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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 (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 the

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Magnus, Jan R., and Mary S. Morgan. "The ET Interview: Professor J. Tinbergen." Econometric Theory 3, no. 1 (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 t

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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 (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 adv

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Melitz, Marc J., and Stephen J. Redding. "New Trade Models, New Welfare Implications." American Economic Review 105, no. 3 (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 empiri

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

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

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

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

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

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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 (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 welf

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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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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 equiv

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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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Diachkova, Anna V., and Anna E. Kontoboitseva. "Economic Benefits of gender equality: comparing EU and BRICS countries." Economic Consultant 37, no. 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 ana

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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 (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 shift

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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 (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 o

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Head, Keith, Thierry Mayer, and Mathias Thoenig. "Welfare and Trade without Pareto." American Economic Review 104, no. 5 (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

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Chetty, Raj. "Behavioral Economics and Public Policy: A Pragmatic Perspective." American Economic Review 105, no. 5 (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 app

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Steger, Thomas M. "Welfare Implications of Non-scale R&D-based Growth Models." Scandinavian Journal of Economics 107, no. 4 (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 (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 (1999): 343–61. http://dx.doi.org/10.1007/s001480050103.

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Shahriary, Ghorban, and Yaser Mir. "Application of Artificial Neural Network Model in Predicting Price of Milk in Iran." Modern Applied Science 10, no. 4 (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 Husband

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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 (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 (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

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Arkolakis, Costas, Arnaud Costinot, and Andrés Rodríguez-Clare. "New Trade Models, Same Old Gains?" American Economic Review 102, no. 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 (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 sh

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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 (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 d

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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 (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 n

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Mendis, Patrick. "Ethics into Economics: Are We Homo Economicus or Homo Religious?" Journal of Interdisciplinary Economics 9, no. 3 (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

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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 (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

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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 (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

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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 (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 in

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Liu, Pan, and Joachim Thøgersen. "PAY-AS-YOU-GO PENSIONS AND ENDOGENOUS RETIREMENT." Macroeconomic Dynamics 24, no. 7 (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–l

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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 (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 (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

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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 (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

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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 (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 sit

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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 (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 countrie

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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 (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 (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

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Nelson, Julianne. "Persuasion and Economic Efficiency: The Cost-Benefit Analysis of Banning Abortion." Economics and Philosophy 9, no. 2 (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 (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

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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 (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 vari

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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 (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,

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Anthoff, David, Francisco Estrada, and Richard S. J. Tol. "Shutting Down the Thermohaline Circulation." American Economic Review 106, no. 5 (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 (1996): 157–65. http://dx.doi.org/10.2307/1243787.

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