The relative income hypothesis predicts that an individualʼs level of happiness decreases in othersʼ income. We examine its empirical relevance in South Korea using large survey data from the Korea Welfare Panel Study. We find evidence that higher peer income is strongly correlated with life satisfaction, but its effect on suicidal ideation is modest and largely insignificant. We also find that the effect of peer income is highly heterogeneous; those who consider themselves relatively poorer seem to be more strongly (and adversely) affected by their relative disadvantage than those relatively richer are (positively) affected by their relative advantage.
{"title":"Relative income, suicidal ideation, and life satisfaction: Evidence from South Korea","authors":"Songman Kang, S. Lim","doi":"10.15057/30364","DOIUrl":"https://doi.org/10.15057/30364","url":null,"abstract":"The relative income hypothesis predicts that an individualʼs level of happiness decreases in othersʼ income. We examine its empirical relevance in South Korea using large survey data from the Korea Welfare Panel Study. We find evidence that higher peer income is strongly correlated with life satisfaction, but its effect on suicidal ideation is modest and largely insignificant. We also find that the effect of peer income is highly heterogeneous; those who consider themselves relatively poorer seem to be more strongly (and adversely) affected by their relative disadvantage than those relatively richer are (positively) affected by their relative advantage.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"60 1","pages":"107-120"},"PeriodicalIF":0.6,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45390828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper considers time-inconsistent output subsidy/tax policies in free-entry mixed markets and compares committed and non-committed regimes under different competition modes. In a committed regime where the subsidy is determined before the private firms enter the market, the optimal rate is zero in either Cournot game or Stackelberg game when the public firm is a follower, while it is negative in Stackelberg game with public leadership. However, in the non-committed regime where the subsidy is not determined before entry, the optimal rate is always positive. Finally, we show that private leadership is the best for social welfare regardless of the timing of output subsidy/tax policies.
{"title":"Time-inconsistent Output Subsidy/Tax Policies in Free-entry Mixed Markets","authors":"Jiaqi Chen, Sang‐Ho Lee, Timur K. Muminov","doi":"10.15057/30362","DOIUrl":"https://doi.org/10.15057/30362","url":null,"abstract":"This paper considers time-inconsistent output subsidy/tax policies in free-entry mixed markets and compares committed and non-committed regimes under different competition modes. In a committed regime where the subsidy is determined before the private firms enter the market, the optimal rate is zero in either Cournot game or Stackelberg game when the public firm is a follower, while it is negative in Stackelberg game with public leadership. However, in the non-committed regime where the subsidy is not determined before entry, the optimal rate is always positive. Finally, we show that private leadership is the best for social welfare regardless of the timing of output subsidy/tax policies.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"60 1","pages":"61-77"},"PeriodicalIF":0.6,"publicationDate":"2019-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44060276","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Depressive symptoms have emerged as a notable public health threat in developing countries, so it is urgent to understand their relation to labor market outcomes. We analyzed a panel dataset of Indonesians (N=12,326 for men and N=14,410 for women) by applying a fixed effects model. We derived five measures of depressive symptoms from the short CES-D scale and considered four labor market outcomes (i.e., any attempt at or sign of being employed vs. none, positive vs. no earnings, hours of work, and earnings in the past month). We found no economically meaningful relation between depressive symptoms and labor market outcomes.
{"title":"DEPRESSIVE SYMPTOMS ARE NOT RELATED TO LABOR MARKET OUTCOMES IN INDONESIA","authors":"K. Sohn","doi":"10.15057/29711","DOIUrl":"https://doi.org/10.15057/29711","url":null,"abstract":"Depressive symptoms have emerged as a notable public health threat in developing countries, so it is urgent to understand their relation to labor market outcomes. We analyzed a panel dataset of Indonesians (N=12,326 for men and N=14,410 for women) by applying a fixed effects model. We derived five measures of depressive symptoms from the short CES-D scale and considered four labor market outcomes (i.e., any attempt at or sign of being employed vs. none, positive vs. no earnings, hours of work, and earnings in the past month). We found no economically meaningful relation between depressive symptoms and labor market outcomes.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"59 1","pages":"45-60"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45863733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the relationship between the quality of provincial governance and labour market returns in Vietnam. We find that better provincial governance has a positive effect on labour market wages for wage-earning workers. The finding is consistent across estimators, even after controlling for worker characteristics, geographic regions, urban context, economic sector and industry type. A better competitive environment for business attracts more firms to enter the market, which in turn creates greater demand for labour. Subsequently, higher demand for labour pushes up wages. Our unique contribution is that we considered the influence of provincial governance on the business environment and labour market returns.
