Suppliers are increasingly being asked to share information about their vulnerability to climate change and their strategies to reduce greenhouse gas emissions. Their responses vary widely. We theorize and empirically identify several factors associated with suppliers being especially willing to share this information with buyers, focusing on attributes of the buyers seeking this information and of the suppliers being asked to provide it. We test our hypotheses using data from the Carbon Disclosure Project's Supply Chain Program, a collaboration of multinational corporations requesting such information from thousands of suppliers in 49 countries. We find evidence that suppliers are more likely to share this information when requests from buyers are more prevalent, when buyers appear committed to using the information, when suppliers belong to more profitable industries, and when suppliers are located in countries with greenhouse gas regulations. We find evidence that these factors also influence the comprehensiveness of the information suppliers share and their willingness to share the information publicly.
{"title":"Engaging Supply Chains in Climate Change","authors":"Chonnikarn Jira, M. Toffel","doi":"10.2139/ssrn.1943690","DOIUrl":"https://doi.org/10.2139/ssrn.1943690","url":null,"abstract":"Suppliers are increasingly being asked to share information about their vulnerability to climate change and their strategies to reduce greenhouse gas emissions. Their responses vary widely. We theorize and empirically identify several factors associated with suppliers being especially willing to share this information with buyers, focusing on attributes of the buyers seeking this information and of the suppliers being asked to provide it. We test our hypotheses using data from the Carbon Disclosure Project's Supply Chain Program, a collaboration of multinational corporations requesting such information from thousands of suppliers in 49 countries. We find evidence that suppliers are more likely to share this information when requests from buyers are more prevalent, when buyers appear committed to using the information, when suppliers belong to more profitable industries, and when suppliers are located in countries with greenhouse gas regulations. We find evidence that these factors also influence the comprehensiveness of the information suppliers share and their willingness to share the information publicly.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122096876","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 study investigates how religion influences particularized and generalized trust as well as inter-group discrimination and tolerance in contemporary Indonesia. I combine the individual-level data of the latest round of the Indonesian Family Life Survey with the national census microdata and other nationally representative datasets to examine two sources of variation through which religion may influence these attitudes: individual religiosity and the community’s religious composition. Religiosity is positively associated with particularized trust and in-group preference, and negatively with religious tolerance. The strengths of the associations between measures of in-group preference (including political preference) and individual religiosity are much stronger than those from gender, education, or per-capita expenditure; they are also strongest among Muslims, the dominant majority in Indonesia. These associations are robust to various identification strategies. Using selection on observables to benchmark the potential bias from selection on unobservables, I find that the selection on unobservables needs to be multiple times that on observables to explain away these results. Meanwhile, consistent with previous empirical studies in economics and political science in the United States and other countries, I find in Indonesia that individuals are more cooperative and trusting of their community members in more religiously homogeneous communities. At the same time – and in support of the optimal contact hypothesis of Allport (1954) – individuals in more homogeneous communities exhibit more in-group trust and are less tolerant of members of the religious out-groups. I also find that the inclusion of segregation measures can substantially affect the size of the diversity coefficients. Conditional on diversity, the segregation coefficients are significant and their signs are opposite those of religious diversity for some of the outcomes.
{"title":"Uniter or Divider? Religion and Social Cooperation: Evidence from Indonesia","authors":"Arya B. Gaduh","doi":"10.2139/ssrn.1991484","DOIUrl":"https://doi.org/10.2139/ssrn.1991484","url":null,"abstract":"This study investigates how religion influences particularized and generalized trust as well as inter-group discrimination and tolerance in contemporary Indonesia. I combine the individual-level data of the latest round of the Indonesian Family Life Survey with the national census microdata and other nationally representative datasets to examine two sources of variation through which religion may influence these attitudes: individual religiosity and the community’s religious composition. Religiosity is positively associated with particularized trust and in-group preference, and negatively with religious tolerance. The strengths of the associations between measures of in-group preference (including political preference) and individual religiosity are much stronger than those from gender, education, or per-capita expenditure; they are also strongest among Muslims, the dominant majority in Indonesia. These associations are robust to various identification strategies. Using selection on observables to benchmark the potential bias from selection on unobservables, I find that the selection on unobservables needs to be multiple times that on observables to explain away these results. Meanwhile, consistent with previous empirical studies in economics and political science in the United States and other countries, I find in Indonesia that individuals are more cooperative and trusting of their community members in more religiously homogeneous communities. At the same time – and in support of the optimal contact hypothesis of Allport (1954) – individuals in more homogeneous communities exhibit more in-group trust and are less tolerant of members of the religious out-groups. I also find that the inclusion of segregation measures can substantially affect the size of the diversity coefficients. Conditional on diversity, the segregation coefficients are significant and their signs are opposite those of religious diversity for some of the outcomes.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126433461","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 study the transmission of information in a model with a vertical input-output structure and dispersed information. Firms observe input prices with noise that endogenize the precision of information that is public within a stage but not across stages. In contrast to the case with an exogenous and overall public signal, our main result is that agents may find it optimal to rely less on public information along the chain. A direct implication is that, while information precision remains unchanged with exogenous public signals (information chains), it may decrease along the chain when semi-public signals are endogenous (information in chains).
