line with the recent assertion that institutional quality matters in the way financial development influences economic growth in financial economics literature, this study examines the moderating role of institutional quality in the finance‐growth nexus in Kenya for the period 1986–2015. A fully modified ordinary least square (FMOLS) estimator is adopted to take care of endogeneity problem inherent in the relationship among the variables while error‐correction version of autoregressive distributed lag (ARDL) technique is adopted to take care of short‐ and long‐run effects. The research outputs reveal that in the short‐run institutions and finance complement and reinforce each other to enhance growth, while institutional framework in Kenya constitutes a drain that leaks out the growth benefits of financial development in the long run. It is also found that the country majorly operates below the threshold level of institutional quality required to maximize the growth benefits of financial development. This study, therefore, concludes that institutional framework guiding the operations of financial system in Kenya should be strengthened so as to block loopholes and lapses that leak out the growth benefits of finance. JEL CLASSIFICATION: D53; E02; N27; O43 [ABSTRACT FROM AUTHOR]

The study has been conducted with 302 original contributions with a total of 8347 citations contributed by 549 authors published in volumes 74 (393) to 83 (332) of the renowned Journal, Economica, New Series during 2007-2016. An analysis of the different forms of literature, authorship pattern, language-wise cited articles, country-wise distribution, subject-wise distribution, ranking of cited journals, and obsolescence study has been made. Among the citations, articles accounted for 63.83% and books 26.49%. The highest number of articles totaling 5319(99.83%) has emanated from the English language. The first two countries USA and UK are responsible for 83.75% of the articles and 90.49% of the books. Most articles (59.891%) were published on core subjects of research, which include Econometrics, American Economics, Political Economics, International Economics, Monetary Economics, European Economics, and Public Economics. Literature in Economics published during the last 20 years contributes almost 68.506% of the total literature. [ABSTRACT FROM AUTHOR]

It can be said that the issue of interest is as old an issue as the human history at least. Since the interest is a multidimensional social issue, it has occupied people throughout the history. The effect of interest on social life manifests itself on economical, moral, and religious aspects. For this very reason, experts, particularly the clergy, economists, and philosophers, have been busy with the subject of interest throughout the history. They have expressed their opinions on the effects of the interest on people, society, and morality. It is known that there are so many various definitions of interest made by economists and Islamic scholars. These various definitions make it difficult to understand the subject. The usage of the concept of “riba”, which is mentioned in Qur’anic verses, where the subject of the interest is discussed, as a synonym of the concept of “the interest”, by those who work in the field of Islamic economics, constitutes the problem of our study. We aim, in our study, to make an examination on the distinction of the interest and riba, by giving place to the interest and its types. We will try to base this distinction specifically on the real positive interest and the nominal interest. What reveals the importance of our study is the contribution it supplies to the correct usage of the concepts of the interest and riba within the literature of Islamic economics. [ABSTRACT FROM AUTHOR]

The economics literature generally supports a positive theoretical link between income inequality and crime. However, despite this consensus, empirical evidence has struggled to yield definitive conclusions. To address this puzzle, I conducted a meta-analysis based on 1,341 estimates drawn from 43 studies in economics journals. The findings indicate a statistically significant but economically insignificant true effect of inequality on crime, ranging between 0.007 and 0.123 using UWLS FAT-PET and advanced methods. In essence, if there is an impact of inequality on crime, it is, at best, minimal. Additionally, there is some limited evidence suggesting positive publication bias. Results from Bayesian model averaging reveal that inequality does not affect exclusively property crime, as predicted by the rational choice models. Moreover, this analysis shows that inequality measures which are sensitive to changes in income at the middle and top of the distribution are associated with higher coefficients. The study also underscores the biases arising from the exclusion of relevant variables. The implications of this research suggest that inequality may not be the primary motivator for criminal behaviour, with other factors potentially playing more significant roles. Lastly, if inequality does affect crime, it might do so in different ways than those discussed by the majority of the existing empirical studies. • An examination of the relationship between inequality and crime is conducted through a meta-analysis, incorporating 1,341 estimates derived from 43 studies. • Income inequality has a small, if not inexistent, effect on crime. • Some limited evidence of positive publication bias is found. • Inequality metrics which are sensitive to changes in both the middle and upper segments of the income distribution exhibit higher coefficients. • The omission of relevant variables, such as deterrence and income, introduces a notable bias. [ABSTRACT FROM AUTHOR]

