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The purpose of this concept paper is to suggest a theoretical framework for understanding the post-privatisation performance of statutory bodies, subject to government shareholding. We identify a suitable model, from the analytical economics literature. We argue that this model is a manifestation of agency theory. Our proposed framework for using this theory is replete with examples from Malaysia. We conclude that in Malaysia, the principal determinant of whether government subsidisation enhances or erodes shareholder wealth is the level of government shareholding. We also predict that in Malaysia, the relation between shareholder wealth and government shareholding follows an "inverted U" shape. However, the turning is likely to vary, cross-sectionally and temporally. We believe that the framework presented within this paper can be used to understand empirical results reported by other Malaysian studies into the shareholder wealth effects arising from economic policies featuring close co-operation between the public and private sectors. [ABSTRACT FROM AUTHOR]

Copyright of Revista Opinião Jurídica is the property of Revista Opiniao Juridica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article investigates thhe effect of international co-production on trade. Co-production, which allows a foreign producer to partner with domestic firms, has emerged as a way of promoting trade. Using the data on the Chinese movies, we find that international co production has a positive effect on both the extensive and intensive margins. We also show that the co-production effect is mainly explained by improvement in quality. Our research investigates international co production, a less explored topic in the literatures of international economics, which mainly focus on export and FDI. [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]

Copyright of Journal of Academic Inquiries / Akademik Incelemeler Dergisi is the property of Akademik Incelemeler Dergisi (Journal of Academic Inquiries) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We examine the effect of rainfall on agricultural output and democratization in the world's most agricultural countries. As in the agricultural economics literature, we find that the relationship between rainfall and agricultural output has an inverted U‐shape, as agriculture is harmed by both droughts and very wet conditions. We also find the effect of rainfall on agricultural output to be transitory. The relationship between rainfall and democratization is U‐shaped in the short run, and this effect persists in the long run. Hence democratic transitions outlast the (transitory) rainfall shocks that started the democratization process. The U‐shaped relationship between rainfall and democratization is consistent with rainfall affecting democratization through its (inverted‐U‐shaped) effect on agricultural output. [ABSTRACT FROM AUTHOR]

Given mounting evidence on the negative impact of early-life shocks for the wellbeing of people over the life course, a growing economics literature studies whether early-life policies have symmetric positive effects. This paper zooms in on research on this topic from the Nordic countries, where all families have access to a comprehensive set of early-life health programs, including prenatal, maternity, and well-infant care. I describe this Nordic model of universal early-life health policies and discuss the existing evidence on its causal effects from two categories of studies. First, studying the introduction of universal policies, research has documented important short- and long-run benefits for the health, education, and labor market trajectories of treated cohorts. Second, exploiting modern-day changes to policy design, research for now documents short- and medium-run impacts of universal care on primarily maternal and child health as well as parental investment behaviors. I conclude with directions for future research. [ABSTRACT FROM AUTHOR]

Selecting the optimal Markowitz portfolio depends on estimating the covariance matrix of the returns of N assets from T periods of historical data. Problematically, N is typically of the same order as T , which makes the sample covariance matrix estimator perform poorly, both empirically and theoretically. While various other general-purpose covariance matrix estimators have been introduced in the financial economics and statistics literature for dealing with the high dimensionality of this problem, we here propose an estimator that exploits the fact that assets are typically positively dependent. This is achieved by imposing that the joint distribution of returns be multivariate totally positive of order 2 (⁠ MTP 2 ⁠). This constraint on the covariance matrix not only enforces positive dependence among the assets but also regularizes the covariance matrix, leading to desirable statistical properties such as sparsity. Based on stock market data spanning 30 years, we show that estimating the covariance matrix under MTP 2 outperforms previous state-of-the-art methods including shrinkage estimators and factor models. [ABSTRACT FROM AUTHOR]

