We use a labor‐search model to explain why the worst employment slumps often follow expansions of household debt. We find that households protected by limited liability suffer from a household‐debt‐overhang problem that leads them to require high wages to work. Firms respond by posting high wages but few vacancies. This vacancy posting effect implies that high household debt leads to high unemployment. Even though households borrow from banks via bilaterally optimal contracts, the equilibrium level of household debt is inefficiently high due to a household‐debt externality. We analyze the role that a financial regulator can play in mitigating this externality.
{"title":"Household Debt Overhang and Unemployment","authors":"J. Donaldson, Giorgia Piacentino, A. Thakor","doi":"10.2139/ssrn.3310018","DOIUrl":"https://doi.org/10.2139/ssrn.3310018","url":null,"abstract":"We use a labor‐search model to explain why the worst employment slumps often follow expansions of household debt. We find that households protected by limited liability suffer from a household‐debt‐overhang problem that leads them to require high wages to work. Firms respond by posting high wages but few vacancies. This vacancy posting effect implies that high household debt leads to high unemployment. Even though households borrow from banks via bilaterally optimal contracts, the equilibrium level of household debt is inefficiently high due to a household‐debt externality. We analyze the role that a financial regulator can play in mitigating this externality.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133146025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Poverty has been a persistent global issue that is being addressed in the Sustainable Development Goal 2030 designed to continuously reduce the extreme poverty situation. In line with this, the study is aimed to determine the socio-economic condition of Barangay Abut in the City of San Fernando, La Union, Philippines to be able to propose strategic moves for its development. The study specifically presented the perceived economic condition, the social condition, socio-economic related problems encountered, and the proposed actions to improve the socio-economic condition of the place. It covered 79 households as participants in the survey. Simple descriptive statistics were utilized in analyzing the gathered data. The study found the economic and social aspects to be perceived as average condition, however, related problems were encountered, such as inadequate livelihood opportunities, insufficient facilities and services, and poor socio-economic conditions among others. A strategic development plan is proposed to include poverty alleviation, values formation, solid waste management, and capability building among others.
{"title":"Socio-Economic Need Assessment of a Rural Area in the Philippines","authors":"R. C. Garcia, Daniel Paguia","doi":"10.2139/ssrn.3303031","DOIUrl":"https://doi.org/10.2139/ssrn.3303031","url":null,"abstract":"Poverty has been a persistent global issue that is being addressed in the Sustainable Development Goal 2030 designed to continuously reduce the extreme poverty situation. In line with this, the study is aimed to determine the socio-economic condition of Barangay Abut in the City of San Fernando, La Union, Philippines to be able to propose strategic moves for its development. The study specifically presented the perceived economic condition, the social condition, socio-economic related problems encountered, and the proposed actions to improve the socio-economic condition of the place. It covered 79 households as participants in the survey. Simple descriptive statistics were utilized in analyzing the gathered data. The study found the economic and social aspects to be perceived as average condition, however, related problems were encountered, such as inadequate livelihood opportunities, insufficient facilities and services, and poor socio-economic conditions among others. A strategic development plan is proposed to include poverty alleviation, values formation, solid waste management, and capability building among others.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114423621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies the link between firm-level financial constraints and employment decisions, as well as the implications for the propagation of aggregate shocks. I exploit the idea that, when the financial constraint binds, a firm adjusts its employment in response to cash flow shocks. I identify such shocks from changes to business rates, a UK tax based on a periodically estimated value of the property occupied by the firm. A 2010 revaluation implied that similar firms, occupying similar properties in narrowly defined geographical locations, experienced different tax changes, allowing me to control for confounding shocks to local demand. I find that, on average, for every £1 of additional cash flow, 39 pence are spent on employment. I label this response the Marginal Propensity to Hire (MPH). I then calibrate a firm dynamics model with financial frictions towards this empirical evidence. As in the data, small and leveraged firms in the model have a greater MPH. Simulating a tightening of credit conditions, I find that the model can account for much of the decline in UK aggregate output and employment observed in the wake of the financial crisis.
