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This article studies and quantifies the impact of COVID‐related shock on segmented labor market by using Periodic Labour Force Survey of India. We employ transition matrices, cumulative distribution functions, and machine learning techniques. We find that labor market outcomes, both in terms of employment status and income, became even more divergent between the formal and informal sectors during the

We explore how elementary school students' classroom ordinal height or family income rank affects their future academic performance. Using a Korean panel dataset covering multiple classrooms within each school, we exploit the feature that two students with identical height or family income can be ranked differently based on their classroom assignment. We use classroom‐level dummy variables to compare

Research shows that older people are more likely to be envious of their younger peers than the other way around. I analyze how such unilateral envy affects optimal incentive contracts for young and old agents. I show that the optimal contracts can be characterized by pay inversion: The principal offers a higher expected wage to the young agent than to the old agent. Further, I show that the principal

This article examines empirically the relationship between personality and employment using individual‐level survey data collected in The Irish Longitudinal Study on Ageing (TILDA). The analysis is based on a subsample of Irish women who left their jobs because of the so‐called marriage bar, which was a legal requirement at the time that women must leave employment when they marry. Two groups of women

This article presents an empirical analysis of export entry process of small‐ and medium‐sized enterprises (SMEs) by evaluating two mechanisms: self‐selection and trial‐and‐error of exporting. We build a recursive non‐linear model in which the likelihood of permanent export entry over the period 2009–2012 depends on export trials and the predicted productivity stemming from innovation activities, both

In an effort to understand the evolution of productivity growth across sectors and countries, this paper estimates total factor productivity (TFP) and TFP growth using a semiparametric method applied to 13 OECD countries, leveraging the EU KLEMS data at the industry level over the period 1995–2017. Although TFP growth is low for these countries, there are remarkably different growth experiences among

This study builds a growth model and investigates the effects of resource depletion and population increases or decreases on the growth rate of per‐capita consumption in an open economy that trades with the rest of the world. We examine the two cases in which the input ratio of exhaustible resources is fixed or is determined endogenously. In both cases, depending on the conditions, the long‐run growth

The study investigates financial development's heterogeneous impact on emission of CO2, especially in the pre‐ and post‐global financial crisis phases and analyzes the mediators through which financial development affects the emission of CO2. Using panel quantile estimation with non‐additive fixed effects method, on a comprehensive sample of 125 countries over the period 1991–2015, we find that the

This paper exploits data from a now‐defunct online gambling platform to investigate the extent to which the virtual demand for soccer players, as reflected in a player's share price quoted online, is related to race. The data are drawn from soccer players employed in the highest tier of the top five European leagues and contain a rich array of player‐level productivity and other attributes. The study

In the context of international trade, we explore the role of strategic commitments by a local government concerning tariffs in the presence of firms’ corporate social responsibility (CSR) activities. We examine and compare committed tariff and time‐consistent tariff regimes when a domestic or foreign firm engages in CSR activities, respectively. We demonstrate that under domestic CSR, the committed

A simple two‐period model is developed to show that employer‐provided training might increase workers' wages and incentives to work more paid and unpaid hours. These predictions are then tested using the United Kingdom Understanding Society Survey data. The empirical analysis suggests that individuals with at least one employer‐provided training incident work more paid and unpaid overtime compared

Better broadcasting and sports globalization allow sports fans to watch televised matches from the comfort of home, which means that local geography becomes less of a deciding factor in constraining the professional sports market. In our model, utility‐maximizing fans’ decision to watch a game dictates a team's broadcast revenue and allows teams to monetize from non‐home fans. When fans watch a series

This study aims to expand Bahmani‐Oskooee and Hasanzade's research examining the impact of economic policy uncertainty (EPU) on income inequality in the US states. Our study differs from theirs as we use a newly calculated US state‐level EPU index, whereas they used the US country‐level EPU index in their previous work. While the linear ARDL model finds that the EPU has short‐run effects on GINI in

We investigate the accuracy of ChatGPT's answers to multiple‐choice and short essay questions from a widely used OER economics textbook. The questions are classified by their difficulty and cognitive level. In our tests, the bot scored a high D in multiple‐choice questions and a low A in essay questions. Most errors were found in questions of higher cognitive levels, and with calculations and graphs

