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The fast-growing middle class in emerging markets is leading luxury brands to adopt an affordable luxury (aka "masstige") approach to reach the mass market. However, academic research in this promising area is scarce. Focusing on China, the world's largest emerging market, this research shows a novel pattern of masstige brand consumption: Instead of always preferring foreign masstige brands (e.g., Coach) as implied in previous international marketing literature, consumers in emerging markets prefer domestic masstige brands (e.g., Goldlion) when their personally oriented motives are made salient. In contrast, consumers prefer foreign masstige brands when their socially oriented motives are made salient. This stems from domestic masstige brands better manifesting self-focused intangible attributes (i.e., the actual value to please oneself), whereas foreign masstige brands are superior in other-focused intangible attributes (i.e., the symbolic value to impress others). Three studies using a multimethod approach provide converging results that support this phenomenon. The findings bring significant contributions to the literature and offer actionable implications for managers, including positioning and price promotion strategies for masstige brands in emerging markets. [ABSTRACT FROM AUTHOR]

Car-sharing is a travel mode that can serve as an alternative to private cars, helping to reduce urban pollution. However, currently, there is a low willingness among travelers to use car-sharing, which is reflected in both low market penetration and user frequency. Therefore, it is essential for the government to encourage the use of car-sharing by providing subsidies. To better encourage the usage of car-sharing, this paper applies a two-fold evolutionary game model involving travelers and the government to explore the impact of subsidies on travelers' choices, and the factors that could affect the subsidies' efficiency. A simulation, using data from Beijing, was conducted to determine the implications of subsidy policies. The results show that a mileage-based subsidy and a fixed subsidy are applicable to travel of high and low mileages respectively, and under both subsidy modes, subsidies for trips with short duration or short pick-up and return time are more effective. Furthermore, we find that the efficiency of subsidies increases as the scale of car-sharing users, demand elasticity, or total number of travelers increases. Additionally, the subsidy levels should be lower than the environmental benefits of car-sharing but higher than the difference in travel costs between private cars and car-sharing. Future work will involve other game players such as car-sharing operators in order to draw deeper conclusions, and will involve the collection of data from more countries and cities to develop the robustness of the conclusions. [ABSTRACT FROM AUTHOR]

Beer is a widely consumed beverage in Spain, particularly among the large numbers of tourists that visit our coastal regions. By taking into consideration the Spanish consumption statistics provided by the Spanish Ministry of Agriculture, Fisheries and Food, it is intended to measure the influence of tourism on beer sales, once having controlled the main factors of demand (prices, income, unemployment) and having avoided the multicollinearity between tourist frequentation and seasonality. It is concluded that tourism has a positive and significant impact on the relevant market of each region and month, as well as on the differences between the income of the local population and the one of tourists. [ABSTRACT FROM AUTHOR]

This paper examines the problem of unobserved heterogeneity in urban water demand. It uses a panel quantile regression (QR) approach to focus on segments of consumers with different levels of water consumption. This estimation strategy is applied to a rich set of panel microdata capturing the consumption of water for 4,023 households in Valencia (Spain) between the years 2009 and 2011. To capture heterogeneity in a city's residential household water consumption, a QR approach is applied to the specified water demand model, enabling analysis for different quantiles (levels) of consumption. The QR shows the behaviour of the parameters for different consumption levels. It enables differentiation of consumer reactions to different independent variables at each quantile of the distribution of the dependent variable. The results provide strong evidence of unobserved heterogeneity at different levels. This approach is useful in that it can lead to better-informed tariff design by providing an understanding of heterogeneity in price elasticities. [ABSTRACT FROM AUTHOR]

Changes in taxable income can capture many of the behavioural responses to changes in tax policies. In this paper, using the publicly available Current Population Survey (CPS) data and analysing two of the most recent tax reforms (Tax Cuts and Jobs Act of 2017 and the American Taxpayer Relief Act of 2012), we provide a new estimate for the elasticity of taxable income with respect to marginal tax rates. As is common in the literature, the paper conducts a panel data analysis and compares taxable income from before and after tax reforms to estimate the elasticity. Using an instrumental variable approach, we find an elasticity of 0.81, a value that is within the range of estimates found in previous studies. [ABSTRACT FROM AUTHOR]

On the basis of the known equations of motion of the system of coupled gyrostats by P.V. Kharlamov and the functions of state by S.L. Sobolev, the equations of rotation in a medium with resistance of a free system of two elastically connected rigid bodies with cavities completely filled with an ideal incompressible fluid were derived. Rigid bodies are connected by an elastic restoring spherical joint. Assuming that the center of mass of the rigid bodies is located on the third main axis of inertia and the fluid is ideal, the equation of disturbed motion of the considered mechanical system is obtained in the form of a countable system of ordinary differential equations. In the case of two Lagrangian gyroscopes with arbitrary axisymmetric cavities filled with an ideal fluid, a transcendental characteristic equation has been derived. Taking into account the fundamental tone of liquid oscillations, a characteristic equation of the sixth order was obtained, and on the basis of the Lenard–Schipar criterion, it was written in the innor form, and the conditions for the asymptotic stability of uniform rotation of Lagrange gyroscopes with a liquid were written out in the form of a system of five inequalities. These inequalities are presented in the form of the first, third, sixth, and eighth powers with respect to the coefficient of the spherical joint elasticity. It was proved that if the first tones of liquid oscillations in two cavities are greater than one and do not coincide, then this is sufficient for the higher inequality coefficients to be positive. It was shown that if the first oscillation tones coincide, only the degree of the last inequality decreases, while the higher inequality coefficients remain positive; therefore, internal resonance is impossible. Thus, when the first tones of fluid oscillations are greater than one, the asymptotic stability will always be possible with the increase in the elasticity coefficient. For ellipsoidal cavities, this means that they must be oblate along the axis of rotation. It was shown that in the absence of the spherical joint elasticity, the characteristic equation has a zero root, and the conditions of stability are already presented in the form of a system of four inequalities, which are only necessary. [ABSTRACT FROM AUTHOR]

