Всего публикаций в данном разделе: 22213
The possibility of social choice [статья]
Опубликовано на портале: 15-12-2002Amartya Sen American Economic Review. 1999. Vol. 89. No. 3. P. 349-378.
The subject of social choice includes within its capacious frame various problems with the common feature of relating social judgments and group decisions to the views and interests of the individuals who make up the society or the group. Some challenges and foundational problems faced by social choice theory as a discipline are discussed. Social choice theory is a subject in which formal and mathematical techniques have been very extensively used. Voting-based procedures are entirely natural for some kinds of social choice problems, such as elections, referendums, or committee decisions. They are, however, altogether unsuitable for many other problems of social choice. Impossibility results in social choice theory - led by the pioneering work of Arrow (1951) - have often been interpreted as being thoroughly destructive of the possibility of reasoned and democratic social choice, including welfare economics. That view is argued against.
Опубликовано на портале: 15-12-2002Jonathan A. Parker American Economic Review. 1999. Vol. 89. No. 4. P. 959-973.
The key implication of rational expectations and the basic life-cycle/permanent-income hypothesis: that predictable changes in income have no effect on the growth rate of consumption expenditures, is examined. This implication is important for understanding the effectiveness and optimal timing of fiscal policy, the causes and propagation of business cycles, and the effects of income fluctuations on the growth rate of the economy. Using household-level consumption data from the Consumer Expenditure Survey, whether expenditures on nondurable goods increase contemporaneously with predictable changes in Social Security tax withholding is tested. It is found that households do change their consumption expenditures in response to the predictable fluctuations in income induced by the Social Security tax system.
Rents, competition, and corruption [статья]
Опубликовано на портале: 15-12-2002Alberto Ades, Rafael Di Tella American Economic Review. 1999. Vol. 89. No. 4. P. 982-993.
Theoretically the effect of competition on corruption is ambiguous. Less competition means firms enjoy higher rents, so that bureaucrats with control rights over them, such as tax inspectors or regulators, have higher incentives to engage in malfeasant behavior. Examples of a positive connection between rents and corruption abound, however. The hypothesis that natural rents, as in the case of oil, and rents induced by lack of product market competition foster corruption, is examined. A model is set up connecting rents to corruption.
Опубликовано на портале: 15-12-2002John Duffy American Economic Review. 1999. Vol. 89. No. 4. P. 847-877.
Findings are reported from an experiment that implements a search-theoretic model of money as a medium of exchange. The question is whether subjects learn to adopt the same commodities as media of exchange that the model predicts will be used in equilibrium. It is reported that subjects have a strong tendency to play fundamental rather than speculative strategies even in environments where speculative strategies yield higher payoffs. Some possible motivations for subjects' behavior are examined, and it is concluded that subjects are mainly motivated by past payoff experience as opposed to the marketability considerations that the theory emphasizes.
Опубликовано на портале: 15-12-2002Gordon B. Dahl, Michael R. Ransom American Economic Review. 1999. Vol. 89. No. 4. P. 703-727.
Economists and psychologists argue that individuals skew personal beliefs to accord with their own interests. To test for this presence of self-serving beliefs, 1,200 members of the Mormon Church were surveyed about tithing. A tithe is a voluntary contribution equal to 10% of income. Since respondents must decide privately what income items to tithe, how the income definition depends on an individual's religious and financial incentives was observed. Surprisingly little evidence was found that an individual's financial situation influences beliefs about what counts as income for the tithe. However, ambiguity increases the role for self-serving biases.
Опубликовано на портале: 15-12-2002Padma Desai American Economic Review. 2000. Vol. 90. No. 2. P. 48-52.
The factors that led to the collapse of the ruble are analyzed. It is argued that it resulted from exogenous factors (closely related to the unanticipated Asian financial crisis) interacting with inherited weaknesses in fundamentals (of fiscal policy) that made the Russian economy, while progressively being brought to macroeconomic stability, nonetheless vulnerable to a large external shock. It is contended that, instead of the policy mistake of August 1998 requiring a default of domestic debt and moratorium on payment of foreign commercial debt, a decision by Russian authorities to offer temporary exchange controls, sanctioned by the IMF and the U.S. Treasury as an emergency measure, would have been a better alternative, obviating the de facto partial and unilateral resort to controls that the moratorium and default implied.
