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The literature on pluralism in economics has focused on the benefits expected from the plurality of theories, methods, and frameworks. This overlooks half of the picture: the costs. Neither have the multifarious costs been systematically analyzed in philosophy of science. We begin rectifying this neglect. We discuss how the benefits of plurality and diversity in science presuppose distinct types of plurality and how various benefit and plurality types are associated with different types of costs. Finally, we ponder how the general mechanisms that give rise to the costs of plurality and diversity are aggravated by various disciplinary characteristics of economics. [ABSTRACT FROM AUTHOR]

Online platforms have a wealth of data, run countless experiments, and use industrial-scale algorithms to optimize user experience. Despite this, many users seem to regret the time they spend on these platforms. One possible explanation is that incentives are misaligned: platforms are not optimizing for user happiness. We suggest the problem runs deeper, transcending the specific incentives of any particular platform, and instead stems from a mistaken foundational assumption. To understand what users want, platforms look at what users do. This is a kind of revealed-preference assumption that is ubiquitous in the way user models are built. Yet research has demonstrated, and personal experience affirms, that we often make choices in the moment that are inconsistent with what we actually want. The behavioral economics and psychology literatures suggest, for example, that we can choose mindlessly or that we can be too myopic in our choices, behaviors that feel entirely familiar on online platforms. In this work, we develop a model of media consumption where users have inconsistent preferences. We consider a platform which wants to maximize user utility, but only observes behavioral data in the form of the user's engagement. We show how our model of users' preference inconsistencies produces phenomena that are familiar from everyday experience but difficult to capture in traditional user interaction models. These phenomena include users who have long sessions on a platform but derive very little utility from it, and platform changes that steadily raise user engagement before abruptly causing users to go "cold turkey" and quit. A key ingredient in our model is a formulation for how platforms determine what to show users: they optimize over a large set of potential content (the content manifold) parametrized by underlying features of the content. Whether improving engagement improves user welfare depends on the direction of movement in the content manifold: For certain directions of change, increasing engagement makes users less happy, whereas in other directions on the same manifold, increasing engagement makes users happier. We provide a characterization of the structure of content manifolds for which increasing engagement fails to increase user utility. By linking these effects to abstractions of platform design choices, our model thus creates a theoretical framework and vocabulary in which to explore interactions between design, behavioral science, and social media. This paper was accepted by Yan Chen, behavioral economics and decision analysis. Funding: This work was supported by the Vannevar Bush Faculty Fellowship and Multidisciplinary University Research Initiative [Grant W911NF-19-0217]. Supplemental Material: The online appendices are available at https://doi.org/10.1287/mnsc.2022.03683. [ABSTRACT FROM AUTHOR]

In a recent manuscript, Rogowski and Lange (J Bus Ethics 177:63–77, 2022) evaluate whether the prisoner's dilemma can be used as a legitimate framework with which to examine health-related economic ethics decisions. In this commentary, I build upon Rogowski and Lange (J Bus Ethics 177:63–77, 2022) using the original institutional economics literature to argue a more subtle, but critical point. Except in extreme circumstances, the use of the prisoner's dilemma does not qualify as a legitimate, comprehensive framework in which to address most health-related economic ethics problems. Indeed, the intentional characterization of the prisoner's dilemma as a robust health economic ethics framework is often used to mask the absence of a formal ethical framework. However, this distinction may provide a more concrete, and appropriate, justification to use the prisoner's dilemma to assess a wider array of health-related economic ethics problems. [ABSTRACT FROM AUTHOR]