Introduction: Sex differences in vulnerability to opioid use disorder (OUD) have been reported in some clinical and preclinical studies, but findings are mixed and further research is needed in this area. The goal of this study was to compare elasticity of demand (reinforcement efficacy) in an i.v. morphine selfadministration (SA) model in male and female rats using a translationally relevant behavioral economics approach. Rate of acquisition and predictors of individual differences in demand (e.g., cumulative morphine infusions during acquisition) were also evaluated in both sexes. Materials, methods, and results: Acquisition of morphine SA (0.4  mg/kg/ infusion) under a fixed ratio (FR) 1 schedule of reinforcement was slower and infusions earned were lower in females than in males (n  =  30–31/sex), but infusions earned did not differ between sexes during the FR 2 and FR 3 phases of acquisition. Increases in the FR response requirement across sessions during demand testing (FR 1–FR 96) resulted in a progressive reduction in morphine infusions in both sexes. Morphine consumption was well-described by an exponential demand function in both sexes and was associated with considerable individual vulnerability. There were no sex differences in elasticity of demand (rate of decline in morphine consumption with increasing price) or intensity of demand (consumption at zero price). A higher number of infusions earned during the FR 2 and FR 3 phases of acquisition and greater maximum response rates during demand testing were associated with lower demand elasticity (i.e., greater reinforcing efficacy) in both males and females, whereas other relationships were sex-specific (e.g., higher intensity of demand was associated with lower elasticity of demand in males but not in females). Conclusion: Our findings indicate similar elasticity of demand and predictors of individual differences in demand for morphine in male and female rats, although sex differences were observed in initial rate of acquisition and in some correlations between morphine SA measures. These data are consistent with findings of similar OUD vulnerability in males and females in some human and animal studies. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore the structural changes in food consumption expenditure in Indonesia before and during the COVID-19 pandemic using data from the 2020 and 2021 National Socioeconomic Survey by Statistics Indonesia. Design/methodology/approach: The quadratic almost-ideal demand system analysis model is used to estimate changes in the share of food consumption and the demand and price elasticity of food commodities in Indonesia. A total of 15 food items are analyzed to determine changes in food consumption expenditure during the COVID-19 pandemic. Findings: The results of this study show that during the COVID-19 pandemic, there was an increase in the proportion of household expenditure related to the consumption of home-cooked food. Simultaneously, the proportion of expenditure on prepared food significantly decreased. Practical implications: The pandemic has changed household food consumption in Indonesia. This study recommends that the government ensure the availability of supplies and stability of food prices and provide financial subsidies to maintain food consumption, especially for lower-income communities. Originality/value: There has yet to be a study on the changes in household food consumption during the COVID-19 pandemic in Indonesia. Therefore, this research provides empirical evidence that there were changes in household food expenditure during the pandemic. [ABSTRACT FROM AUTHOR]

• We rely on a multi-sectoral balance-of-payments constrained growth model that incorporates intermediate imports. • We explicitly incorporate the effects of intermediate imports and relative prices into the analysis. • The outcome of the study shows that the multi-sectoral balance-of-payments constrained growth model correctly predicts Turkey's growth path. • Heightened dependence on imported intermediates, resulting in a reduction in the income elasticity of export demand and an elevation in the income elasticity of import demand, could potentially exert adverse effects on the overall economic growth. • Countries, like Turkey, can benefit from increasing the usage of available domestic inputs in export production to reduce leakage occasioned by the extensive importation of foreign factor inputs. Several countries rely heavily on imported intermediate inputs for the manufacturing of their exported goods. Understanding the implications of this reliance on a country's growth performance is vital. To address this issue, we conducted an in-depth analysis using the multi-sectoral balance-of-payments constrained growth model with data from Turkey spanning 1970 to 2019. We used the autoregressive distributed lag method to estimate sectoral export, final import, intermediate goods import, and total import demand functions for five technology-based sectors. Subsequently, we calculated growth rates using the multi-sectoral balance of payments constrained growth models, factoring in the estimated income and price elasticities, as well as the respective sectoral shares in total exports, total imports, total final imports, and total intermediate goods imports. Our results demonstrate that the multi-sectoral balance of payments constrained growth model, which incorporates the impact of imported intermediate goods, successfully predicts Turkey's growth path. The findings indicate that structural changes in the production process and the use of imported intermediate inputs have a positive impact on exports. However, Turkey's significant dependence on imported intermediate goods during the production process leads to a decrease in the multi-sectoral balance of payments constrained growth rate. [ABSTRACT FROM AUTHOR]

Water pricing is an economic instrument traditionally used to reduce water demand. However, its effective implementation requires knowledge of the extent to which users reduce water consumption with increasing water prices. The price elasticity of water demand has been estimated using econometric regression, which relies on cross-sectional and time-series water data. As an alternative, we propose the use of agent-based modelling, which does not require reliable historical data on water prices and consumption and enables the simulation of multiple scenarios with different consumer profiles, behaviour profiles and water price changes, thereby allowing comprehensive understanding of price elasticity estimates. To illustrate the potential use of agent-based modelling for the estimation of water demand price elasticity, we performed an empirical application to a residential area in Chile. Price elasticity estimates ranged from −0.0159 to −0.1036 (mean −0.0250), indicating that residential water consumption is inelastic to price changes. This result is consistent with previous findings. Agent-based modelling is an alternative for the ex-ante assessment of the potential effectiveness of water pricing policies intended to reduce residential water demand. [ABSTRACT FROM AUTHOR]

