We study a multi-unit auction model in which bidders are privately informed about the maximum number of units they are willing to trade (which we refer to as ‘capacity’). No matter how big or small, private information on capacities changes the nature of the equilibrium as compared to when private information is on costs (or valuations). Also, the uniform-price and discriminatory auctions are not revenue equivalent, in contrast to when costs are independently drawn. In particular, with independently drawn capacities (and possibly costs), the discriminatory format reduces payments to firms relative to the uniform-price format. Our analysis is motivated by the performance of future electricity markets in which renewable energies will be predominant, but the setup also applies to a variety of contexts (from central bank liquidity auctions to emissions trading).
{"title":"Auctions with Privately Known Capacities: Understanding Competition among Renewables","authors":"Natalia Fabra, Gerard Llobet","doi":"10.1093/ej/ueac080","DOIUrl":"https://doi.org/10.1093/ej/ueac080","url":null,"abstract":"\u0000 We study a multi-unit auction model in which bidders are privately informed about the maximum number of units they are willing to trade (which we refer to as ‘capacity’). No matter how big or small, private information on capacities changes the nature of the equilibrium as compared to when private information is on costs (or valuations). Also, the uniform-price and discriminatory auctions are not revenue equivalent, in contrast to when costs are independently drawn. In particular, with independently drawn capacities (and possibly costs), the discriminatory format reduces payments to firms relative to the uniform-price format. Our analysis is motivated by the performance of future electricity markets in which renewable energies will be predominant, but the setup also applies to a variety of contexts (from central bank liquidity auctions to emissions trading).","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82304815","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}
S. Cattan, Daniel A. Kamhöfer, M. Karlsson, Thérèse H. Nilsson
Despite the relatively uncontested importance of promoting school attendance in the policy arena, little evidence exists on the causal effect of school absence on long-run outcomes. We address this question by combining historical and administrative records for cohorts of Swedish individuals born in the 1930s. We find that elementary school absence significantly reduces contemporaneous academic performance, final educational attainment and labor income throughout the life-cycle. The findings are consistent with a dynamic model of human capital formation, whereby absence causes small immediate learning losses, which cumulate to larger human capital losses over time and lead to worse labor market performance.
{"title":"The Long-term Effects of Student Absence: Evidence from Sweden","authors":"S. Cattan, Daniel A. Kamhöfer, M. Karlsson, Thérèse H. Nilsson","doi":"10.1093/ej/ueac078","DOIUrl":"https://doi.org/10.1093/ej/ueac078","url":null,"abstract":"\u0000 Despite the relatively uncontested importance of promoting school attendance in the policy arena, little evidence exists on the causal effect of school absence on long-run outcomes. We address this question by combining historical and administrative records for cohorts of Swedish individuals born in the 1930s. We find that elementary school absence significantly reduces contemporaneous academic performance, final educational attainment and labor income throughout the life-cycle. The findings are consistent with a dynamic model of human capital formation, whereby absence causes small immediate learning losses, which cumulate to larger human capital losses over time and lead to worse labor market performance.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"55 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90857828","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}
A tractable dynamic model of international climate policies is analysed. Different bargaining games influence participation levels, emission quotas, and technology investment levels. I derive several predictions which are arguably consistent with the differences between the 1997 Kyoto Protocol and the 2015 Paris Agreement – including the transitioning from the former to the latter.
{"title":"Pledge-and-Review Bargaining: From Kyoto to Paris","authors":"Bård Harstad","doi":"10.1093/ej/ueac076","DOIUrl":"https://doi.org/10.1093/ej/ueac076","url":null,"abstract":"\u0000 A tractable dynamic model of international climate policies is analysed. Different bargaining games influence participation levels, emission quotas, and technology investment levels. I derive several predictions which are arguably consistent with the differences between the 1997 Kyoto Protocol and the 2015 Paris Agreement – including the transitioning from the former to the latter.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"1 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91491162","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 New Poor Law reform of 1834 induced dramatic and heterogeneous reductions in welfare spending across English and Welsh counties. Using the reform in a difference-in-differences instrumental variables strategy, we document a robust negative relationship between the generosity of welfare provision and criminal activity. Results are driven by non-violent property crimes and are stronger during months of seasonal agricultural unemployment, highlighting the particularly criminogenic combination of welfare cuts and precarious work opportunities for the economically vulnerable.
