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Journal articles on the topic 'Welfare economics Econometric models'

Author: Grafiati

Published: 10 December 2022

Last updated: 29 January 2023

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1

Guedes, Gilvan, Rodrigo Raad, and Lucélia Raad. "Welfare Consequences of Persistent Climate Prediction Errors on Insurance Markets against Natural Hazards." Estudos Econômicos (São Paulo) 49, no. 2 (April 2019): 235–64. http://dx.doi.org/10.1590/0101-41614922grl.

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Abstract This paper studies the welfare consequences of the friction between two groups, those with and those without rational expectations, in an incomplete insurance market. We validate this friction empirically and test the existence of additional heterogeneity in the probability of belonging to the group which makes persistent mistakes on the anticipation of climate events using econometric models. The econometric models further suggest that the probability of belonging to this group varies significantly by sociodemographic attributes of respondents and by the geophysical attributes of their places of residence. Based on this evidence, we develop a two-period model of private insurance under uncertainty with endogenous prices. By including a central planner providing a technology for access to accurate information, our example illustrates that public intervention (via taxation) would only be feasible if public expenditure in the provision of this technology did not exceed 9.188% of the aggregate income earned by agents with inaccurate expectations.

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Magnus, Jan R., and Mary S. Morgan. "The ET Interview: Professor J. Tinbergen." Econometric Theory 3, no. 1 (February 1987): 117–42. http://dx.doi.org/10.1017/s0266466600004151.

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Jan Tinbergen is one of the founding fathers of econometrics, publishing in the field from 1927 until the early 1950s. This was the frontier age of econometrics when the distinction between mathematical economics and econometrics, let alone between theoretical and applied econometrics, did not yet exist. Tinbergen's approach to economics has always been a practical one. This was highly appropriate for the new field of econometrics, and enabled him to make important contributions to conceptual and theoretical issues, but always in the context of a relevant economic problem. The development of the first macroeconometric models, the solution of the identification problem, and the understanding of dynamic models are perhaps his three most important legacies to econometrics. Tinbergen was awarded the first Nobel Memorial Prize in economics in 1969 (jointly with Ragnar Frisch) for his contributions to econometrics.Tinbergen's desire to communicate his ideas to others is matched by a talent for clear and direct writing. This gives his econometric work great appeal and an apparent simplicity which should not be underestimated. This talent was also fruitfully applied to the development of pedagogical tools for teaching econometrics to his students.Since the early 1950s Tinbergen's interests have moved on and he has made notable contributions to such diverse fields as the theory of economic policy, development planning, and income distribution. Tinbergen's political and pacifist views have always been an important element in his economics, and even, as this interview shows, his econometrics. His overriding aim has been to improve the welfare of the less fortunate in this world.It is now 60 years since Tinbergen's first article in economics appeared, yet he shows no signs of retiring. We met him on May 27, 1986, in the study of his house in The Hague, where he has lived for most of his working life and which bears the hallmarks of continued study and writing. Most of the discussion during the afternoon concerned his econometric work published in the 1930s and 1940s. He gave us his views of those early developments—both what he thought then and how he sees them now. What follows is an edited transcript of the conversation. We hope that this interview will bring alive to the readers of the 1980s the issues and difficulties faced by econometricians in the 1930s, as well as Tinbergen's characteristic response to those problems. One of Tinbergen's attributes is a considerable modesty about his own achievements; the reader should bear this in mind when reading his remarks.

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Tridico, Pasquale, and Walter Paternesi Meloni. "Economic growth, welfare models and inequality in the context of globalisation." Economic and Labour Relations Review 29, no. 1 (February 22, 2018): 118–39. http://dx.doi.org/10.1177/1035304618758941.

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The recent economic crisis was a test case for many advanced countries to determine the capacity of their socio-economic model to cope with the challenges of globalisation and financial crash. From this perspective, the aim of this article is to explore whether the expansion of the welfare state should be seen as a barrier to economic growth and competitiveness, as ‘neoliberal’ economists often argue, or whether increasing public social provision might contribute to enhancing real income. After a comparative discussion of the evolution of different welfare models in developed countries, we advance our argument that public social spending is not a drain on competitiveness or an obstacle to economic efficiency. On the contrary, we explore the possibility that increasing welfare expenditure can stimulate economic growth along with lowering inequality, while the so-called ‘efficiency thesis’ (according to which globalisation needs to be accompanied by the retrenchment of welfare states in order to promote external competitiveness) produces worse economic performance and higher inequality. As a test of this hypothesis, we analyse empirical data on 34 Organisation for Economic Co-operation and Development countries from 1990 to 2013. We use econometric analysis to indicate that the so-called ‘compensation thesis’ (a process whereby globalisation is regulated through expansion of welfare states) may contribute to real income dynamics, while greater income inequality may inhibit per capita gross domestic product growth. JEL Codes: I380, P510, F600, G010

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Melitz, Marc J., and Stephen J. Redding. "New Trade Models, New Welfare Implications." American Economic Review 105, no. 3 (March 1, 2015): 1105–46. http://dx.doi.org/10.1257/aer.20130351.