Using unique data from Pakistan, we estimate a model of demand for differentiated products in 112 rural education markets with significant choice among public and private schools. Families are willing to pay substantially for reductions in distance to school, but, in contrast, price elasticities are low. Using the demand estimates, we show that the existence of a low-fee private school market is of great value for households in our sample, reaching 2% to 7% of annual per capita expenditure for those choosing private schools. [ABSTRACT FROM AUTHOR]

A key parameter in the analysis of wage inequality is the elasticity of substitution between skilled and unskilled labor. We show that the empirical literature is consistent with both publication and attenuation bias in the estimated inverse elasticities. Publication bias, which exaggerates the mean reported inverse elasticity, dominates and results in corrected inverse elasticities closer to zero than the typically published estimates. The implied mean elasticity is 4, with a lower bound of 2. Elasticities are smaller for developing countries. To derive these results, we use nonlinear tests for publication bias and model averaging techniques that account for model uncertainty. [ABSTRACT FROM AUTHOR]

The literature on fiscal policy has identified wealth elasticity of labor supply and agent heterogeneity as the linchpin of shaping different transmission mechanisms for fiscal policy. In this paper, I build these two important edifices on an otherwise canonical business-cycle model to conduct quantitative analyses of various fiscal policies. To underscore the relative importance of agent heterogeneity, I compare results from the model with agent heterogeneity with those from a standard model without agent heterogeneity. I also compare results from changes in wealth elasticity to analyze how the model ingredient delivers different macroeconomic and fiscal dynamics. The main finding reveals that in the context of the model formulated in this paper, the capital tax is the least detrimental to business cycles and fiscal states and the consumption tax is the most appropriate policy tool since it yields positive output and tax-revenue multipliers in the short and long runs. All the results from counterfactual experiments suggest that macroeconomic and fiscal outcomes hinge fundamentally on agent heterogeneity and wealth elasticity. An important value that this paper adds to the literature is to offer results from a comprehensive analysis of all possible fiscal policies by considering both essential forces. [ABSTRACT FROM AUTHOR]

Kimball preferences possess properties that make them a powerful tool for multi‐sector applied general equilibrium. While they are homothetic, they also can be made arbitrarily close to constant elasticity of substitution (ces) preferences, thereby sharing some of their properties 'by continuity'. We develop a trade model which brings together traded and nontraded sectors, variable markups, and costly trade for this rich class of homothetic preferences. We characterize the consequences—for both sectors—of trade liberalization in traded sector. Numerical simulations for a calibrated version of the model reveal that the elasticity of utility with respect to trade costs is about 25%–27%, depending on whether traded and nontrade goods are complements or substitutes. [ABSTRACT FROM AUTHOR]

Tourism demand theory postulates that tourists' incomes, prices in destination countries, and prices in tourists' countries of origin are key determinants of tourism demand—but must this hold for long-haul travel? We find the answer to be no. By analyzing three international tourist archetypes arriving in New Zealand, a remote island nation, from seven countries, we demonstrate that neither incomes nor prices affect tourism demand in the short run. In the long run, some evidence suggests that tourism demand is income-sensitive; however, it remains insensitive to price changes. We also show that estimates of price elasticities are sensitive to how models are specified and should be interpreted cautiously. The results of this study are broadly relevant to long-haul destinations worldwide. [ABSTRACT FROM AUTHOR]

This paper studies the effect of factor substitution on long‐run growth and the convergence speed in the one‐sector endogenous‐growth model. We consider a general production function that encompasses the most commonly used specifications as particular cases. For two economies with the same initial conditions and parameter values, including the baseline elasticity of substitution (EOS), the one with the higher asymptotic EOS has the higher long‐run growth and convergence speed. If the asymptotic EOS is a nondecreasing function of its baseline value, an increase in the baseline EOS entails a higher long‐run growth and convergence speed. [ABSTRACT FROM AUTHOR]

Worktime has been falling slowly though real wages have risen dramatically. We show that in a general equilibrium model with CES utility and production functions, worktime falls with real wages if and only if the elasticity of substitution between consumption and leisure is less than that between capital and labour, but always rises with labour's income share and concerns with relative income. While a falling labour share may not reduce worktime due to market inflexibility, stronger income comparison increases inefficient overwork. Hence, more flexibility, higher income taxes and a basic income are needed to reduce working hours and raise social welfare. [ABSTRACT FROM AUTHOR]

This paper develops a Schumpeterian growth model with considering consumption and leisure externalities. The main purpose of this study is to investigate the effect of patent protection policy on growth and inequality, as well as the interaction between policy effect and externalities. According to the log form utility function specification, this means that the elasticity of intertemporal substitution is unity. The following are the key findings of this paper. Patent protection policy encourages innovation and increases employment in the R&D industry, which enhances economic growth while increasing income inequality. In regard to externalities, an increase in the degree of consumption (leisure) externalities results in a higher (lower) growth rate and more (smaller) income inequality. When consumption (leisure) externality is greater intensity, the growth effect of patent protection policy becomes stronger (weaker), while its influence on expanding income inequality lessens (enhances). Finally, both the Pareto optimal patent protection policy and the optimal patent policy under the maximization of social welfare positively correlate with consumption externalities, but negatively correlate with leisure externalities. [ABSTRACT FROM AUTHOR]

This paper analyzed farmers' willingness to accept (WTA) payment and uncertainties toward carbon market through a 2021 U.S. Midwest farmer survey. The findings showed that farmer carbon supply was elastic at intermediate prices ($20–50/Mg), but inelastic at low ($10–20/Mg) and high ($50–70/Mg) price levels. While perceived co‐benefits play significant roles in promoting participation at low‐price levels, variables such as age, education, farm size, and soil quality are more likely to influence producers' choices at intermediate‐ and high‐price levels. To enhance farmers' support for carbon programs, measures should be taken to improve benefit, while reducing cost and uncertainty. [ABSTRACT FROM AUTHOR]