We use an online experiment to investigate how monetary rewards and within‐task heterogeneity interact with workers’ productivity. By uniquely conceptualizing objective difficulty and complexity, we first investigate whether within‐task heterogeneity results in responses that are elicited solely by task characteristics related to the computational efficiency of the task doer. The subtasks’ difficulty

We examine the relationship between small and medium enterprises’ (SMEs’) productivity and the living standards of low‐income groups in the EU27. To the best of our knowledge, this is the first study that tries to shed light on the link between SMEs’ productivity and poverty in a group of developed economies. Our results from panel estimators suggest a robust positive link between the income—in purchasing

A decision maker chooses between the status quo and an alternative action under uncertainty. The uncertainty is two‐dimensional, and its realization in each dimension is independent. For each dimension, there is an expert who provides information only on that dimension. Both experts strictly prefer the alternative action and simultaneously provide information to the decision maker. We compare the experts'

This paper investigates whether inflation forecasting in emerging economies can be improved with the inclusion of a global inflation component. Focusing on the headline inflation rate of Türkiye, we implement a forecasting exercise using a large dataset describing domestic macroeconomic as well as global inflation dynamics. Our factor‐augmented predictive regression results show that incorporating

Most economic models of the illegal drugs market focus on demand‐side behavior. However, in imperfectly competitive markets such as the illegal drugs market, it is the seller who determines price. Moreover, even models that focus on supply‐side behavior often ignore key factors such as risk. This paper develops an expected utility model of a risk‐averse seller. We find that under risk aversion, increasing

The optimal reserve price of the third‐price auction with two bidders differs from that with more than two bidders, whereas the optimal reserve price of the second‐price auction is the same regardless of the number of bidders. We generalize this result to the kth‐price multiunit auctions with single‐unit demand, and introduce a new kind of shill‐bidding incentive of bidders in order to lower the reserve

We explore the relationship between Big‐5 Personality Traits and school grades, using a novel survey of state primary school children in Mexico. Linear school fixed‐effects estimates controlling for household income, principal caregiver's education, IQ, and personality traits indicate that higher conscientiousness and agreeableness consistently and significantly correlate with high school performance

The relationship between foreign direct investment (FDI) and military spending in the Middle East and North Africa (MENA) region is complex and multifaceted. High levels of military spending can deter foreign investors, as it creates an uncertain and potentially volatile investment climate. However, countries that invest in their military infrastructure and capabilities may be seen as more stable and

We examine the problem of how much risk‐averse agents would be willing to bet on events where there are multiple possible winners but only one will actually win. We describe how this problem can be solved for concave utility functions and illustrate the properties of the solution. The optimal betting strategy is more aggressive than strategies derived from considering each outcome separately such as

Much of the economic literature on education models the process of acquiring human capital as a “black box.” While such models have many interesting uses, they are of little use when a student is considering how much teaching she needs and how her time at university is allocated between study and attending class. Considering such questions requires us to “open up” the black box. Our paper shows what

This paper shows that an increase in the ratio of household assets to gross domestic product (GDP) predicts higher GDP growth in the short term, but lower growth in the long term. It is also associated with lower consumption, investment, and employment rates in the future. The result is robust to controlling for various economic indicators including credit spreads, household debt to GDP ratio, and

In this study, we investigate the relationship between debt governance and overinvestment. We use net cash flows to debtholders as a proxy for debt governance and find that an increase in these cash flows mitigates firms' overinvestment. We also show that free cash flows lead cash‐rich and cash‐poor firms to overinvest but that debt governance attenuates this problem. Finally, we find that the mitigating

We offer a simple formalization of different types of flexible working time arrangements. Specifically, we study the distinction between employee‐oriented flexibility and employer‐oriented flexibility. The formal framework we offer can be useful in formulating hypotheses for the growing body of empirical work in the area.