{"title":"PROVINCIAL COMPETITIVENESS AND LABOUR MARKET RETURNS IN VIETNAM","authors":"Tinh Doan, T. Tran, H. Nguyen","doi":"10.15057/29714","DOIUrl":"https://doi.org/10.15057/29714","url":null,"abstract":"This paper examines the relationship between the quality of provincial governance and labour market returns in Vietnam. We find that better provincial governance has a positive effect on labour market wages for wage-earning workers. The finding is consistent across estimators, even after controlling for worker characteristics, geographic regions, urban context, economic sector and industry type. A better competitive environment for business attracts more firms to enter the market, which in turn creates greater demand for labour. Subsequently, higher demand for labour pushes up wages. Our unique contribution is that we considered the influence of provincial governance on the business environment and labour market returns.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"59 1","pages":"95-112"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48547598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper addresses the question of whether leveraged and inverse exchange-traded funds (ETFs) affect the underlying market. The Korean markets provide a unique context to address the question in that (i) the ETFs contain only stocks and futures, and (ii) the futures markets close 15 minutes later than the stock markets. Although the Hasbrouck information shares do not indicate any dominant price discovery effect between the leveraged/inverse ETFs and the underlying stock market based on daily close-to-close returns, we find evidence that ETF managersʼ rebalancing activities have a significant impact on the daily close-to-open returns of the underlying stock market.
{"title":"DO LEVERAGED/INVERSE ETFS WAG THE UNDERLYING MARKET? : EVIDENCE FROM THE KOREAN STOCK MARKET","authors":"Kyuseok Lee, Soohun Kim","doi":"10.15057/29713","DOIUrl":"https://doi.org/10.15057/29713","url":null,"abstract":"This paper addresses the question of whether leveraged and inverse exchange-traded funds (ETFs) affect the underlying market. The Korean markets provide a unique context to address the question in that (i) the ETFs contain only stocks and futures, and (ii) the futures markets close 15 minutes later than the stock markets. Although the Hasbrouck information shares do not indicate any dominant price discovery effect between the leveraged/inverse ETFs and the underlying stock market based on daily close-to-close returns, we find evidence that ETF managersʼ rebalancing activities have a significant impact on the daily close-to-open returns of the underlying stock market.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"59 1","pages":"83-94"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46159016","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Yung-Hsiang Lu, Yung‐ho Chiu, C. Chiu, Yi-ting Wang
This study reflects on environmental conservation and sustainable development via environmental efficiency by utilizing a one-stage model to measure the performances of decision-making units. Fare et al. (1989) propose the concept of undesirable output, distinguishing between output that is good and bad. OʼDonnell et al.(2008) use metafrontier frameworks to compare the technical efficiency of firms and to distinguish different groups. Therefore, this study utilizes the concept of undesirable output and environmental efficiency and also combines metafrontier frameworks to evaluate and compare Japanʼs and Taiwanʼs high-tech industries. Findings show that Japanʼs performance is better than Taiwanʼs.
{"title":"METAFRONTIER ANALYSIS OF THE HIGH-TECH INDUSTRYʼS ENVIRONMENTAL EFFCIENCY IN JAPAN AND TAIWAN","authors":"Yung-Hsiang Lu, Yung‐ho Chiu, C. Chiu, Yi-ting Wang","doi":"10.15057/29256","DOIUrl":"https://doi.org/10.15057/29256","url":null,"abstract":"This study reflects on environmental conservation and sustainable development via environmental efficiency by utilizing a one-stage model to measure the performances of decision-making units. Fare et al. (1989) propose the concept of undesirable output, distinguishing between output that is good and bad. OʼDonnell et al.(2008) use metafrontier frameworks to compare the technical efficiency of firms and to distinguish different groups. Therefore, this study utilizes the concept of undesirable output and environmental efficiency and also combines metafrontier frameworks to evaluate and compare Japanʼs and Taiwanʼs high-tech industries. Findings show that Japanʼs performance is better than Taiwanʼs.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"59 1","pages":"9-24"},"PeriodicalIF":0.6,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41438286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study considers a Cournot duopoly model with a consumer-friendly firm and analyzes the interplay between the strategic choice of abatement technology and the timing of government’s commitment to the environmental policy. We show that the optimal emission tax under committed policy regime is always higher than that under non-committed one, but both taxes can be higher than marginal environmental damage when the consumer-friendliness is high enough. We also show that the non-committed policy will induce not only more outputs and higher profits but also more abatement and less emissions when the consumer-friendliness is high and the efficiency of abatement technology is not so high. Thus, the emergence of a consumer-friendly firm might yield better outcomes to both welfare and environmental quality without the commitment to the environmental policy.