Land policy interventions are important ways for municipalities to implement their spatial development objectives. Such interventions may, however, generate both intended and unintended effects to housing supply and its responsiveness. It is therefore essential to better understand how and through what kind of mechanisms local land policy interventions can influence the quantity of housing supply. This paper addresses these questions. First, we develop a conceptual classification of so-called intervention mechanisms that describes the linkages between local land policy interventions and the quantity and responsiveness of housing supply. The intervention mechanisms build on a review of the urban economics literature and are further developed empirically using extensive expert interview data on local land policy interventions and practices in 30 Finnish municipalities. Based on the understanding that such intervention primarily influences housing supply through either direct or indirect costs on development, we conceptualize seven intervention mechanisms in the Finnish land policy context. Second, we demonstrate the variation in the application of land policy interventions that contribute to the (in)responsiveness of housing supply at the municipal level. Our findings highlight significant variation in the application of such interventions, potentially leading to different outcomes in housing supply restrictiveness. The findings contribute to a deeper understanding of the mechanisms by which land policy interventions operate to affect the (in)responsiveness of housing supply. • The paper scrutinizes the linkages between local land policy and the quantity of housing supply. • We develop seven intervention mechanisms to describe how land policy contributes to housing supply (in)responsiveness. • We document variation in the application of housing supply-relevant land policy interventions by Finnish municipalities. • The findings can provide support for municipalities in their land policy formulation. [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]

In this article, we explain why the current climate policy mix of the European Union (EU), consisting of the EU Emissions Trading System (ETS) and overlapping policies, is incoherent with respect to emission abatement and cost‐effectiveness. The concept of policy coherence guides our analysis in identifying the EU ETS’ current dynamic supply adjustment mechanism, the Market Stability Reserve (MSR), to be at the heart of the shortcomings of current market design. Incoherence emerges due to the MSR’s quantity‐based indicator for scarcity. It only works well for current and past demand fluctuations, but not for anticipated changes in demand, e.g., caused by a member state’s fossil‐fuel phase‐out. As a result, instead of fostering synergies as intended, the MSR undermines coherence by creating backfiring interactions and making precise predictions of overlapping policies’ impacts close to impossible. Considering the European Commission’s reform proposal of July 2021, we argue that a change in the MSR’s parametrisation leaves the fundamental cause of incoherence unaddressed. Based on recent findings in the economics literature, we propose introducing a price‐based indicator for scarcity as a solution to substantially reduce the current incoherence of the policy mix. [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]

Copyright of International Journal of Economic & Social Research is the property of Abant Izzet Baysal University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: Zakat during the COVID-19 outbreak has played a vital role and has been significantly discussed in the virtual environment. Such information about zakat in the virtual world creates unstructured data, which contains important information and knowledge. This paper aims to discover knowledge related to zakat administration during the pandemic from the information in a virtual environment. Furthermore, the discussion is contextualised to the socio-economic debates. Design/methodology/approach: This is a qualitative study operated via text mining to discover knowledge of zakat administration during the COVID-19 pandemic. The National Board of Zakat Republic of Indonesia (BAZNAS RI) is selected for a single case study. This paper samples BAZNAS RI's situation report on COVID-19 from its virtual website. The data consists of 40 digital pages containing 19,812 characters, 3,004 words and 3,003 white spaces. The text mining analytical steps are performed via RStudio. The following R packages, networkD3, igraph, ggraph and ggplot2 are used to run the Latent Dirichlet Allocation (LDA) for topic modelling. Findings: The machine learning analysis via RStudio results in the 16 topics associated with the 3 primary topics (i.e. Education, Sadaqah and Health Services). The topic modelling discovers knowledge about BAZNAS RI's assistance for COVID-19 relief, which may help the readers understand zakat administration in times of the pandemic from BAZNAS RI's virtual website. This finding may draw the theory of socio-economic zakat, which explains that zakat as a religious obligation plays a critical role in shaping a Muslim community's social and economic processes, notably during the unprecedented times of COVID-19. Research limitations/implications: This study uses data from a single zakat institution. Thus, the generalisation of the finding is limited to the sampled institution. Practical implications: This research is both theoretically and practically important for academics and industry professionals. This paper contributes to the novelty in performing text mining via R in gaining knowledge about the recent zakat administration from a virtual website. The finding of this study (i.e. the topic modelling) is practically essential for zakat stakeholders to understand the contribution of zakat in managing the COVID-19 impacts. Social implications: This work derives a theory of "socio-economic zakat" that explains the importance of a zakat institution in activating zakat for managing socio-economic issues during the pandemic. Thus, paying zakat to an authorised institution may actualise more maslahah (public interest) compared to paying it directly to the asnaf (zakat beneficiaries) without any measurement Originality/value: This study is among the pioneers in gaining knowledge from Indonesia's zakat management during the COVID-19 outbreak via text mining. The authors' way of analysing data from the virtual website using RStudio can advance Islamic economics literature. [ABSTRACT FROM AUTHOR]

