Hasil untuk "Economics"

Adam B. Jaffe, Richard G. Newell, Robert N. Stavins

David Held, Anthony Mcgrew

Ingar K. Haaland, Christopher Roth, Johannes Wohlfart

Information provision experiments allow researchers to test economic theories and answer policy-relevant questions by varying the information set available to respondents. We survey the emerging literature using information provision experiments in economics and discuss applications in macroeconomics, finance, political economy, public economics, labor economics, and health economics. We also discuss design considerations and provide best-practice recommendations on how to (i) measure beliefs; (ii) design the information intervention; (iii) measure belief updating; (iv) deal with potential confounds, such as experimenter demand effects; and (v) recruit respondents using online panels. We finally discuss typical effect sizes and provide sample size recommendations.(JEL C90, D83, D91)

J. Searle

A. Comas-Herrera

Raquel Fernández, Nber raquel. fernandez

I. Røpke

Suhua Tian, Li Wang, Yonghan Zhao

This study examines the impact of TFP shock, world interest rate shock, domestic deposit rate shock, and fiscal policy shock on China's macroeconomic variables—such as capital credit scale and output growth rate—under the framework of endogenous and exogenous capital controls. Quantitative analysis reveals that an increase in the world interest rates has a negative impact on the domestic credit market, leading to a simultaneous decline in both household savings and capital inflows. Endogenous capital control can mitigate the adverse effect, playing a macroprudential role, whereas exogenous capital controls tend to amplify the negative shock. Expansionary fiscal policy through tax cutting proves effective in stimulating output growth rate. When facing economic downturns, priority should be given to implementing proactive fiscal measures, complemented by appropriate monetary easing with endogenous capital controls, to achieve output growth with less fluctuations.

