The history of development economics has been portrayed as a succession of fads and magic bullets. This study inquires whether behavioral approaches to economic development are destined to become such a fad or whether they have long‐lasting contributions to offer. I first show that behavioral development economics is not a cohesive field with a consensual definition and propose to distinguish three different views of behavioral development economics: the scarcity view, the non‐optimal behavior view, and the psycho‐social‐cultural view. I provide a systematic review of publications in the field of behavioral development economics from 2000 to 2021, distinguishing these three fields. The nonoptimal view has been, by far, the dominant view, and risk and time preferences stand out as the single‐most studied behavioral mechanisms. Finally, I argue that the sub‐field's ability to advance the understanding of behavior relevant to the persistence or alleviation of poverty depends crucially on the inclusion of the psycho‐social‐cultural view. This view has important contributions to offer in terms of (1) the understanding of seemingly nonrational behavior, (2) the identification and measurement of behavioral mechanisms, and (3) the understanding of conditions of external validity, and should be embraced more enthusiastically.
{"title":"Beyond fads and magic bullets: The promise of behavioral approaches in development economics","authors":"Svenja Flechtner","doi":"10.1111/joes.12663","DOIUrl":"https://doi.org/10.1111/joes.12663","url":null,"abstract":"The history of development economics has been portrayed as a succession of fads and magic bullets. This study inquires whether behavioral approaches to economic development are destined to become such a fad or whether they have long‐lasting contributions to offer. I first show that behavioral development economics is not a cohesive field with a consensual definition and propose to distinguish three different views of behavioral development economics: the scarcity view, the non‐optimal behavior view, and the psycho‐social‐cultural view. I provide a systematic review of publications in the field of behavioral development economics from 2000 to 2021, distinguishing these three fields. The nonoptimal view has been, by far, the dominant view, and risk and time preferences stand out as the single‐most studied behavioral mechanisms. Finally, I argue that the sub‐field's ability to advance the understanding of behavior relevant to the persistence or alleviation of poverty depends crucially on the inclusion of the psycho‐social‐cultural view. This view has important contributions to offer in terms of (1) the understanding of seemingly nonrational behavior, (2) the identification and measurement of behavioral mechanisms, and (3) the understanding of conditions of external validity, and should be embraced more enthusiastically.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142223813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Climate change, institution, and the economy","authors":"Haichao Fan, Guanghuan Wan, Huanhuan Wang","doi":"10.1111/joes.12659","DOIUrl":"https://doi.org/10.1111/joes.12659","url":null,"abstract":"","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182173","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Foreign direct investment (FDI) statistics are frequently used to proxy multinational production and activities of multinational enterprises (MNEs). Yet, FDI statistics have been subject to critique because FDI is also driven by financial motives that are barely related to real production activities. In this paper, we survey recent advancements in the compilation of international FDI statistics that address those challenges. We discuss how those improved FDI statistics help to tighten the relation between FDI data and multinational production and provide guidance to applied researchers how to implement this in practice.
{"title":"Measuring multinational production with foreign direct investment statistics: A survey of challenges and recent developments","authors":"Konstantin M. Wacker, Bruno Casella, Maria Borga","doi":"10.1111/joes.12662","DOIUrl":"https://doi.org/10.1111/joes.12662","url":null,"abstract":"Foreign direct investment (FDI) statistics are frequently used to proxy multinational production and activities of multinational enterprises (MNEs). Yet, FDI statistics have been subject to critique because FDI is also driven by financial motives that are barely related to real production activities. In this paper, we survey recent advancements in the compilation of international FDI statistics that address those challenges. We discuss how those improved FDI statistics help to tighten the relation between FDI data and multinational production and provide guidance to applied researchers how to implement this in practice.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Why do famines persist in the 21st century, despite significant advances in agricultural productivity? Throughout human history, famines have been – and continue to be – among the harshest manifestations of destitution. They result from the exacerbation of human vulnerabilities caused by the synergistic interaction of multiple anthropogenic and natural determinants. Famines are humanitarian emergencies that sharply increase mortality and/or morbidity among destitute families. This article reviews the academic debate on the causes of famines. The literature is organized into six main “families” of theories: (i) classical economic explanations (Smith's and Malthus’ theses); (ii) food availability decline approach; (iii) entitlement approach; (iv) political perspectives (political regime and political accountability approaches); (v) new variant famine hypothesis; and (vi) systemic explanations. The article identifies the main gaps and limitations in this literature and highlights relevant development policy implications for reducing extreme food insecurity. The conclusion drawn is that the persistence of famines is attributable to ongoing mismanagement of significant triggers of extreme human vulnerability, both at the national and international levels. Extreme poverty, violent conflicts, economic shocks, climate change, governmental negligence, famine crimes, and pandemics contribute to the complexity of famine and require a comprehensive development strategy.
