Norio Horie, Ichiro Iwasaki, Olga Kupets, Xinxin Ma, S. Mizobata, Mihoko Satogami
This paper conducts a comparative meta‐analysis using 3,098 estimates reported in 125 research works to explore the wage–experience profile in China and Eastern Europe as they experience a systemic transformation from the planned system to a market economy. The results indicate that the relationship between years of work experience and wage levels in China and Eastern Europe in the transition period was structured consistently with economic theories. It is also revealed that both China and Eastern Europe have experienced a flattening of their wage–experience profiles over time. These findings are statistically robust beyond issues of heterogeneity and publication selection bias in the literature.
{"title":"Wage–experience profiles in China and Eastern Europe: A large meta‐analysis","authors":"Norio Horie, Ichiro Iwasaki, Olga Kupets, Xinxin Ma, S. Mizobata, Mihoko Satogami","doi":"10.1111/joes.12605","DOIUrl":"https://doi.org/10.1111/joes.12605","url":null,"abstract":"This paper conducts a comparative meta‐analysis using 3,098 estimates reported in 125 research works to explore the wage–experience profile in China and Eastern Europe as they experience a systemic transformation from the planned system to a market economy. The results indicate that the relationship between years of work experience and wage levels in China and Eastern Europe in the transition period was structured consistently with economic theories. It is also revealed that both China and Eastern Europe have experienced a flattening of their wage–experience profiles over time. These findings are statistically robust beyond issues of heterogeneity and publication selection bias in the literature.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139525644","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}
We review recent advances in dynamic stochastic general equilibrium theory concerned with the emergence of fat‐tailed time‐series distributions. Focusing on mechanisms that are firmly grounded in structural equilibrium models, we provide a common reference framework to organize existing contributions according to whether they entail extreme business cycle swings as an endogenous response to small and short‐lived shocks (“thin in, fat out”), or rather as an automatic consequence of large and/or heteroskedastic exogenous impulses (“fat in, fat out”). Within the former class, non‐Gaussian features of equilibrium patterns can endogenously emerge in fully rational, Gaussian environments. Using an empirically plausible real business cycle framework, we also report novel simulation‐based evidence that helps reconcile theoretical predictions with the documented higher‐order properties of time‐series data for output measures.
{"title":"Fat‐tailed DSGE models: A survey and new results","authors":"Chetan Dave, M. Sorge","doi":"10.1111/joes.12612","DOIUrl":"https://doi.org/10.1111/joes.12612","url":null,"abstract":"We review recent advances in dynamic stochastic general equilibrium theory concerned with the emergence of fat‐tailed time‐series distributions. Focusing on mechanisms that are firmly grounded in structural equilibrium models, we provide a common reference framework to organize existing contributions according to whether they entail extreme business cycle swings as an endogenous response to small and short‐lived shocks (“thin in, fat out”), or rather as an automatic consequence of large and/or heteroskedastic exogenous impulses (“fat in, fat out”). Within the former class, non‐Gaussian features of equilibrium patterns can endogenously emerge in fully rational, Gaussian environments. Using an empirically plausible real business cycle framework, we also report novel simulation‐based evidence that helps reconcile theoretical predictions with the documented higher‐order properties of time‐series data for output measures.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139438434","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}
There is an urgent need to transition our economy, society, and culture towards systems and actions that facilitate ecological sustainability. Such radical change requires equally radical transformation of approaches to decision making and resource use. Sustainable entrepreneurship (SE) is often presented as the answer to meeting the triple-bottom-line challenges that businesses face; however, there are very real limits to what it can achieve. SE is in the early stages of adopting tools at the technological frontier that offer empirical guidance at every point of an entrepreneurial decision-making process. Big Data (BD) advances the potential for artificial intelligence (AI) to inform decision making, while also charting pathways to achieve desired outcomes. So far, the interactions between AI, BD, and SE have been generally under-studied. In this primarily conceptual paper, we address the lack of work consolidating and synthesizing these literatures. We suggest that AI and BD readily contribute to further sustainable development of the weak form, but that it also holds great promise for achieving the strong sustainability ideal. We offer two propositions regarding how the integration of AI and BD can inform/support SE. We conclude by mapping out potential avenues for future research.