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We show that endogenous firm selection provides a new welfare margin for heterogeneous firm models of trade (relative to homo geneous firm models). Under some parameter restrictions, the trade elasticity is constant and is a sufficient statistic for welfare, along with the domestic trade share. However, even small deviations from these restrictions imply that trade elasticities are variable and differ across markets and levels of trade costs. In this more general setting, the domestic trade share and endogenous trade elasticity are no longer sufficient statistics for welfare. Additional empirically observable moments of the micro structure also matter for welfare. (JEL F12, F13, F41)

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CREEDY, JOHN, and GUYONNE KALB. "MEASURING WELFARE CHANGES IN LABOUR SUPPLY MODELS*." Manchester School 73, no. 6 (December 2005): 664–85. http://dx.doi.org/10.1111/j.1467-9957.2005.00471.x.

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6

Hernandez, Monica, and Stephen Pudney. "Measurement error in models of welfare participation." Journal of Public Economics 91, no. 1-2 (February 2007): 327–41. http://dx.doi.org/10.1016/j.jpubeco.2006.06.006.

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7

Kim, Jinill, and Sunghyun Henry Kim. "Spurious welfare reversals in international business cycle models." Journal of International Economics 60, no. 2 (August 2003): 471–500. http://dx.doi.org/10.1016/s0022-1996(02)00047-8.

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8

Santos, Marcelo, and Marta Simões. "Globalisation, Welfare Models and Social Expenditure in OECD Countries." Open Economies Review 32, no. 5 (November 2021): 1063–88. http://dx.doi.org/10.1007/s11079-021-09646-2.

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9

Parello, Carmelo Pierpaolo, and Bright Isaac Ikhenaode. "Migration, community networks and welfare in neoclassical growth models." Journal of Macroeconomics 70 (December 2021): 103369. http://dx.doi.org/10.1016/j.jmacro.2021.103369.

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10

Mendelsohn, Robert, and George Peterson. "Welfare Measurement with Expenditure-Constrained Demand Models." Review of Economics and Statistics 71, no. 1 (February 1989): 164. http://dx.doi.org/10.2307/1928064.

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11

ASHRAF, ARISHA, ARIEL DINAR, ÉRIKA MONTEIRO, and TODD GASTON. "ADAPTATION IN CALIFORNIA AGRICULTURE: WHAT HAVE WE BEEN ASSESSING FOR TWO AND A HALF DECADES?" Climate Change Economics 07, no. 02 (May 2016): 1650001. http://dx.doi.org/10.1142/s2010007816500019.

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Following the release of the IPCC Fifth Assessment Report, and realizing the likely impact on California water and agricultural sectors, we review key concepts in the climate change lexicon in the context of California agriculture. There are a range of modeling approaches used to study the benefits of water basin- and/or farm-level adaptations, including hydrological, crop simulation, economic programming, and econometric models. Given the central role of farmer and institutional responsiveness, how do recent agro-economic assessments suggest that specific adaptations may improve economic welfare and reduce vulnerability? What is economically efficient adaptation in the short and long-run? What are the limits to the agricultural sector’s adaptive capacity?

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Kim, Jeong Ho (John), and Byung-Cheol Kim. "A welfare criterion with endogenous welfare weights for belief disagreement models." Journal of Economic Behavior & Organization 191 (November 2021): 312–33. http://dx.doi.org/10.1016/j.jebo.2021.09.006.

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13

Bhattacharya, Debopam. "The Empirical Content of Binary Choice Models." Econometrica 89, no. 1 (2021): 457–74. http://dx.doi.org/10.3982/ecta16801.

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An important goal of empirical demand analysis is choice and welfare prediction on counterfactual budget sets arising from potential policy interventions. Such predictions are more credible when made without arbitrary functional‐form/distributional assumptions, and instead based solely on economic rationality, that is, that choice is consistent with utility maximization by a heterogeneous population. This paper investigates nonparametric economic rationality in the empirically important context of binary choice. We show that under general unobserved heterogeneity, economic rationality is equivalent to a pair of Slutsky‐like shape restrictions on choice‐probability functions. The forms of these restrictions differ from Slutsky inequalities for continuous goods. Unlike McFadden–Richter's stochastic revealed preference, our shape restrictions (a) are global, that is, their forms do not depend on which and how many budget sets are observed, (b) are closed form, hence easy to impose on parametric/semi/nonparametric models in practical applications, and (c) provide computationally simple, theory‐consistent bounds on demand and welfare predictions on counterfactual budge sets.

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Campagne, Benoît, and Aurélien Poissonnier. "Structural reforms in DSGE models: Output gains but welfare losses." Economic Modelling 75 (November 2018): 397–421. http://dx.doi.org/10.1016/j.econmod.2018.07.016.

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15

Diachkova, Anna V., and Anna E. Kontoboitseva. "Economic Benefits of gender equality: comparing EU and BRICS countries." Economic Consultant 37, no. 1 (March 1, 2022): 4–15. http://dx.doi.org/10.46224/ecoc.2022.1.1.

