In this note, we study the contractual interaction between the fathers of a prospective groom and a prospective bride in a traditional society. Based on his valuation of the groom, the bride’s father approaches the groom’s father with an offer of marriage. The groom’s father does not know the quality of the bride. Even so, he holds superior bargaining power. He uses this power to select the dowry optimally and this selection leads to a marriage between his son and the bride. We use a simple model and show that if the bride’s father’s risk aversion increases in his valuation of the groom then despite being asymmetrically informed, the groom’s father can implement the first-best dowry contract and extract all the surplus from the bride’s father.
{"title":"Setting the Dowry Optimally to Extract the Full Surplus: A Contract Theory Perspective","authors":"A. Batabyal, H. Beladi","doi":"10.2139/ssrn.2309687","DOIUrl":"https://doi.org/10.2139/ssrn.2309687","url":null,"abstract":"In this note, we study the contractual interaction between the fathers of a prospective groom and a prospective bride in a traditional society. Based on his valuation of the groom, the bride’s father approaches the groom’s father with an offer of marriage. The groom’s father does not know the quality of the bride. Even so, he holds superior bargaining power. He uses this power to select the dowry optimally and this selection leads to a marriage between his son and the bride. We use a simple model and show that if the bride’s father’s risk aversion increases in his valuation of the groom then despite being asymmetrically informed, the groom’s father can implement the first-best dowry contract and extract all the surplus from the bride’s father.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133793252","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}
Russia’s economy was characterized by lessening of internal and external demand within the first five months in 2013. A drop in industrial output which in May 2013 reached 1.4% against May 2012 had a substantial effect on the domestic market in the current year. Stagnation in the investment sector further lowered production of capital goods and construction materials. The manufacturing output index stood at 95.6% in May 2013 on a year-on-year basis amid severe recession in the machine building industry. Growth rates in retail sales turnover slowed down to 102.9% on a year-on-year basis in response to a fall of 1.3% against May 2012 in real household disposable income. The number of the unemployed in May 2013 remained less than in May 2012.
{"title":"Real Sector of the Economy: Factors and Trends in 2013","authors":"O. Izryadnova","doi":"10.2139/ssrn.2304367","DOIUrl":"https://doi.org/10.2139/ssrn.2304367","url":null,"abstract":"Russia’s economy was characterized by lessening of internal and external demand within the first five months in 2013. A drop in industrial output which in May 2013 reached 1.4% against May 2012 had a substantial effect on the domestic market in the current year. Stagnation in the investment sector further lowered production of capital goods and construction materials. The manufacturing output index stood at 95.6% in May 2013 on a year-on-year basis amid severe recession in the machine building industry. Growth rates in retail sales turnover slowed down to 102.9% on a year-on-year basis in response to a fall of 1.3% against May 2012 in real household disposable income. The number of the unemployed in May 2013 remained less than in May 2012.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"136 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123587527","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 study presents a new approach to the regional investment climate assessment based on the business perception of key investment climate topics including finance, supply and demand conditions, labor market and institutional framework. The offered approach is tested on data of firm-level survey conducted in the Republic of Ingushetia. This region is associated with a high level of investment risk due to some cases of terrorist activity during the 1990's and the 2000's. In real fact, modern Ingushetia has quite stable criminal situation, and the regional investment climate is similar to other Russian regions. Our empirical research prove that the major investment constraint results from the failure of the state to protect businesses. The two other constraints necessary to consider are difficult access to debt financing and unskilled labor force.
{"title":"Regional Investment Climate Assessment Based on Business Perception. The Case of Ingushetia","authors":"Alexander M. Pakhalov","doi":"10.2139/ssrn.2247742","DOIUrl":"https://doi.org/10.2139/ssrn.2247742","url":null,"abstract":"The study presents a new approach to the regional investment climate assessment based on the business perception of key investment climate topics including finance, supply and demand conditions, labor market and institutional framework. The offered approach is tested on data of firm-level survey conducted in the Republic of Ingushetia. This region is associated with a high level of investment risk due to some cases of terrorist activity during the 1990's and the 2000's. In real fact, modern Ingushetia has quite stable criminal situation, and the regional investment climate is similar to other Russian regions. Our empirical research prove that the major investment constraint results from the failure of the state to protect businesses. The two other constraints necessary to consider are difficult access to debt financing and unskilled labor force.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131508501","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}
Статья посвящена актуальным проблемам обучения бакалавров по направлению «Реклама и связи с общественностью». Автор рассматривает профессиональные задачи, прописанные в новом образовательном стандарте. Дается прогноз востребованности бакалавром на рынке труда. The article is devoted to actual problems of teaching of bachelors on a direction "Advertising and Public Relations." The author considers the professional tasks prescribed in the new educational standard. Given the forecast of the demand for the bachelor in the labour market.