我们的经济、社会和文化迫切需要向有利于生态可持续性的系统和行动转型。这种根本性的变革要求决策和资源利用的方法发生同样根本性的转变。可持续创业（SE）常常被视为应对企业所面临的三重底线挑战的答案；然而，它所能实现的目标存在着非常现实的限制。可持续创业正处于采用技术前沿工具的早期阶段，这些工具可在创业决策过程的每个环节提供经验指导。大数据（BD）提升了人工智能（AI）为决策提供信息的潜力，同时也为实现预期成果规划了路径。迄今为止，人们对人工智能、BD 和 SE 之间的互动研究普遍不足。在这篇以概念性为主的论文中，我们将探讨这些文献之间缺乏整合与综合的问题。我们认为，人工智能和企业发展很容易促进弱形式的进一步可持续发展，但它对实现强可持续性理想也大有可为。我们就人工智能与企业发展的结合如何为可持续发展提供信息/支持提出了两个命题。最后，我们规划了未来研究的潜在途径。
{"title":"Artificial Intelligence and Big Data in Sustainable Entrepreneurship","authors":"Steve J. Bickley, Alison Macintyre, Benno Torgler","doi":"10.1111/joes.12611","DOIUrl":"https://doi.org/10.1111/joes.12611","url":null,"abstract":"There is an urgent need to transition our economy, society, and culture towards systems and actions that facilitate ecological sustainability. Such radical change requires equally radical transformation of approaches to decision making and resource use. Sustainable entrepreneurship (SE) is often presented as the answer to meeting the triple-bottom-line challenges that businesses face; however, there are very real limits to what it can achieve. SE is in the early stages of adopting tools at the technological frontier that offer empirical guidance at every point of an entrepreneurial decision-making process. Big Data (BD) advances the potential for artificial intelligence (AI) to inform decision making, while also charting pathways to achieve desired outcomes. So far, the interactions between AI, BD, and SE have been generally under-studied. In this primarily conceptual paper, we address the lack of work consolidating and synthesizing these literatures. We suggest that AI and BD readily contribute to further sustainable development of the weak form, but that it also holds great promise for achieving the strong sustainability ideal. We offer two propositions regarding how the integration of AI and BD can inform/support SE. We conclude by mapping out potential avenues for future research.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139461873","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}
Simona Malovaná, Martin Hodula, Zuzana Gric, Josef Bajzík
This paper analyzes over 700 estimates from 34 studies on the impact of borrower-based measures (such as loan-to-value, debt-to-income, and debt-service-to-income ratios) on bank loan provision. Our dataset reveals notable fragmentation in the literature concerning variable transformations, methods, and estimated coefficients. We run a meta-analysis on a subsample of 422 semi-elasticities from 23 studies employing a consistent estimation framework to draw an economic interpretation. We confirm strong publication bias, particularly against positive and statistically insignificant estimates. After correcting for this bias, the effect indicates a credit growth reduction of −0.6 to −1.1 percentage points following the occurrence of borrower-based measures, significantly lower than the unadjusted simple mean effect of the collected estimates. Additionally, our study examines the contexts of these estimates, finding that beyond publication bias, model specification and estimation method are vital in explaining the variation in reported coefficients.