{"title":"Information (in) Chains: Information Transmission Through Production Chains","authors":"W. Areosa, M. Areosa","doi":"10.2139/ssrn.2126621","DOIUrl":"https://doi.org/10.2139/ssrn.2126621","url":null,"abstract":"We study the transmission of information in a model with a vertical input-output structure and dispersed information. Firms observe input prices with noise that endogenize the precision of information that is public within a stage but not across stages. In contrast to the case with an exogenous and overall public signal, our main result is that agents may find it optimal to rely less on public information along the chain. A direct implication is that, while information precision remains unchanged with exogenous public signals (information chains), it may decrease along the chain when semi-public signals are endogenous (information in chains).","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124704874","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}
Stable matchings may fail to exist in the roommate matching problem, both when utility is transferable and when it is not. We show that when utility is transferable, the existence of a stable matching is restored when there is an even number of individuals of indistinguishable characteristics and tastes (types). As a consequence, when the number of individuals of any given type is large enough there always exist quasi-stable matchings: a stable matching can be restored with minimal policy intervention. Our results build on an analogy with an associated bipartite problem; it follows that the tools crafted in empirical studies of the marriage problem can easily be adapted to the roommate problem.
{"title":"The Roommate Problem Is More Stable than You Think","authors":"P. Chiappori, Alfred Galichon, B. Salanié","doi":"10.2139/ssrn.1991460","DOIUrl":"https://doi.org/10.2139/ssrn.1991460","url":null,"abstract":"Stable matchings may fail to exist in the roommate matching problem, both when utility is transferable and when it is not. We show that when utility is transferable, the existence of a stable matching is restored when there is an even number of individuals of indistinguishable characteristics and tastes (types). As a consequence, when the number of individuals of any given type is large enough there always exist quasi-stable matchings: a stable matching can be restored with minimal policy intervention. Our results build on an analogy with an associated bipartite problem; it follows that the tools crafted in empirical studies of the marriage problem can easily be adapted to the roommate problem.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124688877","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}
Pub Date : 2012-06-27DOI: 10.1080/01972243.1986.9960035
N. Karunaratne
The paper reviews some of the salient analytical contributions of information microeconomics or market uncertainty. It contrasts the prolific growth in the theory of micro information economics with relative neglect of empirical macro information economics or technological change. The explosion of transborder data flows and the collapse of natural monopolies in telecommunications has led to the emergence of economies in the grip of an information technology revolution. This paper presents an algorithm to measure the structure and size of the information economy in a cost-effective manner. The paper concludes that the generation of data for the analysis of the emergent information economy will facilitate the formulation of appropriate strategies to foster the development information economy.