The vast majority of the wildlife valuation literature focuses on entire populations or substantial changes in those populations (e.g., 25% or more). The policy questions that motivated these existing studies differ considerably from the question of values for individual animals. Compensation for poaching incidents or accidental death of individual animals, as well as analyses of regulatory actions affecting a small number of animals, require economic value estimates for individual animals that are almost entirely missing from the economics literature. In the absence of value estimates for individual animals, wildlife managers are forced to rely on proxy measures that have little to no basis in economic valuation. This study presents one of the first applications of contingent valuation focused on the total economic value of an individual animal. In contrast to the existing literature on preservation values, this involves a unique study design to focus the scenario on animals at the individual level. Our valuation study takes place in the novel setting of "virtual tourists" who watch live animal webcams and interact and connect with the good in question. Results suggest that preservation values for individual animals can be quite high. The range of preservation values for one brown bear is estimated at $70–$140 per person based on a parametric spike model and non‐parametric Turnbull and Kristrӧm estimators. The valuation approach illustrated in this article can be useful for collecting compensation for incidents of poaching, destruction of habitat, or evaluating the costs and benefits of regulations. [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]

Massive amounts of confusion exists regarding the definition of Islamic Economics. This has blocked progress in terms of the development of the discipline, since there is no agreement on what its proper subject matter and methodology is. This paper shows that the confusion arises because of our attempts to borrow foundational concepts and methodology from conventional capitalist economics. Modern economists advertise their discipline as a positive, objective, and factual science. However, it is actually a branch of moral philosophy, built on concealed moral foundations of competition, selfishness, individualism, and hedonism. Islamic economics cannot be built on such foundations. We can build the discipline of Islamic Economics on the diametrically opposite foundations of cooperation, generosity, brotherhood of mankind, and social responsibility. Instead of the methodology of Newtonian physics currently in use, we need to use the methodology of Ibne-Khaldun, created for studying the process of social change. With new moral foundations, and a new methodology, it is possible to rebuild Islamic Economics on new foundations. As a first step towards doing so, we examine thirty different definitions of Economics available in the literature. We show that most of them are in harmony with our conceptualization of new foundations for the discipline. Most of the remaining can be harmonized by considering them as specialized branches of the broad definition of Islamic Economics. It is hoped that achieving consensus on goals and methods for Islamic Economics will open the path to rapid progress in the field. [ABSTRACT FROM AUTHOR]

This study aimed to indicate the general trend of Islamic economics and finance (IEF) studies through bibliometric analysis. Therefore, the Web of Science (WoS), which is one of the most respected databases, for the period 1975-2019 with a total of 1,120 documents is examined. The documents were classified, analyzed, and visualized through VOS-viewer software, and the main trends in terms of countries, organizations, authors, and publishers were indicated. This study revealed the trends of IEF literature by reviewing thirty articles with the most co-citations and creating a keyword map. The findings showing the current state and trends of the IEF discipline are quite remarkable. It has been found that Malaysia ranks first among countries and institutions in terms of the number of publications. While Abbas Mirakhor was the author with the most publications, the International Journal of Islamic and Middle Eastern Finance and Management was the most publishing institution. Besides, in keyword network analysis, it is seen that the institutions and subjects of Islamic finance are dominant in Islamic economics and finance studies. These findings bringing the “Is the IEF discipline financialized?” debate back to the agenda is expected to inspire many new study topics. [ABSTRACT FROM AUTHOR]

The relative importance of small- and medium-sized enterprises (SMEs) and large firms is a recurrent topic in the small business economics literature. This paper presents a real and financial social accounting matrix (FSAM) capable of distinguishing the direct and indirect effects that are transferred from micro-, small, medium, and large firms to the rest of the economy. We use the hypothetical extraction method (HEM) to explore the sequence of reactions associated with shocks that arise from the COVID-19 lockdown. Using a structural model for the Spanish economy, we identify the role of different firm size categories in the aggregate gross domestic product (GDP). Our results allow us to reconcile the mixed narrative that accompanies the evaluation of the role played by these categories in economic activity by revealing that both SMEs and large firms are important for supporting economic activity. In particular, SMEs help explain 43% of the income and two-thirds of the unemployment decline caused by the COVID-19 pandemic. Our findings also show the importance of conditioning SME industrial policy to sectoral analysis. Plain English summary: The effects of the macroeconomic lockdown and its transmission to the rest of the economy differ by firm size and across sectors. Using the Spanish context for micro-, small, medium, and large firms, we distinguish the direct and indirect effects caused by the COVID-19 pandemic. The main implications are the following: (1) Research: results emphasize that SMEs and large firms are both important to support economic activity but, in order to account for the relative effects on SMEs, it is crucial to consider the specific sector that receives the disruption. 2) Policy: SMEs are an important focus of business support policies within the EU. According to our estimations, disruptions in SMEs produce larger reductions in demand. These results could support credit policies for SMEs with a strong impact on the aggregate economy due to their greater productive and financial linkages with the domestic economy. [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]