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Introduction. In the modern economy the problems of scientific analysis shift the focus from the subject area of gender inequality to gender equality, and special significance is attached to assessing the impact of gender on the social welfare. At the same time, it is noted that developed and developing countries currently have differences in the quality and quantity of goals achieved to address the issue of gender equality. The aim of the article is to assess the economic benefits of gender equality for a group of countries in the European Union and BRICS. Materials and methods. Empirical analysis was based on the construction of regression econometric models that assess the impact on the welfare of the country (GDP) of gender equality in combination with basic macroeconomic factors. Fixed effects regression models have the best descriptive capacity for the EU and BRICS countries, which was verified by standard econometric tests. The information base of the study was made up of official statistics from the reports of the World Bank, the World Economic Forum, the International Monetary Fund, and the United Nations. Results and Discussion. As a result of the study, it was revealed that the level of gender equality has a positive effect on the economic development of both the EU countries and the BRICS; a comparison of the results of the constructed econometric models for groups of EU and BRICS countries showed that gender equality has a statistically significant impact on the economic development of countries in each group, and in the BRICS countries it is stronger, so with an increase in gender equality by one, GDP per capita increases by 3.4172 vs. 0.4647 in EU countries. The inclusion of key socio-economic indicators in the analysis made it possible to compare the obtained impact, and it was found that the degree of influence of the equality index is not lower than the degree of influence of basic economic indicators. That increases the importance of this problem both at the level of the country and international associations. The conclusions obtained based on the analysis of macro statistics confirmed the conclusions of the researchers based on microeconomic data. Conclusions. The results of this study are aimed at understanding the problems of gender equality, its impact on the economic well-being of society, both in an individual country and in the world economy as a whole, which can be taken into account in designing the policy of the state and companies that together ensure progress in the development of equality between men and women.

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Bonnet, Céline, and Jan Philip Schain. "AN EMPIRICAL ANALYSIS OF MERGERS: EFFICIENCY GAINS AND IMPACT ON CONSUMER PRICES." Journal of Competition Law & Economics 16, no. 1 (March 2020): 1–35. http://dx.doi.org/10.1093/joclec/nhaa001.

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Abstract In this article, we extend the literature on merger simulation models by incorporating its potential synergy gains into structural econometric analysis. We present an integrated approach. We estimate a structural demand and supply model dealing with two-part tariff contracts between manufacturers and retailers as in Bonnet and Dubois (2010). This model allows us to recover the marginal cost of each differentiated product. Then we estimate potential efficiency gains using the data envelopment analysis approach of Bogetoft and Wang (2005), and some assumptions about exogenous cost shifters. In the last step, we simulate the new price equilibrium post-merger by taking into account synergy gains, and derive price and welfare effects. We use a home scan data set of dairy dessert purchases in France, and show that synergy gains could offset the upward pressure on prices post. Moreover, in this market, the increase in industry profit due to the merger is more driven by its induced synergy gains than by the market power increase.

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17

Meijer, Erik, and Jan Rouwendal. "Measuring welfare effects in models with random coefficients." Journal of Applied Econometrics 21, no. 2 (2006): 227–44. http://dx.doi.org/10.1002/jae.841.

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18

Murrell, Peter. "Can Neoclassical Economics Underpin the Reform of Centrally Planned Economies?" Journal of Economic Perspectives 5, no. 4 (November 1, 1991): 59–76. http://dx.doi.org/10.1257/jep.5.4.59.

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This paper addresses whether neoclassical economics can provide the intellectual underpinning for a theory of reform. I examine whether the neoclassical model satisfies an essential condition to qualify for this role: does it give us a satisfactory explanation for the vast differences in performance between capitalist and socialist economic systems? First, I focus on the theoretical arguments that have traditionally been used to examine the comparative properties of central planning and markets. I show that developments within theory over the last 20 years have substantially changed the tone of these arguments, making their message more equivocal. Next I discuss empirical evidence, but of a particular sort. Much research shows that centrally planned economies perform less well than market economies; but few studies test whether the superiority of market economies appears within empirical models derived using the framework of basic neoclassical economics. Those studies are the relevant ones for the present exercise. The central conclusion is that economists must look outside the standard models of competition, the focus on Pareto-efficient resource allocation, and the welfare theorems to build a theory of reform.

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Head, Keith, Thierry Mayer, and Mathias Thoenig. "Welfare and Trade without Pareto." American Economic Review 104, no. 5 (May 1, 2014): 310–16. http://dx.doi.org/10.1257/aer.104.5.310.

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Quantifications of gains from trade in heterogeneous firm models assume that productivity is Pareto distributed. Replacing this assumption with log-normal heterogeneity retains some useful Pareto features, while providing a substantially better fit to sales distributions-especially in the left tail. The cost of log-normal is that gains from trade depend on the method of calibrating the fixed cost and productivity distribution parameters. When set to match the size distribution of firm sales in a given market, the log-normal assumption delivers gains from trade in a symmetric two-country model that can be twice as large as under the Pareto assumption.

