Institutions crucial for the analysis of how agents deal with uncertainty have been gaining increasing relevance on the economic research agenda. In this paper, we analyze the institutional literature aiming to explain why this perspective obtains better results than others in development economics. In particular, we stress the relevance of New Institutional Economics as an adequate framework for a broad understanding of development issues. 相似文献
Why in many economies households and firms borrow and make deposits in foreign currency? Expanding on the existing literature, our framework addresses this question allowing for interest rate differentials and access to foreign funds to play a role in explaining this process of asset substitution or financial dollarization. Using a newly compiled data set on transition economies and employing a standard panel as well as a panel-VAR methodology we find that increasing access to foreign funds leads to higher credit dollarization, while it decreases deposit dollarization. Interest rate differentials matter for the dollarization of both loans and deposits. 相似文献
Motivated by efficiency and equity concerns, public resource managers have increasingly utilized hybrid allocation mechanisms that combine features of commonly used price (e.g., auction) and non-price (e.g., lottery) mechanisms. This study serves as an initial investigation of these hybrid mechanisms, exploring theoretically and experimentally how the opportunity to obtain a homogeneous good in a subsequent lottery affects Nash equilibrium bids in discriminative and uniform price auctions. The lottery imposes an opportunity cost to winning the auction, systematically reducing equilibrium auction bids. In contrast to the uniform price auction, equilibrium bids in the uniform price hybrid mechanism vary with bidder risk preferences. Experimental evidence suggests that the presence of the lottery and risk attitudes (elicited through a preceding experiment) impact auction bids in the directions predicted by theory. Finally, we find that theoretically and experimentally, the subsequent lottery does not compromise the efficiency of the auction component of the hybrid mechanisms. 相似文献
This paper analyzes the dynamic relationship between tobacco and the rest of the economy in the colonial Chesapeake to test the staple theory version of the export-led growth hypothesis. The paper adopts a multivariate time-series approach which accommodates the presence of cointegration and contemporaneous correlations among innovations. The empirical evidence strongly supports the staple theory. British demand for tobacco is statistically exogenous and found to induce cyclical fluctuations in the colonial price of tobacco as well as temporary over- or underproduction, as measured by a long-term cointegration relationship between the British demand for tobacco and the colonial price of land. 相似文献
We present a novel series of Chilean top-income shares covering half a century, mainly based on income-tax declarations and the National Accounts. Such a time frame of analysis is still rare in the literature of developing countries. We distinguish between a fiscal-income series (1964–2017) and an adjusted series (1990–2017). The former covers individual income, while the latter also includes corporate undistributed profits, which affects both levels and trends. The fiscal-income estimates start with low levels and a decreasing trend over the 1960s. They then increase rapidly during the dictatorship years (1973–89). The series ends with a high, yet slowly decreasing, concentration for most of the recent democratic period (1990–2017). By contrast, the adjusted series has followed a U-shape since the return of democracy, contradicting the established consensus on falling inequality over the period. Furthermore, Chile ranks among the most unequal countries in both the OECD and Latin American countries over the period. 相似文献
While many studies have investigated consumer purchase behavior in reward programs, a better understanding of customer redemption behavior is lacking, particularly when promotions affect a core aspect of reward programs—free rewards. In this paper, we examine the impact of a promotion on purchase and reward redemption in a reward program in which consumers can partially cover the cost of a free reward with their money. The literature on reward programs suggests a positive reinforcement caused by reward redemption, whereas the literature on promotion provides different views regarding the existence of a postpromotion dip. Using data from a major retailer’s reward program, we verify that such a promotion attracted customers with less transaction activity and shorter tenure. Interestingly, consumers using the promotion increased their preference for hedonic rewards compared to their previously observed behavior. This change in preference persisted after the promotion ended. Overall, the promotion significantly increased the number of redemptions but generated a negative impact on subsequent consumer behavior by decreasing purchase incidence and quantity. Our findings point to a need to understand the trade-off between spending money on buying an otherwise free reward and future regular purchases.
Using data from financial and economic performance of International Oil Companies (IOCs) in the exploration-extraction (E&E) business, along with institutional and market orientation of governments and National Oil Companies (NOCs) that receive project offers, the international E&E market is analyzed in both institutional development and behavioral patterns of type of E&E contract following an agency theory approach. Additionally, given Mexico's recent energy reform being launched between 2015 and next 2019, the various types of E&E contracts are analyzed, comparing license contracts with production sharing and risk service ones. Next, using panel data methods an analysis of 17 enterprises between 2005 and 2015 is presented, where so-called global IOCs show higher returns and commitment than specialized ones, demonstrated by their net income and return on equity, or ROE. 相似文献