This study examined the impact of the mad cow (BSE) and bird flu (HPAI) outbreaks on the demand for beef, pork, and broiler meat in the United States from 1997 to 2022. Using time‐varying elasticities obtained from the Rotterdam model extended to include animal disease outbreaks, we found that the BSE outbreaks significantly reduced beef consumption. These reactions were indeed time‐varying, ranging from 1.312% in 2003 to 1.212% in 2005. HPAI outbreaks had a delayed reaction, with a rebound in broiler meat consumption in the quarter following the start of the outbreak. In general, the magnitude of these reactions was proportional to the severity of an outbreak. [ABSTRACT FROM AUTHOR]

We estimate labor market monopsony power among manufacturing firms in four Sub‐Saharan African countries using a parametric production function approach on panel dataset. Pooled estimate suggests that wages are approximately 38 percent of the marginal revenue product of labor, implying a labor supply elasticity of 0.62. Nonparametric robustness checks indicate these results are robust to concerns over parametric model misspecification. Departure from competitive labor market leads to approximately 50.80 percent higher employer rent, 75.61 percent lower employee rent, and 15.95 percent deadweight loss. Overall, our results are suggestive of monopsonistic labor markets. [ABSTRACT FROM AUTHOR]

This paper presents a new way to estimate the constant elasticity of substitution $ (\sigma ). $ (σ). We show that the link between $ \sigma $ σ and Divisia index numbers gives rise to a revealing way to obtain preliminary estimates of $ \sigma $ σ. This approach, which is related to stochastic index numbers, is illustrated with time-series and cross-country data. Using consumption data for 12 commodities over time from 23 European countries, we obtain 400 + estimates of $ \sigma $ σ, which mostly lie between 0 and 1. The cross-country estimates are broadly similar. Extensions of the approach to deal with endogenous prices and non-homothetic demand are also considered. [ABSTRACT FROM AUTHOR]

There is growing concern among policymakers and researchers about the negative health and climate impacts of meat consumption. Consumers are encouraged to re-evaluate their dietary choices to preserve our ecosystem and reduce the burden of diet-related diseases. However, limited information is available about how price changes in animal protein sources affect plant-based protein demand and the consequences for nutrient intake and/or diet quality. The goal of the present paper is to fill this gap by explaining how consumers react to price changes in animal protein types and to present the implications for nutrition or diet quality. This paper applied the exact affine stone index implicit (EASI) Marshallian demand system to 2021 home scan panel data collated by the Kantar Worldpanel to estimate both price and expenditure elasticities. Twelve food groups of seven animal-based protein products and five plant-based protein products were considered. The results revealed that dairy and eggs are daily necessities for the people of Scotland. The demand for fish and non-dairy milk are the most sensitive to price. Estimates based on expenditure elasticities show that beef is considered a luxury and a highly substitutable product in the Scottish diet. Peas are relatively basic, essential foodstuffs. In general, increasing the price of animal protein sources will shift demand towards plant protein. On the positive side, there will be a significant reduction in cholesterol and fat purchases. However, there would also be a significant reduction in the total amount of protein, carbohydrates, and healthy fats, such as unsaturated fatty acids, purchased by the average household. This shows that increases in plant-based protein are not enough to compensate for the reductions in essential macro- and micronutrient purchases from animal protein. From the climate perspective, reductions in meat purchases could reduce emissions from production and consumption. [ABSTRACT FROM AUTHOR]

Given a general utility and income distribution and positive unemployment benefits, we analyze the impact of a universal basic income (UBI) financed by an income tax and reducing unemployment benefits. With extensive margins only and identical fixed costs of work, we show that UBI can benefit a poor majority. Plausible conditions can ensure similar results with different fixed costs. With both extensive and intensive margins but identical fixed costs, a modest UBI can still benefit a poor majority provided the income weighted tax elasticity of labor supply from intensive margins is less than the non-employment rate, which is usually true. [ABSTRACT FROM AUTHOR]

[Objective] This study aims to explore the variation characteristics of streamflow components and baseflow index (BFI) in the Tuweihe River Basin, to clarify the impact of environmental factors on their variations, to identify the dominant factors, and to provide scientific basis for watershed water resources management. [Methods] Tuweihe River Basin in the middle reaches of the Yellow River was taken as the study area. The changes of surface runoff, baseflow and baseflow index (BFI) during the period 1958-2017 were analyzed. The correlation analysis and elasticity coefficient methods were employed to qualitatively and quantitively analyze the influence of environmental factors on them. [Results] The surface runoff and baseflow significantly decreased at a rate of 4.55 and 9.73 mm/decade (p<0.01), respectively, while the BFI showed a significant upward trend (p<0.05). Surface runoff (or baseflow, BFI) was highly sensitive to the changes in potential evapotranspiration, normalized difference vegetation index (NDVI), and volumetric soil water. The changes in NDVI and potential evapotranspiration contributed to the majority of the changes in surface runoff (-34% and -29%), baseflow (-39% and -29%), and BFI (33% and 31%). [Conclusion] The direct and potential hydrological effects of vegetation restoration play an important role in reducing the streamflow components. The changes of streamflow components as well as their relations to environmental changes provide a theoretical basis for the sustainability of water resources and vegetation. [ABSTRACT FROM AUTHOR]