{"title":"Why do famines still occur in the 21st Century? A review on the causes of extreme food insecurity","authors":"Sergio Tezanos‐Vázquez","doi":"10.1111/joes.12661","DOIUrl":"https://doi.org/10.1111/joes.12661","url":null,"abstract":"Why do famines persist in the 21st century, despite significant advances in agricultural productivity? Throughout human history, famines have been – and continue to be – among the harshest manifestations of destitution. They result from the exacerbation of human vulnerabilities caused by the synergistic interaction of multiple anthropogenic and natural determinants. Famines are humanitarian emergencies that sharply increase mortality and/or morbidity among destitute families. This article reviews the academic debate on the causes of famines. The literature is organized into six main “families” of theories: (i) classical economic explanations (Smith's and Malthus’ theses); (ii) food availability decline approach; (iii) entitlement approach; (iv) political perspectives (political regime and political accountability approaches); (v) new variant famine hypothesis; and (vi) systemic explanations. The article identifies the main gaps and limitations in this literature and highlights relevant development policy implications for reducing extreme food insecurity. The conclusion drawn is that the persistence of famines is attributable to ongoing mismanagement of significant triggers of extreme human vulnerability, both at the national and international levels. Extreme poverty, violent conflicts, economic shocks, climate change, governmental negligence, famine crimes, and pandemics contribute to the complexity of famine and require a comprehensive development strategy.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Xindong Xue, W. Robert Reed, Robbie C. M. van Aert
This research provides a comprehensive, quantitative synthesis of the empirical literature on social capital and economic growth. It assesses 957 estimates from 83 studies. While our preferred estimate of the overall mean effect is close to zero and statistically insignificant, the main finding of our analysis is the substantial degree of effect heterogeneity. We find that social capital effects can range from large negative to large positive, suggesting that its impact on economic growth varies substantially depending on the context. However, our investigation was unable to trace the sources of this heterogeneity to any observable data, estimation, and study characteristics. This suggests that other factors, not included in our study, are responsible. Our analysis did uncover significant publication bias, indicating that the estimates of social capital's effects in the empirical literature are overstated. A further finding from our analysis is that we found no evidence that different types of social capital have different effects on economic growth.
{"title":"Social capital and economic growth: A meta‐analysis","authors":"Xindong Xue, W. Robert Reed, Robbie C. M. van Aert","doi":"10.1111/joes.12660","DOIUrl":"https://doi.org/10.1111/joes.12660","url":null,"abstract":"This research provides a comprehensive, quantitative synthesis of the empirical literature on social capital and economic growth. It assesses 957 estimates from 83 studies. While our preferred estimate of the overall mean effect is close to zero and statistically insignificant, the main finding of our analysis is the substantial degree of effect heterogeneity. We find that social capital effects can range from large negative to large positive, suggesting that its impact on economic growth varies substantially depending on the context. However, our investigation was unable to trace the sources of this heterogeneity to any observable data, estimation, and study characteristics. This suggests that other factors, not included in our study, are responsible. Our analysis did uncover significant publication bias, indicating that the estimates of social capital's effects in the empirical literature are overstated. A further finding from our analysis is that we found no evidence that different types of social capital have different effects on economic growth.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The economic approach to the cost of living index assumes that consumer preferences remain constant over time. This assumption poses little risk in calculating a short‐run intertemporal bilateral price index. The assumption, however, breaks down in the case of a fixed‐based time series index spanning a long period and in the context of international comparison. The economic analysis of preference changes, however, is not well‐established. In this paper, we review the economic approach in index numbers under preference changes. Suggestions are made on how to approach the problem and their implications for the measurement of price and quantity indices.