This article examines the aesthetic and economic forms of judgment that guided the Japanese literature translation program at the American publisher Alfred A. Knopf Inc. in the 1950s—1970s. During these years, the editor Harold Strauss coordinated Knopf's ambitious translation program that made dozens of recently written Japanese novels available in English to an American audience. This article provides a fresh perspective on Knopf's well-known Japanese literature translation program by understanding it to be an illuminating case study that reveals how the practical business of cultural commerce mixes aesthetic and economic modes of valuation, producing provocative connections that link what might otherwise seem to be the antagonistic realms of art and the market. Guided by documents held in the Knopf corporate archive, the article shows how the aesthetics of modern Japanese literature and the economics of publishing each encountered the other in the transactional territory of translation. [ABSTRACT FROM AUTHOR]

Environmental groups play independent and pivotal functions in economic outcomes. Total revenues of US groups have matched or exceeded the EPA's budget for all but one year since 2007 and outpaced its growth by more than 1 percent per year. We review the relevant literature, classifying it into four key roles: (1) provision of information, (2) public politics, (3) private politics, and (4) provision of environmental public goods. The groups provide information about products and environmental impacts, which influences consumer, government, and industry decisions. Environmental groups' monitoring and enforcement affect regulatory decisions and compliance outcomes, with evidence that they both encourage and displace government actions. Groups directly engage firms through boycotts, protests, and other forms of social pressure. Finally, environmental groups conserve land, improve water quality, and provide environmental public goods. However, the environmental economics literature is lagging on understanding their role. We conclude with several avenues to spur further research. [ABSTRACT FROM AUTHOR]

Copyright of Çalışma ve Toplum is the property of Calisma ve Toplum 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 economics of standards pertains to the investigation of economic problems related to standards. It was established as a field of research between 2000 and 2010 and has developed rapidly since. Focusing on the relevant theories, methods, and issues, this article systematically summarizes and evaluates the extant literature on the economics of standards. The theory section concentrates on the classification, supply–demand, and economic effects of standards. The method section expands on these theoretical and empirical dimensions, while the final issue section focuses on standards alongside economic growth, trade, and innovation. The study's findings have implications for promoting teaching and research on the economics of standards and improving the practice of standardization. [ABSTRACT FROM AUTHOR]

Stochastic frontier models commonly assume positive skewness for the inefficiency term. However, when this assumption is violated, efficiency scores converge to unity. The potential endogeneity of model regressors introduces another empirical challenge, impeding the identification of causal relationships. This paper tackles these issues by employing an instrument-free estimation method that extends joint estimation through copulas to handle endogenous regressors and skewness issues. The method relies on the Gaussian copula function to capture dependence between endogenous regressors and composite errors with a simultaneous consideration of positively or negatively skewed inefficiency. Model parameters are estimated through maximum likelihood, and Monte Carlo simulations are employed to evaluate the performance of the proposed estimation procedures in finite samples. This research contributes to the stochastic frontier models and production economics literature by presenting a flexible and parsimonious method capable of addressing wrong skewness of inefficiency and endogenous regressors simultaneously. The applicability of the method is demonstrated through an empirical example. [ABSTRACT FROM AUTHOR]

The tourism-led economic growth hypothesis is one of the most investigated concepts in tourism economics literature. It has been verified by many empirical studies so far. Since the concept of growth-driven inflation belongs to the fundamentals of macroeconomic theory, one could reasonably assumeinflation can also be led by tourism development. The question, however, is through what mechanisms could it be adequately identified and assessed. If anywhere, tourism-led inflation could first and foremost be perceived in a country with a significant economic impact of tourism. We take one of such countries as a case study and use the structural vector autoregression methodology to examine tourism-led inflation. The presented empirical framework may also serve as a role model applicable to other countries and regions. [ABSTRACT FROM AUTHOR]

This paper examines the role of dark patterns in the context of TikTok, an emerging social media platform. Drawing on principles from behavioral economics and the existing literature on online choice architecture (OCA), the study investigates how TikTok utilizes choice architecture, namely, dark patterns to engage users and explores the potential implications for data protection, algorithmic practices and market dynamics. The paper employs the "walkthrough method" to conduct a case study, describing the TikTok user experience and mapping potential dark patterns employed by the app. Based on the case study, it discusses the challenges in classifying dark patterns (specially as it depends on the user impact) against legitimate commercial practices. Finally, it describes how dark patterns and OCA have been discussed in the Latin American legal landscape, and finally it proposes next steps for the debate based on the findings of the article.. [ABSTRACT FROM AUTHOR]