We argue that the 40‐year‐old Feldstein–Horioka “puzzle” should have never been labeled as such. We discuss two problems with the literature. First, we show that the series of investment and saving rates typically used in empirical exercises to test the Feldstein–Horioka thesis are not appropriate. The correct series to properly test it are not collected. Second, we show that the Feldstein–Horioka

This study examines the impact of fiscal autonomy (FAP) on public expenditure performance across 18 Indian states from 2010–11 to 2019–20. We develop a measure of public expenditure performance using social indicators. We also measure FAP using revenue‐expenditure ratio. Based on system generalized method of moments, the empirical result confirms that a higher FAP given to Indian states is associated

Identifying the effects of quantitative easing (QE) on asset return correlations is critical to assessing such policies’ impact across financial markets. In this paper, we use a dynamic conditional correlation model that allows us to measure the impact of unconventional monetary policy on time‐varying correlations. Our results suggest that QE significantly affected correlations between stocks and bonds

This study delves into the intricate dynamics of technology, labor markets, and economic growth within the context of Industry 4.0. By integrating automation capital into a dynamic general equilibrium model, we examine its implications for economic performance and social equity. The empirical analysis highlights the substitutability of unskilled labor by automation, revealing a nuanced relationship

This paper investigates the optimal choice of firms’ environmental R&D (ER&D) risk in a duopoly market with network externalities and emission tax. Considering consumers’ expectations on the overall network size, we analyze two cases in our model: rational expectations and output commitments. The analysis shows that the ER&D risk increases with the intensity of network externalities and emission tax

When managers face relative profit performance competition, we formulate a green managerial delegation contract where the owners impose profit‐oriented environmental corporate social responsibility (ECSR) on their managers. We show that the owner adopts ECSR as a commitment device to reduce outputs under quantity competition if the degree of relative profit performance competition is sufficiently high

The COVID‐19 pandemic ushered in unprecedented social and economic conditions, alongside unexpected policy responses, challenging the effectiveness of traditional labor market forecasting approaches. This article presents a novel approach that integrates macroeconomic variables, traditional labor market metrics, and Google search data to develop a machine learning‐based indicator for the Colombian

This paper investigates the effects of market power on income disparities when firm‐specific parameters are considered to test how they shape the gap between capital and labor earnings through their pricing decisions. The dataset consists of 2895 UK manufacturing and services firms over 2010–2019. The results provide the following insights: (a) There is a strong positive association between market

Corruption poses a significant threat to societies’ social and economic fabric, eroding trust and contractual relationships between governments and citizens. This study investigates the repercussions of corruption spillover on individuals and explores how they adjust their motivation to engage in tax cheating by exploiting two distinct types of corruption heterogeneities at both individual and national

Based on a Fairlie decomposition method, this paper analyzes the drivers of gender gaps in financial inclusion in Cameroon. We use Finscope 2017 data for Cameroon and assess six distinct financial inclusion variables grouped into two dimensions mainly, access to and use of financial products and services. Our results show that there is a gap in all indicators of access to and use of financial products

This research empirically investigates whether consumer confidence is affected by seasonal daylight fluctuations. Cross‐country panel regressions are run with two different datasets. It is found that both solar elevation and sunlight duration positively affect consumer confidence. The presence of country and year‐by‐month fixed effects as well as controls for the business cycle help rule out alternative

The ratchet effect is an economic phenomenon where agents strategically restrict their efforts to conceal information on their characteristics under the dynamic setting. This study experimentally examines the effect of the probability of proceeding to the next stage on ratcheting behavior. We find evidence that if the probability is smaller than 1, the ratchet effect is mitigated.

This study examines whether managerial overconfidence coupled with self‐attribution bias distorts the investment decisions of firms. To this end, we investigate the impact of overconfidence on asymmetric investment cash flow sensitivity (ICS). We find that managerial overconfidence affects ICS in a downward‐sticky direction, which is reinforced by overconfidence coupled with managerial self‐attribution

This paper examines the environmental, social, and governance (ESG) requirements for an industry in an n-oligopolistic model and investigates the relationship between the degree of industry concentration and the degree of ESG requirements. It is shown that the factors influencing the degree of ESG requirements include the number of firms, the elasticity of market demand, and the market concentration