{"title":"Preference changes and index number theory","authors":"Thu Huyen Le, Kam Yu","doi":"10.1111/joes.12658","DOIUrl":"https://doi.org/10.1111/joes.12658","url":null,"abstract":"The economic approach to the cost of living index assumes that consumer preferences remain constant over time. This assumption poses little risk in calculating a short‐run intertemporal bilateral price index. The assumption, however, breaks down in the case of a fixed‐based time series index spanning a long period and in the context of international comparison. The economic analysis of preference changes, however, is not well‐established. In this paper, we review the economic approach in index numbers under preference changes. Suggestions are made on how to approach the problem and their implications for the measurement of price and quantity indices.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Given its technological characteristics, the electricity distribution is managed by regional monopolies worldwide. Effective regulation of these monopolies requires rigorous performance benchmarking analysis across comparable peers in the industry. This article provides a comprehensive review of empirical studies examining efficiency and productivity change within the electricity distribution over the past three decades. We provide an overview of the main methodological frontier approaches employed, alongside an analysis of the findings from previous empirical studies. We identify methodological and data‐related issues while highlighting challenges to be addressed in future research on benchmarking analysis for regulation.
{"title":"Performance benchmarking for regulating electricity distribution: Insights from empirical academic research","authors":"Pablo Arocena, Subal C. Kumbhakar, Gudbrand Lien","doi":"10.1111/joes.12656","DOIUrl":"https://doi.org/10.1111/joes.12656","url":null,"abstract":"Given its technological characteristics, the electricity distribution is managed by regional monopolies worldwide. Effective regulation of these monopolies requires rigorous performance benchmarking analysis across comparable peers in the industry. This article provides a comprehensive review of empirical studies examining efficiency and productivity change within the electricity distribution over the past three decades. We provide an overview of the main methodological frontier approaches employed, alongside an analysis of the findings from previous empirical studies. We identify methodological and data‐related issues while highlighting challenges to be addressed in future research on benchmarking analysis for regulation.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Paula Ortega Perals, Salvador Cruz Rambaud, Javier Sánchez García
The healthcare system is a fundamental pillar for the economy of any country. One of its main goals is to reach an adequate effectiveness of medical care so that certain levels of well‐being are achieved. In recent years, healthcare has experienced important changes to take into account quality of care and patient satisfaction as the drivers of effectiveness and financial performance. In this sense, it is specifically important to bring together in a single document all aspects that participate in the quality of care and patient satisfaction relationship. The purpose of this paper is to analyze, organize, and synthesize all the theories, methodologies, factors, and variables that conform to this relationship. To achieve that, a systematic literature review of 90 articles is performed. The main contributions of this paper are to reveal all factors and aspects relevant for the quality of care and patient satisfaction binomial, and the classification of impactful articles, methodological and theoretical approaches, leading journals, and variables of interest that exist in quality of care and patient satisfaction research. Eventually, important research gaps and further research lines are highlighted.
{"title":"Quality of care and patient satisfaction: Future trends and economic implications for the healthcare system","authors":"Paula Ortega Perals, Salvador Cruz Rambaud, Javier Sánchez García","doi":"10.1111/joes.12657","DOIUrl":"https://doi.org/10.1111/joes.12657","url":null,"abstract":"The healthcare system is a fundamental pillar for the economy of any country. One of its main goals is to reach an adequate effectiveness of medical care so that certain levels of well‐being are achieved. In recent years, healthcare has experienced important changes to take into account quality of care and patient satisfaction as the drivers of effectiveness and financial performance. In this sense, it is specifically important to bring together in a single document all aspects that participate in the quality of care and patient satisfaction relationship. The purpose of this paper is to analyze, organize, and synthesize all the theories, methodologies, factors, and variables that conform to this relationship. To achieve that, a systematic literature review of 90 articles is performed. The main contributions of this paper are to reveal all factors and aspects relevant for the quality of care and patient satisfaction binomial, and the classification of impactful articles, methodological and theoretical approaches, leading journals, and variables of interest that exist in quality of care and patient satisfaction research. Eventually, important research gaps and further research lines are highlighted.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using Chinese data, this paper reveals that climate disaster events have a positive impact on the granting of green invention patents. The occurrence of climate disasters leads the patent‐granting officials to overestimate the likelihood of disaster recurrence, strengthens their perception of environmental protection as urgent, and consequently increases the number of patents that they grant. Salience bias, the tendency to overestimate probabilities due to the occurrence of salient events, is widely studied in psychology and behavioral finance. This paper extends this research by examining the influence of salience bias on people's behavior in processing green invention patents, with a specific focus on climate disaster events in Beijing, the headquarters of China's patent examination authority. In addition to the overall positive impact on granted patent numbers, the paper finds that (i) the influence of salience bias is temporary, with a more pronounced effect on energy‐saving patents than on other categories of patents, and (ii) the primary effect is on green invention patents filed by firms in Beijing, with the effect of salience bias rapidly diminishing as the distance of the application city from Beijing increases.