Copyright of Er(r)go: Teoria, Literatura, Kultura is the property of Wydawnictwo Uniwersytetu Slaskiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper contributes to resolving the infamous problem of service production inefficiencies, focusing specifically on service profitability. Two independent experimental laboratory studies show that the profitability of services can be increased using performance feedback that informs task-performing individuals about the accuracy of their temporal assessments of the service tasks they have performed. Reducing inaccuracy in these assessments simultaneously reduces costs and increases service production revenues, boosting service profitability. This effect of feedback on the accuracy of time assessment at work and service profitability is a novel contribution to the literature on the economics of service production. [ABSTRACT FROM AUTHOR]

This paper reviews research on corporate litigation with a focus on securities litigation, as it has been the most common type of corporate litigation in recent years. The legal and economics literature explain why settlements are more likely to take place in corporate lawsuits by analyzing the role of economic incentives, information asymmetry, agency cost, and transaction cost in the litigation process and settlement decisions. A large body of empirical research in multiple disciplines (law, economics, management, finance, and accounting, etc.) document evidence consistent with the theoretical explanations [ABSTRACT FROM AUTHOR]

Copyright of Journal of Marmara University Social Sciences Institute / Öneri is the property of Marmara University, Institute of Social Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The validity of purchasing power parity is among the fields of study that still maintains its importance in the economics literature. In this study, the validity of purchasing power parity was examined by applying the Pesaran (2007) unit root test, using annual data for the period 2008-2020 for 37 OECD countries. According to the results of the analysis, according to the CIPS test results, it is concluded that the purchasing power parity on a panel basis is valid at 1% significance level for OECD countries. On the other hand, according to the Truncated CIPS test results, purchasing power parity is valid only at 10% significance level. According to the CADF unit root test results for the purchasing power parity variable on the basis of OECD countries, purchasing power parity is valid in Austria, Canada, Denmark, Iceland, Ireland, Israel, Italy, Japan, Lithuania, Norway, Poland, Slovenia and the United Kingdom. There is no statistical evidence that purchasing power parity is valid in other countries. There are many countryspecific factors that prevent purchasing power parity from being valid. Factors such as global and national shocks, policies applied towards exchange rates, interest rates and foreign trade, increase in international risks, deterioration in expectations may limit the validity of purchasing power parity. Collaborative design of international trade policies to increase the welfare of countries can also play an important role in the sustainability of global welfare increase. [ABSTRACT FROM AUTHOR]

Behavioural economics has taught us that human agents don't always display consistent, context-independent and stable preferences in their choice behaviour. Can we nevertheless do welfare economics in a way that lives up to the anti-paternalist ideal most economists subscribe to? I here discuss Sugden's powerful critique of most previous attempts at doing so, which he dubs the 'New Consensus', as appealing to problematic notions of latent preference and inner rational agency. I elaborate on a fundamental rethinking of the normative foundations of anti-paternalist welfare measurement that often remains implicit in the behavioural welfare economics literature Sugden discusses, but which is required to make these accounts minimally plausible. I argue that, if we go along with this rethinking, Bernheim and Rangel's [(2007). Toward choice-theoretic foundations for behavioural welfare economics. American Economic Review, Papers and Proceedings, 97, 464–470. ; (2009). Beyond revealed preference: Choice-theoretic foundations for behavioural welfare economics. Quarterly Journal of Economics, 124(1), 51–104. ] choice-theoretic framework withstands Sugden's criticism. Sugden's own, more radical proposal is thus under-motivated by his critique of the 'New Consensus'. [ABSTRACT FROM AUTHOR]