In view of the increasing influence of wind power uncertainty on power system, this study proposes an economic dispatching method of power grid source load network considering demand response. According to the price elasticity theory of demand and the principle of consumer psychology, a price-based demand response model is constructed. Based on flexible compensation incentive demand response, the complementary characteristics of the two types of demand responses are fully considered, and the reserve constraints of the two types of demand responses on the system are increased. The general probability distribution is introduced to describe the output characteristics of wind power, and the expected cost is used to quantify the uncertainty of wind power to punish the cost. The nonlinear variables in the objective function are linearized, and the mixed integer linear programming problem is used to solve the model. The simulation results show that the proposed model can effectively reduce the peak valley difference of load and improve the absorptive capacity of wind power. [ABSTRACT FROM AUTHOR]

The low‐carbon energy transition requires significant increases in production for many mineral commodities. Understanding demand, technological requirements, and prices associated with this production increase requires understanding the supply chain dynamics of many minerals simultaneously, and via a consistent framework. A generalized economics‐informed material flow method, global materials modeling using Bayesian optimization, captures the market dynamics of key mineral commodities. The method relies only on a limited set of widely available historical data as input, enabling quantification of economic relationships (elasticities) for supply chain components where data are sparse, and relationships cannot be obtained via traditional statistical approaches. Building upon established material flow analysis (MFA) and economic modeling techniques, Bayesian optimization was applied to fit an economics‐informed MFA model to global historical demand, supply, and price for aluminum, copper, gold, lead, nickel, silver, iron, tin, and zinc. This approach enables estimates for the evolution of ore grades, mine costs, refining charges, sector‐specific demand, and scrap collection for each commodity. Economic relationships were quantified and compared with a database compiled from the literature, including 1333 values from 213 analyses across 65 publications. Discrepancies in methods and limited coverage make use of these parameters in modeling efforts difficult. This work provides a single, homogeneous, probabilistic approach to identifying economic relationships across mineral supply chains, with uncertainty quantification, a literature database for comparison, and a modeling framework in which to use them. This article met the requirements for a Gold‐Gold JIE data openness badge described at http://jie.click/badges. [ABSTRACT FROM AUTHOR]

Does academic writing in economics reflect the political orientation of economists? We use machine learning to measure partisanship in academic economics articles. We predict the observed political behaviour of a subset of economists using phrases from their academic articles, show good out-of-sample predictive accuracy and then predict partisanship for all economists. We then use these predictions to examine patterns of political language in economics. We estimate journal-specific effects on predicted ideology, controlling for author and year fixed effects, that accord with existing survey-based measures. We show considerable sorting of economists into fields of research by predicted partisanship. We also show that partisanship is detectable even within fields, even across those estimating the same theoretical parameter. Using policy-relevant parameters collected from previous meta-analyses, we then show that imputed partisanship is correlated with estimated parameters, such that the implied policy prescription is consistent with partisan leaning. For example, we find that going from the most left-wing authored estimate of the taxable top income elasticity to the most right-wing authored estimate decreases the optimal tax rate from 77% to 60%. [ABSTRACT FROM AUTHOR]

Bilateral trade relationships between countries vary across products. Such heterogeneity poses challenges when assessing the economic impacts of trade agreements. This paper estimates bilateral trade elasticities at the product level and explores these impacts using a hypothetical no‐deal Brexit as an example. Our findings indicate that the European Union's demand for the United Kingdom products is often less elastic compared to products from other trading partners. We also observed substantial heterogeneity in the elasticities across products and a negative correlation between these elasticities and tariffs. These factors mitigate extent of trade welfare losses compared to a scenario using homogeneous elasticities. [ABSTRACT FROM AUTHOR]

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The relationship between energy consumption and economic development is one of the primary indicators for elaborating energy policies. Different countries are at different stages of economic development and have different levels of energy consumption. Since independence, Kazakhstan's economic development has gone through three stages: the unstable stage (1992–2000), the stage of rapid development (2001–2013), and the stage of stable development (2014–present). Kazakhstan's economy is shifting from an industry-led economy to a service-led economy, thus, the relationship between energy consumption and economic growth also changes. By analyzing the data on energy consumption and GDP during 1992–2023, it was found that a 1% growth of GDP caused a 0.3972% growth of energy consumption in Kazakhstan on average. Due to the long period of economic influence on energy consumption, Kazakhstan could realize the adjustment of the energy consumption structure without affecting economic development by eliminating fossil energy subsidies, reducing taxes on projects for the development of renewable energy, and increasing energy-saving facilities. [ABSTRACT FROM AUTHOR]

This study characterizes role assignments in maximizing a group's winning probability under the influence of the complementarity of group members' efforts in a group contest, in contrast to prize and multiple resource allocations. We use a constant elasticity of substitution effort aggregator function to parameterize the complementarity. While the prize and resource allocation rules depend on the complementarity, the assignment rule does not when multiple roles are assignable to a single group member: All roles are assigned only to the most productive group member. However, when only a single role per group member is assignable, the assignment rule depends on the complementarity: Roles from greater to less importance are assigned to group members in descending order of their productivity under strong complementarity; only the most important role is assigned to the most productive group member and the others have no effect under weak complementarity. [ABSTRACT FROM AUTHOR]

In this study, we focused on the treatment of random forces in a semi-implicitly discretized overdamped Langevin (OL) equation with large time steps. In the usual implicit approach for a nonstochastic mechanical equation, the product of the time interval and Hessian matrix was added to the friction matrix to construct the coefficient matrix for solution updates, which were performed using Newton iteration. When large time steps were used, the additional term, which could be regarded as an artificial friction term, prevented the amplification of oscillations associated with large eigenvalues of the Hessian matrix. In this case, the damping of the high-frequency terms did not cause any discrepancy because they were outside of our interest. However, in OL equations, the friction coefficient was coupled to the random force; therefore, excessive artificial friction may have obscured the effects caused by the stochastic properties of the fluctuations. Consequently, we modified the random force in the proposed semi-implicit scheme so that the total random force was consistent with the friction including the additional artificial term. By deriving a discrete Fokker-Planck (FP) equation from the discretized OL equation, we showed how our modification improved the distribution of the numerical solutions of discrete stochastic processes. Finally, we confirmed the validity of our approach in numerical simulations of a freely jointed chain. [ABSTRACT FROM AUTHOR]