[Display omitted] • Vaccination produces important individual health gains and broad societal benefits. • Current vaccine economic evaluation (EE) approach often excludes broader benefits. • A novel Value of Vaccination framework was developed with unique concepts for EE. • Dimensions include conventional payer and societal, and novel societal concepts. • Conventional and novel societal gain concepts need to be appraised in EE. Vaccination provides significant health gains to individuals and society and can potentially improve health equity, healthcare systems and national economies. Policy decisions, however, are rarely informed by comprehensive economic evaluations (EE) including vaccination's wide-ranging value. The objective of this analysis was to focus on health technology assessment systems to identify relevant value concepts in order to improve current EE of non-pandemic vaccines. Following a literature review, a novel Value of Vaccination (VoV) framework was developed with experts in vaccine EE from developed countries with established health technology assessment systems. Forty-four studies presenting value frameworks or concepts applicable to vaccination were included. Eighteen unique value concepts relevant to EE were identified and defined. These were categorised within the VoV framework using three dimensions, moving from a narrow payer perspective to a more expansive and societal perspective. The dimensions were: (I) conventional payer perspective concepts (e.g., health gains in vaccinees, direct medical costs); (II) conventional societal perspective concepts (e.g., indirect health/economic gains to caregivers/households, productivity in vaccinees); and (III) novel societal concepts (e.g., financial risk protection, peace of mind, societal health gains, healthcare systems security, political stability, social equity and macroeconomic gains). While good quality evidence and methods are available to support concepts in Dimensions I and II, further work is needed to generate the required evidence for vaccination impact on Dimension III concepts. The devastating effect on nations of the COVID-19 pandemic has helped to highlight the potential far-reaching benefits that many vaccination programmes can offer. This VoV framework is particularly relevant to policy decisions considering EE, and the potential future expansion of non-pandemic vaccination value considerations. The framework helps to understand and compare current value considerations across countries and payer versus societal perspectives. It provides decision-makers with a transparent and logical path to broaden consideration of VoV in EE. [ABSTRACT FROM AUTHOR]

This article draws on the literature in development economics, psychology and sociology to explicate how decolonised early childhood education and care services can reverse the metacolonial cognition lingering in the postcolonial era. In particular, the author shows that colonial institutions persist even after formal colonisation has ended through the application of de facto power. Self-knowledge developed during early childhood impacts adult socio-economic life outcomes. Thus, decolonising early childhood development and care by ensuring positive representations of self will improve self-perceptions and self-awareness. The implications for practice and policy are discussed within the context of deploying decolonised early childhood development and care services to raise a new generation of confident Africans to accelerate the development of the continent and regions with similar histories of colonisation. [ABSTRACT FROM AUTHOR]

Evaluating AI is a challenging task, as it requires an operative definition of intelligence and the metrics to quantify it, including amongst other factors economic drivers, depending on specific domains. From the viewpoint of AI basic research, the ability to play a game against a human has historically been adopted as a criterion of evaluation, as competition can be characterized by an algorithmic approach. Starting from the end of the 1990s, the deployment of sophisticated hardware identified a significant improvement in the ability of a machine to play and win popular games. In spite of the spectacular victory of IBM's Deep Blue over Garry Kasparov, many objections still remain. This is due to the fact that it is not clear how this result can be applied to solve real-world problems or simulate human abilities, e.g., common sense, and also exhibit a form of generalized AI. An evaluation based uniquely on the capacity of playing games, even when enriched by the capability of learning complex rules without any human supervision, is bound to be unsatisfactory. As the internet has dramatically changed the cultural habits and social interaction of users, who continuously exchange information with intelligent agents, it is quite natural to consider cooperation as the next step in AI software evaluation. Although this concept has already been explored in the scientific literature in the fields of economics and mathematics, its consideration in AI is relatively recent and generally covers the study of cooperation between agents. This paper focuses on more complex problems involving heterogeneity (specifically, the cooperation between humans and software agents, or even robots), which are investigated by taking into account ethical issues occurring during attempts to achieve a common goal shared by both parties, with a possible result of either conflict or stalemate. The contribution of this research consists in identifying those factors (trust, autonomy, and cooperative learning) on which to base ethical guidelines in agent software programming, making cooperation a more suitable benchmark for AI applications. [ABSTRACT FROM AUTHOR]