It has been frequently argued in the economics literature recently that physical and human capital is not only sufficient for sustainable growth, but incentive institutions and innovations play an important role in ensuring sustainable growth. In addition, studies proves that the factors that reveal innovation and lead to the spread of innovation are not independent of the institutional structures of countries. The aim of this study is to analyze the effects of institutional structure and innovations on economic growth for country groups with different levels of innovation. In the study, in which panel data analysis method was used, 15 countries with efficiency-driven and 24 countries with innovation-driven were included in the analysis during the 2003-2016 period. In the classification of countries, the Global Competitiveness Index prepared by the World Economic Forum has been considered. The findings show that institutional structure and innovations affect positively economic growth. However, the effect of innovation on economic growth was found to be higher in economies with efficiency-driven countries. This result reveals that policy implementers who want to make sustainable growth should consider the country-specific factors and support the encouraging institutional structure in order to benefit more from the positive effects of innovation. [ABSTRACT FROM AUTHOR]

A growing body of economics literature shows that multinational corporations (MNCs) shift their profits to tax havens. We contribute to this evidence by comparing a range of available data sets focusing on US MNCs, including country-by-country reporting data, a full sample of which has been released in December 2019 for the first time. With each of the data sets, we analyse the effective tax rates that US MNCs face in each country and the amount of profits they report. Using country-by-country reporting data, we have been able to establish that lower effective corporate tax rates are associated with higher levels of reported profits when compared with different indicators of real economic activity. This corresponds to the notion that MNCs often shift profits to countries with low effective tax rates—without also shifting substantive economic activity. Consequently, we identify the most important tax havens for US MNCs as countries with both low effective tax rates and high profits misaligned with economic activity. [ABSTRACT FROM AUTHOR]

This applied tourism research note considers employment growth and volatility in the hospitality industry, using hospitality, that is, lodging, as surrogate for the broader tourism economy. The research, with data collected prior to the COVID-19 pandemic, is relevant to communities concerned with balancing the economic opportunities presented by tourism development with the employment impacts of the industry. Findings suggest that employment trends in the industry are far from stable. Based on US data over a recent 5-year period, it was determined that hospitality employment was significantly more volatile than was the national economy. The industry's growth, however, significantly outpaced the broad economy. The research considers the implication of these findings, adding to the tourism economics academic literature while providing important insight for communities as they consider tourism as part of their future development plans. [ABSTRACT FROM AUTHOR]

To satisfy the utility maximization hypothesis in binary choice modeling, logit and probit models must make a priori assumptions regarding the underlying functional form of a representative utility function. Such theoretical restrictions may leave the postulated estimable model statistically misspecified. This may lead to significant bias in substantive inferences, such as willingness-to-pay (or accept) measures, in environmental, natural resource and applied economic studies. Feed-forward back-propagation artificial neural networks (FFBANN) provide a potentially powerful semi-nonparametric method to avoid potential misspecifications and provide more valid inference. This paper shows that a single-hidden layer FFBANN can be interpreted as a logistic regression with a flexible index function and can be subsequently used for statistical inference purposes, such as estimation of marginal effects and willingness-to-pay measures. To the authors' knowledge, the derivation and estimation of marginal effects and other substantive measures using neural networks are not available in the economics literature and is thus a novel contribution. An empirical application is conducted using FFBANNs to demonstrate estimation of marginal effects and willingness-to-pay in a contingent valuation and stated choice experimental framework. We find that FFBANNs can replicate results from binary choice models commonly used in the applied economics literature and can improve on substantive inferences derived from these models. [ABSTRACT FROM AUTHOR]

Counting conservatively, data show about 100 million mass atrocity-related deaths since 1900. A distinct empirical phenomenon, mass atrocities are events of enormous scale, severity, and brutality, occur in wartime and in peacetime, are geographically widespread, occur with surprising frequency, under various systems of governance, and can be long-lasting in their effects on economic and human development, wellbeing, and wealth, more so when nonfatal physical injuries and mental trauma also are considered. As such, mass atrocities are a major economic concern. Given the multidisciplinary nature of the subject matter, the pertinent conceptual, theoretical, and empirical literatures are voluminous and widely dispersed, and have not been synthesized before from an economics point of view. We address two gaps: a "mass atrocities gap" in the economics literature and an "economics gap" in mass atrocities scholarship. Our goals are, first, to survey and synthesize for economists a broad sweep of literatures on which to base further work in this field and, second, for both economists and noneconomists to learn how economic inquiry contributes to understanding the causes and conduct of mass atrocities and, possibly, to their mitigation and prevention. In drawing on standard, behavioral, identity, social network, and complex systems economics, we find that the big puzzles of the "how" and "why" of mass atrocities, and mass participation therein, are being well addressed. While new research on such topics will be valuable, work should also progress to develop improved prevention approaches. (JEL D72, D74, K38, N40, Z13) [ABSTRACT FROM AUTHOR]

