Price developments after a nominal shock: Benford's Law and psychological pricing after the euro introduction

Retail managers use psychological pricing to make the prices of goods appear to be just below a round number. The euro introduction in 2002, with its various exchange rates, distorted existing nominal price patterns while at the same time retaining real prices. We studied consumer prices before and after the introduction of the euro by using Benford's Law as a benchmark for price adjustments. Results indicate the usefulness of this benchmark for detecting irregularities in prices, and a clear trend towards psychological pricing after the nominal shock of the euro introduction. In addition, the tendency towards psychological prices results in different inflation rates in dependence of the price pattern.     

Threat of grade retention,remedial education and student achievement: evidence from upper secondary schools in Italy

We use a reform in Italy to investigate the effects on academic achievement of more stringent requirements for grade progression at secondary school. Geogr     

Treatment effect estimation with covariate measurement error

This paper investigates the effect that covariate measurement error has on a treatment effect analysis built on an unconfoundedness restriction in which there is conditioning on error free covariates. The approach uses small parameter asymptotic methods to obtain the approximate effects of measurement error for estimators of average treatment effects. The approximations can be estimated using data on observed outcomes, the treatment indicator and error contaminated covariates without employing additional information from validation data or instrumental variables. The results can be used in a sensitivity analysis to probe the potential effects of measurement error on the evaluation of treatment effects.     

The Decline of Schooling Productivity in OECD Countries

Based on Baumol's cost-disease model, we develop two alternative measures of the change in the productivity of schooling. Both productivity measures are based on changes in the relative price of schooling. We find that in most OECD countries the price of schooling has increased faster in 1970–94 than would be compatible with constant schooling productivity. In addition, we show that the average performance of pupils has remained constant at best in most OECD countries. Our results imply a larger decline in the productivity of schooling in many OECD countries than in the United States.     

Human capital and economic development: A macroeconomic assessment

The role of human capital has so far not been well documented at the macroeconomic level. Many empirical studies lack a consistent theoretical foundation and there are measurement problems due to a very narrow concept of human capital focusing on formal education. Future empirical research should take into account other important determinants of human capital such as the quality of education, the experience of the workforce, and the health and nutritional status of the population.     

The consequences of transfer of training for service quality and job satisfaction: an empirical study in the Malaysian public sector

The significance of transfer of training to organizations has been acknowledged by many studies. However, the consequences of transfer of training, particularly for employees, have still not been adequately explored. The present study was conducted to address this gap. Specifically, it explores the relationship among transfer of training, service quality and job satisfaction. Data for this study were collected through surveys of employees, their supervisors and their colleagues. Data were analysed using structural equation modeling. The findings reveal that transfer of training is positively and significantly associated with both service quality and job satisfaction.