Aqil al hasoon, Seyed Abbas Hashemi, Narges Hamidian

The financing policies implemented by managers play a pivotal role in risk management and shareholder wealth creation. Consequently, identifying the factors that influence managerial financing decisions is critically important. This study examines the impact of managerial ability on short-term debt usage, incorporating the moderating effects of financial constraints and financial reporting quality. The sample includes 100 firms listed on the Tehran Stock Exchange, selected through systematic elimination for the period 2012–2023. A multivariate regression model based on panel data analysis was employed to test the hypotheses. The findings demonstrate that managerial ability has a positive effect on debt maturity. Additionally, while financial constraints do not significantly moderate this relationship, financial reporting quality strengthens the influence of managerial ability on short-term debt utilization. Specifically, high-ability managers—equipped with superior business acumen and strong incentives to signal their competence—tend to employ greater short-term debt to mitigate information asymmetry and enhance their reputational capital.Keywords: Debt Structure, Managers' Ability, Financial Constraints, Financial Reporting QualityJEL Classification: M40, H63, D04, M41 IntroductionDebt financing is a fundamental component of corporate capital structure, playing a crucial role in firm sustainability and growth. The composition of debt—particularly its maturity structure—serves as a key determinant of financial stability and long-term success. Consequently, decisions regarding debt structure are critical, as misjudgments can expose firms to financial distress or even bankruptcy. Prior research has examined various determinants of debt maturity structure, including macroeconomic and institutional factors such as financial and political environments, legal and tax systems, information asymmetry, and capital provider characteristics. Another stream of literature focuses on firm-specific influences, particularly managerial traits, given their significance in mitigating agency conflicts between shareholders and managers. Among these traits, managerial ability stands out as a pivotal factor shaping debt maturity decisions. Aligned with theoretical foundations, this study proposes the following hypotheses:H₁: Managerial ability positively influences debt maturity.H₂: Financial constraints attenuate the effect of managerial ability on debt maturity.H₃: Financial reporting quality amplifies the impact of managerial ability on debt maturity.Materials & Methods and dataThe study examines firms listed on the Tehran Stock Exchange (TSE) over the period 2012–2023. The sample was selected through systematic elimination to ensure data integrity and representativeness. To test the hypotheses, we employed panel regression analysis using the Generalized Least Squares (GLS) estimator, which accounts for heteroskedasticity and autocorrelation in the data. Managerial ability was operationalized following Demerjian et al. (2012), while financial reporting quality was measured using the Dechow and Dichev (2002) accruals quality model. FindingThe empirical results demonstrate several key insights. As presented in Table 2, managerial ability exhibits a statistically significant positive relationship with firms' utilization of short-term debt. This finding aligns with theoretical expectations, as short-term debt instruments can serve as effective mechanisms to mitigate information asymmetry between managers and investors. Moreover, the preferential use of short-term debt may function as a positive market signal, conveying managers' confidence in the firm's near-term financial prospects. Table 3 reveals that financial constraints do not significantly moderate the relationship between managerial ability and debt maturity structure. This suggests that capable managers maintain their influence over financing decisions regardless of external financial limitations. Finally, Table 4 presents evidence that financial reporting quality strengthens the positive association between managerial ability and short-term debt usage. This amplification effect likely occurs because high-quality financial reporting enhances transparency, thereby increasing the credibility of managers' financing decisions. Discussion and ConclusionCorporate financing decisions are predominantly shaped by managerial discretion, with short-term debt instruments gaining increasing prominence over the past three decades. Our findings align with signaling theory, which posits that short-term debt issuance serves dual purposes: it reduces information asymmetry while simultaneously functioning as a positive market signal of managerial competence. Conversely, agency theory would predict an inverse relationship, suggesting that higher managerial ability might correlate with reduced short-term debt due to inherent agency conflicts in firms where managerial capabilities are less observable. The empirical evidence supports the signaling perspective, demonstrating that high-ability managers strategically utilize short-term debt to distinguish themselves from their less competent counterparts. This behavior stems from their superior capacity to assess market conditions and capitalize on favorable financing opportunities. Furthermore, our analysis reveals that managerial ability plays a particularly significant role in firms with higher reporting quality. In such organizations, which typically possess more robust project portfolios, short-term debt issuance serves as an additional quality indicator. High-ability managers in these firms are more inclined to employ short-term debt instruments, thereby reinforcing their reputation for financial acumen and strengthening market confidence. These findings contribute to the ongoing theoretical discourse by reconciling competing perspectives from signaling and agency theories. They also offer practical implications for corporate governance, suggesting that boards should consider managerial ability as a key factor in financing policy decisions, particularly in firms with transparent financial reporting environments.

Joanna Maria Jasińska, Klaudia Michalska, Joanna Tkaczewska et al.

Novel double-layer films based on furcellaran (FUR) and gelatin (GEL) with the addition of <i>Phytolacca americana</i> L. (PA) extract were used as active packaging for African catfish fillets. Films with PA extract have been shown to minimize the catfish spoilage effects, expressed as odor reduction compared to control samples; however, neither the films nor the PA extract exhibited antimicrobial activity against tested groups of microorganisms (fungi, lactic acid bacteria, <i>Enterobacterales</i> and psychrotrops) or specified microorganisms (<i>E. coli</i>, <i>S. aureus</i>, <i>S. cerevisiae</i>). The tested films demonstrated antioxidant activity determined by the DPPH, ABTS, FRAP, CUPRAC and Folin–Ciocâlteu methods. Cytotoxicity analysis showed that the PA extract affected tested cell lines (PNT2—prostate epithelial cells, HepG2—human liver cells, HaCaT—normal human keratinocytes and Nty-hori 3-1) only to a small extent—the calculated IC₅₀ values exceeded the maximal tested concentration of 500 µg/mL.

Abdillah Ahsan, Maulida Gadis Utami, Yuyu Buono Ayuning Pertiwi et al.