{"title":"Analytics of Information and Empirics of the Information Economy","authors":"N. Karunaratne","doi":"10.1080/01972243.1986.9960035","DOIUrl":"https://doi.org/10.1080/01972243.1986.9960035","url":null,"abstract":"The paper reviews some of the salient analytical contributions of information microeconomics or market uncertainty. It contrasts the prolific growth in the theory of micro information economics with relative neglect of empirical macro information economics or technological change. The explosion of transborder data flows and the collapse of natural monopolies in telecommunications has led to the emergence of economies in the grip of an information technology revolution. This paper presents an algorithm to measure the structure and size of the information economy in a cost-effective manner. The paper concludes that the generation of data for the analysis of the emergent information economy will facilitate the formulation of appropriate strategies to foster the development information economy.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124569103","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}
Christos A. Grambovas, Juan M. García Lara, James A. Ohlson, M. Walker
This paper evaluates the hypothesis that the difference between reported earnings and permanent earnings approximates zero, on average. We measure a firm’s permanent earnings using its stock price, and the short term interest rate determines the permanent earnings to price relation. The hypothesis corresponds to the idea that a firm’s capitalized reported earnings minus the stock price equals some “noise” which on average approximates zero. In valuation terms, the hypothesis depends on growth and risk cancelling each other, on average; our modeling does not depend on, or imply, risk-neutrality. US data supports the hypothesis: reported earnings exceed permanent earnings in about half of all cases. However, the proportion of pluses vs. minuses can deviate materially from 50% in any year, and there is marked time-series correlation. The “zero average” holds only because we evaluate several decades of data. The permanent earnings hypothesis will not hold if the accounting approximates fair value accounting. Such accounting provides the underpinnings for Hick's concept of economic earnings, and it differs radically from traditional GAAP accounting. Per theory, economic earnings should exceed permanent earnings, on average. We consider this angle to the 50-50 proposition by examining financial firms. Earnings for such firms should to some extent tilt towards Hick’s earnings concept. The data supports the hypothesis: reported earnings now exceed the permanent earnings significantly more often than 50% of the time. Thus the benchmark permanent earnings hypothesis, the “fifty-fifty” proposition, applies only for industrial (non-financial) firms.
{"title":"Permanent Earnings vs. Reported Earnings: Does the Average Difference Approximate Zero?","authors":"Christos A. Grambovas, Juan M. García Lara, James A. Ohlson, M. Walker","doi":"10.2139/SSRN.1999363","DOIUrl":"https://doi.org/10.2139/SSRN.1999363","url":null,"abstract":"This paper evaluates the hypothesis that the difference between reported earnings and permanent earnings approximates zero, on average. We measure a firm’s permanent earnings using its stock price, and the short term interest rate determines the permanent earnings to price relation. The hypothesis corresponds to the idea that a firm’s capitalized reported earnings minus the stock price equals some “noise” which on average approximates zero. In valuation terms, the hypothesis depends on growth and risk cancelling each other, on average; our modeling does not depend on, or imply, risk-neutrality. US data supports the hypothesis: reported earnings exceed permanent earnings in about half of all cases. However, the proportion of pluses vs. minuses can deviate materially from 50% in any year, and there is marked time-series correlation. The “zero average” holds only because we evaluate several decades of data. The permanent earnings hypothesis will not hold if the accounting approximates fair value accounting. Such accounting provides the underpinnings for Hick's concept of economic earnings, and it differs radically from traditional GAAP accounting. Per theory, economic earnings should exceed permanent earnings, on average. We consider this angle to the 50-50 proposition by examining financial firms. Earnings for such firms should to some extent tilt towards Hick’s earnings concept. The data supports the hypothesis: reported earnings now exceed the permanent earnings significantly more often than 50% of the time. Thus the benchmark permanent earnings hypothesis, the “fifty-fifty” proposition, applies only for industrial (non-financial) firms.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"123 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124522363","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}
JPM's trade loss offers valuable clues and confirms past experience.
摩根大通的交易损失提供了宝贵的线索，并证实了过去的经验。
{"title":"To Dodd-Frank: Adapt or Engender More JPM-Like Losses","authors":"Matthew Schoenfeld","doi":"10.2139/SSRN.2078460","DOIUrl":"https://doi.org/10.2139/SSRN.2078460","url":null,"abstract":"JPM's trade loss offers valuable clues and confirms past experience.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122920562","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 argue in this paper that it is more feasible to use binary variables and logistic regression analyses in the assessments of AIDS incidents o or other similar researches in social science. Thus, even in measuring disease persistence we can reach solid and comprehensive results. Statistical methods consider the analysis of relationships between measurements made on groups of subjects or objects. The measurements might be the heights or weights and the ages of boys and girls, or the yield of plants under various growing conditions. Additionally, we use the terms response, outcome or dependent variable for measurements that are free to vary in response to other variables called explanatory variables or predictor variables or independent variables although this last term can sometimes be misleading. Responses are regarded as random variables. Explanatory variables are usually treated as though they are non- random measurements or observations. They can be fixed by the experimental design, responses and explanatory variables.
