Pub Date : 2021-01-01DOI: 10.17323/1813-8691-2021-25-1-129-146
S. Dolgikh, B. Potanin
In this paper we test some hypotheses about individual decision making under risk based on the unique Russian TV show «Sdelka?!» participants behavioral data. The show presents the game where participants are supposed to choose between guaranteed amount of money and lottery which may result in gains or losses. Participants are assumed to make decisions based on prospect theory and cumulative prospect theory including both subjective probability trans formation and reference-dependent behavior. Herewith it is assumed that reference point is dynamic so it may change through the game. In order to estimate parameters associated with participants decision making mechanism we propose econometric binary choice model based on quasi maximum likelihood method. The results suggest that contestants adapt reference point depending on the game process. Adaptation seems to be asymmetric since reference point shifts noticeably to the right in response to gains and substantially less to the left if the game goes poorly. In addition, we have found weak evidence in favor of loss aversion effect. In order to demonstrate the robustness of the results we are using various approaches to subjective probabilities transformation. According to Akaike information criteria econometric models incorporating probability transformation are superior to objective probability mode.
{"title":"Analysis of the TV Show «Sdelka?!»: Prospect Theory Approach","authors":"S. Dolgikh, B. Potanin","doi":"10.17323/1813-8691-2021-25-1-129-146","DOIUrl":"https://doi.org/10.17323/1813-8691-2021-25-1-129-146","url":null,"abstract":"In this paper we test some hypotheses about individual decision making under risk based on the unique Russian TV show «Sdelka?!» participants behavioral data. The show presents the game where participants are supposed to choose between guaranteed amount of money and lottery which may result in gains or losses. Participants are assumed to make decisions based on prospect theory and cumulative prospect theory including both subjective probability trans formation and reference-dependent behavior. Herewith it is assumed that reference point is dynamic so it may change through the game. In order to estimate parameters associated with participants decision making mechanism we propose econometric binary choice model based on quasi maximum likelihood method. The results suggest that contestants adapt reference point depending on the game process. Adaptation seems to be asymmetric since reference point shifts noticeably to the right in response to gains and substantially less to the left if the game goes poorly. In addition, we have found weak evidence in favor of loss aversion effect. In order to demonstrate the robustness of the results we are using various approaches to subjective probabilities transformation. According to Akaike information criteria econometric models incorporating probability transformation are superior to objective probability mode.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88382991","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 : 2021-01-01DOI: 10.17323/1813-8691-2021-25-3-452-477
A. Votinov, S. Lazaryan, S. Radionov, S. Sudakov
{"title":"Impact of EU’s Cross-border Adjustment Mechanism on Russia","authors":"A. Votinov, S. Lazaryan, S. Radionov, S. Sudakov","doi":"10.17323/1813-8691-2021-25-3-452-477","DOIUrl":"https://doi.org/10.17323/1813-8691-2021-25-3-452-477","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67836043","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 : 2021-01-01DOI: 10.17323/1813-8691-2021-25-4-540-559
O. Mozgovaya, Y. Sheval
{"title":"Some Tariff Consequences Assessment of the Power Grid Industry Consolidation in Russia","authors":"O. Mozgovaya, Y. Sheval","doi":"10.17323/1813-8691-2021-25-4-540-559","DOIUrl":"https://doi.org/10.17323/1813-8691-2021-25-4-540-559","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67836931","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 : 2021-01-01DOI: 10.17323/1813-8691-2021-25-3-478-503
A. Evseev, F. Iskhakova
{"title":"Price-setting Behavior in Russia: Study of Survey Evidence","authors":"A. Evseev, F. Iskhakova","doi":"10.17323/1813-8691-2021-25-3-478-503","DOIUrl":"https://doi.org/10.17323/1813-8691-2021-25-3-478-503","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67835577","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 : 2021-01-01DOI: 10.17323/1813-8691-2021-25-4-574-594
D. Ivanov, N. Kalinin, A. Nesterov, I. Susin
{"title":"2019 Crab Quota Auction: History, Evaluation, and Alternative Scenarios","authors":"D. Ivanov, N. Kalinin, A. Nesterov, I. Susin","doi":"10.17323/1813-8691-2021-25-4-574-594","DOIUrl":"https://doi.org/10.17323/1813-8691-2021-25-4-574-594","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67837027","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 : 2021-01-01DOI: 10.17323/1813-8691-2021-25-1-65-101