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 introduces the European journal of law and economics symposium on the "law and economics of indigenous and ethnic minorities." Indigenous and ethnic minority groups tend to endure economic, political, and social disadvantages resulting from discrimination, inequality, marginalisation and other pathologies. The disadvantaged status of indigenous and ethnic minorities is often reflected in, if not entrenched as the result of, legal specifications and practices that increase the costs of inclusion and widespread participation in socio-economic and political life. Law and economics literature suggests that the costs of discrimination are significant, but that indigenous and ethnic minorities have the capacity to develop their own economic strategies and institutional practices to help ameliorate some of the consequences of discrimination by majoritarian populations. The papers in this symposium consider the law and economics of indigenous and ethnic minorities in a range of historical and contemporary perspectives, including the cases of immigration restrictions, conflicts over land management and property rights, and resources access. This introductory paper also presents a range of topical domains for potential future research by law and economics scholars. [ABSTRACT FROM AUTHOR]

We survey recent theoretical and empirical literature on political economics of non-democracies. Nondemocratic regimes face multiple challenges to their rule, both internal, such as palace coups or breakdown of their support coalition, and external, such as mass protests or revolutions. We analyze strategic decisions made by dictators from the standpoint of maximizing the chances of regime survival in the light of these challenges, and show how it explains multiple common patterns, from hiring political loyalists to positions that require competence, to restricting media freedom at the cost of sacrificing bureaucratic efficiency, to running propaganda campaigns, organizing election fraud, purging opponents and associates, and repressing citizens. (JEL D72, D73, D82, D83, L82, O17) [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]

A burgeoning literature in labor economics is focused on modeling employer labor market power, generally finding nontrivial estimates of monopsony power. A smaller literature also simultaneously incorporates product market power. Deb, Eeckhout, Patel, and Warren (2024) is an example of applying an oligopoly‐oligopsony model to the U.S. labor market, arguing for important effects on wage levels and inequality from rising market power. I support combining IO and labor as a fruitful way of studying wages and business dynamism, but argue for looking more broadly at (i) differential degrees of employer power in labor and product markets; (ii) investigating the dynamic sources of markups (e.g., through innovation), and (iii) considering wage bargaining models, not just wage posting models, which have some starkly different implications for wage setting. [ABSTRACT FROM AUTHOR]

Studies of human memory indicate that features of an event evoke memories of prior associated contextual states, which in turn become associated with the current event's features. This retrieved-context mechanism allows the remote past to influence the present, even as agents gradually update their beliefs about their environment. We apply a version of retrieved-context theory, drawn from the literature on human memory, to explain three types of evidence in the financial economics literature: the role of early life experience in shaping investment choices, occurrence of financial crises, and the effect of fear on asset allocation. These applications suggest a recasting of neoclassical rational expectations in terms of beliefs as governed by principles of human memory. [ABSTRACT FROM AUTHOR]