{"title":"Theoretical Modeling of AIDS Infections and Disease Persistence","authors":"Issam A.W. Mohamed","doi":"10.2139/ssrn.2042556","DOIUrl":"https://doi.org/10.2139/ssrn.2042556","url":null,"abstract":"We argue in this paper that it is more feasible to use binary variables and logistic regression analyses in the assessments of AIDS incidents o or other similar researches in social science. Thus, even in measuring disease persistence we can reach solid and comprehensive results. Statistical methods consider the analysis of relationships between measurements made on groups of subjects or objects. The measurements might be the heights or weights and the ages of boys and girls, or the yield of plants under various growing conditions. Additionally, we use the terms response, outcome or dependent variable for measurements that are free to vary in response to other variables called explanatory variables or predictor variables or independent variables although this last term can sometimes be misleading. Responses are regarded as random variables. Explanatory variables are usually treated as though they are non- random measurements or observations. They can be fixed by the experimental design, responses and explanatory variables.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115843762","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 surveys the results from 126 pricing experiments with dynamic pricing and time-of-use pricing of electricity. These experiments have been carried out across three continents at various times during the past decade. Data from 74 of these experiments are sufficiently complete to allow us to identify the relationship between the strength of the peak to off-peak price ratio and the associated reduction in peak demand or demand response. An “arc of price responsiveness” emerges from our analysis, showing that the amount of demand response rises with the price ratio but at a decreasing rate. We also find that about half of the variation in demand response can be explained by variations in the price ratio. This is a remarkable result, since the experiments vary in many other respects – climate, time period, the length of the peak period, the history of pricing innovation in each area, and the manner in which the dynamic pricing designs were marketed to customers. We also find that enabling technologies such as in-home displays, energy orbs and programmable and communicating thermostats boost the amount of demand response. The results of the paper support the case for widespread rollout of dynamic pricing and time-of-use pricing.
{"title":"The Discovery of Price Responsiveness – A Survey of Experiments Involving Dynamic Pricing of Electricity","authors":"A. Faruqui, J. Palmer","doi":"10.2139/ssrn.2020587","DOIUrl":"https://doi.org/10.2139/ssrn.2020587","url":null,"abstract":"This paper surveys the results from 126 pricing experiments with dynamic pricing and time-of-use pricing of electricity. These experiments have been carried out across three continents at various times during the past decade. Data from 74 of these experiments are sufficiently complete to allow us to identify the relationship between the strength of the peak to off-peak price ratio and the associated reduction in peak demand or demand response. An “arc of price responsiveness” emerges from our analysis, showing that the amount of demand response rises with the price ratio but at a decreasing rate. We also find that about half of the variation in demand response can be explained by variations in the price ratio. This is a remarkable result, since the experiments vary in many other respects – climate, time period, the length of the peak period, the history of pricing innovation in each area, and the manner in which the dynamic pricing designs were marketed to customers. We also find that enabling technologies such as in-home displays, energy orbs and programmable and communicating thermostats boost the amount of demand response. The results of the paper support the case for widespread rollout of dynamic pricing and time-of-use pricing.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133739259","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}
Field experiments have variously discovered that modern management practices can enhance productivity, but not all firms adopt such practices. In this study, we examine private bond contracts used by the Public House operators to explore if such variations are due to differences in the types of the firms. Asset-backed bonds entail operating covenants restricting management actions in areas such as acquisitions and disposals. We find that managed firms that provide greater flexibility in managing their operations are more responsive to these covenants then the tenanted firms. We also show that middle-level management practices are strongly associated with improved establishment performance.
{"title":"Firm Types and Managerial Capital: Findings from Private Bond Contracts","authors":"Laurent Bouvier, T. Nisar","doi":"10.2139/ssrn.2018995","DOIUrl":"https://doi.org/10.2139/ssrn.2018995","url":null,"abstract":"Field experiments have variously discovered that modern management practices can enhance productivity, but not all firms adopt such practices. In this study, we examine private bond contracts used by the Public House operators to explore if such variations are due to differences in the types of the firms. Asset-backed bonds entail operating covenants restricting management actions in areas such as acquisitions and disposals. We find that managed firms that provide greater flexibility in managing their operations are more responsive to these covenants then the tenanted firms. We also show that middle-level management practices are strongly associated with improved establishment performance.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128808783","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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