Returns to women’s education using optimal IV selection

This paper investigates returns to women’s education by applying an optimal IV selection approach, post-Lasso IV estimation, which improves the first-stage predictive relationship between an endogenous regressor and instruments. Using the 2010 American Community Survey, we find that an extra year of education increases married women’s own income by $4,480 and spouse income by $8,822. Our findings indicate that 53% of the increase in women’s consumption by education is attributed to the marriage market, and thus, we conclude that the marriage market is the primary channel through which education improves women’s well-being. The results demonstrate the advantages of the post-Lasso approach: The resulting two-stage least squares estimator maintains efficiency without increasing finite sample bias and is less subject to the inconsistency problem when some instruments are invalid; This differs from the results using the instrument of birth quarters only, which is mostly applied in studies on returns to education.     

Effects of financial constraints on export performance of firms during the global financial crisis: microeconomic evidence from Korea

This study uses a manufacturing firm-level panel data set of South Korea for 2006–2013 to investigate the effect of financial constraints on the export performance of firms, with particular emphasis on the corporate ownership structure. The empirical results show that foreign multinational corporation (MNC) subsidiaries are not affected by financial constraint during both crisis and noncrisis periods, implying advantages of foreign ownership. However, domestic firms suffer more from financial constraints on exports during crisis years. In particular, domestic firms without parent firms are financially constrained during both crisis and noncrisis periods. However, those with parent firms do not experience financial constraints during noncrisis periods, although they too suffer from them during crisis periods. Thus, parent–subsidiary linkage among domestic firms plays an important role in alleviating financial constraints on export activity in noncrisis years but not as much during crisis years. Therefore, domestic parent firms exhibit less resilience to the global financial crisis, in comparison to foreign MNC parent firms.     

A qualitative cross-impact approach to find the key technology

This article presents a qualitative analysis method based on fuzzy relations for a cross-impact model designed for a technology impact assessment. The cross-impact knowledge is often uncertain or fuzzy when dealing with future events. Assessing the cross-impact relationships among future technologies creates a more uncertain or fuzzy situation because of the time and the uncertainty involved in evaluating future technologies. In addition, experts prefer to use linguistic terms or fuzzy values in their predictions. Thus a cross-impact matrix is represented as fuzzy relations on causal concepts. We therefore develop inference algorithms based on fuzzy relations and show a simple technology assessment example to illustrate this approach. This approach is useful in finding the key technology because it considers not only the direct impact but also the indirect impact.     

The scope of “marketing” research in the nonprofit sector: Lessons from the last 20 years literature

Over the last several decades, the field of nonprofit marketing has produced a growing number of publications; however, little attention has been paid to examine what research topics have been studied by nonprofit scholars from the marketing perspectives. This knowledge production research contributes to the literature by reviewing trends in research themes and methodologies over the last 20 years among the articles for which authors use the terminology “marketing.” Employing a thematic review using text network analysis, and an in-depth methodology review, this study finds that nonprofit marketing studies have been shifting to become more subdivided and diversified in terms of research themes and methodologies. However, we also find that there is still room for further development, which we provided recommendations based on the findings. With its findings, this paper provides critical guidance for future studies.     

Do Capital Inflows Matter to Asset Prices? The Case of Korea*

In the present paper, we investigate whether capital flows induce domestic asset price hikes in the case of Korea. This issue is relevant for crisis‐hit economies trying to prevent a boom–bust cycle as well as in the formulation of macroeconomic policy objectives in emerging market economies. Korea has recently experienced large capital inflows, in particular a surge in portfolio inflows. Furthermore, asset prices, including stock prices, land prices and nominal and real exchange rates, have also appreciated. The empirical results, obtained using a vector autoregression model, suggest that capital inflow shocks have caused stock prices but not land prices to increase. The effects on the nominal and real exchange rates have been limited, which relates to the accumulation of foreign exchange reserves.     

Specialization,diversification, and productivity: a panel data analysis of rice farms in Korea

This article examines the microeconomics of productivity associated with specialization/diversification in production activities, with an application to Korean rice farms. Korean rice farms tend to be very small and highly specialized. Our analysis examines the productivity effects associated with both farm size and farm specialization/diversification in Korean agriculture. Relying on farm‐level panel data, the analysis studies farm productivity in a multi‐input multi‐output context, accounting not only for changes in inputs and technical change in rice production, but also for the role of diversification in the production of other crops in current and previous periods. We find positive but small productivity gains from farm diversification. These gains come mostly from complementarity effects across farm outputs, with minimal effect of scale economies. The positive complementarity effects work against nonconvexity effects, which provide strong productivity incentives for rice farms to specialize.     

Korea's first industrial revolution, 1911–1940

We estimate output and population of colonial Korea to show that per capita output grew 2.3% with population expanding 1.3% per year from 1911 to 1940. Growth accounting indicated that productivity advance accounted for roughly one half of the per capita output growth. Primary production as a share of GDP fell from 69% to 42% during the period. Rapid productivity improvement caused nontradable sectors to become increasingly important, while capital accumulation drove industrialization. Demographic expansion, per capita output growth, and structural change occurred at considerably faster rates in northern than in southern provinces.     

Past and future of the labor force in emerging Asian economies

In this paper we investigate the determinants of past changes in the labor force of 12 emerging Asian countries, and attempt to make projections of the labor force in those countries for the period 2010–2030. Results from our regression analysis of the labor force indicate that the wage earnings elasticity of labor supply is negative, albeit insignificant, for men and significantly positive for women, and it has a significantly positive association with educational level and a negative one with age. We also find that per capita income shows a negative relationship with the labor force in general for younger age groups and older age groups, and more capital-intensive countries have smaller female labor force. Using extrapolation, the paper predicts that the labor force will increase in all 12 countries during the first two decades of the period 2010–2030, but will eventually decline in China, Hong Kong, Singapore, South Korea, and Taiwan. The paper also makes projections of the unemployment rate and the average working hours in those countries.     

Prospects and problems in modeling group decisions

This paper summarizes some of the major issues related to group decision modeling. We briefly review the existing work on group choice models in marketing and consumer research. We draw some generalizations about which models work well when and use those generalizations to provide guidelines for future research.     

Statistical manipulability of social choice functions

We consider the proportion of profiles at which an anonymous neutral social choice function cannot be manipulated to any coalition's advantage. We fix the number of alternatives and consider the limit as the number of individuals goes to infinity, and assume that the limit of the fraction of all profiles in the domain is 1. We show that there is a continuous function on “profile vectors’ which gives the maximum probability of strategy-proofness, and that this is strictly between 0 and 1 for three alternatives. We also analyze a number of common social choice functions along these lines.