We study combinatorial auctions with interdependent valuations, where each agent i has a private signal si that captures her private information and the valuation function of every agent depends on the entire signal profile, s=(s1,...,sn). The literature in economics shows that the interdependent model gives rise to strong impossibility results and identifies assumptions under which optimal solutions can be attained. The computer science literature provides approximation results for simple single-parameter settings (mostly single-item auctions or matroid feasibility constraints). Both bodies of literature focus largely on valuations satisfying a technical condition termed single crossing (or variants thereof). We consider the class of submodular over signals (SOS) valuations (without imposing any single crossing-type assumption) and provide the first welfare approximation guarantees for multidimensional combinatorial auctions achieved by universally ex post incentive-compatible, individually rational mechanisms. Our main results are (i) four approximation for any single-parameter downward-closed setting with single-dimensional signals and SOS valuations; (ii) four approximation for any combinatorial auction with multidimensional signals and separable-SOS valuations; and (iii) (k + 3) and (2 log(k) + 4) approximation for any combinatorial auction with single-dimensional signals, with k-sized signal space, for SOS and strong-SOS valuations, respectively. All of our results extend to a parameterized version of SOS, d-approximate SOS, while losing a factor that depends on d. Funding: A. Eden was partially supported by NSF Award IIS-2007887, the European Research Council (ERC) under the European Union's Seventh Framework Programme [FP7/2007-2013]/ERC Grant Agreement 337122, by the Israel Science Foundation [Grant 317/17], and by an Amazon research award. M. Feldman received funding from the European Research Council (ERC) under the European Union's Horizon 2020 research and innovation program [Grant Agreement 866132], by the Israel Science Foundation [Grant 317/17], by an Amazon research award, and by the NSF-BSF [Grant 2020788]. The work of K. Goldner was supported partially by NSF awards DMS-1903037 and CNS-2228610 and a Shibulal Family Career Development Professorship. A. R. Karlin was supported by the NSF-CCF [Grant 1813135]. [ABSTRACT FROM AUTHOR]

A new and rapidly growing econometric literature is making advances in the problem of using machine learning methods for causal inference questions. Yet, the empirical economics literature has not started to fully exploit the strengths of these modern methods. We revisit influential empirical studies with causal machine learning methods aiming to connect the econometric theory on these methods with empirical economics. We focus on the double machine learning, causal forest, and generic machine learning methods, in the context of both average and heterogeneous treatment effects. We illustrate the implementation of these methods in a variety of settings and highlight the relevance and value added relative to traditional methods used in the original studies. [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]

Much of the work on the valuation of levered (and unlevered) warrants assumes that the volatility of the underlying state variable is constant. This paper extends the literature on warrant pricing to a more general assumption for the state variable process, the so-called constant elasticity of variance (CEV) process. The CEV model is well-known for its ability to capture some empirical observations found in the financial economics literature, namely the asymmetry between equity returns and volatility and the implied volatility skew. Using the CEV process, we are able to reduce pricing bias as the volatility becomes a function of the underlying state variable. We price European-style call warrants without restrictions on the debt maturity. When warrants have the same maturity as debt, it is possible to obtain closed-form solutions for warrants prices. When the maturity of warrants is different from the maturity of debt, prices can be computed numerically through very efficient and simple to implement valuation methodologies. [ABSTRACT FROM AUTHOR]

The aim of the article is to bring in the concept of governance and financial bureaucracies into the discussion on financing of innovation and development. The article refers to national development banks as the example of state-backed investors who make investment decisions in line with policy priorities (to prioritized sectors, technologies and development projects). While building on the examples of public development banks, the article seeks to conceptualize the governance of public strategic investments through the notion of a state-led 'investment function'. In doing so, the article seeks complementarity of the concepts that derive from economics and innovation literature on one hand and public policy and governance literature on the other hand. This study suggests that the governance of state-led investments can be understood as a combination of financial policies, institutions and organizational routines that translate into capacities of respective public bureaucratic structures to make financing decisions. [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]

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]

Inter-firm coordination agreements through a destination card (DC) are a widespread profit-increasing strategy in tourism destinations. Literature on tourism economics argues that this type of coordination increases social efficiency. However, industrial organization studies consider heterogeneous consumers and warn that a DC-type agreement can be welfare impairing. Conflicting views have become an issue for tourism destinations, as collusion is in the crosshairs of antitrust regulators. This paper aims to clarify these contradictory results by developing a duopoly model with heterogeneous tourists. A sensible demand structure is assumed which, unlike previous literature, includes loyal demand segments. A policy prescription is obtained, namely, a DC alliance is welfare enhancing if DC price is equal to or lower than the cost of joint consumption under no coordination. However, a greater total surplus in markets may be accompanied by a reduction in consumer welfare, which differs from the conventional view in tourism economics. [ABSTRACT FROM AUTHOR]