{"title":"Borrower-based macroprudential measures and credit growth: How biased is the existing literature?","authors":"Simona Malovaná, Martin Hodula, Zuzana Gric, Josef Bajzík","doi":"10.1111/joes.12608","DOIUrl":"https://doi.org/10.1111/joes.12608","url":null,"abstract":"This paper analyzes over 700 estimates from 34 studies on the impact of borrower-based measures (such as loan-to-value, debt-to-income, and debt-service-to-income ratios) on bank loan provision. Our dataset reveals notable fragmentation in the literature concerning variable transformations, methods, and estimated coefficients. We run a meta-analysis on a subsample of 422 semi-elasticities from 23 studies employing a consistent estimation framework to draw an economic interpretation. We confirm strong publication bias, particularly against positive and statistically insignificant estimates. After correcting for this bias, the effect indicates a credit growth reduction of −0.6 to −1.1 percentage points following the occurrence of borrower-based measures, significantly lower than the unadjusted simple mean effect of the collected estimates. Additionally, our study examines the contexts of these estimates, finding that beyond publication bias, model specification and estimation method are vital in explaining the variation in reported coefficients.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139408280","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}
Expectations matter in dynamic models where decisions in one period have implications for outcomes in subsequent periods. Rational expectations were once the dominant assumption but its popularity is waning. Human decision-making deviates from rationality suggesting important influences of perceptions and beliefs on decision-making. The articles in this special issue provide up-to-date reviews of the importance of expectations, beliefs, and perceptions including the role of social media in shaping them.
{"title":"Expectations, beliefs, and perceptions in the modern economy: An overview","authors":"Edda Claus, F. Antoine Dedewanou","doi":"10.1111/joes.12610","DOIUrl":"10.1111/joes.12610","url":null,"abstract":"<p>Expectations matter in dynamic models where decisions in one period have implications for outcomes in subsequent periods. Rational expectations were once the dominant assumption but its popularity is waning. Human decision-making deviates from rationality suggesting important influences of perceptions and beliefs on decision-making. The articles in this special issue provide up-to-date reviews of the importance of expectations, beliefs, and perceptions including the role of social media in shaping them.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12610","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139415274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Great Divergence debate has been the leading conversation in economic history for the past 25 years. This review article explores new comparative horizons in global economic history. I argue that questions of South–South Divergence form a logical and timely extension to the Great Divergence research agenda. Asia's economic renaissance did not only put an end to a century-spanning process of widening global income disparities, it also set a new process of divergence within the global south in motion. Deeper understandings of the historical nature and origins of this transition are pertinent in light of the increasing demographic and economic weight of the global south. South–south comparisons also offer an opportunity to counter the dominance of western-centered and north–south perspectives and incentivize the development of new approaches and theories that go beyond mainstream concepts designed by development economists and political scientists. I argue that these novel approaches will have to grapple with the opportunities and constraints to “late” development being shaped by the quadruple challenge of vast technology gaps, limited state autonomy, global competition, and rapidly closing land and resource frontiers.
{"title":"From the Great Divergence to South–South Divergence: New comparative horizons in global economic history","authors":"Ewout Frankema","doi":"10.1111/joes.12609","DOIUrl":"https://doi.org/10.1111/joes.12609","url":null,"abstract":"The <i>Great Divergence</i> debate has been the leading conversation in economic history for the past 25 years. This review article explores new comparative horizons in global economic history. I argue that questions of <i>South–South Divergence</i> form a logical and timely extension to the Great Divergence research agenda. Asia's economic renaissance did not only put an end to a century-spanning process of widening global income disparities, it also set a new process of divergence <i>within</i> the global south in motion. Deeper understandings of the historical nature and origins of this transition are pertinent in light of the increasing demographic and economic weight of the global south. South–south comparisons also offer an opportunity to counter the dominance of western-centered and north–south perspectives and incentivize the development of new approaches and theories that go beyond mainstream concepts designed by development economists and political scientists. I argue that these novel approaches will have to grapple with the opportunities and constraints to “late” development being shaped by the quadruple challenge of <i>vast technology gaps, limited state autonomy, global competition</i>, and rapidly <i>closing</i> land and resource <i>frontiers</i>.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373878","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}
Nazim Hussain, Sana Akbar Khan, Duc Khuong Nguyen, Andrea Stocchetti, Shaen Corbet
Board-level corporate governance (CG) is an effective route to developing sustained ethical behavior, helping firms to meet emerging accountability challenges and international expectations of corporate performance. In recent times, researchers have extensively studied the relationships between various board-level governance mechanisms and corporate social responsibility (CSR) outcomes; however, results vary substantially. This study addresses the existing heterogeneity in the literature by systematically synthesizing 89 empirical studies on the board governance-CSR nexus using meta-analyses using random effect models. Results indicate that most governance mechanisms are strongly associated with CSR disclosure. On the contrary, only a few governance mechanisms are found to be significantly associated with CSR performance, suggesting that not all governance mechanisms are equally effective for performance and disclosure. However, board size and the presence of CSR committee on board are the closest predictors of both CSR outcomes. Additionally, our analysis of the moderating effect of study characteristics shows that coverage period, geographical setting, and measurement of CSR generate variability in existing findings. Our synthesis of the extant literature identifies a theoretical gap, clarifies the board CG-CSR relationship, and proposes future research directions and guidelines within the field.
