Mostrando recursos 1 - 5 de 5

  1. Scope Insensitivity: The Limits of Intuitive Valuation of Human Lives in Public Policy

    Dickert, Stephan; Västfjäll, Daniel; Kleber, Janet; Slovic, Paul
    A critical question for government officials, managers of NGOs, and politicians is how to respond to situations in which large numbers of lives are at risk. Theories in judgment and decision making as well as economics suggest diminishing marginal utility with increasing quantities of goods. In the domain of lifesaving, this form of non-linearity implies decreasing concern for individual lives as the number of affected people increases. In this paper, we show how intuitive valuations based on prosocial emotions can lead to scope insensitivity and suboptimal responses to lives at risk. We present both normative and descriptive models of valuations...
    (application/pdf) - 18-oct-2016

  2. Revisiting the Lucas Model

    Skritek, Bernhard; Crespo Cuaresma, Jesus; Kryazhimskii, Arkadii V.; Prettner, Klaus; Prskawetz, Alexia; Rovenskaya, Elena
    We revisit the influential economic growth model by Lucas (1988) ["On the mechanics of economic development." Journal of Monetary Economics, 22(1):3-42], assuming that households optimally allocate consumption and education over the life-cycle given an exogenous interest rate and exogenous wages. We show that in such a partial equilibrium setting, the original two-state (physical capital and human capital) optimization problem can be decomposed into two single-state optimal control models. This transformation allows us to rigorously prove the existence of a singular control describing the allocation of education time along a balanced growth path. We derive a constructive condition for a singular...
    (application/pdf) - 18-oct-2016

  3. R&D networks and regional knowledge production in Europe. Evidence from a space-time model

    Wanzenböck, Iris; Piribauer, Philipp
    In this paper we estimate space-time impacts of the embeddedness in R&D networks on regional knowledge production by means of a dynamic spatial panel data model with non-linear effects for a set of 229 European NUTS-2 regions in the period 1999-2009. Embeddedness refers to the positioning in networks where nodes represent regions that are linked by joint R&D endeavours in European Framework Programmes. We observe positive immediate impacts on regional knowledge production arising from increased embeddedness in EU funded R&D networks, in particular for regions with lower own knowledge endowments. However, long-term impacts of R&D network embeddedness are comparatively small.(authors'...
    (application/pdf) - 18-oct-2016

  4. Network Centrality and Market Prices: An Empirical Note

    Firgo, Matthias; Pennerstorfer, Dieter; Weiss, Christoph
    We empirically investigate the importance of centrality (holding a central position in a spatial network) for strategic interaction in pricing for the Austrian retail gasoline market. Results from spatial autoregressive models suggest that the gasoline station located most closely to the market center - defined as the 1-median location - exerts the strongest effect on pricing decisions of other stations. We conclude that centrality influences firms' pricing behavior and further find that the importance of centrality increases with market size. (authors' abstract)
    (application/pdf) - 18-oct-2016

  5. Who Creates Jobs? Econometric Modeling and Evidence for Austrian Firm Level Data

    Huber, Peter; Oberhofer, Harald; Pfaffermayr, Michael
    This paper offers an empirical analysis of net job creation patterns at the firm level for the Austrian economy between 1993 and 2013 focusing on the impact of firm size and age. We propose a new estimation strategy based on a two-part model. This allows to identify the structural parameters of interest and to decompose behavioral differences between exiting and surviving firms. Our findings suggest that conditional on survival, young Austrian firms experience the largest net job creation rates. Differences in firm size are not able to explain variation in net job creation rates among the group of continuing enterprises....
    (application/pdf) - 18-oct-2016

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