{"title":"The timing of environmental tax policy with a consumer-friendly firm","authors":"Mariel Leal, Arturo García, Sang‐Ho Lee","doi":"10.15057/29257","DOIUrl":"https://doi.org/10.15057/29257","url":null,"abstract":"This study considers a Cournot duopoly model with a consumer-friendly firm and analyzes the interplay between the strategic choice of abatement technology and the timing of government’s commitment to the environmental policy. We show that the optimal emission tax under committed policy regime is always higher than that under non-committed one, but both taxes can be higher than marginal environmental damage when the consumer-friendliness is high enough. We also show that the non-committed policy will induce not only more outputs and higher profits but also more abatement and less emissions when the consumer-friendliness is high and the efficiency of abatement technology is not so high. Thus, the emergence of a consumer-friendly firm might yield better outcomes to both welfare and environmental quality without the commitment to the environmental policy.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"59 1","pages":"25-43"},"PeriodicalIF":0.6,"publicationDate":"2018-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47128717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper calls into question the equivalence between specificand ad valorem taxation in the presence of tax evasion under imperfect competition. Once there is evasion, evading specific taxes has to take place via concealing quantities sold, whereas evading ad valorem taxes can take place via concealing selling prices as well as quantities sold. With this difference, we show that in imperfectly competitive markets (i) if per-unit taxes are the same, output will be larger under ad valorem taxation, and (ii) specifictaxation may be superior to ad valorem taxation if it causes firms to channel fewer resources into tax evasion.
{"title":"SPECIFIC VERSUS AD VALOREM TAXATION WITH TAX EVASION IN IMPERFECTLY COMPETITIVE MARKETS","authors":"K. L. G. Ueng, Che-chiang Huang, Jin-Li Hu","doi":"10.15057/28954","DOIUrl":"https://doi.org/10.15057/28954","url":null,"abstract":"This paper calls into question the equivalence between specificand ad valorem taxation in the presence of tax evasion under imperfect competition. Once there is evasion, evading specific taxes has to take place via concealing quantities sold, whereas evading ad valorem taxes can take place via concealing selling prices as well as quantities sold. With this difference, we show that in imperfectly competitive markets (i) if per-unit taxes are the same, output will be larger under ad valorem taxation, and (ii) specifictaxation may be superior to ad valorem taxation if it causes firms to channel fewer resources into tax evasion.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"107-119"},"PeriodicalIF":0.6,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41733969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using a general equilibrium model, we analyze the implications of Universal Health Care (UHC) expansion in Korea. We find that when UHC is expanded, UHC premium rate for workers is raised to finance the increased budget, which distorts the householdsʼ incentive to work and leads to a decrease in aggregate labor. Moreover, the reduced volatility of disposable income weakens the householdsʼ savings motive, thereby resulting in a decrease in aggregate capital. While the decreases in production factors lead to a significant drop in aggregate output, the binary voting simulation shows that the expansion of UHC is approved with near-unanimous support.
{"title":"Macroeconomic Effects Of Expansion Of Universal Health Care: The Case Of South Korea","authors":"Taejun Lim","doi":"10.15057/28953","DOIUrl":"https://doi.org/10.15057/28953","url":null,"abstract":"Using a general equilibrium model, we analyze the implications of Universal Health Care (UHC) expansion in Korea. We find that when UHC is expanded, UHC premium rate for workers is raised to finance the increased budget, which distorts the householdsʼ incentive to work and leads to a decrease in aggregate labor. Moreover, the reduced volatility of disposable income weakens the householdsʼ savings motive, thereby resulting in a decrease in aggregate capital. While the decreases in production factors lead to a significant drop in aggregate output, the binary voting simulation shows that the expansion of UHC is approved with near-unanimous support.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"143-161"},"PeriodicalIF":0.6,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43204795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper studies the optimal allocation of authority in an organization where an agent, who has reputation concerns, strategically transmits his information to the principal. The optimal allocation of authority allows its holder to use more and better information in order to make efficient decisions. The paperidenti fies the mechanism through which the agentʼs reputation concerns affect his information transmission. It shows that under centralization the agent transmits his information truthfully to the principal only if his reputation concerns are low and therefore that the delegation of authority to the agent can be optimal if the agentʼs reputation concerns are high.
{"title":"REPUTATION CONCERNS AND AUTHORITY IN ORGANIZATIONS","authors":"Doyoung Kim","doi":"10.15057/28956","DOIUrl":"https://doi.org/10.15057/28956","url":null,"abstract":"The paper studies the optimal allocation of authority in an organization where an agent, who has reputation concerns, strategically transmits his information to the principal. The optimal allocation of authority allows its holder to use more and better information in order to make efficient decisions. The paperidenti fies the mechanism through which the agentʼs reputation concerns affect his information transmission. It shows that under centralization the agent transmits his information truthfully to the principal only if his reputation concerns are low and therefore that the delegation of authority to the agent can be optimal if the agentʼs reputation concerns are high.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"58 1","pages":"89-106"},"PeriodicalIF":0.6,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46075336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","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：