Hasil untuk "Economics"

Paul Stoneman

L. Donaldson

W. Cline

S. Connolly, A. Munro

George A. Akerlof, R. Kranton

V. Smith

Eric A. Hanushek, Ludger Woessmann

An emerging economic literature over the past decade has made use of international tests of educational achievement to analyze the determinants and impacts of cognitive skills. The cross-country comparative approach provides a number of unique advantages over national studies: It can exploit institutional variation that does not exist within countries; draw on much larger variation than usually available within any country; reveal whether any result is country-specific or more general; test whether effects are systematically heterogeneous in different settings; circumvent selection issues that plague within-country identification by using system-level aggregated measures; and uncover general-equilibrium effects that often elude studies in a single country. The advantages come at the price of concerns about the limited number of country observations, the cross-sectional character of most available achievement data, and possible bias from unobserved country factors like culture. This chapter reviews the economic literature on international differences in educational achievement, restricting itself to comparative analyses that are not possible within single countries and placing particular emphasis on studies trying to address key issues of empirical identification. While quantitative input measures show little impact, several measures of institutional structures and of the quality of the teaching force can account for significant portions of the large international differences in the level and equity of student achievement. Variations in skills measured by the international tests are in turn strongly related to individual labor-market outcomes and, perhaps more importantly, to cross-country variations in economic growth.

B. Bernheim, Rangle Antonio

R. Hertwig, A. Ortmann

Brendan Fisher, L. Braat, J. Gowdy et al.

M. Taylor

V. Vuchic

J. Horton, Lydia B. Chilton

We present a model of workers supplying labor to paid crowdsourcing projects. We also introduce a novel method for estimating a worker's reservation wage - the key parameter in our labor supply model. We tested our model by presenting experimental subjects with real-effort work scenarios that varied in the offered payment and difficulty. As predicted, subjects worked less when the pay was lower. However, they did not work less when the task was more time-consuming. Interestingly, at least some subjects appear to be "target earners," contrary to the assumptions of the rational model. The strongest evidence for target earning is an observed preference for earning total amounts evenly divisible by 5, presumably because these amounts make good targets. Despite its predictive failures, we calibrate our model with data pooled from both experiments. We find that the reservation wages of our sample are approximately log normally distributed, with a median wage of $1.38/hour. We discuss how to use our calibrated model in applications.

E. Fehr

In recent years, many social scientists have claimed that trust plays an important role in economic and social transactions. Despite its proposed importance, the measurement and the definition of trust seem to be not fully settled, and the identification of the exact role of trust in economic interactions has proven to be elusive. It is still not clear whether trust is just an epiphenomenon of good institutions or whether it plays an independent causal role capable of shaping important aggregate economic outcomes. In this paper, I rely on a behavioral definition of trust that enables us to relate it to economic primitives such as preferences and beliefs. I review strong biological and behavioral evidence indicating that trusting is not just a special case of risk-taking, but based on important forms of social preferences such as betrayal aversion. Behaviorally defined trust also opens the door for understanding national and ethnic trust differences in terms of differences in preferences and beliefs, and it suggests ways to examine and interpret a causal role of trust.

L. Corrado, B. Fingleton

Bronwyn H Hall, D. Harhoff

Paula E. Stephan

G. Kallis, Christian Kerschner, J. Martínez-Alier

Peter J. Dolton, Richard S. J. Tol

The Nobel Memorial Prize in Economics has been awarded annually since 1969. Who wins the prize is a topic of much interest and tracks the whole course of the academic discipline over the last 57 years. Explaining who wins the prize in any given year is a complex process, which involves the subtle endogeneity of the choice of the field and the individual(s) who should be honoured. Citations, track records, networks of past winners, institutional factors along with field rotation and Economic Prize Committee composition may all play a role. A dynamic sample involving a changing stock of would-be candidates along with a moving flow -- both into and out of the sample -- add complexities to the modelling. We find robust evidence that the Nobel Prize rotates in a semi-regular way between the fields of economics. Earlier awards were for a single paper, later ones for a body of work. Networks do not matter, but having a Nobel student or co-author does. There is some evidence that the personal preferences of Committee members had an effect on either field or individual winner. The Committee's decisions changed after Lindbeck retired.

Nikolay Gospodinov, Ignacio Lopez Gaffney, Serena Ng

Temperature variations at different frequencies may have distinct impacts on economic outcomes. We first explore ways to estimate the low- and high-frequency components in a U.S. panel of 48 states. All methods suggest slowly evolving low-frequency components of temperature at the state level, and that they share a common factor which covaries with the low-frequency component of economic activity. While we fail to find a statistically significant impact of low-frequency temperature changes on U.S. growth, an international panel of 50 countries suggests that a 1°C increase in the low-frequency component will reduce economic growth by about one percent in the long run. The linear effect of the high-frequency component is not well determined in all panels, but there is evidence of a non-linear effect in the international panel. The findings are corroborated by time series estimation using data at the unit and national levels. Our empirical work pays attention to distortions that may arise from using one-way clustered errors for inference, and to the possible inadequacy of the additive fixed effect specification in controlling for common time effects.