I study institutional and political determinants of migrants' immigration strategies using the United States' immigration system as a case study. Drawing from work that theoretically connects decisions to immigrate legally vs. illegally as well as theoretical insights from literature on the economics of crime, I show how relative probabilities of successful migration using different strategies and relative utility gained using different strategies weigh heavily in immigrants' calculus. To do so, I use qualitative evidence of migrant strategies in the face of migration policy constraints. These various policy constraints lead to a variety of different tactics revolving around decisions regarding whether to immigrate legally, to commit visa fraud, or to choose one type of visa over another. In the process, I also build on a rich body of Public Choice literature to demonstrate how complicated regulatory systems, in this case regulatory systems that quantitatively restrict migration, encourage rent-seeking by both migrants and nonmigrants. [ABSTRACT FROM AUTHOR]

Only one in seven of the world's population have ever migrated, despite the enormous gains in income possible through international and internal movement. I examine the evidence for different explanations given in the economics literature for this lack of movement and their implications for policy. Incorrect information about the gains to migrating, liquidity constraints that prevent poor people paying the costs of moving, and high costs of movement arising from both physical transportation costs and policy barriers all inhibit movement and offer scope for policy efforts to inform, provide credit, and lower moving costs. However, the economics literature has paid less attention to the fears people have when faced with the uncertainty of moving to a new place, and to the reasons behind the tears they shed when moving. While these tears reveal the attachment people have to particular places, this attachment is not fixed, but itself changes with migration experiences. Psychological factors such as a bias toward the status quo and the inability to picture what one is giving up by not migrating can result in people not moving, even when they would benefit from movement and are not constrained by finances or policy barriers from doing so. This suggests new avenues for policy interventions that can help individuals better visualize the opportunity costs of not moving, alleviate their uncertainties, and help shift their default behavior from not migrating. [ABSTRACT FROM AUTHOR]

Copyright of Araucaria is the property of Araucaria-Revista Iberoamericana de Filosofia, Politica y Humanidades 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: This paper performs a comprehensive bibliometric investigation of the role of intangible capital in the economics literature and aims to identify unanswered questions and gaps to guide future research. Design/methodology: The systematic literature review concerned with intangible capital employed bibliometric methods, including the obtaining of datasets from reputable article databases (Scopus), dataset preprocessing and refinement of records, construction and visualisation of networks, and analysis and interpretation that among others involved standard descriptive and qualitative analyses. Findings: The study highlights that the economics literature on intangible capital focuses on productivity research on the micro, meso and macro levels by showing how intangibles positively impact productivity. Yet, at the same time the results reveal a gap in understanding the mechanism of transmission or the 'why' and 'how' of the impact. Originality and Value: This study is the first comprehensive bibliometric analysis of intangible capital in economics and complements the earlier limited approaches by conducting a systematic review of research in this area. Further, gaps are identified while the need for deeper understanding of the mechanisms of intangible capital's transmission to productivity is highlighted. Limitations: The overview of the field given means the research is limited by the lack of detailed analysis for each topic determined to be relevant. Still, future research could identify variables of interest and existing causal mechanisms for each issue to explain how intangible capital affects productivity and spillover effects. [ABSTRACT FROM AUTHOR]

While cultural economics and urban economics literatures have well established that more able individuals tend to prefer mostly cities with a high level of cultural amenities and schooling is one of the main individual determinants of the cultural consumption, there is no empirical evidence on whether cities specialized in culture boost cultural consumption of their residents. This research takes a step back compared to most studies and directly tests whether—controlling for individual characteristics—the higher the city cultural supply, the higher the probability of consuming cultural goods. Using data for 2017 from Chile and an instrumental variable approach, the results suggest that cities' cultural employment shape workers' decisions to consume cultural goods. A positive impact of city cultural supply on cultural consumption is found for both aggregated and disaggregated cultural goods, a robust result even under weaker exclusion restrictions of the instrument. [ABSTRACT FROM AUTHOR]