Objectives This study investigated the correlation between the type of health insurance membership as a proxy for the economic status of patients and the severity of their type two diabetes mellitus (T2DM) in Indonesia.Design The study conducted a secondary analysis of National Health Insurance (Jaminan Kesehatan Nasional) claim data provided by the Indonesian Social Security Agency, Badan Penyelenggara Jaminan Sosial (BPJS). We used ordered logistic regression with four severity levels for T2DM (0=outpatient, I=mild, II=moderate, III=severe) as dependent variables. The main independent variables (insurance membership categories) included subsidised insurance members (PBI), a combination of formally employed and nonsalaried informal workers (PBPU &amp; PPU) and nonworkers (BP).Setting Secondary healthcare facilities in Indonesia.Participants The dataset included 2 989 618 claims for hospital visits of people with T2DM from 2018 to 2022.Primary outcome measures Severity level of T2DM patients.Result A higher percentage of T2DM patients who visited healthcare facilities with subsidised insurance (PBI), which represents a low-income group, have severe disease (6.9%) than patients in the PBPU &amp; PPU (4.9%) and BP categories (5.5%). Moreover, regression analysis revealed that having PBI membership status was associated with a greater OR of having severe T2DM than nonsubsidised members. Among T2DM patients in the nonsubsidised insurance category, workers (PBPU &amp; PPU) had an OR of 0.74 (95% CI: 0.735 to 0.745; p&lt;0.0001) for having severe disease during hospital visits. Moreover, non-workers (BP) had a lower OR of 0.718 (95% CI: 0.711 to 0.725; p&lt;0.0001) for severe disease than the PBI category.Conclusion These findings illustrate the lack of optimal access to health services for diabetes patients in low-income insurance membership categories and the challenges of better treatment in health facilities for low-income patients.

Xiaoliang Shi, Jiayin Xin, Aruna Aria et al.

This systematic study on the international research trends in carbon neutrality underscores its critical role in combating global warming and advancing sustainable development. By leveraging the “Web of Science Core Collection” databases and employing CiteSpace software for visual analysis, we examined 2223 research papers to track the influence and trends of key countries, institutions, and authors. Our results reveal a significant increase in publication volume, indicating a robust development potential for carbon neutrality research. The study also identifies environmental science, environmental research, and energy and fuel science as central interdisciplinary hubs, highlighting the importance of cross-disciplinary collaboration. Notably, China leads in publication output but has room for improvement in citation impact, suggesting a need for enhanced research quality and international visibility. The study's findings are instrumental for guiding future research directions, policy-making, and interdisciplinary cooperation, particularly in the fields of environmental science and energy, to accelerate progress towards carbon neutrality and global climate governance.

Silvia Vilčeková, Peter Mésároš, Eva Krídlová Burdová et al.

This article is focused on analyzing roof structure from environmental impact indicators and circularity point of view. The life cycle analysis of the roof structure includes the product phase, transport from the factory gate to the site, operational energy and operational water phase, and an end-of-life phase. Three end-of-life scenarios for built-in materials are designed to observe the reduction in environmental impacts throughout the life cycle of the structure. Scenario 1 mainly considers waste incineration, which accounts for almost 77% of the end-of-life phase. In addition, landfilling (15.4%) and recycling (7.7%) are considered. In scenario 2, landfilling accounts for 38.5% and incineration also accounts for 38.5%. Recycling (15.4%) and downcycling (7.6%) are also considered. In scenario 3, recycling and reuse represent 46.1% and 38.5%, respectively. Incineration (7.7%) and downcycling (7.7%) are also considered. The lifetime considered is 50 years and the functional unit is 1 m². One-Click LCA software was used for the analysis. Results for GWP-fossil are 415 kgCO_2eq, 381 kgCO_2qe and 362 kgCO_2eq for scenarios 1, 2 and 3. The circulation score of the roof composition for three scenario is determined to be 2%, 16% and 36%. It can be concluded that the end-of-life phase of the materials influenced these results to a large extent.