{"title":"Специфика обучения бакалавров по направлению Реклама и связи с общественностью (Specificity of Training Bachelors in 'Advertising and Public Relations')","authors":"Tatyana Ryabova","doi":"10.2139/ssrn.2285454","DOIUrl":"https://doi.org/10.2139/ssrn.2285454","url":null,"abstract":"Статья посвящена актуальным проблемам обучения бакалавров по направлению «Реклама и связи с общественностью». Автор рассматривает профессиональные задачи, прописанные в новом образовательном стандарте. Дается прогноз востребованности бакалавром на рынке труда. The article is devoted to actual problems of teaching of bachelors on a direction \"Advertising and Public Relations.\" The author considers the professional tasks prescribed in the new educational standard. Given the forecast of the demand for the bachelor in the labour market.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114293047","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 proposes that India's caste system and involuntary labor were joint responses by a nonworking landowning class to a low labor/land ratio in which the rules of the caste system supported the institution of involuntary labor. The hypothesis is tested in two ways: longitudinally, with data from ancient religious texts, and cross-sectionally, with twentieth-century statistics on regional population/land ratios linked to anthropological measures of caste-system rigidity. Both the longitudinal and cross-sectional evidence suggest that the labor/land ratio affected the caste system's development, persistence, and rigidity over time and across regions of India.
{"title":"The Labor/Land Ratio and India's Caste System","authors":"H. Duleep","doi":"10.2139/ssrn.2085199","DOIUrl":"https://doi.org/10.2139/ssrn.2085199","url":null,"abstract":"This paper proposes that India's caste system and involuntary labor were joint responses by a nonworking landowning class to a low labor/land ratio in which the rules of the caste system supported the institution of involuntary labor. The hypothesis is tested in two ways: longitudinally, with data from ancient religious texts, and cross-sectionally, with twentieth-century statistics on regional population/land ratios linked to anthropological measures of caste-system rigidity. Both the longitudinal and cross-sectional evidence suggest that the labor/land ratio affected the caste system's development, persistence, and rigidity over time and across regions of India.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130039980","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}
Małgorzata Gawrycka, Aneta Sobiechowska-Ziegert, A. Szymczak
The aim of the research presented in this paper is to show the relations between labour and capital in the national economy, resulting from technological and structural changes taking place in the years 1991 to 2008 and to indicate of their importance for economic growth. The paper presents the functional determinants for the Polish economy in 1991-2008 affecting the phenomenon subject to study as well as the preliminary analysis of relations between capital and labour and their impact on the GDP. In the research the econometric methods of description and inference based on the concept of macroeconomic Cobb-Douglas production function in both static and dynamic approach were used. The study shows that increase in production in the national economy was largely the result of capital growth during the analysed period. The main factor of economic growth however in the years 1998 to 2008 was the technological progress. The results may be the implication for economic policy in terms of investment and employment.
{"title":"The Impact of Technological and Structural Changes in the National Economy on the Labour-Capital Relations","authors":"Małgorzata Gawrycka, Aneta Sobiechowska-Ziegert, A. Szymczak","doi":"10.5709/CE.1897-9254.31","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.31","url":null,"abstract":"The aim of the research presented in this paper is to show the relations between labour and capital in the national economy, resulting from technological and structural changes taking place in the years 1991 to 2008 and to indicate of their importance for economic growth. The paper presents the functional determinants for the Polish economy in 1991-2008 affecting the phenomenon subject to study as well as the preliminary analysis of relations between capital and labour and their impact on the GDP. In the research the econometric methods of description and inference based on the concept of macroeconomic Cobb-Douglas production function in both static and dynamic approach were used. The study shows that increase in production in the national economy was largely the result of capital growth during the analysed period. The main factor of economic growth however in the years 1998 to 2008 was the technological progress. The results may be the implication for economic policy in terms of investment and employment.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"172 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129110394","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}
While results are starting to emerge, not much is known yet about the dynamics of the labor markets of the former Eastern economies, especially in the context of the current Financial Crisis. Arguably, this is mainly due to paucity of (panel) data. By examining labor market transitions, earnings levels, and earnings growth and their correlates using a recent panel data set for Serbia, this paper combines both of these issues. Estimation of gross transition probabilities reveals that females are disadvantaged in the Serbian labor market in terms of moving out of the two undesirable states, unemployment and economic inactivity, relative to males during the first year of the financial crisis – though males are harder hit than females in terms of the levels of unemployment. In terms of earnings, the picture is reversed, with females being worse off in terms of the levels of earnings, while they have experienced somewhat smaller earnings decreases than males (though, owing to the gender earnings gap, from a much lower base). Multinomial logit estimations of employment, unemployment, and inactivity transitions and OLS regressions of earnings and earnings growth reveal substantial gender differences related to individual, job, and firm characteristics. The overall results therefore hint at both males and females being hit in terms of employment and earnings, though in different ways. Finally, the paper discusses policy implications and provides suggestions for further research.
