This paper investigates the possible non-linear effect of corruption on human capital accumulation through two channels. The first channel is through the effect of corruption on the public expenditure on education and the second channel is through the effect of corruption on the physical capital investment. Initially, we construct an endogenous two-sector growth model with human capital accumulation and we try to explore the impact of corruption on the allocation of public expenditure and therefore on the distribution of human capital across sectors. Then by using a semi-parametric method, we confirm the presence of non-linearities between human capital and corruption.
{"title":"Corruption, Public Expenditure and Human Capital Accumulation","authors":"Spyridon Boikos","doi":"10.15353/rea.v8i1.1430","DOIUrl":"https://doi.org/10.15353/rea.v8i1.1430","url":null,"abstract":"This paper investigates the possible non-linear effect of corruption on human capital accumulation through two channels. The first channel is through the effect of corruption on the public expenditure on education and the second channel is through the effect of corruption on the physical capital investment. Initially, we construct an endogenous two-sector growth model with human capital accumulation and we try to explore the impact of corruption on the allocation of public expenditure and therefore on the distribution of human capital across sectors. Then by using a semi-parametric method, we confirm the presence of non-linearities between human capital and corruption.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66906381","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 axiomatic foundation of the expected utility theory (which states that given a set of uncertain prospects individuals pick up the prospect which yields the highest expected utility) was first laid down by Von Neumann and Morgenstern (1947). This axiom has come under severe criticisms in recent years. A large number of experiments have shown that in making decisions involving uncertain prospects people frequently violate the independence axiom. In this paper we shall consider the problem of choice under uncertainty from a wider point of view and we shall examine the nature of the restriction imposed by the axiom of independence. We shall use the mean-variance utility function to prove our point. Then we shall consider a weak version of the independence axiom namely the weak* axiom of independence. This is the point of departure from the expected utility theory to the realm of the non-expected utility theory. The weak* axiom allows aversion to pure uncertainty and, in the context of the mean-variance utility theory, it is compatible with utility being an increasing function of expected returns at all levels.
{"title":"Weak* Axiom of Independence and the Non-Expected Utility Theory","authors":"Tapan Biswas","doi":"10.15353/rea.v4i1.1535","DOIUrl":"https://doi.org/10.15353/rea.v4i1.1535","url":null,"abstract":"The axiomatic foundation of the expected utility theory (which states that given a set of uncertain prospects individuals pick up the prospect which yields the highest expected utility) was first laid down by Von Neumann and Morgenstern (1947). This axiom has come under severe criticisms in recent years. A large number of experiments have shown that in making decisions involving uncertain prospects people frequently violate the independence axiom. In this paper we shall consider the problem of choice under uncertainty from a wider point of view and we shall examine the nature of the restriction imposed by the axiom of independence. We shall use the mean-variance utility function to prove our point. Then we shall consider a weak version of the independence axiom namely the weak* axiom of independence. This is the point of departure from the expected utility theory to the realm of the non-expected utility theory. The weak* axiom allows aversion to pure uncertainty and, in the context of the mean-variance utility theory, it is compatible with utility being an increasing function of expected returns at all levels.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2012-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66903996","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 issue is dedicated to the memory of Tapan Biswas, who passed away on July 3, 2010. Tapan was a founding associate editor of the Review of Economic Analysis and a great colleague of many of people involved with the journal. The issue begins with In Memoriam by Gianluigi Pelloni, followed by a previously unpublished paper, joint with Taradas Bandyopadhyay on which Tapan was working at the time of his untimely death and by Tapan’s best published papers. I would like to thank all publishers of Tapan’s work for agreeing to republish his papers. The copyright belongs to the original publishers and no part of this issue, except for the first paper, can be reproduced in any form without their permission. Jerzy (Jurek) Konieczny
这期特刊是为了纪念2010年7月3日去世的塔潘·比斯瓦斯。塔潘是《经济分析评论》(Review of Economic Analysis)的创始副主编，也是该杂志许多工作人员的好同事。这期杂志从Gianluigi Pelloni的《悼念》开始，接着是一篇之前未发表的论文，与Taradas Bandyopadhyay合作，Tapan在Taradas Bandyopadhyay过早去世时正在研究这篇论文，以及Tapan发表的最好的论文。我要感谢Tapan作品的所有出版商同意重新出版他的论文。版权属于原始出版商，未经许可，除第一篇论文外，本刊的任何部分都不得以任何形式转载。耶日·科涅奇尼
{"title":"Editor's Foreword","authors":"Jerzy D. Konieczny","doi":"10.15353/rea.v4i1.1529","DOIUrl":"https://doi.org/10.15353/rea.v4i1.1529","url":null,"abstract":"This issue is dedicated to the memory of Tapan Biswas, who passed away on July 3, 2010. Tapan was a founding associate editor of the Review of Economic Analysis and a great colleague of many of people involved with the journal. The issue begins with In Memoriam by Gianluigi Pelloni, followed by a previously unpublished paper, joint with Taradas Bandyopadhyay on which Tapan was working at the time of his untimely death and by Tapan’s best published papers. I would like to thank all publishers of Tapan’s work for agreeing to republish his papers. The copyright belongs to the original publishers and no part of this issue, except for the first paper, can be reproduced in any form without their permission. Jerzy (Jurek) Konieczny","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2012-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66903923","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 examines the conditions under which the Marshallian type of cardinal utility function can be derived from a class of ordinal utility functions.