Medical divorce occurs when couples split up so that one spouse's medical bills do not deplete the assets of the healthy spouse. It has not been studied in the economics literature, but it has been discussed by attorneys and widely reported in the media. We develop a model of medical divorce that demonstrates that divorce is optimal when a couple's joint assets exceed the exempted asset level. We use the Affordable Care Act's Medicaid expansion which removed asset tests to qualify for Medicaid as exogenous variation in the incidence of divorce (as it was only implemented by some states). We find that the ACA expansion decreased the prevalence of divorce by 11.6% among those ages 50–64 with a college degree. These results are robust to numerous placebo checks including older subsamples (who qualify for Medicare regardless of assets) and earlier years (before the expansion was implemented). Our results suggest that Medicaid expansion reduced medical divorce. [ABSTRACT FROM AUTHOR]

Contemporary approaches to "non-market accounting" depend critically on methods of "monetization," i.e., determining prices for goods outside the market. Monetization constitutes a case of economic measurement in a narrow sense that has not yet been analyzed in the literature on measurement in economics. Monetization, I will argue, uses homo economicus—originally created as a model to explain existing prices—as a measuring device, one that generates new prices for goods that are not traded on markets. Homo economicus, though long contested in microeconomics, is thus enjoying a dubious revival in non-market accounting. [ABSTRACT FROM AUTHOR]

Particularly in the social sciences, scientific debates can be understood as a special expression of academic discourse and ideally support the progress of knowledge within a discipline. Very often, there are competing academic schools with greatly differing theoretical foundations, as we have seen, for example, in social sciences-especially by the "Methodenstreit" in economics, or the "Positivismusstreit" in Sociology. This paper aims to introduce a new approach to study academic schools and would like to contribute to the literature on the economics of science. To this end, the paper uses the economic theory of religion in general and the economics of sects in particular by transferring the approach to academic schools for the first time. Our results can help to extend the understanding of scientific decision-making and to explain the membership to an academic school. Although the model is presented in relationship to social sciences in general and economics in particular, the basic model of academic schools is generally transferable. JEL Classification : A12, B13, B21, B40, B53, Z12 [ABSTRACT FROM AUTHOR]

• We develop a model of decision under temptation, and test its predictions using a natural experiment. • Using passive observation, we create a dataset which takes advantage of exogenous variations in the amount of time over 2800 individual consumers spent exposed to tempting items while waiting in grocery store checkout lines. • We find that time spent in line economically and statistically significantly increases the probability that a consumer purchases a tempting item. A lengthy literature in economics and psychology indicates that prolonged exposure to a tempting stimulus can lead people to "succumb" to that temptation. Here we develop a model of decision under temptation, and test its predictions using a natural experiment. We take advantage of exogenous variations in the amount of time over 2800 individual consumers spent exposed to tempting items while waiting in grocery store checkout lines. Because we passively observe these consumers' naturally occurring purchase decisions, our approach avoids confounds that can arise in designed experiments on temptation and self-control. Our main finding is that time spent in line economically and statistically significantly increases the probability that a consumer purchases a tempting item. Our results provide novel quantitative content to the rapidly expanding literature on decisions under temptation. [ABSTRACT FROM AUTHOR]

Context and background Air pollution and its effects on residential property values is well elucidated in real estate economics literature but compensation and local property tax implications arguably remain unsettled. Goal and Objectives: This paper examined the relationship between sulphur dioxide emissions from a mining smelter in Mufulira, Zambia and its effects on residential property values on a neighbouring township of Kankoyo. Methodology: The study uses Hedonic-pricing and the Contingent Valuation Method in empirically understanding the air pollution effects and property values. Results: The study found that Kankoyo residents pay 13.2% less rent than their counterparts in a comparable township of Chibolya (control-which is not affected by SO2 fumes). Despite evidence from the rental market, Kankoyo residents pay the same property tax as Chibolya residents-based on a rateable value assessed by the relevant authority. By implication, property tax valuations do not capture environmental infringements on property rights of Kankoyo residents. The study thus argues that a mechanism should be devised to tax the polluters and compensate the affected through some property tax rebate. [ABSTRACT FROM AUTHOR]