{"title":"Board-level governance and corporate social responsibility: A meta-analytic review","authors":"Nazim Hussain, Sana Akbar Khan, Duc Khuong Nguyen, Andrea Stocchetti, Shaen Corbet","doi":"10.1111/joes.12603","DOIUrl":"https://doi.org/10.1111/joes.12603","url":null,"abstract":"Board-level corporate governance (CG) is an effective route to developing sustained ethical behavior, helping firms to meet emerging accountability challenges and international expectations of corporate performance. In recent times, researchers have extensively studied the relationships between various board-level governance mechanisms and corporate social responsibility (CSR) outcomes; however, results vary substantially. This study addresses the existing heterogeneity in the literature by systematically synthesizing 89 empirical studies on the board governance-CSR nexus using meta-analyses using random effect models. Results indicate that most governance mechanisms are strongly associated with CSR disclosure. On the contrary, only a few governance mechanisms are found to be significantly associated with CSR performance, suggesting that not all governance mechanisms are equally effective for performance and disclosure. However, board size and the presence of CSR committee on board are the closest predictors of both CSR outcomes. Additionally, our analysis of the moderating effect of study characteristics shows that coverage period, geographical setting, and measurement of CSR generate variability in existing findings. Our synthesis of the extant literature identifies a theoretical gap, clarifies the board CG-CSR relationship, and proposes future research directions and guidelines within the field.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139069817","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}
Collusive practices continue to be a significant threat to competition and consumer welfare. It should be of utmost importance for academic research to provide the theoretical and empirical foundations to antitrust authorities and enable them to develop proper tools to encounter new collusive practices. Utilizing topical natural language machine learning techniques allows me to analyze the evolution of economic research on collusion over the past two decades in a novel way. It enables me to review some 800 publications systematically. I extract the underlying topics from the papers and conduct a large set of uni- and multivariate time series and regression analyses on their individual prevalences. I detect a notable tendency towards monocultures in topics and an endogenous constriction of the topic variety. In contrast, the overall contents and issues addressed by these papers have grown remarkably. This caused a decoupling: Nowadays, more datasets and cartel cases are studied but with a smaller research scope.