Drawing on socio-psychology and economics literature contributions, this paper provides an original conceptual framework examining whether and how natural disasters exert any influence on nuptiality. Scholars suggest that disasters remind people about the transience of life and mortality. This feature triggers shifting towards intrinsic meaningful goals — such as commitment to relationships; at the same time, it fosters people's proximity and support-seeking from their security providing attachment figures and leads to accelerate life transition choices. In this view, disasters are expected to positively impact on people's intentions to marry. Such an effect is evident in case of natural hazards determining slight damage to physical capital (buildings, productive locations, etc.) which have limited economic consequences that do not hamper marriage intentions. Meanwhile, in the case of highly disruptive disasters, these positive psychological pushes are counterbalanced or even exceeded by the negative economic consequences of the disaster, which inhibit marriage intentions. These predictions are supported by an empirical analysis that relies on a difference-in-differences investigation of municipality-level nuptiality data collected in the Abruzzo region of Italy before and after the major 2009 L'Aquila earthquake. [ABSTRACT FROM AUTHOR]

This study assesses agricultural economics literature on farmland prices and key determinants of these prices. The first section of the paper uses a basic capitalization model to organize a review of the literature and data. We then provide a focused assessment of five streams of literature examining farmland prices: (1) boom‐bust; (2) the capitalization effect of government agricultural subsidies on farmland prices; (3) agricultural zoning; (4) climate change; and (5) prohibitions against non‐local buyers of farmland. Our review highlights challenges to ongoing efforts to model changing farmland prices, the modern emphasis on econometric identification, important variation in the magnitude of estimated relationships across the literature, and the opportunity to expand research in Canada. [ABSTRACT FROM AUTHOR]

Microeconomic modelling offers a powerful formal toolbox for analysing the complexities of real-world intergroup relations and conflicts. One important class of models scrutinizes individuals' valuations of different group memberships, attitudes towards members of different groups and preferences for resource distribution in group contexts. A second broad class uses game theoretical methods to study strategic interactions within and between groups of individuals in contest and in conflict. After a concise discussion of some essential peculiarities of microeconomic modelling, this review provides an overview of the pertinent literatures in economics, highlights instructive examples of central model types and points out several ways forward. This article is part of the theme issue 'Intergroup conflict across taxa'. [ABSTRACT FROM AUTHOR]

A growing literature in economics and epidemiology has exploited changes in wind patterns as a source of exogenous variation to better measure the acute health effects of air pollution. Since the distribution of wind components is not randomly distributed over time and related to other weather parameters, multivariate regression models are used to adjust for these confounding factors. However, this type of analysis relies on its ability to correctly adjust for all confounding factors and extrapolate to units without empirical counterfactuals. As an alternative to current practices and to gauge the extent of these issues, we propose to implement a causal inference pipeline to embed this type of observational study within an hypothetical randomized experiment. We illustrate this approach using daily data from Paris, France, over the 2008–2018 period. Using the Neyman–Rubin potential outcomes framework, we first define the treatment of interest as the effect of North-East winds on particulate matter concentrations compared to the effects of other wind directions. We then implement a matching algorithm to approximate a pairwise randomized experiment. It adjusts nonparametrically for observed confounders while avoiding model extrapolation by discarding treated days without similar control days. We find that the effective sample size for which treated and control units are comparable is surprisingly small. It is however reassuring that results on the matched sample are consistent with a standard regression analysis of the initial data. We finally carry out a quantitative bias analysis to check whether our results could be altered by an unmeasured confounder: estimated effects seem robust to a relatively large hidden bias. Our causal inference pipeline is a principled approach to improve the design of air pollution studies based on wind patterns. [ABSTRACT FROM AUTHOR]

The sparse portfolio selection problem is one of the most famous and frequently studied problems in the optimization and financial economics literatures. In a universe of risky assets, the goal is to construct a portfolio with maximal expected return and minimum variance, subject to an upper bound on the number of positions, linear inequalities, and minimum investment constraints. Existing certifiably optimal approaches to this problem have not been shown to converge within a practical amount of time at real-world problem sizes with more than 400 securities. In this paper, we propose a more scalable approach. By imposing a ridge regularization term, we reformulate the problem as a convex binary optimization problem, which is solvable via an efficient outer-approximation procedure. We propose various techniques for improving the performance of the procedure, including a heuristic that supplies high-quality warm-starts, and a second heuristic for generating additional cuts that strengthens the root relaxation. We also study the problem's continuous relaxation, establish that it is second-order cone representable, and supply a sufficient condition for its tightness. In numerical experiments, we establish that a conjunction of the imposition of ridge regularization and the use of the outer-approximation procedure gives rise to dramatic speedups for sparse portfolio selection problems. Summary of Contribution: This paper proposes a new decomposition scheme for tackling the problem of sparse portfolio selection: the problem of selecting a limited number of securities in a portfolio. This is a challenging problem to solve in high dimensions, as it belongs to the class of mixed-integer, nonseparable nonlinear optimization problems. We propose a new Benders-type cutting plane method and demonstrate its efficacy on a wide set of both synthetic and real-world problems, including problems with thousands of securities. Our approach also provides insights for other mixed-integer optimization problems with logical constraints. [ABSTRACT FROM AUTHOR]