Used correctly, assessments play a vital role in the success of a course: they provide valuable feedback to students regarding their knowledge gaps, encourage deeper understanding of the material, help students to develop critical thinking, and guide students to accomplish a course's learning goals. They also provide a signal to future employers, graduate programs, or future course instructors about the quality of a student's understanding of the material. Used incorrectly, assessments likely achieve none of these. To avoid the latter outcome, this article's author helps new instructors by (1) summarizing pedagogical theory of sound assessment design, (2) applying it to assessment design in economics courses, and (3) assembling examples of assessments from the economics literature for instructors who may wish to experiment with different assignments. [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]

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]

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]

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]

We survey the literature on preferences for redistribution. We discuss different ways the literature has measured these preferences and review literature on the different determinants of preferences for redistribution. These range from institutions and demographic factors to fairness views and social preferences. Income inequality is, perhaps unsurprisingly, one of the most important determinants of preferences for redistribution. While our survey is largely focused on the economics literature, we also review some work from political science, sociology, and psychology. [ABSTRACT FROM AUTHOR]

This paper provides an empirical assessment of Italian firms' sourcing. Combining the international economics literature on global sourcing with the family business and international business literature on family firms (FFs)' internationalization, we build a comprehensive framework in which sourcing is shaped by location (domestic versus foreign sourcing) and ownership (integration versus outsourcing) decisions. Relying on a new firm-level, cross-sectional dataset on a stratified sample of Italian manufacturing firms, we address the relationship between sourcing and various firm-level features. Our probit and multinomial probit estimates highlight family presence in ownership and control, total factor productivity and reliance on specific inputs as the main drivers of sourcing. While playing little role in shaping the ownership decision, both FF status and total factor productivity affect location choices, fostering domestic and foreign sourcing, respectively. Conversely, reliance on specific inputs is key in orienting the ownership decision, promoting integration over outsourcing. Our study contributes to the international economics literature on global sourcing by studying factors other than productivity and input specificity that affect input procurement; moreover, it contributes to the family business and international business literature on FFs' internationalization by taking a supply-side perspective and investigating sourcing through the interplay between location and ownership choices. [ABSTRACT FROM AUTHOR]

Tourism demand modelling is one of the most recurrent topics in tourism economics literature. However, difficulties in defining tourism as a product have led to different ways of capturing the concept of tourism demand. In this paper, the main measures used in relevant empirical literature are considered, relating them from a theoretical point of view and analysing the empirical consequences and comparability of each one's use on the elasticity values of the determinants. Special attention is paid to the price elasticity when tourism demand models, based on tourism expenditures or receipts, are compared with those that use the number of tourists. The results show that different demand measures can lead to different estimated elasticity values that are not comparable. Furthermore, in the specific case of the price elasticity, the divergence in the estimated elasticity value of the different models can be quantified. [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]

The papers in this Special Issue contribute to a rich literature on the economics of charitable giving. They address several novel questions covering a wide range of open issues in the philanthropic realm. For example, many of our papers study what works and what does not work for a charitable organization to boost giving money or time. Other papers examine fundraising mechanisms and possible underlying motives shaping donors' giving behaviour. Our papers combine multiple methodologies, such as theory, observational data as well as laboratory and field experiments, to address these issues. Taken together, our Special Issue offers novel insights and approaches in the field of charitable giving that will be of interest to academics and policymakers alike. [ABSTRACT FROM AUTHOR]

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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]