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20

Chetty, Raj. "Behavioral Economics and Public Policy: A Pragmatic Perspective." American Economic Review 105, no. 5 (May 1, 2015): 1–33. http://dx.doi.org/10.1257/aer.p20151108.

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The debate about behavioral economics–the incorporation of insights from psychology into economics–is often framed as a question about the foundational assumptions of economic models. This paper presents a more pragmatic perspective on behavioral economics that focuses on its value for improving empirical predictions and policy decisions. I discuss three ways in which behavioral economics can contribute to public policy: by offering new policy tools, improving predictions about the effects of existing policies, and generating new welfare implications. I illustrate these contributions using applications to retirement savings, labor supply, and neighborhood choice. Behavioral models provide new tools to change behaviors such as savings rates and new counterfactuals to estimate the effects of policies such as income taxation. Behavioral models also provide new prescriptions for optimal policy that can be characterized in a non-paternalistic manner using methods analogous to those in neoclassical models. Model uncertainty does not justify using the neoclassical model; instead, it can provide a new rationale for using behavioral nudges. I conclude that incorporating behavioral features to the extent they help answer core economic questions may be more productive than viewing behavioral economics as a separate subfield that challenges the assumptions of neoclassical models.

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21

Steger, Thomas M. "Welfare Implications of Non-scale R&D-based Growth Models." Scandinavian Journal of Economics 107, no. 4 (December 2005): 737–57. http://dx.doi.org/10.1111/j.1467-9442.2005.00426.x.

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22

de Palma, André, and Karim Kilani. "Transition choice probabilities and welfare analysis in additive random utility models." Economic Theory 46, no. 3 (December 25, 2009): 427–54. http://dx.doi.org/10.1007/s00199-009-0513-6.

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23

Preston, Ian, and Ian Walker. "Welfare measurement in labour supply models with nonlinear budget constraints." Journal of Population Economics 12, no. 3 (August 17, 1999): 343–61. http://dx.doi.org/10.1007/s001480050103.

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24

Shahriary, Ghorban, and Yaser Mir. "Application of Artificial Neural Network Model in Predicting Price of Milk in Iran." Modern Applied Science 10, no. 4 (February 8, 2016): 173. http://dx.doi.org/10.5539/mas.v10n4p173.

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<p>Changing economic welfare is one of the most important parameters considered by politicians in applying economic policies in agricultural sector. Modifying expenditures is a factor that influences on producers and consumers` economic welfare. Due to the significant impact it has on nutrition and food, job and income of society, milk is a product that is supported by Iranian government. Objective of the research is to predict price of farm gate milk by applying ARIMA and Artificial Neural Networks (ANN). Data from February 2006 to March 2013 were collected from Bureau of Animal Husbandry and Agriculture Support of Iran. The data used had the ability of prediction. Econometric criteria such as , MAD, MAPE and RMSE were also used in order to compare ARIMA error prediction. The results indicate that ANN demonstrated minor error for predicting milk price in a five-month time horizon and it is more accurate than the ARIMA method. Both models predict high fluctuations in milk price as a result of high production risk existing in livestock sector of Iran.</p>

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Corchón, Luis Carlos, and Galina Zudenkova. "The Welfare Effects of Location and Quality in Oligopoly." B.E. Journal of Economic Analysis & Policy 13, no. 2 (July 30, 2013): 1143–78. http://dx.doi.org/10.1515/bejeap-2012-0045.

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Abstract In this article, we show that in models where location is endogenous, maximum welfare losses arising from non-optimal locations or from the lack of market coverage may be substantial. In contrast, maximum welfare losses arising from non-optimal quality choices are more modest, but they might vary discontinuously with the dispersion in consumer tastes. Very often, welfare losses can be inferred from data.

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Butera, Luigi, Robert Metcalfe, William Morrison, and Dmitry Taubinsky. "Measuring the Welfare Effects of Shame and Pride." American Economic Review 112, no. 1 (January 1, 2022): 122–68. http://dx.doi.org/10.1257/aer.20190433.

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Public recognition is frequently used to motivate desirable behavior, yet its welfare effects—such as costs of shame or gains from pride— are rarely measured. We develop a portable empirical methodology for measuring and monetizing social image utility, and we deploy it in experiments on exercise and charitable behavior. In all experiments, public recognition motivates desirable behavior but creates highly unequal image payoffs. High-performing individuals enjoy significant utility gains, while low-performing individuals incur significant utility losses. We estimate structural models of social signaling, and we use the models to explore the social efficiency of public recognition policies. (JEL C93, D64, D82, D91)

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Arkolakis, Costas, Arnaud Costinot, and Andrés Rodríguez-Clare. "New Trade Models, Same Old Gains?" American Economic Review 102, no. 1 (February 1, 2012): 94–130. http://dx.doi.org/10.1257/aer.102.1.94.