The integrated energy system considering comprehensive demand response can realize cascade utilization of energy and reduce carbon emissions. However, few studies explore the operation of Integrated energy system considering the coupling markets of electricity and carbon trading. Based on the characteristics and specific needs of the integrated energy system, this paper establishes the mathematical model of each energy supply equipment, and studies the optimal energy supply method of the system. First, demand response is categorized into price and substitution types based on load response characteristics. Second, the price demand response models are established utilizing the price elasticity matrix, and substitution demand response models are developed considering the mutual conversion of electric and heat energy on the user-side. Subsequently, a baseline method is employed to allocate carbon emission quotas to the system without charge with considering the actual carbon emissions from gas turbines and gas boilers. This results in the formulation of an improved carbon trading mechanism tailored for integrated energy system. Finally, a low-carbon optimization operational model for integrated energy system is constructed with the multi-objective functions. The results of numerical case studies are presented to validate the performance of the proposed control method. [ABSTRACT FROM AUTHOR]

The residual soil on a slope can slowly move downward under the influence of gravity, forming a creep landslide. These types of landslides are known for their extensive coverage, significant magnitude, and prolonged duration of hazard. A systematic study of the creep properties of creep landslide geotechnical bodies is essential for the analysis of the deformation process and long-term safety evaluation of landslides. This paper focuses on studying a creep landslide involving residual soil in western Henan Province. The creep characteristics of residual soil with different stone content are investigated through direct shear creep experiments. The findings reveal that stone content has a profound impact on the creep behavior of residual soil. As the stone content of the soil increased, the structure of the test soil changed significantly, resulting in a gradual decrease in its shear creep. The Burgers model can effectively fit the deceleration creep and steady-state creep stages of the residual soil. With the increase in stone content, the four parameters of the Burgers model show a significant increase, with the instantaneous elasticity coefficient G1 and the viscosity coefficient η1 experiencing more noticeable changes. The average long-term strength of specimens with different stone content is only 54% of their instantaneous strength. Additionally, as the stone content increases, the ratio of long-term strength to instantaneous strength also increases. Notably, the long-term strength of specimens with 10–30% stone content is significantly lower than that of specimens with 50–70% stone content. [ABSTRACT FROM AUTHOR]

A sound understanding of the potency of tobacco control policies is key to tobacco prevention. This study exploits a Smoothed Instrumental Variables Quantile Regression estimator to gauge the effectiveness of these policies while addressing major methodological and data limitations plaguing the previous literature. Specifically, smoke-free indoor air laws and tobacco control expenditures are examined in a single framework, which has the promise of accounting for potential complementarities thereof. Further, endogeneity of price (a proxy for tax policy) and other tobacco control policies is addressed through a unique set of instruments while allowing for differential impacts across the conditional distribution of cigarette consumption. Finally, our use of the nationally representative individual-level price and consumption data is essential to precise estimation of price elasticities and policy effects. Results indicate that ignoring price and policy endogeneity leads to inconsistent estimates. Further, tobacco control expenditures appear to be effective only for relatively more addicted smokers. Meanwhile, state-level smoke-free indoor laws, whose primary goal is to reduce exposure to second-hand smoke, do not affect cigarette use among smokers. In contrast, tax policy appears to be most potent for less addicted individuals. Therefore, optimal policy responses should combine tobacco control expenditures with sin taxes. [ABSTRACT FROM AUTHOR]

This study examines the relationship between renewable and non-renewable energy consumption, economic growth, and ecological footprint for the top 14 Russian-energy-importing countries in 2000–2018. Through PVAR analysis, this study calculates the long-term correlation between variables using a VEC model. The VAR approach addresses the endogeneity issue by including endogenous interactions between the variables in the model. Additionally, the impulse response functions and the influence of various variables on certain lags are evaluated. Cointegration between variables was assessed using DOLS and FMOLS panel analysis to investigate the long-term link further. Our findings demonstrate that there is a cointegration relationship between all series. According to the impulse response analysis results, an energy shock from Russia will negatively affect the countries' economic growth and decrease the ecological footprint. Increasing renewable and non-renewable energy consumption domestically increases ecological footprint, but the effect of renewable energy consumption on ecological footprint seems to be less. According to DOLS findings, a 10 percent increase in Russian fuel exports increases the elasticity of economic growth by 0.61%. In contrast, FMOLS findings indicate that a 10% increase in Russian fuel export increases the elasticity of economic growth by 1%. However, the direction of the relationship is positive when the ecological footprint is considered the dependent variable: While the non-renewable energy consumption elasticity coefficient was 0.030 in the DOLS model, it was found to be 0.023 in the FMOLS model. The elasticity value of the economic growth variable was found to be 0.69 in the FMOLS model. [ABSTRACT FROM AUTHOR]

Setting the right fares is a key lever for increasing operating profitability in the airline industry. It is crucial to design fares that are both appealing to passengers and contribute to an increase in airline revenue. Although airline revenue management techniques have evolved to capture customer-choice behavior, the pricing and allocation decisions continue to be taken independently. However, since they are linked, a single optimization model can address this shortcoming. This paper presents a joint optimization model (JOM) that considers product prices and their allocation quantities as decision variables. A sequential optimization technique that divides the model into two decision problems is adopted to cope with JOM's complexity. The problem is divided into a master problem and a sub-problem, wherein product price changes are made in the master problem and, with these fixed prices, optimization is performed in the sub-problem. The sub-problem is solved by simplifying the non-linear JOM into a linear programming problem. The direction of product price changes in the master problem is identified using price elasticity of demand. A heuristic based on this concept is proposed and tested. The Elasticity-integrated Pricing and Allocation Heuristic (EPAH) is observed to produce a consistent increase in existing revenues. [ABSTRACT FROM AUTHOR]