• Accurate elicitation of beliefs requires incentivization for truthful reports. • Beliefs about COVID-19 interact with risk management efforts. • We elicit beliefs about COVID-19 prevalence and mortality over a 6-month period. • Beliefs on The Street differ markedly from epidemiological models of the virus. Subjective belief elicitation about uncertain events has a long lineage in the economics and statistics literatures. Recent developments in the experimental elicitation and statistical estimation of subjective belief distributions allow inferences about whether these beliefs are biased relative to expert opinion, and the confidence with which they are held. Beliefs about COVID-19 prevalence and mortality interact with risk management efforts, so it is important to understand relationships between these beliefs and publicly disseminated statistics, particularly those based on evolving epidemiological models. The pandemic provides a unique setting over which to bracket the range of possible COVID-19 prevalence and mortality outcomes given the proliferation of estimates from epidemiological models. We rely on the epidemiological model produced by the Institute for Health Metrics and Evaluation together with the set of epidemiological models summarised by FiveThirtyEight to bound prevalence and mortality outcomes for one-month, and December 1, 2020 time horizons. We develop a new method to partition these bounds into intervals, and ask subjects to place bets on these intervals, thereby revealing their beliefs. The intervals are constructed such that if beliefs are consistent with epidemiological models, subjects are best off betting the same amount on every interval. We use an incentivised experiment to elicit beliefs about COVID-19 prevalence and mortality from 598 students at Georgia State University, using six temporally-spaced waves between May and November 2020. We find that beliefs differ markedly from epidemiological models, which has implications for public health communication about the risks posed by the virus. [ABSTRACT FROM AUTHOR]

We survey the recent economics and history literature on the Chinese state to investigate its role in China's long‐term socioeconomic development. We highlight three insights. First, unlike in Europe, where interstate competition helped give rise to capitalist states with high capacity, the Chinese state emerged from a different historical context. Second, the 18th‐ and 19th‐century Chinese state does not fit into the mould of a strong and extractive Oriental despotic state as once commonly believed. By conventional measures, early modern China had a weak state. Third, state building and centre‐local relations are two useful dimensions to understand development and change in China's recent history and political economy. To adapt China to a changing world, Chinese state builders embarked on a long process of state building from the late‐19th century through the Republican and Communist eras. Facilitated partly by regional decentralisation, the process now sees the Chinese state playing a substantially larger role in the economy and everyday life than any previous time in history. [ABSTRACT FROM AUTHOR]

The conventional economics literature equates welfare with consumption‐based utility, neglecting the psychological effects of uncertainty and fear of the future on well‐being. In this study, we examine how food insecurity relates to changes in subjective well‐being within a comparative analysis across different country groups between 2005 and 2018 and find that food insecurity matters to well‐being. We also examine the relationship between experienced food insecurity and well‐being, taking into account any potential endogeneity. In low‐income, food‐deficient, food‐importing and drought‐affected countries, changes in the prevalence of undernourishment explain a great deal of the variation in subjective well‐being over time. [ABSTRACT FROM AUTHOR]

For decades, the cooperative enterprise (CE) produces market goods and/or provides services in the interest to its members, such as communities, customers, and suppliers. The upsurge of interest in social enterprises, and their balancing of social and economic interests, has also led to a renewed interest in CEs, often seen as a specific type of social enterprise. However, from an organizational perspective, this renewed interest has been both limited and scattered over a variety of fields. In this paper, we systematically review papers on CE in the mainstream organizational literature, defined as literature in the fields of economics, business, management and sociology. Our review integrates and synthesizes the current topics in the mainstream organizational literature and provides a number of avenues for future research. In addition, we compare our findings in the organizational literature to the social issues literature as these appeared to be quite complimentary. We found multilevel studies, determination of social impact—in particular measurable impact, managerial practices for sustainable (organisational) development, and the entrepreneurial opportunity generation process as the four key avenues for future research. [ABSTRACT FROM AUTHOR]