This article surveys the use of nonparametric permutation tests for analyzing experimental data. The permutation approach, which involves randomizing or permuting features of the observed data, is a flexible way to draw statistical inferences in common experimental settings. It is particularly valuable when few independent observations are available, a frequent occurrence in controlled experiments in economics and other social sciences. The permutation method constitutes a comprehensive approach to statistical inference. In two-treatment testing, permutation concepts underlie popular rank-based tests, like the Wilcoxon and Mann–Whitney tests. But permutation reasoning is not limited to ordinal contexts. Analogous tests can be constructed from the permutation of measured observations—as opposed to rank-transformed observations—and we argue that these tests should often be preferred. Permutation tests can also be used with multiple treatments, with ordered hypothesized effects, and with complex data-structures, such as hypothesis testing in the presence of nuisance variables. Drawing examples from the experimental economics literature, we illustrate how permutation testing solves common challenges. Our aim is to help experimenters move beyond the handful of overused tests in play today and to instead see permutation testing as a flexible framework for statistical inference. [ABSTRACT FROM AUTHOR]

One of the most basic assumptions of economics is that human beings are rational. The field of economics refers to this hypothetical human type as "Homo Economicus". Thus, the behavioral and psychological characteristics of the human factor in mainstream economics have not found much study area. However, thanks to the fields of behavioral economics, experimental economics, and neuroeconomics that have developed in recent years, it has begun to be investigated in economics literature with the help of other disciplines, especially psychology, too. Along with these studies, the structure of the brain has met with economics, especially neuroeconomics, in studies conducted after the 2000s. However, most of these studies have primarily focused on microeconomic analysis. Macroeconomic issues related to the brain have been addressed only to a limited extent in the economics literature. The aim of the study is to contribute to the literature by establishing a relationship between the brain and economic growth. In the study, the relationship between the human brain and economic growth is discussed on the basis of the concept of entrepreneurship. While evaluating the concept of entrepreneurship, studies on the right brain, which is the creative and innovative side of the brain, have been examined. As a result of the study, it was concluded that individuals who is right-brain dominant and use this lobe effectively will be successful entrepreneurs and thus contribute to economic growth. In addition, recommendations for the development of the right brain and the identification and support of potential right-brain dominant entrepreneurs are presented as a result of the review. [ABSTRACT FROM AUTHOR]

Participants at the 1963 civil rights march on Washington supported minimum wage laws using arguments of economic justice. Many economists at the time argued against the minimum wage based on efficiency concerns rooted in neoclassical theory. After decades of debate, where does the economics profession stand on the justice and efficiency claims of the minimum wage? We discuss the evolution of the minimum wage literature in economics, focusing on racial justice. We highlight recent empirical papers that overwhelmingly support the position of the marchers on Washington while at the same time showing little to no loss of economic efficiency. (JEL D63, J15, J22, J31, J38, K31) [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 sustainability issues surrounding conventional agriculture motivate the need for exploring new sustainable methods of farming, critical for global sustainable development. Vertical farming is a potentially underexplored component of sustainable food production portfolio. This paper offers the first quantitative model in the environmental economics and policy literature that evaluates the economic prospect of vertical farming systems in a competitive market setting. Our framework identifies the principal factors to assess the economic and risk aversion potential of vertical farming and utilize a decision model quantify the trade-off between the two alternative farming practices. The model is utilized to evaluate the competitive economic prospect of vertical farming in seven locations with heterogeneous climate and economic conditions within the USA. The results quantify the value proposition of vertical farming in various conditions. Consequently, we leverage these results to evaluate the current and future prospect of the vertical farming industry. [ABSTRACT FROM AUTHOR]

Drawing from network externalities perspective in the Economics literature, this study investigates the antecedents of trust and users' continuance intention in the context of hybrid online travel platforms (HOTPs). Data were obtained by surveying 489 users of HOTPs in China. The empirical results based on the PLS-SEM model showed that indirect and direct network externalities positively influence functional quality and hedonic quality respectively. Furthermore, both functional quality and hedonic quality of HOTPs positively affect users' trust, which in turn positively affects users' continuance intention and negatively affects perceived risks. [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]