Hyperbolic discounting and the standard model: Eliciting discount functions

Experiments on static intertemporal choice find evidence of particularly extreme impatience toward immediate rewards. While this is often taken as support for hyperbolic discounting, it could also arise because the most likely participants in experiments may be those with the most immediate need for money. We conduct a calibration exercise and find that the extreme impatience observed in experiments can be accommodated by a standard exponential discounting model with no discounting and expectation of a ‘small’ increase in the base consumption level. The calibration uses existing estimates of curvature of utility.     

贴现因子、偏好和行为经济学

本文讨论了影响人们跨时选择的重要因素--贴现因子的最新进展以及他们在经济学和金融中的重要应用,给出了目前关于改变贴现因子的模型.     

工资决定理论:古典经济学与现代经济学的比较

工资决定或工资生成一直是经济学关注的热门话题。从历史演进过程看,先后出现了以配第和斯密等为代表的古典经济学的工资决定理论及流派众多的现代经济学的工资决定理论。本文概述了有代表性的古典经济学的工资决定理论及现代经济学的工资决定理论,简介了其产生背景和核心内容,并在此基础上从三个维度比较了两种工资理论的异同,提出了对探索和完善企业工资决定机制可资借鉴的几点启示。     

品牌经济学的理论基础——引入品牌的需求曲线及其经济学分析

需求定律是经济学分析的理论基础之一,品牌经济学的理论基础为引入品牌的需求曲线或考虑选择成本的需求定律。把品牌引入经济学中后,品牌信用度的提高使需求曲线右移并变得更为陡峭,同时品牌信用度的提高改变了需求曲线的位置,使得均衡价格提高,均衡数量增加,增加了消费者剩余和生产者剩余,提高了社会福利水平。文章为“品牌战”替代“价格战”提供了理论依据,即通过品牌建设提高品牌信用度,使得在价格提高的条件下需求量增加,而这只有在需求曲线改变位置时方能做到。     

法经济学：法学和经济学半个世纪的学科交叉和融合发展

法经济学至今已经走过了近半个世纪,法经济学的发展不仅表现为经济学与法学的跨学科交融和经济学的研究范式对传统法学的巨大冲击与整合,也表现为其对司法实践的重要影响。文章通过对这一研究领域文献资料的整理,梳理出了学科发展的理论脉络和演化逻辑,可以为国内研究者的法经济学规范化和本土化的理论探索提供线索。首先,文章在对法经济学理论与实践的回顾与总结基础上,对该学科的性质、基本理论及研究方法做一简单的描述与总结;然后,选择法经济学研究中最重要且最受关注的财产、合同、侵权及犯罪四个领域,对其国内外研究现状,尤其对20世纪80年代后,国内学者对法经济学在中国的本土化研究加以详细的梳理与评述;最后,在对法经济学的成就与不足的总结与评述基础上,结合20世纪90年代后法经济学的学科演变趋势,提出了对法经济学未来发展趋势的基本判断。     

Reconciling sustainability and discounting in Cost–Benefit Analysis: A methodological proposal

The incorporation of the intergenerational equity objective has rendered the traditional Cost–Benefit Analysis (CBA) approach obsolete for the evaluation of projects presenting an important number of environmental externalities and for those whose impacts extend throughout a long period of time.Based on the assumption that applying a discount rate rewards current consumption and, therefore, that it is only possible to introduce a certain intergenerational equity in a Cost–Benefit Analysis, in this work we propose an approach to discounting based on a different rationale for tangible and intangible effects. We designed two indicators of environmental profitability: a) the Intergenerational Transfer Amount (ITA), which quantifies in monetary units what the current generation is willing to pass on future generations when an environmental restoration project is carried out, and b) the Critical Environmental Rate (CER), measures the implicit environmental profitability.These concepts were tested through an empirical case study pertaining to the assessment of an Erosion Control Project in the southeast of Spain. The results yield traditional profitability indicators that are higher — and probably closer — to the real values set by the contemporary society. The information provided by the environmental profitability indicators proposed renders more transparency to the quantification of the levels of intergenerational equity applied, thereby facilitating the difficult reconciliation of the CBA technique with the objective of sustainability.     

Towards Sustainability Economics: Principles and Values

Synopsis  Radical alternatives, in terms of our ideas about science in society, about economics, ideology and institutional arrangements, should be included among possibilities considered within the scope of a pluralistic philosophy. While all these aspects of our mental maps are interrelated and important, economics plays a key role in attempts to get closer to a sustainable society. Mainstream neoclassical economics is not enough. The tendency to exclusively rely on this particular theory is considered part of the problems faced. A ‘sustainability economics’ more in line with dominant ideas of democracy is proposed, emphasizing the ethical, ideological and political elements. Reference is made to institutional theory but the principles and concepts suggested are in many ways similar to other kinds of heterodox economics and developments in other social sciences. Neoclassical economics is used as a point of reference in pointing to alternative ideas about human beings, organizations, markets, decision- making, efficiency, rationality, progress in society and institutional change processes. Predilection for such an alternative conceptual framework (or for neoclassical economics) is not exclusively a scientific choice but as much a matter of political and ideological preferences. One paradigm may be dominant at a time, but because of the ideological specificity of each paradigm, competing theoretical perspectives should be accepted and even encouraged in a democratic society.      