{"title":"Climate disasters and processing of green patents","authors":"Guangyuan Guo, Dongmin Hu, Xiaohu Wang","doi":"10.1111/joes.12654","DOIUrl":"https://doi.org/10.1111/joes.12654","url":null,"abstract":"Using Chinese data, this paper reveals that climate disaster events have a positive impact on the granting of green invention patents. The occurrence of climate disasters leads the patent‐granting officials to overestimate the likelihood of disaster recurrence, strengthens their perception of environmental protection as urgent, and consequently increases the number of patents that they grant. Salience bias, the tendency to overestimate probabilities due to the occurrence of salient events, is widely studied in psychology and behavioral finance. This paper extends this research by examining the influence of salience bias on people's behavior in processing green invention patents, with a specific focus on climate disaster events in Beijing, the headquarters of China's patent examination authority. In addition to the overall positive impact on granted patent numbers, the paper finds that (i) the influence of salience bias is temporary, with a more pronounced effect on energy‐saving patents than on other categories of patents, and (ii) the primary effect is on green invention patents filed by firms in Beijing, with the effect of salience bias rapidly diminishing as the distance of the application city from Beijing increases.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.9,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141797943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents an in‐depth review of the methodologies and innovations in the study of correlation networks in economics and finance. We explore the development of filtering algorithms and distance measures, emphasizing their critical role in extracting meaningful financial interconnections. Our study underscores the relevance of the minimum spanning tree, planar maximally filtered graph, and other advanced tools in interpreting financial dynamics. Empirical insights emphasize the increasing interconnectedness of global financial markets, underscoring the necessity of grasping correlation levels, market structures, and time‐varying dynamics. A notable observation is the marked increase in studies focusing on econometrics, economics, and finance post‐2015, indicating a paradigm shift in research emphasis. Through bibliometric analysis of 1200 publications, we highlight key authorship clusters, the instrumental contributions of individual researchers, trending keywords, and the growing influence of countries like Italy and China. We conclude with an overview of the software tools essential for both academic research and practical applications in financial network analysis.
{"title":"Correlation networks in economics and finance: A review of methodologies and bibliometric analysis","authors":"Hamidreza Esmalifalak, Amir Moradi‐Motlagh","doi":"10.1111/joes.12655","DOIUrl":"https://doi.org/10.1111/joes.12655","url":null,"abstract":"This paper presents an in‐depth review of the methodologies and innovations in the study of correlation networks in economics and finance. We explore the development of filtering algorithms and distance measures, emphasizing their critical role in extracting meaningful financial interconnections. Our study underscores the relevance of the minimum spanning tree, planar maximally filtered graph, and other advanced tools in interpreting financial dynamics. Empirical insights emphasize the increasing interconnectedness of global financial markets, underscoring the necessity of grasping correlation levels, market structures, and time‐varying dynamics. A notable observation is the marked increase in studies focusing on econometrics, economics, and finance post‐2015, indicating a paradigm shift in research emphasis. Through bibliometric analysis of 1200 publications, we highlight key authorship clusters, the instrumental contributions of individual researchers, trending keywords, and the growing influence of countries like Italy and China. We conclude with an overview of the software tools essential for both academic research and practical applications in financial network analysis.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.9,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141811025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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