This meta-analysis examines the relationship between the Big Five personality traits and earnings. The results reveal that openness to experience, conscientiousness, and extraversion exhibit positive correlations with earnings, whereas agreeableness and neuroticism are inversely correlated with earnings. Overall, personality has a modest-to-small effect on earnings, with variations in results depending

In an industry with homogeneous goods, this note compares the standard incumbent's strategic capacity choice versus the incumbent's pre-emptive payment (profit) transfer (PPT) strategy (i.e., pre-entry acquisition). It is shown that via the transfer option, the incumbent holds its monopoly position “dissuading” the potential competitor entry for a range of fixed costs larger than under strategic capacity

This paper provides novel evidence of nonlinearities in the formation of preferences for redistribution by uncovering evidence of multiple regimes consistent with the presence of multiple equilibria and multiple steady states. Using threshold regressions that account for the endogeneity of the threshold variable, countries are classified into three groups that share common characteristics. Finally

This study considers an endogenous timing game of R&D decisions with research spillovers and compares the effects of output and research subsidies. We show that the simultaneous-move (sequential-move) game is an equilibrium if the spillover rate is low (high) under an output subsidy while this equilibrium is socially beneficial if the spillover rate is high or low enough. Under a research subsidy,

This study aims to determine and compare the impact of four different types of European Central Bank (ECB) monetary policy communication events on euro area sovereign yields on an intraday basis since 2014. Our paper distinguishes it from similar studies in that we analyze a broad range of ECB communication types. The results reveal that ECB decisions and press conferences have the most substantial

Class size is one of the predominant topics in educational policy debate, as its impact on academic performance has not always yielded consistent findings. Nevertheless, less emphasis was paid to noncognitive outcomes such as well-being and behavioral issues. This study employs rich administrative and survey data to investigate the effects of class size on students’ bullying and violent behavior as

This study investigates the role of money illusion (MI) in a dynamic stochastic general equilibrium model. We introduce MI such that households, in their intertemporal optimization, erroneously recognize nominal variables as real ones. We find that first, our model could exhibit money nonneutrality in the long run; second, the Taylor principle is a sufficient condition for determinacy but not a necessary

We study how passive cross-holdings affect product differentiation and welfare in a Cournot duopoly. We show that increasing unilateral ownership stimulates total investments, and therefore improves social welfare. Such cross-holdings should not be controlled in view of social welfare. However, we identify an inverted-U (a negative) relationship between consumer surplus and ownership when the demand

This study uses the Plain Writing Act of 2010 as an exogenous variation in the readability of 10-K reports to establish the impact of report improvements on firm risk. We find that better readability significantly decreases total and idiosyncratic risks for US firms experiencing shocks to their readability environment during 2001–2016. The impact is stronger among firms with poorer governance, less

In this paper, we assume that the domestic public firm competes in the market with a foreign private firm that cares about consumer surplus and the domestic government imposes tariffs on foreign firm. We aim to analyze the influence of the corporate social responsibility (CSR) level of foreign firm on privatization and tariff policy. It shows that if the government implements a privatization policy

This study investigates institutional distance as a factor of investors’ monitoring of corporate earnings attributes. We analyze the US cross-listing market to determine whether institutional monitoring depends on geographic or market proximity. We find that shareholdings of non-US institutions headquartered in the same country as the investee firm are significantly and positively related to earnings

In this study, we analyze the effect of a merger between banks by extending a structural model of the banking industry with the possibility of bank runs developed by Egan et?al. (2017; American Economic Review, 107, 169–216). We use our framework to analyze whether the 2008 merger between Wells Fargo and Wachovia was beneficial for social welfare. The results suggest that the stability of the financial

In this paper, we study the impacts of cross-ownership structure on double marginalization problem (DMP) and social welfare under downstream the Bertrand and Cournot competition. We find that in the Bertrand competition, DMP is more serious under backward cross-ownership than under forward cross-ownership. Under forward cross-ownership, because the upstream firm internalizes part of a retailer's profit

Broadsheet newspapers are an important source of economic news. Using a unique dataset of more than 489,000 articles over the last 20 years, this article asks the question whether newspapers published in Scotland communicate similar economic sentiments as UK-wide newspapers. The findings show that although Scottish and UK newspapers share a positive correlation, this relationship varies over time.