The Complementary Relationship Between Institutional and Complexity Economics: The Example of Deep Mechanismic Explanations

Analyzing economic systems from an evolutionary-institutional or a complexity perspective are two complementary approaches to economic inquiry. I discuss three arguments in favor of this hypothesis: (i) eminent institutional economists have examined the economy as what today could be considered a complex system; (ii) complexity economists lack meta-theoretical foundations which could be provided by institutionalist theory; and (iii) institutional economists could benefit from using methods of complexity economics. In this context, I argue that scholars considering the economy to be complex should seek to explain it by discovering social mechanisms instead of focusing on prediction. In order to distinguish between alternative explanations, scholars should refer to the deepness of an explanation, rather than to Occam’s razor.     

The Nature of the State and the State of Nature: a Comment on Grady & McGuire's Paper

In 'The Nature of Constitutions', Mark Grady & Michael McGuire provide a model of the evolution and purposes of constitutions as arising to minimize appropriation by dominants of subordinates. This Comment builds on Grady & McGuire's article in three ways. First, it supplements their analysis by operationalizing a model of constitutional evolution that views constitutions as arising out of the conflict of competing high-ranking individuals to preserve their own authority. From this clash of self-interest of dominant individuals, constitutions are born. This predicts that constitutions will not simply tame all forms of appropriation, but will also hard-wire some forms of appropriation behavior into the permanent constitutional structure. Second, it examines the American constitution in light of this model to show how that constitution reflects the mixture of appropriation and appropriation-taming behavior. Third, this Comment argues that the breakdown of constitutionalism in the United States this century can be explained by a failure to fully appreciate the purposes of constitutionalism in a biological framework.     

Works council and training effects on satisfaction

This paper investigates the direct and indirect impact of works councils via further training on job satisfaction. Basic estimates on an individual level do not reveal clearly direct effects, but on an establishment level, the existence of a works council increases the average job satisfaction. We also find a positive, weakly significant effect on an individual level accompanied by training under instrumental variables estimation and if we control for personal characteristics.     

依托财经办学特色构建多层次一体化培训体系

根据《国家中长期教育改革和发展规划纲要(2010—2020年)》中有关于职业教育的论述精神,职业院校应在开展学历教育的同时,利用学校的优势办学资源开展各类职业培训,为社会服务。以桂林市财贸管理干部中等专业学校为例,从培训模块体系、培训组织体系、质量监控保障体系等方面,构建了一套完整、科学、规范的财经类职业技能培训体系,开展了较大规模的财经技能培训和鉴定考试工作,很好地发挥了为桂北地区经济服务的职能。     

Arena-based events and crime: an analysis of hourly robbery data

This article makes use of hourly crime counts to model the relationship between events that take place at the Prudential Center in Newark, NJ and robberies, an arena that has caused local controversy regarding the costs and benefits of hosting such an entertainment venue. Results from the econometric model suggest that the NHL’s New Jersey Devils ice hockey games, concerts, and Disney-themed events are all associated with increases in robbery, while various other event categories such as the NBA basketball games played by the Nets and boxing, and mixed martial arts (MMA) matches are not associated with an increase. These findings support two complementary ecological theories of crime that focus on how events provide additional opportunities for crime by increasing the associated benefits while simultaneously decreasing the cost for economically motivated offenders to take advantage of.     

To Trust or to Control: Informal Value Transfer Systems and Computational Analysis in Institutional Economics

This article illustrates the usefulness of computational methods for the investigation of institutions. As an example, we use a computational agent-based model to study the role of general trust and social control in informal value transfer systems (IVTS). We find that the terms of interaction between general trust and social control have an impact on how IVTS work, become stable, and prove highly effective. The case shows how computational models may help (i) to operationalize institutional theory and to clarify the functioning of institutions; (ii) to test the logical consistency of alternative hypotheses about institutions; and (iii) to relate institutionalist theory with other paradigms and to practice an interested pluralism.     