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Micro-level data have had a profound influence on research in international trade over the last ten years. In many regards, this research agenda has been very successful. New stylized facts have been uncovered and new trade models have been developed to explain these facts. In this paper we investigate to what extent answers to new micro-level questions have affected answers to an old and central question in the field: how large are the welfare gains from trade? A crude summary of our results is: “So far, not much.” (JEL F11, F12)

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Melitz, Marc J., and Stephen J. Redding. "Missing Gains from Trade?" American Economic Review 104, no. 5 (May 1, 2014): 317–21. http://dx.doi.org/10.1257/aer.104.5.317.

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In a class of trade models which satisfy a constant elasticity gravity equation, the welfare gains from trade can be computed using the open economy domestic trade share and a constant trade elasticity. The measured welfare gains from trade from this quantitative approach are typically relatively modest. In this paper, we suggest a channel for welfare gains that this quantitative approach typically abstracts from: trade-induced changes in domestic productivity. Using a model of sequential production, in which trade induces a reorganization of production that raises domestic productivity, we show that the welfare gains from trade can become arbitrarily large.

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Bernheim, B. Douglas, Andrey Fradkin, and Igor Popov. "The Welfare Economics of Default Options in 401(k) Plans." American Economic Review 105, no. 9 (September 1, 2015): 2798–837. http://dx.doi.org/10.1257/aer.20130907.

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Default contribution rates for 401(k) pension plans powerfully influence choices. Potential causes include opt-out costs, procrastination, inattention, and psychological anchoring. Using realistically parameterized models, we show how the optimal default, the magnitude of the welfare effects, and the degree of normative ambiguity depend on the behavioral model, the scope of the choice domain deemed welfare-relevant, the use of penalties for passive choice, and other 401(k) plan features. While results are theory-specific, our analysis provides reasonably robust justifications for setting the default either at the highest contribution rate matched by the employer or—contrary to common wisdom—at zero. (JEL D14, D91, J26, J32)

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PATTANAYAK, SUBHRENDU K., ERIN O. SILLS, and RANDALL A. KRAMER. "Seeing the forest for the fuel." Environment and Development Economics 9, no. 2 (April 2, 2004): 155–79. http://dx.doi.org/10.1017/s1355770x03001220.

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We demonstrate a new approach to understanding the role of fuelwood in the rural household economy by applying insights from travel cost modeling to author-compiled household survey data and meso-scale environmental statistics from Ruteng Park in Flores, Indonesia. We characterize Manggarai farming households' fuelwood collection trips as inputs into household production of the utility yielding service of cooking and heating. The number of trips taken by households depends on the shadow price of fuelwood collection or the travel cost, which is endogenous. Econometric analyses using truncated negative binomial regression models and correcting for endogeneity show that the Manggarai are ‘economically rational’ about fuelwood collection and access to the forests for fuelwood makes substantial contributions to household welfare. Increasing cost of forest access, wealth, use of alternative fuels, ownership of kerosene stoves, trees on farm, park staff activity, primary schools and roads, and overall development could all reduce dependence on collecting fuelwood from forests.

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Mendis, Patrick. "Ethics into Economics: Are We Homo Economicus or Homo Religious?" Journal of Interdisciplinary Economics 9, no. 3 (July 1998): 169–84. http://dx.doi.org/10.1177/02601079x9800900301.

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This paper argues that the premise of modern economic policies, based purely on neo-classical models, has led to a social disequilibrium and environmental degradation. Neo-classical economic thinkers assume that complex human behaviors can be understood economically and analyzed rationally. Yet, people in the real world behave irrationally and not necessarily economically motivated. The ultimate human utility then lies not only within the economic domain to maximize self-interest in the material world but rather to achieve a satisfying and meaningful livelihood within the spiritual realm. Thus, we are essentially spiritual beings or homo religious having a homo economicus or material experience in search of purpose. The ultimate self-interest does indeed go beyond mere economic means and ends. The premise of economics and ethical and moral considerations should, therefore, be integrated to better understand the so-called economic behavior for a broader welfare of the society for sustainable development.

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Boockmann, Bernhard, Thomas Walter, Martin Huber, Stephan L. Thomsen, and Christian Göbel. "Should Welfare Administration be Centralized or Decentralized? Evidence from a Policy Experiment." German Economic Review 16, no. 1 (February 1, 2015): 13–42. http://dx.doi.org/10.1111/geer.12021.

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Abstract The 2005 reform of the German welfare system introduced two competing organizational models for welfare administration. In most districts, a centralized organization was established where local welfare agencies are bound to central directives. At the same time, 69 districts were allowed to opt for a decentralized organization. We evaluate the relative success of both types in terms of integrating welfare recipients into employment. Compared to centralized organization, decentralized organization has a negative effect on employment chances of males. For women, no significant effect is found. These findings are robust to the inclusion of aspects of internal organization common to both types of agencies.

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Pi, Jiancai, and Yu Zhou. "Rural Property Rights, Migration, and Welfare in Developing Countries." B.E. Journal of Economic Analysis & Policy 15, no. 3 (July 1, 2015): 997–1029. http://dx.doi.org/10.1515/bejeap-2014-0062.