Опубликовано на портале: 15-12-2002William Darity American Economic Review. 2000. Vol. 90. No. 2. P. 308-311.
International racial and ethnic economic inequality is examined. The international record shows disparity across nations and regions, between racial and ethnic groups within countries, and within groups in the same country. Subalternate racial and ethnic populations, whether in the majority or minority, suffer remarkably similar economic outcomes across the globe. Institutional racism and cultural discrimination affect subcultures and different classes in multiple ways. In every country, those who get the short stick continue to face poor prospects for economic inclusion and justice.
Опубликовано на портале: 15-12-2002Dani Rodrik American Economic Review. 2000. Vol. 90. No. 2. P. 140-144.
Few would doubt the proposition that political institutions matter for economic development. Yet robust generalizations and systematic evidence on how exactly they do so are lacking. In this paper, attention is drawn to regularity in the cross-national data that has received little attention to date: participatory political regimes are associated with significantly lower levels of aggregate economic instability. After presenting some of the evidence, it is speculated that the reason has to do with the propensity of democracy to moderate social conflict and induce compromise. Three distinct arguments as to why this may be the case are presented.
Опубликовано на портале: 15-12-2002Wei-Yin Hu American Economic Review. 2000. Vol. 90. No. 2. P. 368-372.
Analysis of longitudinal data for immigrants presents a more pessimistic portrait of immigrants' economic success. First, the rate of growth of immigrant earnings was overstated in census-based studies. Second, the worsening of immigrant earnings for more recent arrival cohorts is deeper than previously suggested. Against these two negative findings, one must keep in mind an important caveat. The steeper cohort decline in earnings may be a sign of greater human-capital investment by more recent immigrants. Longitudinal data suggest a strong degree of earnings convergence: immigrants who start at lower earnings quickly make up a large part of the deficit relative to their immigrant counterparts.
Опубликовано на портале: 15-12-2002Finis Welch American Economic Review. 2000. Vol. 90. No. 2. P. 444-449.
Although increased wage inequality among men during the past three decades has received more attention, the growth in women's wages has been equally remarkable. In fact, by one measure of inequality, the ninth-decile/median ratio, the proportional growth in inequality has moved in exact proportion with the female/male wage ratio. It is suggested that both result from expansion in the value of brains relative to brawn. There is no way of knowing the full story of growth in women's relative wages, and it is important not to dismiss the import of changing career patterns. As is evident in the panel data, increasing labor market participation must be important. So, too, are the implications that follow the movement of women from the home to the job.
Опубликовано на портале: 15-12-2002George Loewenstein American Economic Review. 2000. Vol. 90. No. 2. P. 426-432.
Economists have not explicitly denied the existence and significance of visceral factors but have traditionally left them out of their analyses, whether because their influence is perceived as transient and hence unimportant, or because they are seen as too unpredictable and complex to be amenable to formal modeling. An attempt is made to show that both of these assumptions are false. Visceral factors have important, but often underappreciated, consequences for behavior. Moreover, both the determinants of visceral factors and their impact on behavior are not only systematic, but amenable to formal modeling.
Опубликовано на портале: 15-12-2002Lois Joy American Economic Review. 2000. Vol. 90. No. 2. P. 471-475.
Do gender differences in college majors and qualifications account for gender differences in labor market outcomes? For the overwhelming majority of men and women, The Baccalauarate and Beyond Longitudinal Study data suggest that the answer is no. Within the majority of majors and occupations, men earn more than women in first jobs. The exception to this is for science and humanities majors, were men do not obtain a wage advantage over women. However, even within the sciences, women are more than twice as likely as men to end up in clerical first jobs, which are considered by students to be among the least satisfactory jobs.
Опубликовано на портале: 15-12-2002Xavier Gabaix, David Laibson American Economic Review. 2000. Vol. 90. No. 2. P. 433-438.
Cognition requires scarce inputs, including time and concentration. Since cognition is costly, sophisticated decision-makers should use mental shortcuts, or heuristics, to reduce cognitive burdens. A model is proposed and tested that is motivated by these principles. It is believed this model achieves four goals. First, the model makes quantitative behavioral predictions and, hence, provides a precise alternative to the rational-actor hypothesis. Second, the model is psychologically plausible because it is based on the actual decisions algorithms that subjects claim to use. Third, the model is empirically testable; such a test is provided in this paper. Fourth, the model is broadly applicable, because it can be used to analyze decision problems that can be represented in tree form.