{"title":"The Marginal Propensity to Hire","authors":"Davide Melcangi","doi":"10.2139/ssrn.3302845","DOIUrl":"https://doi.org/10.2139/ssrn.3302845","url":null,"abstract":"This paper studies the link between firm-level financial constraints and employment decisions, as well as the implications for the propagation of aggregate shocks. I exploit the idea that, when the financial constraint binds, a firm adjusts its employment in response to cash flow shocks. I identify such shocks from changes to business rates, a UK tax based on a periodically estimated value of the property occupied by the firm. A 2010 revaluation implied that similar firms, occupying similar properties in narrowly defined geographical locations, experienced different tax changes, allowing me to control for confounding shocks to local demand. I find that, on average, for every £1 of additional cash flow, 39 pence are spent on employment. I label this response the Marginal Propensity to Hire (MPH). I then calibrate a firm dynamics model with financial frictions towards this empirical evidence. As in the data, small and leveraged firms in the model have a greater MPH. Simulating a tightening of credit conditions, I find that the model can account for much of the decline in UK aggregate output and employment observed in the wake of the financial crisis.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116512832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract We argue that individualism promotes gender equality. Individualist values of autonomy and self-determination transcend gender identities and serve to legitimize women’s goals and choices. In contrast, collectivist values may subordinate women’s personal goals to their social obligations, generating greater acceptance of gender inequality. Using individual level data from World Values Surveys, we find that individualism is significantly associated with support for gender equal attitudes regarding employment, income, education, and political leadership. Individualism is also associated with greater levels of female employment and educational attainment, and lower levels of fertility. These results are robust to controlling for income, education, religion, historical plough use, gendered language, and country-time fixed effects. Our within country analysis allows us to isolate the impact of individualism from other confounding effects. Using historical rainfall variation as an instrument for individualism, we find that the exogenous portion of individualism reduces support for patriarchal attitudes and fertility, and it increases female employment and educational attainment. These effects are economically large. We address concerns over instrumental validity by controlling for a variety of factors, including historical plough use, religious affiliation, religiosity, social trust, average rainfall levels, distance from the equator, cool-water conditions, agricultural suitability, historical political and economic development, and the presence of large animals. This paper contributes to a mounting body of evidence suggesting a key role for highly persistent cultural norms and values in determining gender inequality, the gender division of labor, and economic and social outcomes for women.
{"title":"Does Individualism Promote Gender Equality?","authors":"Lewis S. Davis, Claudia R. Williamson","doi":"10.2139/ssrn.3295204","DOIUrl":"https://doi.org/10.2139/ssrn.3295204","url":null,"abstract":"Abstract We argue that individualism promotes gender equality. Individualist values of autonomy and self-determination transcend gender identities and serve to legitimize women’s goals and choices. In contrast, collectivist values may subordinate women’s personal goals to their social obligations, generating greater acceptance of gender inequality. Using individual level data from World Values Surveys, we find that individualism is significantly associated with support for gender equal attitudes regarding employment, income, education, and political leadership. Individualism is also associated with greater levels of female employment and educational attainment, and lower levels of fertility. These results are robust to controlling for income, education, religion, historical plough use, gendered language, and country-time fixed effects. Our within country analysis allows us to isolate the impact of individualism from other confounding effects. Using historical rainfall variation as an instrument for individualism, we find that the exogenous portion of individualism reduces support for patriarchal attitudes and fertility, and it increases female employment and educational attainment. These effects are economically large. We address concerns over instrumental validity by controlling for a variety of factors, including historical plough use, religious affiliation, religiosity, social trust, average rainfall levels, distance from the equator, cool-water conditions, agricultural suitability, historical political and economic development, and the presence of large animals. This paper contributes to a mounting body of evidence suggesting a key role for highly persistent cultural norms and values in determining gender inequality, the gender division of labor, and economic and social outcomes for women.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116382820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The increase in regular wage employment in the Indian economy between 2004-05 to 2011-12 was accompanied by a significant deterioration in job security; more workers find themselves on short-term and insecure contracts. Using data from the 68th and the 61st Round of the National Sample Survey Organisation on Employment covering the period 2004-05 to 2011-12, it was found that workers on short-term contracts earn significantly lesser than workers on long-term contracts after controlling for various factors such as education, union membership etc. Using unconditional quantile regressions, it can be seen that the maximum impact is felt by workers earning the median wage. High-wage workers face just as much of a penalty – if not more – from short-term contracts as low-wage workers. This is in contrast to studies on the phenomenon of temporary work in Europe, which found that low-wage workers were affected disproportionately due to short-term contracts. The negative impact on wages due to short-term contracts has increased for high-wage workers in 2011-12 as compared to 2004-05, while there has been no real change for low-wage workers.