Yacouba Telly, Xuezhi Liu, Tadagbe Roger Sylvanus Gbenou

Despite its immense natural resources, Angola struggles to significantly improve its economy to reduce poverty. Carbon emissions have been increasing over the years, even though the country plans to reduce them by 35% by 2030. This paper attempts to assess the carbon emissions of several sectors (industries, transport, services, and residences) on economic growth, intending to find a balance between environmental protection that requires carbon emissions reduction and economic development that may add to environmental degradation. The study employed time series data on GDP, CO₂, CH₄, and N₂O covering 1971 to 2021 and ARDL and ECM models. This is the first study at the state level in Angola on the relationship between economic development and environmental sustainability considering methane and nitrous oxide emissions. Additionally, the paper assesses the responses of GDP to deviation shock of GDP, CO₂, CH₄, and N₂O by 2032. Phillip Perron and Augmented Dickey-Fuller tests showed that all the data are stationary at the first difference, favoring the application of the ARDL model to explore the short and long-run relationships. The result reveals that methane from agricultural activities and carbon emissions from the building sector and public services contribute to economic growth, whereas carbon emissions from industrial heat systems, non-renewable electricity production, and manufacturing industries harm economic growth. However, no relationship exists between nitrous oxide emissions and economic development. In addition, impulse response function estimates show that appropriate investments can sustain economic development over the years. Therefore, the country should diversify its economy and avoid polluting fuel sources, such as coal. Raising renewable energy’s proportion in the total energy mix can support growth while considering the environmental quality. Investments in skills training, academic projects in renewable energy technologies development, agriculture mechanization, and sustainable job creation are recommended. Additionally, investing in quality seeds adapted to climate realities might help lessen climate change’s adverse effects and promote growth. Manure manufacturing processes must be improved to reduce agriculture and livestock’s methane and nitrous oxide emissions. The country’s leaders are encouraged to promote raw material processing industries while insisting on reducing carbon emissions.

Martin Karlsson, Björn Hammarfelt

We analyse how the Nordic contribution to health economics has evolved over the past three decades -- in quantitative and qualitative terms. Using a dataset of publications from five prominent field journals for health economics, we combine different empirical methods to analyse the general trends in terms of number of distinct publications, topics covered, and co-authorship relationships between countries and individuals. We find that the Nordic countries are responsible for a stable share of international publications in health economics. The topics that Nordic health economists publish on are relatively similar to those most prevalent in the international community, even though health insurance is remarkably absent as a research topic in Nordic countries. In terms of links between countries and co-authors, we see that Nordic researchers are well embedded in the international community, and that the Nordic research community has moved toward less hierarchical relationships.

Onur Baser, Gabriela Samayoa, Nehir Yapar et al.

# Background Closed claims are frequently used in outcomes research studies. Lately, the availability of open claims has increased the possibility of obtaining information faster and on a larger scale. However, because of the possibility of missing claims and duplications, these data sets have not been highly utilized in medical research. # Objective To compare frequently used healthcare utilization measures between closed claims and open claims to analyze if the possibility of missing claims in open claims data creates a downward bias in the estimates. # Methods We identified 18 different diseases using 2022 data from 2 closed claims data sets (MarketScan® and PharMetrics® Plus) and 1 open claims database (Kythera). After applying an algorithm that removes possible duplications from open claims data, we compared healthcare utilizations such as inpatient, emergency department, and outpatient use and length of stay among these 3 data sets. We applied standardized differences to compare the medians for each outcome. # Results The sample size of the open claims data sets was 10 to 65 times larger than closed claims data sets depending on disease type. For each disease, the estimates of healthcare utilization were similar between the open claims and closed claims data. The difference was statistically insignificant. # Conclusions Open claims data with a bigger sample size and more current available information provide essential advantages for healthcare outcomes research studies. Therefore, especially for new medications and rare diseases, open claims data can provide information much earlier than closed claims, which usually have a time lag of 6 to 8 months.