The present work has the double objective of developing a state of the art around the Argentine anti-inflationary Plan known as Austral Plan (1985) and, in turn, specifying its own historical interpretation of said program in the framework of the transition to democracy (1983-1985). In this sense, we identify the different lines of study, interpretations, approaches and debates about said Plan in its national and Latin American context. In turn, and in accordance with the second objective, we adhere as a general hypothesis that the Austral Plan can be reinterpreted in the light of the approaches that crossed it and are going through as a plan related not only to its economic but also political context of transition to democracy. The methodology used will be a qualitative observation of a bibliographic nature that recovers contemporary literature on economics, such as the later one from history and the social sciences that, in general, have dealt with both the Austral Plan and the economic problems that the country went through. Argentine democratic transition at that time. [ABSTRACT FROM AUTHOR]

According to Schumpeter (1911), financial development has a positive effect on economic growth. In the literature, if financial development leads to economic growth, it is called the supply-side hypothesis. On the other hand, Robinson (1952) suggested that economic growth leads to financial development. If there is a relationship from economic growth to financial development in the economics literature, it is called the demand-following hypothesis. The aim of this study is to analyze the relationship between financial development and economic growth in the Turkish economy in the period of 2005:Q4-2020:Q4. Engle and Granger cointegration test was applied as a method in the study. According to the test results, a cointegration relationship was found between financial development and gross domestic product series. Error correction model findings show that there is a one-way causality relationship from financial development to economic growth. These empirical findings confirm the supply leading hypothesis. As a result, it is observed that directing financial resources to commercial loans through financial intermediaries and banking sector turns into economic growth over time. [ABSTRACT FROM AUTHOR]

A large economics literature has debated the best formula to estimate a cost‐of‐living index (COLI). This study shows that formula does not matter for many purposes for an index chained at a monthly frequency once chain drift has been removed. Spurious chain drift is removed with a new method revealing the large majority of the difference between the CPI‐U and the C‐CPI‐U (a COLI) is due to the CPI‐U weights effectively chaining at the biennial frequency, rather than the difference in formula assumptions. This sufficiently justifies the C‐CPI‐U and similar chained indexes while also showing their assumptions are not critical. [ABSTRACT FROM AUTHOR]

People often extrapolate from data samples, inferring properties of the population like the rate of some event, class, or group ‒e.g., the percent of female scientists, the crime rate, the chances to suffer some illness. In many circumstances, though, the sample observed is non-random, i.e., is affected by sampling bias. For instance, news media rarely display (intentionally or not) a balanced view of the state of the world, focusing particularly on dramatic and rare events. In this respect, a recent literature in Economics hints that people often fail to account for sample selection in their inferences. We here offer evidence of this phenomenon at an individual level in a tightly controlled lab setting and explore conditions for its occurrence. We conjecture that people tend to update their beliefs as if no selection issues existed, unless they have extremely strong evidence about the data-generating process and the inference problem is simple enough. In this vein, we find no evidence for selection neglect in an experimental treatment in which subjects must infer the frequency of some event given a non-random sample, knowing the exact selection rule. In two treatments where the selection rule is ambiguous, in contrast, people extrapolate as if sampling were random. Further, they become more and more confident in the accuracy of their guesses as the experiment proceeds, even when the evidence accumulated patently signals a selection issue and hence warrants some caution in the inferences made. This is also true when the instructions give explicit clues about potential sampling issues. [ABSTRACT FROM AUTHOR]

Purpose: Despite 2016 legalization of recreational cannabis cultivation and sale in California with the passage of Proposition 64, many cannabis businesses operate without licenses. Furthermore, federal regulations disincentivize financial institutions from banking and lending to licensed cannabis businesses. The authors explore the impact of legal cannabis business activity on California financial institutions, the barriers to banking faced by cannabis businesses, and the nontraditional sources of financing used by the industry. Design/methodology/approach: The authors use a mixed methods approach. The authors utilize call data for banks and credit unions headquartered in California and state cannabis licensing data to estimate the impact of the extensive and intensive margins of licensed cannabis activity on key banking indicators using difference-and-difference and fixed effects regressions. The qualitative data come from interviews with industry stakeholders in northern California's "Emerald Triangle" and add important context. Findings: The quantitative results show economically and statistically significant impacts of licensed cannabis activity on banking indicators, suggesting both direct and spillover effects from cannabis activity to the financial sector. However, cannabis businesses report substantial barriers to accessing basic financial services and credit, leading to nontraditional financing arrangements. Practical implications: The results suggest opportunities for cannabis businesses and financial institutions if regulations are eased and important avenues for further study. Originality/value: The authors contribute to the nascent literature on cannabis economics and the literature on banking regulation and nontraditional finance. [ABSTRACT FROM AUTHOR]