本文研究了从一类序效用函数中导出马歇尔型基数效用函数的条件。
{"title":"Least Concave Ordinal Utility Function and the Marshalian Cardinal Utility","authors":"Taradas Bandyopadhyay, Tapan Biswas","doi":"10.15353/rea.v4i1.1531","DOIUrl":"https://doi.org/10.15353/rea.v4i1.1531","url":null,"abstract":"This paper examines the conditions under which the Marshallian type of cardinal utility function can be derived from a class of ordinal utility functions.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2012-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904206","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}
In an n x n economy, the relation between commodity prices and factor prices has been presented in terms of finite variations. Using a generalization of the dominant diagonal condition on the Jacobian of the set of unit cost functions, this paper shows that a rise in the price of any commodity will bring about an increase in the earnings of the corresponding factor, making no other factor better off than that factor while the earnings of at least one other factor will not increase. Strengthening the requirement further shows that the earnings of at least one factor will decline.
{"title":"The Relation Between Prices of Factors and Goods in General Equilibrium","authors":"Taradas Bandyopadhyay, Tapan Biswas","doi":"10.15353/rea.v4i1.1534","DOIUrl":"https://doi.org/10.15353/rea.v4i1.1534","url":null,"abstract":"In an n x n economy, the relation between commodity prices and factor prices has been presented in terms of finite variations. Using a generalization of the dominant diagonal condition on the Jacobian of the set of unit cost functions, this paper shows that a rise in the price of any commodity will bring about an increase in the earnings of the corresponding factor, making no other factor better off than that factor while the earnings of at least one other factor will not increase. Strengthening the requirement further shows that the earnings of at least one factor will decline.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2012-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66903938","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}
Fort a small economy, the equilibrium under monopolistic competition may not be Pareto optimal. The paper deals with the condition for the existence and Pareto optimality of equilibrium under monopolistic competition in a large economy with differentiated products.
{"title":"Monopolistic Competition in a Large Economy","authors":"Tapan Biswas","doi":"10.15353/rea.v4i1.1539","DOIUrl":"https://doi.org/10.15353/rea.v4i1.1539","url":null,"abstract":"Fort a small economy, the equilibrium under monopolistic competition may not be Pareto optimal. The paper deals with the condition for the existence and Pareto optimality of equilibrium under monopolistic competition in a large economy with differentiated products.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2012-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904735","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 issue is dedicated to the memory of Tapan Biswas.
本期特刊纪念塔班·比斯瓦斯。
{"title":"In memoriam: Tapan Biswas (1942-2010)","authors":"G. Pelloni","doi":"10.15353/rea.v4i1.1530","DOIUrl":"https://doi.org/10.15353/rea.v4i1.1530","url":null,"abstract":"This issue is dedicated to the memory of Tapan Biswas.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2012-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904041","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 investigates the effect of sulphur dioxide (SO2) and nitrogen oxide (NOx) emissions on the Total Factor Productivity (TFP) growth among 48 contiguous U.S. states, for the period 1965-2002. The relationship between TFP growth and emissions is examined using nonparametric econometric techniques that allow for the estimation of the elasticity of pollution for each state and each period and to account for possible nonlinearities in the data. The results indicate that both pollutants positively affect TFP growth. Moreover this effect is nonlinear. The average output elasticity for all states is 0.005 for SO2 and 0.04 for NOx emissions.
{"title":"The Effect of Emissions on U.S. State Total Factor Productivity Growth","authors":"Neophyta Empora, T. Mamuneas","doi":"10.15353/rea.v3i2.1460","DOIUrl":"https://doi.org/10.15353/rea.v3i2.1460","url":null,"abstract":"This paper investigates the effect of sulphur dioxide (SO2) and nitrogen oxide (NOx) emissions on the Total Factor Productivity (TFP) growth among 48 contiguous U.S. states, for the period 1965-2002. The relationship between TFP growth and emissions is examined using nonparametric econometric techniques that allow for the estimation of the elasticity of pollution for each state and each period and to account for possible nonlinearities in the data. The results indicate that both pollutants positively affect TFP growth. Moreover this effect is nonlinear. The average output elasticity for all states is 0.005 for SO2 and 0.04 for NOx emissions.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2011-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904327","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 short run effect of the financial intermediary development on economic growth is analyzed using an unbalanced panel of 77 countries covering 35 years. Empirical Likelihood (EL) estimation is used and compared to more conventional GMM methods that weight moment conditions equally over the sample. However, if a part of the data is associated with only weak instruments, GMM estimators are subject to considerable small sample bias. EL appropriately re-weights the moment restrictions to deal with that problem. Using EL, we obtain more robust estimates of the effect of financial intermediation on economic growth than GMM.
{"title":"Can Dynamic Panel Data Explain the Finance-Growth Link? An Empirical Likelihood Approach","authors":"Umut Oguzoglu, T. Stengos","doi":"10.15353/rea.v3i2.1459","DOIUrl":"https://doi.org/10.15353/rea.v3i2.1459","url":null,"abstract":"The short run effect of the financial intermediary development on economic growth is analyzed using an unbalanced panel of 77 countries covering 35 years. Empirical Likelihood (EL) estimation is used and compared to more conventional GMM methods that weight moment conditions equally over the sample. However, if a part of the data is associated with only weak instruments, GMM estimators are subject to considerable small sample bias. EL appropriately re-weights the moment restrictions to deal with that problem. Using EL, we obtain more robust estimates of the effect of financial intermediation on economic growth than GMM.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2011-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66903811","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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