ROGERIO P. DE ANDRADE

RESUMO Este artigo aborda o que chamo de keynesianismo filosófico, mapeando suas origens históricas e analíticas e apontando suas perspectivas como uma referência alternativa. Seu surgimento histórico está relacionado a alguns resultados de pesquisas teóricas e metodológicas da escola pós-keynesiana de pensamento econômico. Uma suposição é feita sobre o lugar apropriado que o keynesianismo filosófico terá no futuro, pois seu escopo de investigação está se tornando muito mais abrangente e inclusivo do que a escola econômica que o gerou. O artigo revisa algumas das principais contribuições desse novo campo de investigação, como os livros de Carabelli, O’Donnell e Davis. Ele também procura reforçar o caso de que, como é bastante claro na abordagem de Keynes à teorização econômica, a economia deve ser vista como uma ciência moral e sócio-histórica, e não como uma ciência natural, e que um estudo mais realista e relevante da economia fenômenos devem ser baseados em algum tipo de pesquisa interdisciplinar.

Rongquan Wang, Huimin Ma, Caixia Wang

Identifying the protein complexes in protein-protein interaction (PPI) networks is essential for understanding cellular organization and biological processes. To address the high false positive/negative rates of PPI networks and detect protein complexes with multiple topological structures, we developed a novel improved memetic algorithm (IMA). IMA first combines the topological and biological properties to obtain a weighted PPI network with reduced noise. Next, it integrates various clustering results to construct the initial populations. Furthermore, a fitness function is designed based on the five topological properties of the protein complexes. Finally, we describe the rest of our IMA method, which primarily consists of four steps: selection operator, recombination operator, local optimization strategy, and updating the population operator. In particular, IMA is a combination of genetic algorithm and a local optimization strategy, which has a strong global search ability, and searches for local optimal solutions effectively. The experimental results demonstrate that IMA performs much better than the base methods and existing state-of-the-art techniques. The source code and datasets of the IMA can be found at https://github.com/RongquanWang/IMA.

Valéria Faria dos Santos, Leandro dos Santos Maciel, Rosangela Ballini

Este artigo investiga o impacto das ações de hedgers e especuladores sobre a volatilidade dos retornos de preços à vista de grãos nos Estados Unidos entre 2000 e 2015 incorporando variações dos contratos futuros em modelos da família GARCH. Para verificar a ação destes agentes ao longo do tempo, os modelos foram estimados de forma recursiva. Adicionalmente, ajustou-se um modelo BEKK-GARCH para verificar os efeitos intermercados. Os resultados mostraram que a atuação de hedgers e especuladores têm impacto moderado sobre os mercados estudados, tendo maior efeito após a crise de 2008 e em momentos de redução da correlação entre as commodities.

Abdul Rahman Jazieh, Elena Pizzo, Laszlo Gulacsi et al.

Introduction: Cancer care is a major challenge to health care and for optimal outcomes, health systems need to align policy across many areas of public life. The recognition that even the wealthiest nations can fail optimum outcomes indicates a need for increased efficiency in cancer control programs. Fundamental to this is the efficient direction of resources––a process that can be optimized through economic measures. This article contains expert recommendations on how decision makers can implement pharmacoeconomic principles at national level in developing countries. Methods: A multidisciplinary panel of 10 experts was formed of oncologists, clinical pharmacists, health economists, and chronic disease control and public health experts from different countries and health-care sectors. The panel developed consensus recommendations for different stakeholders using a framework analysis method. Results: Recommendations were categorized as national level, hospital level, industry level, and public-community level to support decision makers in implementing pharmacoeconomic principles in a systematic way. The recommendations included having proper well-structured, data-driven processes with a specific role for each stakeholder. We proposed required structures and processes in such a way that they can be customized based on individual country plans. Conclusion: The expert panel recommendations will serve as a guide to relevant stakeholders at a national level. Adaptation of these recommendations to each setting is important to accommodate the situation and needs of each country.