This work analyses the existence of asymmetric effects on the subjective well-being of the population of different countries in response to changes in the levels of aggregate income. Microdata from the Eurobarometer and the World Values Survey are used for the period 2000–2019. This period includes several economic changes, among which are the strong expansion at the beginning of the century, the Great Recession, and the subsequent recovery. Our study includes several groups of countries. In the broadest case, the study comprises a group of 83 countries and analyses the issue both from a global perspective as well as focusing particular attention on European countries. These asymmetric effects of economic activity are in line with behavioural economics and previous literature and allow us to determine a macroeconomic aversion to losses. The results obtained support the existence of asymmetric effects of changes in aggregate income on subjective well-being, and show that losses generated in recessions require a far more vigorous recovery if they are to be compensated for, and that they might even have permanent effects. [ABSTRACT FROM AUTHOR]

The study has been conducted 330 journal articles contributions with a total of 9527 citations contributed by 763 authors published in volume 78, no. 309 to volume 87, no. 348 of the source Journal, Economica between 2011 to 2020. An analysis of the different forms of literature, subject-wise distribution, ranking of top 24 cited journals, and the application of Bradford's law in Economics literature has been made. Results indicate that major forms of literature are journal 6173 (64.795%), followed by Books 2097 (22.011%) and Working Papers 569 (5.972%). Economica has published an average of 33 articles per volume. The average number of citations appeared at 238.175 citations in each issue. 'American Economic Review', published from the USA, tops the list with a tally of 481 (7.792%) citations, 'Journal of Political Economy' with 399 (6.464%) citations, published from USA and followed by 'Economic Journal' with 335 (5.427%) citations from the UK as the third position. Economics literature is not fit well Bradford's Law. Leimkuhler model is also applied to verify Bradford's law of scattering in the field of Economics. [ABSTRACT FROM AUTHOR]

This study presents a novel analysis of migration responses to climate change by agricultural households in middle- and low-income countries. We conduct a systematic review of 81 quantitative and qualitative studies, applying the New Economics of Labor Migration (NELM) theory and insights from the development economics literature to understand the link between access to in situ agricultural adaptation measures and migration choices. Our findings indicate significant variability in this relationship across different scales of farming operations, including large, medium, small, and landless farmers. We also identify several local contextual factors—such as access to credit, social structures, social fractionalization, conflicts, and migrant networks—that intricately influence this association. Our review departs from previous literature by providing a unique theoretical perspective on the diverse evidence surrounding migration and climate change. We propose a conceptual framework to better understand migration responses in less-developed countries and pinpoint policy gaps that limit agricultural households' ability to adapt to climate change. Finally, we highlight the critical need for future research to examine the role of local contextual factors, including social networks, gender norms, and conflict risks, in shaping migration responses to climate change. • We discuss migration responses to climate change for agricultural households. • We decode the extant research through NELM theory and development economics literature. • We find that migration decisions are closely linked to access to in situ agricultural adaptation means. • The decisions vary by landholdings and are further influenced by local contextual factors. [ABSTRACT FROM AUTHOR]

In this paper, five of the main design challenges of local flexibility markets (LFMs) for congestion management are identified and discussed based on desirable market properties from economics theory and literature review. The five main design challenges are low market liquidity, reliability, baselines, forecast errors at low aggregation levels, and the high cost of measurements. A comprehensive capacity-limitation based LFM design has been proposed to address the challenges and a simulation example is presented to illustrate the design. The proposed design facilitates market participants' decision making by design elements that improve market liquidity, reliability and handling of forecast errors. Moreover, a new capacity limitation product is proposed that is not defined with respect to a baseline and does not require sub-meter measurements leading to lower costs and conflict-of-interest in delivery validation. Generic algorithms are also proposed for calculating utility and cost of the flexibility product. The proposed design and discussions can contribute to improving the inter-disciplinary area between engineering and economics while helping policy-makers and LFM stakeholders to further understand the problem from a multi-dimensional perspective. • Five common challenges in the design of local flexibility markets are identified. • A product is proposed addressing baseline issues and reducing verfication costs. • Design-related solutions are proposed to increase market liquidity. • An integrated triple-stage market framework is proposed. • Algorithms are proposed for calculating cost and utility of the flexibility product. [ABSTRACT FROM AUTHOR]