{"title":"Short-Term Contracts and Its Effect on Wages in Indian Regular Wage Employment: An Unconditional Quantile Regression Approach","authors":"Rahul Menon","doi":"10.2139/ssrn.3254825","DOIUrl":"https://doi.org/10.2139/ssrn.3254825","url":null,"abstract":"The increase in regular wage employment in the Indian economy between 2004-05 to 2011-12 was accompanied by a significant deterioration in job security; more workers find themselves on short-term and insecure contracts. Using data from the 68th and the 61st Round of the National Sample Survey Organisation on Employment covering the period 2004-05 to 2011-12, it was found that workers on short-term contracts earn significantly lesser than workers on long-term contracts after controlling for various factors such as education, union membership etc. Using unconditional quantile regressions, it can be seen that the maximum impact is felt by workers earning the median wage. High-wage workers face just as much of a penalty – if not more – from short-term contracts as low-wage workers. This is in contrast to studies on the phenomenon of temporary work in Europe, which found that low-wage workers were affected disproportionately due to short-term contracts. The negative impact on wages due to short-term contracts has increased for high-wage workers in 2011-12 as compared to 2004-05, while there has been no real change for low-wage workers.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"219 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132444285","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A common problem with micro‐level analysis is that capital stock data is missing. Typically, a feasible measure of capital is calculated by accumulating investment flows from an initial value of the capital stock. As the time dimension of most disaggregated data is rather short, the choice of this initial value can have significant effects on the resulting capital estimates. Most empirical studies impute the initial value using a single arbitrary proxy. In this paper, we propose a panel data framework that assigns weighting coefficients to multiple proxy variables. We conduct a series of Monte Carlo experiments to test the performance of the proposed method and apply the method to a U.S. manufacturing dataset. The results suggest that our method improves the approximation of the capital stock and thus in turn reduces the bias in the production function estimation.
{"title":"The Measurement of Capital: Retrieving Initial Values from Panel Data","authors":"Xi Chen, T. Plotnikova","doi":"10.1111/roiw.12300","DOIUrl":"https://doi.org/10.1111/roiw.12300","url":null,"abstract":"A common problem with micro‐level analysis is that capital stock data is missing. Typically, a feasible measure of capital is calculated by accumulating investment flows from an initial value of the capital stock. As the time dimension of most disaggregated data is rather short, the choice of this initial value can have significant effects on the resulting capital estimates. Most empirical studies impute the initial value using a single arbitrary proxy. In this paper, we propose a panel data framework that assigns weighting coefficients to multiple proxy variables. We conduct a series of Monte Carlo experiments to test the performance of the proposed method and apply the method to a U.S. manufacturing dataset. The results suggest that our method improves the approximation of the capital stock and thus in turn reduces the bias in the production function estimation.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129037471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper focuses on identifying determinants of 'automatability risk', namely the propensity of EU employees being in jobs with high risk of substitutability by machines, robots or other algorithmic processes, and uncovers its impact on labour market outcomes. Using relevant data on tasks and skill needs in jobs, collected by the European skills and jobs survey (ESJS), jobs are bundled according to their estimated risk of automation. The paper builds on the methodology of previous studies that estimate the latent relationship between 'true' automatability and job tasks (Frey and Osborne, 2013, 2017; Arntz et al., 2016; Nedelkoska and Quintini, 2018) but utilises highly disaggregated job descriptions provided by a subsample of the ESJS, as well as information on jobs' skill requirements. About 14% of EU adult workers are found to face a very high risk of automation. The distribution of high automatability across industries and occupations is also found to be skewed towards routine jobs with low demand for transversal and social skills. The risk of job displacement by machines is higher among males and lower-skilled workers, with little evidence of polarisation. It is prevalent in private sector jobs that fail to provide remedial training to employees, accentuating the vulnerability of at-risk-workers and highlighting the need for stronger lifelong learning policies at EU level.