We use a nested constant elasticity of substitution utility function to introduce a private environmental substitute in a theoretical model. We find that a buyer's income elasticity of willingness to pay (WTP) increases with the price of the substitute and decreases with income. A higher price and a lower income also discourage purchase of the substitute, reducing the proportion of buyers in population. We must therefore consider both dimensions when discussing societal mean WTP. An empirical check based on a contingent valuation survey confirms our theoretical findings. Projected income-WTP curves reveal inequality further reduces the mean WTP in the presence of private environmental substitutes. [ABSTRACT FROM AUTHOR]

We examine the likely effect of the African Continental Free Trade Area (AfCFTA) on African investment using data on announced greenfield investment. Departing from existing work on this subject, we add value by providing estimates based on a general equilibrium counterfactual analysis in a structural gravity framework. Results suggest that the stock of announced intra‐African greenfield investment in 2018 would have increased by 0.7 percent from a successful implementation of the AfCFTA in that year relative to the baseline scenario of no agreement, with considerable heterogeneity across source and destination countries. Moreover, the positive effect is found to increase with the depth of the negotiated agreement. Exploring possible transmission channels we find the trade elasticity of announced greenfield investment to be positive, especially for trade in intermediates in African host countries with strong governance indicators. This suggests that, by improving institutional quality and galvanising regional value chains, integration within Africa could also incentivise investment. [ABSTRACT FROM AUTHOR]

In this paper, we incorporate spatial analysis to estimate industry-level productivity in the presence of inter-sectoral linkages. Since each industry plays a role in providing intermediate goods to other sectors, the interdependence of economic activities across industries is inevitable. We exploit the linkage patterns from the input-output relationship to define cross-industry dependencies in economic space. We propose a spatial stochastic frontier model, which extends the stochastic frontier model to a spatially dependent specification. The models are estimated using quasi-maximum likelihood methods. Applying the approach to U.S. industry-level data from 1947 to 2010, we find that sectoral dependencies are the consequences of indirect effects via the supply chain network of industries resulting in larger output elasticities as well as scale effects for the networked production processes. However, productivity growth is estimated comparably across different spatial and non-spatial model specifications. [ABSTRACT FROM AUTHOR]

The study explores the effects of data transparency on economic growth for developing economies over a unique time period ‐ at the onset of the 2007–2009 global financial crisis and thereafter. Data transparency is defined as the timely production of credible statistics as measured by the statistical capacity indicator. The paper finds that data transparency has a positive effect on real gross domestic product per capita during a period of considerable uncertainty. The estimates indicate an elasticity of the magnitude of 0.03 percent per year, which is much larger than the elasticity of trade openness and schooling in the estimation sample. The empirics employ a variety of econometric estimators, including dynamic panel and cross‐sectional instrumental variables estimators, with the latter approach yielding a higher estimated elasticity. The findings are robust to the inclusion of several factors in addition to political institutions and exogenous commodity‐price and external debt‐financing shocks. [ABSTRACT FROM AUTHOR]

Central banks set the nominal interest rate to target inflation and stabilize output. In monetary models, monetary policy affects output directly via the wealth effect. I show that in these models, the response of the central bank to fluctuations in output may induce real indeterminacy even if the Taylor principle is satisfied. I find that the determinacy conditions depend on the interest elasticity of output and generally, the Taylor principle is neither necessary nor sufficient for determinacy. This is in stark contrast with the New Keynesian model where a sufficiently strong policy response to inflation or output usually ensures determinacy. [ABSTRACT FROM AUTHOR]

The structure of demand plays a fundamental role in shaping economic equilibrium. In computable general equilibrium analysis, comparative statics allow us to simulate how policies or external adjustments impact the equilibrium state. The results of these simulations are significantly influenced by the nature of the adopted demand structure. Typically, homothetic demand structures are frequently used for simplicity in these equilibrium models, but they do not accurately capture demand behavior. In this text, we study the properties of a demand system that eliminates demand constraints often found in general equilibrium models. Specifically, we first explore the characteristics of a demand system that generalizes the standard Stone–Geary linear demand structure. Second, we illustrate its possibilities with an empirical application using available Spanish data. [ABSTRACT FROM AUTHOR]

In this paper, DR programs are integrated with the unit commitment economic dispatch model for a single day to lower total operating costs for an insular microgrid. The proposed model takes into account the forecasting errors associated with wind, solar, and load demands. A new combined DR program is presented to enhance microgrid operation and financial effectiveness, benefiting microgrid consumers. The price elasticity and consumer profit are the foundation for DR modeling. The optimization problem is developed as mixed‐integer nonlinear programming (MINLP) and solved using GAMS software. For the case study, an insular microgrid consisting of two microturbines, a wind turbine, solar photovoltaic, and battery storage is considered. Optimization is carried out under both with and without the DR program. The outcomes show that by implementing TOU and DLC DR programs, the operating cost is reduced by 13.55% and 9.68%, respectively. While consumers experience a financial loss in TOU‐DR, they earn profit in DLC‐DR. Therefore, a combination of the two, i.e., TOU + DLC DR, is proposed, reducing operating costs by 10.73% while increasing profit for users. The suggested approach benefits the microgrid operator as well as its users, encouraging the construction and operation of insular microgrids in rural or isolated areas. [ABSTRACT FROM AUTHOR]