{"title":"Vice versa: The decoupling of content and topic heterogeneity in collusion research","authors":"W. Benedikt Schmal","doi":"10.1111/joes.12600","DOIUrl":"https://doi.org/10.1111/joes.12600","url":null,"abstract":"Collusive practices continue to be a significant threat to competition and consumer welfare. It should be of utmost importance for academic research to provide the theoretical and empirical foundations to antitrust authorities and enable them to develop proper tools to encounter new collusive practices. Utilizing topical natural language machine learning techniques allows me to analyze the evolution of economic research on collusion over the past two decades in a novel way. It enables me to review some 800 publications systematically. I extract the underlying topics from the papers and conduct a large set of uni- and multivariate time series and regression analyses on their individual prevalences. I detect a notable tendency towards monocultures in topics and an endogenous constriction of the topic variety. In contrast, the overall contents and issues addressed by these papers have grown remarkably. This caused a decoupling: Nowadays, more datasets and cartel cases are studied but with a smaller research scope.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139069472","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}
In recent years, several studies have found that conspiracy believers tend to be more susceptible to cognitive biases (e.g., conjunction fallacy, proportionality bias, agency detection bias, etc.). The aim of this work is to review such literature, systematizing these concepts in a unifying framework of conspiracy mentality as a set of biased cognitive processes, which categorizes cognitive biases in two classes: those that contribute to belief formation and those that contribute to belief updating. Drawing on several empirical results, this paper summarizes the role of cognitive biases in conspiratorial thinking, offering some insights for future research and raising questions about the possible weaknesses of this approach.
{"title":"The role of cognitive biases in conspiracy beliefs: A literature review","authors":"Lorenzo Gagliardi","doi":"10.1111/joes.12604","DOIUrl":"https://doi.org/10.1111/joes.12604","url":null,"abstract":"In recent years, several studies have found that conspiracy believers tend to be more susceptible to cognitive biases (e.g., conjunction fallacy, proportionality bias, agency detection bias, etc.). The aim of this work is to review such literature, systematizing these concepts in a unifying framework of conspiracy mentality as a set of biased cognitive processes, which categorizes cognitive biases in two classes: those that contribute to belief formation and those that contribute to belief updating. Drawing on several empirical results, this paper summarizes the role of cognitive biases in conspiratorial thinking, offering some insights for future research and raising questions about the possible weaknesses of this approach.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139069474","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 altruistic crowding-out effect is a decrease of prosocial behavior due to monetary incentives or material rewards that intend to increase an extrinsic motivation for the behavior. The decrease in a behavior by increasing a motivation for that behavior, seems irrational, but behavioral economists presented a dozen different models to explain this crowding-out effect. In these models, the decrease in prosocial behavior is rational in the sense that agents maximize their expected utility. All the models assume that people have utility functions that represent their preferences and motivations. This review clarifies different kinds of motivations, rewards, incentives, and crowding-out effects, presents 13 behavioral economics models, classifies them in five types of models, discusses subtle nuances of the models, summarizes the different predictions of the different models, and provides an overview of the empirical support of the models. The main take-away is that the crowding-out effect could not only be explained in terms of rational, utility-maximizing behavior, but could be done so in many (at least 13) different ways. This review can be used to improve empirical validation of the models and to gain insights in the specific contexts in which crowding-out occurs.
{"title":"Review of behavioral economics models of the altruistic crowding-out effect from monetary incentives","authors":"Stijn Bruers","doi":"10.1111/joes.12606","DOIUrl":"https://doi.org/10.1111/joes.12606","url":null,"abstract":"The altruistic crowding-out effect is a decrease of prosocial behavior due to monetary incentives or material rewards that intend to increase an extrinsic motivation for the behavior. The decrease in a behavior by increasing a motivation for that behavior, seems irrational, but behavioral economists presented a dozen different models to explain this crowding-out effect. In these models, the decrease in prosocial behavior is rational in the sense that agents maximize their expected utility. All the models assume that people have utility functions that represent their preferences and motivations. This review clarifies different kinds of motivations, rewards, incentives, and crowding-out effects, presents 13 behavioral economics models, classifies them in five types of models, discusses subtle nuances of the models, summarizes the different predictions of the different models, and provides an overview of the empirical support of the models. The main take-away is that the crowding-out effect could not only be explained in terms of rational, utility-maximizing behavior, but could be done so in many (at least 13) different ways. This review can be used to improve empirical validation of the models and to gain insights in the specific contexts in which crowding-out occurs.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139051548","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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