Опубликовано на портале: 15-12-2002Karen E. Dynan American Economic Review. 2000. Vol. 90. No. 3. P. 391-406.
This paper tests for the presence of habit formation using household data. A simple model of habit formation implies a condition relating the strength of habits to the evolution of consumption over time. When the condition is estimated with food consumption data from the Panel Study on Income Dynamics, the results yield no evidence of habit formation at the annual frequency. This finding is robust to a number of changes in the specification. It also holds for several proxies for nondurables and services consumption created by combining PSID variables with weights estimated from Consumer Expenditure Survey data.
Опубликовано на портале: 15-12-2002John Hassler, Jose V. Rodriguez Mora American Economic Review. 2000. Vol. 90. No. 4. P. 888-908.
This study develops a model where the allocation of human resources, intergenerational social mobility, and technological growth are jointly determined. High growth endogenously increases the equilibrium return to innate cognitive ability and makes the allocation of individuals depend more on innate ability and less on social background. A social allocation based on innate ability and high growth will thus reinforce each other, implying the possibility of multiple endogenous growth equilibria.
Does culture matter in economic behavior? Ultimatum game bargaining among the Machiguenga of the Peruvian Amazon [статья]
Опубликовано на портале: 15-12-2002Joseph Henrich American Economic Review. 2000. Vol. 90. No. 4. P. 973-979.
This article addresses the assumptions that humans everywhere deploy the same cognitive machinery for making economic decisions and, consequently, will respond similarly when faced with comparable economic circumstances. These assumptions are addressed with experimental evidence from the Peruvian Amazon.
Опубликовано на портале: 15-12-2002Ernst Fehr, Simon Gachter American Economic Review. 2000. Vol. 90. No. 4. P. 980-994.
This paper shows experimentally that there is a widespread willingness of cooperators to punish free-riders. Results indicate that this holds true even if punishment is costly and does not provide any material benefits for the punisher. In addition, evidence is provided that free-riders are punished the more heavily the more they deviate from the cooperation levels of the cooperators.
Опубликовано на портале: 15-12-2002Kristin J. Forbes American Economic Review. 2000. Vol. 90. No. 4. P. 869-887.
This paper challenges the current belief that income inequality has a negative relationship with economic growth. It uses an improved data set on income inequality which not only reduces measurement error, but also allows estimation via a panel technique. Results suggest that in the short and medium term, an increase in a country's level of income inequality has a significant positive relationship with subsequent economic growth.
Опубликовано на портале: 15-12-2002John McLaren American Economic Review. 2000. Vol. 90. No. 5. P. 1239-1254.
This paper analyzes the effects of international openness on vertical integration. Vertical integration can confer a negative externality, by thinning the market for inputs and thus worsening opportunism problems; this induces strategic complementarity and multiple equilibria in the integration decision, thus providing a theory of different industrial systems or industrial cultures in ex ante identical countries. International openness thickens the market, facilitating leaner, less integrated firms, thus providing gains from international openness quite different from those that are familiar from trade theory. This may be taken as one theory of outsourcing, downsizing, and Japanization as consequences of globalization.
From disorganized capitalism to transnational fine tuning?: Recent trends in wage development, industrial relations and 'work' as a sociological category [статья]
Опубликовано на портале: 15-12-2002Raimund Hasse, Hakon Leiulfsrud British Journal of Sociology. 2002. Vol. 53. No. 1. P. 107-126.
The disorganization thesis concentrates upon globalization and market dynamics, which are believed to trigger the breakdown of any kind of institutional structures. The diversity of capitalism approach, by contrast, places much emphasis on the persistence of distinct paths of national economies. Referring to comparative data from the OECD and other sources it is shown that some variables indicate a robustness of national styles of capitalism. Others hint at resemblance: e.g. there is a striking synchronization of the overall and sectoral wage development, there is a significant decrease in industrial disputes, and the class composition tends to become more similar. A move beyond the disorganization thesis and diversity of capitalism approach is suggested. Special attention should be paid to the profound impacts of transnational institutions and knowledge carriers in the form of experts and guidelines.