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This paper investigates whether there is a connection between psychopathy and certain manifestations of social and economic behavior, measured in a lab-in-the-field experiment with prison inmates. In order to test this main hypothesis, we let inmates play four games that have often been used to measure prosocial and antisocial behavior in previous experimental economics literature. Specifically, they play a prisoner's dilemma, a trust game, the equality equivalence test that elicits distributional preferences, and a corruption game. Psychopathy is measured by means of the Levenson Self-Report Psychopathy Scale (LSRP) questionnaire, which inmates filled out after having made their decisions in the four games. We find that higher scores in the LSRP are significantly correlated with anti-social behavior in the form of weaker reciprocity, lower cooperation, lower benevolence and more bribe-oriented decisions in the corruption game. In particular, not cooperating and bribe-maximizing decisions are associated with significantly higher LSRP primary and LSRP secondary scores. Not reciprocating is associated with higher LSRP primary and being spiteful with higher LSRP secondary scores. [ABSTRACT FROM AUTHOR]

Background: Approximately one quarter of all pregnancies globally end in abortion, making it one of the most common gynecological practices worldwide. Despite the high incidence of abortion around the globe, the synthesis of known economic outcomes of abortion care and policies is lacking. Using data from a systematic scoping review, we synthesized the literature on the economics of abortion at the microeconomic, mesoeconomic, and mesoeconomic levels and presented the results in a collection of studies. This article describes the history and scientific background for collection, presents the scoping review framework, and discusses the value of this knowledge base. Methods and findings: We conducted a scoping review using the PRISMA extension for Scoping Reviews. Studies reporting on qualitative and/or quantitative data from any world region were considered. For inclusion, studies must have examined one of the following outcomes: costs, impacts, benefits, and/or value of abortion-related care or policies. Our searches yielded 19,653 unique items, of which 365 items were included in our final inventory. Studies most often reported costs (n = 262), followed by impacts (n = 140), benefits (n = 58), and values (n = 40). Approximately one quarter (89/365) of studies contained information on the secondary outcome on stigma. Economic factors can lead to a delay in abortion care-seeking and can restrict health systems from adequately meeting the demand for abortion services. Provision of post-abortion care (PAC) services requires more resources then safe abortion services. Lack of insurance or public funding for abortion services can increase the cost of services and the overall economic impact on individuals both seeking and providing care. Conclusions: Consistent economic themes emerge from research on abortion, though evidence gaps remain that need to be addressed through more standardized methods and consideration to framing of abortion issues in economics terms. Given the highly charged political nature of abortion around the world, it is imperative that researchers continue to build the evidence base on economic outcomes of abortion services and regulations. [ABSTRACT FROM AUTHOR]

This article explores recent debates on innovation in the drug sector, focusing on the ways in which the articulation of use value and exchange value operates in the hegemonic—Northern—form of pharmaceutical capitalism. Taking the category 'crisis of innovation' as an entry point and engaging with the economics literature in which it has been discussed for nearly twenty years, this paper uses the vast historiography of post-WWII pharmacy to propose a critical historical understanding of the crisis. It argues that the features to which the crisis discourses point originate in the long-term contradictions between use value and exchange that affect the dominant regime of pharmaceutical innovation, i.e., the screening regime of research and development. These tensions have accumulated over the past two decades and become more visible, leading to a new reading of the present turn toward bio-capital, i.e., toward biotechnology and a more speculative (financial) economy of pharmacy. The last section of the paper discusses the theoretical implications of this hypothesis. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Social Sciences Institute / Sosyal Bilimler Enstitüsü Dergisi is the property of Bingol University / Rectorate and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The goal of this piece is to survey the developing and rapidly growing literature on the economic consequences of COVID‐19 and the governmental responses, and to synthetize the insights emerging from a very large number of studies. This survey: (i) provides an overview of the data sets and the techniques employed to measure social distancing and COVID‐19 cases and deaths; (ii) reviews the literature on the determinants of compliance with and the effectiveness of social distancing; (iii) mentions the macroeconomic and financial impacts including the modelling of plausible mechanisms; (iv) summarizes the literature on the socioeconomic consequences of COVID‐19, focusing on those aspects related to labor, health, gender, discrimination, and the environment; and (v) summarizes the literature on public policy responses. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Economic & Social Research is the property of Abant Izzet Baysal University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)