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Abstract Two-sector general equilibrium models are built to investigate how the quality of rural property rights influences rural-urban migration and national welfare in developing countries. In the basic model where the urban wage rate is exogenously given, the impacts of strengthened rural property rights on rural-urban migration and national welfare are determined by comparisons of the rent-gaining effect and the productivity-enhancing effect. Specifically, if the rent-gaining effect dominates the productivity-enhancing effect, strengthened rural property rights will increase the number of rural-urban migrants and reduce national welfare. Otherwise, the opposite impacts are exerted if the productivity-enhancing effect dominates the rent-gaining effect. When we extend the basic model by considering the endogenously determined urban minimum wage rate, the urban minimum wage determination mechanism is also of great importance in determining the outcomes of the basic model. When we extend the basic model by introducing an urban informal sector, the value of labor’s marginal product of the urban informal sector also plays a role in determining the impact of strengthened rural property rights on national welfare. In addition, urban unemployment is also taken into account by the basic and extended models.

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Hoang, Viet. "Impact of Contract Farming on Farmers’ Income in the Food Value Chain: A Theoretical Analysis and Empirical Study in Vietnam." Agriculture 11, no. 8 (August 21, 2021): 797. http://dx.doi.org/10.3390/agriculture11080797.

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This study empirically analyzes the influence of contract farming on income and farming difficulties in Vietnam by using the econometric models and theoretically identifying the affecting mechanism of contract farming on income, sustainability, and welfare by using the qualitative method. The empirical results show that contract farming insignificantly impacts farms’ income while it can facilitate farming activities and decrease difficulties. The factors of education—head, gender of head, type of crop, and technology may affect farmers’ income. The impacting mechanism of contract farming on income, sustainability, and welfare is theoretically proposed as follows: Contract farming initially impacts the intermediate factors such as cooperative, market access, knowledge and skill, product quality, technology, and support. These factors then affect capacity, linkage, quality, and certification which can enhance farmers’ competitiveness. In the long term, stronger competitiveness, higher price, increasing productivity, and lower cost may significantly improve income, sustainability, and welfare. In general, contract farming may have positive impacts on income, sustainability, and welfare in the medium term and long term. In the short term, the result is not significant due to the similar or lower price comparing with the spot market price, growing production cost, decreasing productivity, and weak contract performance. The findings may help policymakers decide how to expand contract farming and its benefits. Economic scholars can test and compare both quantitative and qualitative findings in other contexts.

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Liu, Pan, and Joachim Thøgersen. "PAY-AS-YOU-GO PENSIONS AND ENDOGENOUS RETIREMENT." Macroeconomic Dynamics 24, no. 7 (January 30, 2019): 1700–1719. http://dx.doi.org/10.1017/s1365100518001013.

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This paper revisits two classic results in standard overlapping generations models with a pay-as-you-go (PAYG) pension system. Firstly, a PAYG system crowds out private savings and reduces the overall capital stock. Secondly, in dynamically efficient economies, a PAYG system will reduce steady-state welfare. These classic results have been derived and exposed in models with no retirement decision. However, by allowing for endogenous retirement, and without taking recourse to any frictions, uncertainty, or myopia, it is shown that a PAYG system may be neutral and may even increase the capital–labor ratio. In particular, it is shown that the effect of the pension contribution rate on capital intensity depends on the elasticity of substitution between consumption and leisure. If the elasticity of substitution is between 0 and 1, an increase in the contribution rate will increase capital intensity. Moreover, it is shown that the result regarding welfare may also be overturned. An increase in the PAYG contribution rate may increase steady-state welfare.

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Debortoli, Davide, Junior Maih, and Ricardo Nunes. "LOOSE COMMITMENT IN MEDIUM-SCALE MACROECONOMIC MODELS: THEORY AND APPLICATIONS." Macroeconomic Dynamics 18, no. 1 (August 30, 2012): 175–98. http://dx.doi.org/10.1017/s1365100512000326.

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This paper proposes a method and a toolkit for solving optimal policy with imperfect commitment. As opposed to the existing literature, our method can be employed in the medium- and large-scale models typically used in monetary policy. We apply our method to the Smets and Wouters model [American Economic Review97(3), 586–606 (2007)], for which we show that imperfect commitment has relevant implications for interest rate setting, the sources of business cycle fluctuations, and welfare.

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Nishimura, Kazuo, Alain Venditti, and Makoto Yano. "Expectation-driven fluctuations and welfare loss under free trade in two-country models." International Journal of Economic Theory 6, no. 1 (March 2010): 97–125. http://dx.doi.org/10.1111/j.1742-7363.2009.00124.x.

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Stavytskyy, A., and V. Sachko. "Modeling of human development index in the world." Bulletin of Taras Shevchenko National University of Kyiv. Economics, no. 212 (2020): 33–43. http://dx.doi.org/10.17721/1728-2667.2020/212-5/5.