本文着重于确定“自动化风险”的决定因素，即欧盟员工从事机器、机器人或其他算法过程可替代的高风险工作的倾向，并揭示其对劳动力市场结果的影响。使用欧洲技能和工作调查(ESJS)收集的有关工作任务和技能需求的相关数据，根据其估计的自动化风险将工作捆绑在一起。本文建立在先前研究的方法基础上，这些研究估计了“真正的”自动化与工作任务之间的潜在关系(Frey和Osborne, 2013, 2017;Arntz et al.， 2016;Nedelkoska和Quintini, 2018)，但利用ESJS的子样本提供的高度分类的职位描述，以及有关工作技能要求的信息。大约14%的欧盟成年工人面临着自动化的高风险。研究还发现，自动化程度高的行业和职业倾向于对横向技能和社交技能要求不高的常规工作。在男性和低技能工人中，机器取代工作的风险更高，几乎没有证据表明存在两极分化。这种现象在私营部门的工作岗位中很普遍，这些岗位无法为员工提供补习培训，这凸显了风险工人的脆弱性，也凸显了在欧盟层面制定更强有力的终身学习政策的必要性。
{"title":"Determinants of Automation Risk in the EU Labour Market: A Skills-Needs Approach","authors":"K. Pouliakas","doi":"10.2139/ssrn.3253487","DOIUrl":"https://doi.org/10.2139/ssrn.3253487","url":null,"abstract":"This paper focuses on identifying determinants of 'automatability risk', namely the propensity of EU employees being in jobs with high risk of substitutability by machines, robots or other algorithmic processes, and uncovers its impact on labour market outcomes. Using relevant data on tasks and skill needs in jobs, collected by the European skills and jobs survey (ESJS), jobs are bundled according to their estimated risk of automation. The paper builds on the methodology of previous studies that estimate the latent relationship between 'true' automatability and job tasks (Frey and Osborne, 2013, 2017; Arntz et al., 2016; Nedelkoska and Quintini, 2018) but utilises highly disaggregated job descriptions provided by a subsample of the ESJS, as well as information on jobs' skill requirements. About 14% of EU adult workers are found to face a very high risk of automation. The distribution of high automatability across industries and occupations is also found to be skewed towards routine jobs with low demand for transversal and social skills. The risk of job displacement by machines is higher among males and lower-skilled workers, with little evidence of polarisation. It is prevalent in private sector jobs that fail to provide remedial training to employees, accentuating the vulnerability of at-risk-workers and highlighting the need for stronger lifelong learning policies at EU level.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122540432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We develop an adjustment procedure to construct U.S. monthly time series of involuntary part-time employment stocks and flows from 1976 until today. Armed with these new data, we provide a comprehensive account of the dynamics of involuntary part-time work. Transitions from full-time to involuntary part-time employment dominate this dynamics, spiking up at recessions' onsets and persisting well into recovery periods. On the other hand, weaknesses in job creation contribute little to these fluctuations. Our data and findings are relevant to inform a broader assessment of labor market performance and to develop models of cyclical labor adjustment.