The comprehensive reform of agricultural water prices in China has entered a critical stage, and it is inevitable that the innovation of water-saving incentive mechanisms involving various prices meets the challenge of direct responses of farmers to the actual cost of irrigation water, so the issue of price elasticity of irrigation water demand must be addressed. Based on the 237 estimates on price elasticity of irrigation water demand from 59 studies worldwide between 1963 and 2022, this study quantified the key factors contributing to variations in price elasticity through a metaregression analysis. Subsequently, we explored the potential intervention space for agricultural water pricing policies by considering the heterogeneous effects of both price levels and elasticity intervals. The following results were obtained: ① Agricultural water prices had a positive impact on price elasticity, and increasing water prices remained an effective and robust means of agricultural water saving. Moreover, as price elasticity intervals increased, the impact on price elasticity due to price rises became greater, leading to more significant water-saving effects. ② The polyculture structure had higher price elasticity than the monoculture structure, and the price elasticity of high-value crops was lower than that of low-value crops. This indicated that the inhibitory effect of increasing water prices on irrigation water demand was more achievable when practicing polyculture or planting low-value crops. Furthermore, the water-saving effects of increasing water prices became more pronounced with wider price elasticity intervals in polyculture systems, whereas for farmers growing low-value crops, the watersaving effects of increasing water prices were more noticeable when the initial water price level was already high. ③ Compared to irrigation system reliant on a single water source, irrigation systems utilizing multiple water sources showed greater sensitivity to water price increases. This highlighted the optimal timing of water price adjustments based on the elasticity interval, which could effectively encourage the implementation of new irrigation water source substitution projects. The empirical results provide policy implications for further deepening the comprehensive reform of agricultural water prices and building a water-saving society in China. More emphasis should be placed on the management of irrigation water demand, and the strategy of raising agricultural water prices should be determined by the response degree of irrigation water demand to water prices. Moreover, differentiated agricultural water pricing schemes should be formulated according to the regional cropping structure. Simultaneously, scientific water use prediction based on the price elasticity of irrigation water demand should be included in the demonstration stage of irrigation water source expansion projects. [ABSTRACT FROM AUTHOR]

Morphological measurements of Anatolian chestnut (Castanea sativa Mill.) leaves were done within the borders of Abana district of Kastamonu province. The study was conducted using mixed (oak, beech, hornbeam, black pine, and yellow pine) medium (41% to 70%) and fully closed (71% to 100%) stands. Some leaf parameters, such as leaf blade width, petiole length, leaf blade length, leaf length, distance between lateral veins, teeth width, teeth length, the angle between the leaf base and the petiole, and the angle between the midrib and lateral veins, were measured. Moreover, stomata of the leaves picked up from precise altitudes were observed under a scanning electron microscope. The differences between fibre elevation, fibre wall thickness, elasticity coefficient, rigidity coefficient, Muhlstep rate, and Runkel ratio were found in the wood samples taken from different altitude zones. It was found that altitude did not affect leaf blade width, fibre length, fibre width, felting ratio, and lumen width. However, it was determined that altitude affected other studied characteristics. [ABSTRACT FROM AUTHOR]

The creep behavior of crushed sugarcane end-leaf (SEL) was studied, with consideration of different loading force, moisture content, and feeding amount. Statistical analysis software was used to develop and fit the regression data to a strain change law as a function of time. The fourelement Burgers model was used. A further goal was to analyze the effect of different test conditions on the fitted creep characteristic parameters. The instantaneous elasticity coefficient E0 was found to increase when the loading force increased; the value of delayed elasticity coefficient E1 increased and the value of cohesion coefficient η0 decreased when the feeding amount increased; the value of delayed elasticity coefficient E1 and cohesion coefficient η0 decreased when the moisture content was increased. Therefore, the loading force, moisture content, and feeding amount of crushed SEL all affected the creep capacity of crushed SEL in compression. The results can provide substantial theoretical reference for the silage production of crushed SEL. [ABSTRACT FROM AUTHOR]

Stochastic mesoscale inhomogeneity of material properties and material symmetries are investigated in a 3D-printed material. The analysis involves a spatially-dependent characterization of the microstructure in 316 L stainless steel, obtained through electron backscatter diffraction imaging. These data are subsequently fed into a Voigt–Reuss–Hill homogenization approximation to produce maps of elasticity tensor coefficients along the path of experimental probing. Information-theoretic stochastic models corresponding to this stiffness random field are then introduced. The case of orthotropic fields is first defined as a high-fidelity model, the realizations of which are consistent with the elasticity maps. To investigate the role of material symmetries, an isotropic approximation is next introduced through ad-hoc projections (using various metrics). Both stochastic representations are identified using the dataset. In particular, the correlation length along the characterization path is identified using a maximum likelihood estimator. Uncertainty propagation is finally performed on a complex geometry, using a Monte Carlo analysis. It is shown that mechanical predictions in the linear elastic regime are mostly sensitive to material symmetry but weakly depend on the spatial correlation length in the considered propagation scenario. [ABSTRACT FROM AUTHOR]

The establishment of a financial system should not only consider the current situation, but also need to refer to the past. Due to the memory of the fractional derivative, a fractional-order system can more effectively describe the historical significance of the financial system. Most scholars use the prediction–correction scheme to study fractional-order systems. This paper provides a higher-precision numerical method for the financial system, which more effectively simulate the system. Based on the definition of the Grünwald–Letnikov fractional derivative, the integer-order system with nonconstant demand elasticity is extended to the fractional-order setting, and its dynamic behavior is studied, with some novel chaotic attractors found. The research results are helpful for improving the understanding of the financial system and the financial market and for predicting financial risks. [ABSTRACT FROM AUTHOR]