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The article considers the impact of human development on changes and transformations in economics and on the general development of the state for the countries of the European Union and Ukraine in the period from 1990 to 2018, as well as ways of its modeling using statistical and econometric methods. The analysis of the factors influencing the development of human capital made it possible to draw a conclusion about the direct dependence of changes in the economic and social spheres and the level of quality of life of the population. Innovative universities, namely University 4.0, also in turn play a significant role in shaping the new modern knowledge economy and the development of the state as a whole, influencing society through cognitive technologies. To determine the results, time series models and multiple and panel regression models were developed based on the data of the Human Development Index and other socio-economic indicators that determine the financial stability of the state and the level of its security and welfare. The obtained models were tested for adequacy, significance of coefficients, stability and possibility of their use in practice in order to determine the most optimal of them. After conducting the necessary tests and calculating the error of RMSPE, the best of all constructed and analyzed models was the Holt-Winters model. It is universal and can be used to further forecast the economic, social and demographic indicators of other regions of the world with possible adjustments of the main parameters and coefficients to obtain the most accurate results and use this model in practice. The study concluded with an analysis of the main areas of reform and recovery of the Ukrainian economy and the spheres of education and health care to achieve social progress in the country and increase its level of development.

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Aguirre, Iñaki. "On the Economics of the “Meeting Competition Defense” Under the Robinson–Patman Act." B.E. Journal of Economic Analysis & Policy 16, no. 3 (July 1, 2016): 1213–38. http://dx.doi.org/10.1515/bejeap-2015-0146.

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Abstract This paper studies the welfare effects of third-degree price discrimination when competitive pressure varies across markets. In particular, we study the economic aspects of the Robinson–Patman Act associated with the “meeting competition defense.” Using equilibrium models, the main result we find is that this defense might be used successfully in cases of primary line injury precisely when it should not be used, namely when price discrimination reduces social welfare. This result obtains both when discrimination appears in the final good market and when it is used in the intermediate goods market. We also find that these results may maintain under secondary line injury.

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Shaw, W. Douglass, and Paul Jakus. "Travel Cost Models of the Demand for Rock Climbing." Agricultural and Resource Economics Review 25, no. 2 (October 1996): 133–42. http://dx.doi.org/10.1017/s1068280500007796.

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In this paper we estimate the demand for rock climbing and calculate welfare measures for changing access to a number of climbs at a climbing area. In addition to the novel recreation application, we extend the travel cost methodology by combining the double hurdle count data model (DH) with a multinomial logit model of site-choice. The combined model allows us simultaneously to explain the decision to participate and to allocate trips among sites. The application is to climbers who visit one of the premiere rock-climbing areas in the northeastern United States and its important substitute sites. We also estimate a conventional welfare measure, which is the maximum WTP to avoid loss of access to the climbing site.

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Merkl, Christian, and Thijs van Rens. "Selective hiring and welfare analysis in labor market models." Labour Economics 57 (April 2019): 117–30. http://dx.doi.org/10.1016/j.labeco.2019.01.008.

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Ascari, Guido. "SUPERNEUTRALITY OF MONEY IN STAGGERED WAGE-SETTING MODELS." Macroeconomic Dynamics 2, no. 3 (September 1998): 383–400. http://dx.doi.org/10.1017/s1365100598008050.

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Staggered wage setting is introduced in a dynamic general-equilibrium monetary model, and the issue of superneutrality of money is addressed. This paper demonstrates that, in an optimizing framework, a mild permanent change in the rate of growth of money could have substantial effects on the steady-state aggregate level of output and welfare. Previous works fail to reproduce these results because they consider restrictively simple utility and production functions. The model exhibits high costs of inflation and provides a rationale for the pursuit of price stability observed in western countries. Therefore, in the presence of staggered adjustment, superneutrality of money proves to be a key issue, which should be taken into account in any economic model with staggered adjustment.

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Woodward, Richard T., Dhazn Gillig, Wade L. Griffin, and Teofilo Ozuna. "The Welfare Impacts of Unanticipated Trip Limitations in Travel Cost Models." Land Economics 77, no. 3 (August 2001): 327–38. http://dx.doi.org/10.2307/3147127.

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PALANCA-TAN, ROSALINA. "AGE PREFERENCES FOR LIFE-SAVING PROGRAMS: USING CHOICE MODELING TO MEASURE THE RELATIVE VALUES OF STATISTICAL LIFE." Singapore Economic Review 58, no. 02 (June 2013): 1350008. http://dx.doi.org/10.1142/s0217590813500082.

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This study employed the survey-based choice modeling (CM) approach to determine people's age preferences for life-saving programs in Metro Manila, Philippines. Two social welfare models — social welfare as a function of the number of lives saved in each of the age groups (Model 1) and social welfare as a function of the number of lives saved irrespective of age and total life-years saved (Model 2) — were specified and ran using binary probit regression. Our results from both models indicate a general preference for saving younger lives. Based on Model 1 estimates, saving a child aged below one year was considered to be equivalent to saving four retirees (60 years old and above), and saving a life in the 1–19 years age group was equivalent to saving five retirees. The working age group's (20–59 years old) life was judged equivalent to three lives in the retired age group. Regression results for Model 2 indicated that both number of lives and total number of life-years saved (and hence age group of lives saved) significantly affected the choices of the respondents.