Ekaterina Astafieva, M.Yu. Turuntseva
{"title":"Revisions of GDP: Data and Assessment of Statistical Properties","authors":"Ekaterina Astafieva, M.Yu. Turuntseva","doi":"10.17323/1813-8691-2021-25-1-65-101","DOIUrl":"https://doi.org/10.17323/1813-8691-2021-25-1-65-101","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67835732","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 : 2020-01-01DOI: 10.17323/1813-8691-2020-24-2-215-267
N. Leonova
The phenomenon of capital flight often accompanied by exact figures is widely discussed in the media, mentioned in the speeches of political figures. However there is no direct indicator of capital flight in the Russian official statistics and the use of the term in economic literature varies, resulting in instability of financial flows constituted the phenomenon. The problem of capital flight, in general, characterized by the uncertainty at all stages of the analysis. In addition to the lack of a common terminology, there is no generally accepted definition and an appropriate quantitative indicator. The views of the researches on the place of capital flight within the framework of economic relationships, its factors and forms of capital flight, the effectiveness of policies aimed at preventing and reducing undesired financial flows depends on the specifics of a particular economy and the time period considered.This article addresses the issues of capital flight determinants, it provides a review of publications on relevant topics of both Russian and foreign researches. It clarifies the theoretical and conceptual framework of the phenomenon in order to define its limits. In particular it examines the issues of terminology adopted in the Russian-language economic literature, discusses the issues of «flying» financial flows detection and proposes the definition of capital flight taking into account the undesirable consequences of the process nature. The theoretical basis of the problem is represented by studies defining the investment climate as the key root case of the capital flight, as well as publications linking the capital flight with the existence of asymmetries in the investment risks of residents and non-residents the institutional development problems. The review of applied studies reveals the issues of choosing proper macroeconomic indicators in capital flight models for emerging countries in Latin America, Latin America, Africa and Eastern Europe, as well as for developed economies in Asia and Eurozone.
{"title":"The Determinants of Capital Flight: An Overview of the Problem","authors":"N. Leonova","doi":"10.17323/1813-8691-2020-24-2-215-267","DOIUrl":"https://doi.org/10.17323/1813-8691-2020-24-2-215-267","url":null,"abstract":"The phenomenon of capital flight often accompanied by exact figures is widely discussed in the media, mentioned in the speeches of political figures. However there is no direct indicator of capital flight in the Russian official statistics and the use of the term in economic literature varies, resulting in instability of financial flows constituted the phenomenon. The problem of capital flight, in general, characterized by the uncertainty at all stages of the analysis. In addition to the lack of a common terminology, there is no generally accepted definition and an appropriate quantitative indicator. The views of the researches on the place of capital flight within the framework of economic relationships, its factors and forms of capital flight, the effectiveness of policies aimed at preventing and reducing undesired financial flows depends on the specifics of a particular economy and the time period considered.This article addresses the issues of capital flight determinants, it provides a review of publications on relevant topics of both Russian and foreign researches. It clarifies the theoretical and conceptual framework of the phenomenon in order to define its limits. In particular it examines the issues of terminology adopted in the Russian-language economic literature, discusses the issues of «flying» financial flows detection and proposes the definition of capital flight taking into account the undesirable consequences of the process nature. The theoretical basis of the problem is represented by studies defining the investment climate as the key root case of the capital flight, as well as publications linking the capital flight with the existence of asymmetries in the investment risks of residents and non-residents the institutional development problems. The review of applied studies reveals the issues of choosing proper macroeconomic indicators in capital flight models for emerging countries in Latin America, Latin America, Africa and Eastern Europe, as well as for developed economies in Asia and Eurozone.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75467814","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：