Gender and Economics in Muslim Communities: A Critical Feminist and Postcolonial Analysis

ABSTRACT

This contribution seeks to delineate the broad contours of a transnational, anti-imperial feminist perspective on gender and economics in Muslim communities by bringing together feminist analyses of Orientalist tropes, development discourses and policies, and macro- and microeconomic trends. The goal is to facilitate conversations among scholars who have tended to work within their respective disciplinary and methodological silos despite shared interests. This approach pays special attention to intersectionality, historicity, and structural constraints by focusing on the diversity of the experiences of women and men by religion, location, citizenship, class, age, ethnicity, race, marital status, and other factors. It recognizes the complex relationships between the economic, political, cultural, and religious spheres and the role of local and transnational histories, economies, and politics in shaping people's lives. Finally, it emphasizes that openness to different methodological approaches can shed clearer light on the question of how various structural factors shape women's economic realities.     

两种制度经济学范式中的意识形态理论:分歧与根源

作为制度经济学的两种范式,新制度经济学和马克思经济学的意识形态理论在意识形态的本质和功能、意识形态的根源与变迁、意识形态与制度变迁的关系等方面存在着明显的分歧.整体来看,马克思的分析框架迄今仍是最有说服力的.这些分歧的根源是方法论:新制度经济学的方法论是制度个体主义和建构理性主义,马克思的制度经济学的方法论是制度整体主义与制度个体主义的统一、演进理性主义与建构理性主义的统一.     

Preparing Graduate Students in Economics for Teaching: Survey Findings and Recommendations

Survey data from PhD-granting economics departments are used to assess the teaching preparation of graduate students in economics. The results show that relatively few departments require graduate student instructors to take a credit course in teaching before teaching their own course or leading a recitation section. Although more graduate student instructors are required to take a noncredit course in teaching before serving as an instructor or recitation leader, the value of such noncredit courses may be limited. The assessment of teaching preparation by department chairs shows mixed responses, with about three-fifths rating it as very good or good and about two-fifths considering it to be only adequate or poor. Recommendations are offered for improving the teaching preparation of graduate student instructors in economics.     

Effectiveness of sequences of classroom training for welfare recipients: what works best in West Germany?

Sequences of active labour market programmes (ALMPs) may be part of an intensified activation strategy targeting hard-to-place unemployed individuals. Such sequences are very common among welfare recipients in Germany, but most studies only evaluate either single ALMPs or unemployed individuals’ first ALMP. I analyse the effects of different sequences of classroom training for West German men and women on different labour market outcomes. Using rich administrative data and a dynamic causal model, I can control for dynamic selection problems that occur during a sequence. The results show that two classroom trainings are more effective than two periods of welfare receipt in helping welfare recipients find regular employment, especially among West German women. Moreover, immediately assigning individuals to classroom training is more effective than waiting and assigning them to classroom training in the second period. However, in some cases, avoiding participation in multiple programmes is preferable.

Abbreviations: ALMP, active labour market programme; CIA, Conditional Independence Assumption; CSR, Common Support Requirement; DATET, dynamic average treatment effect on the treated; IEB, Integrated Employment Biographies; IPW, inverse probability weighting; LHG, UBII-Receipt History (Leistungshistorik Grundsicherung); MSB, mean standardized absolute bias; SUTVA, Stable Unit Treatment Value Assumption; UBII, unemployment benefit II; UBI, unemployment benefit I; WDCIA, Weak Dynamic Conditional Independence Assumption     

经济学研究的两大基本内容及其对知识结构的要求——对日益狭隘化的现代主流经济学之反思

经济学的根本目的是提高国民和社会的福利,这不仅关涉到自然资源的利用问题,而且关涉到人与人之间的社会关系。相应地,经济学的研究内容包含了伦理学和工程学两个方面:它们是相辅相成的,共同构建了整个经济学的理论大厦。事实上,不仅经济学与伦理学之间的关系源远流长,而且即使是专注于研究自然资源配置问题的主流经济学,也根本无法脱离具体的社会关系。正因如此,经济学的研究需要非常广泛的知识;否则,根本无法理解具体的经济现象,也无法提供合理的政策建议。然而,现代主流经济学日益局限于工程学一个方面,并极端地采取抽象化的分析路线,偏重于数理的训练而疏忽其他社会科学领域知识的吸收,从而造成了理论与现实的脱节。     

Chromosomes and the Slutsky Equation: Lessons from 21st Century Genetics for 20th Century Economics

Reductionist scientific methodology has been at the forefront of economics research for much of the past 50 years. This short essay argues that recent discoveries in genetic engineering show that the study of complex phenomena might not be best served by such an approach, but rather by one that takes into consideration more evolutionary approaches. This provides a tremendous opportunity for the field of bioeconomics to establish itself as a major school of though, going into the future.     

Public Finance,Public Economics,and Public Choice: A Survey of Undergraduate Textbooks

The changing scope and approaches in the public finance courses as reflected in a spectrum of undergraduate texts are reviewed. The major texts are examined for content, difficulty, and ideology.