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Nelson, Julianne. "Persuasion and Economic Efficiency: The Cost-Benefit Analysis of Banning Abortion." Economics and Philosophy 9, no. 2 (October 1993): 229–52. http://dx.doi.org/10.1017/s0266267100001541.

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How do economists persuade their readers that one policy is superior to another? A glance at the literature on welfare economics quickly provides the answer to this question: Economists enter policy debates armed with mathematical models, evaluating options on the basis of their consequences. Economists typically classify a policy change as a welfare (or “potential Pareto”) improvement with respect to the status quo if the gain realized by the winners exceeds the harm sustained by the losers. The best policy becomes the one that generates the highest net benefit.

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Krutilla, Kerry, and Rafael Reuveny. "The quality of life in the dynamics of economic development." Environment and Development Economics 7, no. 1 (February 2002): 23–45. http://dx.doi.org/10.1017/s1355770x02000037.

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The neoclassical economic growth model and its extensions in the fields of environmental economics and endogenous growth theory typically represent welfare as a single argument function of consumption when the models are analytically solved. This simplified welfare specification is narrower than those described in the quality-of-life literature and emphasized by proponents of sustainable development. The purpose of this paper is to analytically solve for the properties of a growth model based on a broader quality-of-life measure. The welfare measure includes two arguments, consumption and the stock of nature capital. This formulation enables an analysis of the consequences of the dynamic tension between conventionally defined economic growth and nature capital preservation. We find that a static model without technical progress yields diverse steady states, stability properties, and comparative statics, while a model with exogenous technical progress exhibits unusual comparative dynamics and balanced growth paths. These unusual outcomes have a number of policy-relevant implications for sustainable development.

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SCHUBERT, CHRISTIAN, and CHRISTIAN CORDES. "Role models that make you unhappy: light paternalism, social learning, and welfare." Journal of Institutional Economics 9, no. 2 (February 12, 2013): 131–59. http://dx.doi.org/10.1017/s1744137413000015.

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AbstractBehavioral (e.g., consumption) patterns of boundedly rational agents can lead these agents into learning dynamics that appear to be ‘wasteful’ in terms of well-being or welfare. Within settings displaying preference endogeneity, it is however still unclear how to conceptualize well-being. This paper contributes to the discussion by suggesting a formal model of preference learning that can inform the construction of non-standard notions of dynamic well-being. Based on the assumption that interacting agents are subject to two biases that make them systematically prefer some cultural variants over others, we develop a procedural notion of well-being, based on the idea that policy should modify institutional conditions that generate dynamic instability in preference trajectories, while leaving individual choice sets unrestricted.

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Thalassinos, Eleftherios, Mirela Cristea, and Gratiela Georgiana Noja. "Measuring active ageing within the European Union: implications on economic development." Equilibrium 14, no. 4 (December 31, 2019): 591–609. http://dx.doi.org/10.24136/eq.2019.028.

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Research background: The ageing phenomenon undermines the stability and equilibrium of the labour market and it affects the economic development of countries, as well as the welfare of older people aged over 65 years. Purpose of the article: Against this background, our research is conducted to assess the specific ways in which active ageing (measured through the active ageing index — AAI), correlated with other economic and labour market credentials, would impact the economic development of EU Member States. Methods: The research methodology consists of two econometric procedures, namely (i) cluster analysis performed on EU–28 countries to configure congruent groups according to similar features of the active ageing (measured through the Active Ageing Index — AAI) and Gross Domestic Product (GDP) levels, respectively (ii) panel data analysis, applied distinctly on two panels, EU–15 (old) and EU–13 (new), relying on four macro-econometric models (robust regression, panel corrected standard errors, spatial lag and spatial error), in order to test the direct influences of AAI and other economic and social selected variables on economic development. The analysis is made for the 2010–2018 lapse of time, by capturing all the available data for the AAI as reported by the European Commission. Findings & Value added: The results highlight important dissimilarities between the EU countries that require a rethinking of policies for the active ageing population support. Thereby, constant policy rethinking, adequate strategies, measures and tools for the active ageing population support become outlier keystones that entail a successful integration of the older people within all life dimensions.

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Anthoff, David, Francisco Estrada, and Richard S. J. Tol. "Shutting Down the Thermohaline Circulation." American Economic Review 106, no. 5 (May 1, 2016): 602–6. http://dx.doi.org/10.1257/aer.p20161102.

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Past climatic changes were caused by a slowdown of the thermohaline circulation. We use results from experiments with three climate models to show that the expected cooling due to a slowdown of the thermohaline circulation is less in magnitude than the expected warming due to increasing greenhouse gas concentrations. The integrated assessment model FUND and a meta-analysis of climate impacts are used to evaluate the change in human welfare. We find modest but by and large positive effects on human welfare since a slowdown of the thermohaline circulation implies decelerated warming.

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Brännlund, Runar, and Bengt Kriström. "Welfare Measurement in Single and Multimarket Models: Theory and Application." American Journal of Agricultural Economics 78, no. 1 (February 1996): 157–65. http://dx.doi.org/10.2307/1243787.

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