{"title":"The Ins and Outs of Involuntary Part-time Employment","authors":"Daniel Borowczyk-Martins, E. Lalé","doi":"10.2139/ssrn.3298925","DOIUrl":"https://doi.org/10.2139/ssrn.3298925","url":null,"abstract":"We develop an adjustment procedure to construct U.S. monthly time series of involuntary part-time employment stocks and flows from 1976 until today. Armed with these new data, we provide a comprehensive account of the dynamics of involuntary part-time work. Transitions from full-time to involuntary part-time employment dominate this dynamics, spiking up at recessions' onsets and persisting well into recovery periods. On the other hand, weaknesses in job creation contribute little to these fluctuations. Our data and findings are relevant to inform a broader assessment of labor market performance and to develop models of cyclical labor adjustment.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122608253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We use a panel of 20 OECD countries over a 30-year period to investigate empirically the implications of international capital mobility for aggregate unemployment dynamics. To this aim, we employ standard regression analysis and dynamic simulations to illustrate the channels through which international capital mobility impacts unemployment adjustments to productivity shocks and in turn quantify its effect on unemployment volatility. We find that capital mobility plays a significant role in generating unemployment responses to idiosyncratic productivity shocks which are wider but less persistent. Moreover, the evidence we provide suggests that the responsive- ness effect dominates the persistence effect, implying a net increase in unemployment volatility due to higher international capital mobility. Finally, if we simulate the effects of an increase of international capital mobility of the same order of magnitude of that occurred in the OECD countries after the mid-80s, we obtain a rise in the volatility of unemployment rate which is comparable to that observed in those countries in the same years.
{"title":"International Capital Mobility and Unemployment Dynamics: Empirical Evidence from OECD Countries","authors":"Giovanna Vallanti","doi":"10.1111/twec.12705","DOIUrl":"https://doi.org/10.1111/twec.12705","url":null,"abstract":"We use a panel of 20 OECD countries over a 30-year period to investigate empirically the implications of international capital mobility for aggregate unemployment dynamics. To this aim, we employ standard regression analysis and dynamic simulations to illustrate the channels through which international capital mobility impacts unemployment adjustments to productivity shocks and in turn quantify its effect on unemployment volatility. We find that capital mobility plays a significant role in generating unemployment responses to idiosyncratic productivity shocks which are wider but less persistent. Moreover, the evidence we provide suggests that the responsive- ness effect dominates the persistence effect, implying a net increase in unemployment volatility due to higher international capital mobility. Finally, if we simulate the effects of an increase of international capital mobility of the same order of magnitude of that occurred in the OECD countries after the mid-80s, we obtain a rise in the volatility of unemployment rate which is comparable to that observed in those countries in the same years.","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132931914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aggregation formula in the Human Development Index (HDI) was changed to geometric mean in 2010. In this paper, we search for a theoretical justification for employing this new HDI formula. First, we find a maximal class of index functions, what we call quasi-geometric means, that satisfy symmetry for the characteristics, normalization, and separability. Second, we show that power means are the only quasi-geometric means satisfying homogeneity. Finally, the new HDI is the only power mean satisfying minimal lower boundedness, which is a local complementability axiom proposed by Herrero, Martinez, and Villar (2010).
2010年，人类发展指数(HDI)的汇总公式改为几何平均。在本文中，我们寻找一个理论的理由，采用这个新的HDI公式。首先，我们找到了一类极大的指标函数，我们称之为准几何均值，它满足特征、归一化和可分性的对称性。其次，我们证明幂均值是唯一满足齐次性的拟几何均值。最后，新的HDI是唯一满足最小下界的幂均值，这是Herrero, Martinez, and Villar(2010)提出的一个局部互补公理。
{"title":"An Axiomatic Foundation of the Multiplicative Human Development Index","authors":"Yoko Kawada, Yuta Nakamura, Shuhei Otani","doi":"10.1111/roiw.12370","DOIUrl":"https://doi.org/10.1111/roiw.12370","url":null,"abstract":"The aggregation formula in the Human Development Index (HDI) was changed to geometric mean in 2010. In this paper, we search for a theoretical justification for employing this new HDI formula. First, we find a maximal class of index functions, what we call quasi-geometric means, that satisfy symmetry for the characteristics, normalization, and separability. Second, we show that power means are the only quasi-geometric means satisfying homogeneity. Finally, the new HDI is the only power mean satisfying minimal lower boundedness, which is a local complementability axiom proposed by Herrero, Martinez, and Villar (2010).","PeriodicalId":125977,"journal":{"name":"ERN: Other Macroeconomics: Employment","volume":"277 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120985071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：