{"title":"The Financial Crisis, Labor Market Transitions and Earnings: A Gendered Panel Data Analysis for Serbia","authors":"Niels-Hugo Blunch, Victor Sulla","doi":"10.2139/ssrn.1968102","DOIUrl":"https://doi.org/10.2139/ssrn.1968102","url":null,"abstract":"While results are starting to emerge, not much is known yet about the dynamics of the labor markets of the former Eastern economies, especially in the context of the current Financial Crisis. Arguably, this is mainly due to paucity of (panel) data. By examining labor market transitions, earnings levels, and earnings growth and their correlates using a recent panel data set for Serbia, this paper combines both of these issues. Estimation of gross transition probabilities reveals that females are disadvantaged in the Serbian labor market in terms of moving out of the two undesirable states, unemployment and economic inactivity, relative to males during the first year of the financial crisis – though males are harder hit than females in terms of the levels of unemployment. In terms of earnings, the picture is reversed, with females being worse off in terms of the levels of earnings, while they have experienced somewhat smaller earnings decreases than males (though, owing to the gender earnings gap, from a much lower base). Multinomial logit estimations of employment, unemployment, and inactivity transitions and OLS regressions of earnings and earnings growth reveal substantial gender differences related to individual, job, and firm characteristics. The overall results therefore hint at both males and females being hit in terms of employment and earnings, though in different ways. Finally, the paper discusses policy implications and provides suggestions for further research.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"150 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115891988","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 develops a simple and empirically tractable model of labor demand to explain recent changes in the occupational structure of employment as a result of technology, offshoring and institutions. This framework takes account not just of direct effects but indirect effects through induced shifts in demand for different products. Using data from 16 European countries, we find that the routinization hypothesis of Autor, Levy and Murnane (2003) is the most important factor behind the observed shifts in employment but that offshoring does play a role. We also find that shifts in product demand are acting to attenuate the impacts of recent technological progress and offshoring and that changes in wage-setting institutions play little role in explaining job polarization in Europe.
{"title":"Explaining Job Polarization: The Roles of Technology, Offshoring and Institutions","authors":"M. Goos, A. Manning, A. Salomons","doi":"10.2139/ssrn.1983952","DOIUrl":"https://doi.org/10.2139/ssrn.1983952","url":null,"abstract":"This paper develops a simple and empirically tractable model of labor demand to explain recent changes in the occupational structure of employment as a result of technology, offshoring and institutions. This framework takes account not just of direct effects but indirect effects through induced shifts in demand for different products. Using data from 16 European countries, we find that the routinization hypothesis of Autor, Levy and Murnane (2003) is the most important factor behind the observed shifts in employment but that offshoring does play a role. We also find that shifts in product demand are acting to attenuate the impacts of recent technological progress and offshoring and that changes in wage-setting institutions play little role in explaining job polarization in Europe.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133324995","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 paper analyses the incentives that Estonian state pension scheme imposes on retirement incentives. The specific focus is on actuarial neutrality and benefit equivalence of adjustments for early and late retirement.The benefit adjustments for early and deferred retirement set in current legislation are established as not actuarially neutral and they do not assure benefit equivalence. They impose an incentive to postpone retirement for too long – assuming rational behaviour the effective retirement ages should be way above statutory retirement age if current legislation is not amended. Assuming a real discount rate of 3%, the rational effective retirement ages would lie at 70 in 2016 and 72 in 2026. Not legislating benefit adjustments that assure benefit equivalence could bring along adverse effects, such as higher than expected replacement rates and thereby higher than expected overall costs.
{"title":"Incentives to Retire Imposed by Old-Age Pension Policy in Estonia","authors":"Mikk Medijainen","doi":"10.2139/ssrn.1998847","DOIUrl":"https://doi.org/10.2139/ssrn.1998847","url":null,"abstract":"The paper analyses the incentives that Estonian state pension scheme imposes on retirement incentives. The specific focus is on actuarial neutrality and benefit equivalence of adjustments for early and late retirement.The benefit adjustments for early and deferred retirement set in current legislation are established as not actuarially neutral and they do not assure benefit equivalence. They impose an incentive to postpone retirement for too long – assuming rational behaviour the effective retirement ages should be way above statutory retirement age if current legislation is not amended. Assuming a real discount rate of 3%, the rational effective retirement ages would lie at 70 in 2016 and 72 in 2026. Not legislating benefit adjustments that assure benefit equivalence could bring along adverse effects, such as higher than expected replacement rates and thereby higher than expected overall costs.","PeriodicalId":198982,"journal":{"name":"ERN: Institutions & the Labor Market (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130355307","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}
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