{"title":"Welfare Cuts and Crime: Evidence from the New Poor Law","authors":"Eric Melander, Martina Miotto","doi":"10.1093/ej/ueac083","DOIUrl":"https://doi.org/10.1093/ej/ueac083","url":null,"abstract":"\u0000 The New Poor Law reform of 1834 induced dramatic and heterogeneous reductions in welfare spending across English and Welsh counties. Using the reform in a difference-in-differences instrumental variables strategy, we document a robust negative relationship between the generosity of welfare provision and criminal activity. Results are driven by non-violent property crimes and are stronger during months of seasonal agricultural unemployment, highlighting the particularly criminogenic combination of welfare cuts and precarious work opportunities for the economically vulnerable.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76957863","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 studies the relationship between pre-college skills and gender differences in STEM majors. I use longitudinal data to estimate a generalized Roy model of initial major choices and subsequent graduation outcomes. I recover students’ latent math ability, non-cognitive skills and math self-efficacy. High math ability women have lower math self-efficacy than men. Mathematical ability and self-efficacy shape the likelihood of STEM enrollment. A lack of math self-efficacy drives women’s drop out from STEM majors. I find large returns to STEM enrollment for high math-ability women. Well-focused math self-efficacy interventions could improve women’s STEM graduation rates and labour market outcomes.
{"title":"Multidimensional Skills and Gender Differences in Stem Majors","authors":"F. Saltiel","doi":"10.1093/ej/ueac079","DOIUrl":"https://doi.org/10.1093/ej/ueac079","url":null,"abstract":"\u0000 This paper studies the relationship between pre-college skills and gender differences in STEM majors. I use longitudinal data to estimate a generalized Roy model of initial major choices and subsequent graduation outcomes. I recover students’ latent math ability, non-cognitive skills and math self-efficacy. High math ability women have lower math self-efficacy than men. Mathematical ability and self-efficacy shape the likelihood of STEM enrollment. A lack of math self-efficacy drives women’s drop out from STEM majors. I find large returns to STEM enrollment for high math-ability women. Well-focused math self-efficacy interventions could improve women’s STEM graduation rates and labour market outcomes.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82615414","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}
How should independent central banks react if pressured by fiscal policymakers? We contrast the implications of two monetary frameworks: one, where the central bank follows a standard rule aiming exclusively at price stability against the other, where monetary policy additionally leans against fiscal influence. The latter rule improves economic outcomes by providing appropriate incentives to the fiscal authority. More importantly, the additional fiscal conditionality can enhance the credibility of the central bank to achieve price stability. We emphasise how the level and structure of government debt emerge as key factors affecting the credibility of monetary policy with fiscal conditionality.
{"title":"The Central Bank Strikes Back! Credibility of Monetary Policy under Fiscal Influence","authors":"Antoine Camous, D. Matveev","doi":"10.1093/ej/ueac055","DOIUrl":"https://doi.org/10.1093/ej/ueac055","url":null,"abstract":"\u0000 How should independent central banks react if pressured by fiscal policymakers? We contrast the implications of two monetary frameworks: one, where the central bank follows a standard rule aiming exclusively at price stability against the other, where monetary policy additionally leans against fiscal influence. The latter rule improves economic outcomes by providing appropriate incentives to the fiscal authority. More importantly, the additional fiscal conditionality can enhance the credibility of the central bank to achieve price stability. We emphasise how the level and structure of government debt emerge as key factors affecting the credibility of monetary policy with fiscal conditionality.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79284415","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}
{"title":"Correction to: Emotion and Reason in Political Language","authors":"","doi":"10.1093/ej/ueac072","DOIUrl":"https://doi.org/10.1093/ej/ueac072","url":null,"abstract":"","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76084135","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}
Employing day-to-day wind conditions as an identification strategy, we explore the consequences of the 420 US drone strikes in Pakistan between 2006 and 2016. Results suggest drone strikes encourage terrorism over the upcoming days and weeks, causing up to 19 per cent of all terror attacks with more than 3,000 terror deaths in Pakistan during that period. Studying a leading Pakistani newspaper, we identify a polarised response to drone strikes as negative emotions and anger, but also positive emotions, in drone-related articles increase. Finally, anti-US protests and online searches exhibiting radical Islamist concepts increase as a consequence of drone strikes.
{"title":"Gone with the wind: The consequences of US drone strikes in Pakistan","authors":"Rafat Mahmood, Michael Jetter","doi":"10.1093/ej/ueac049","DOIUrl":"https://doi.org/10.1093/ej/ueac049","url":null,"abstract":"\u0000 Employing day-to-day wind conditions as an identification strategy, we explore the consequences of the 420 US drone strikes in Pakistan between 2006 and 2016. Results suggest drone strikes encourage terrorism over the upcoming days and weeks, causing up to 19 per cent of all terror attacks with more than 3,000 terror deaths in Pakistan during that period. Studying a leading Pakistani newspaper, we identify a polarised response to drone strikes as negative emotions and anger, but also positive emotions, in drone-related articles increase. Finally, anti-US protests and online searches exhibiting radical Islamist concepts increase as a consequence of drone strikes.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81709280","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}
Economic modernisation is widely seen as a path to democracy, but the technological progress that drives modernisation also provides rulers with new means of repression. We collect data on the international diffusion of 29 repressive military technologies and demonstrate that such technologies spread faster from Western Europe and the United States than economic development. Moreover, in a panel of all independent countries 1820-2010, we show that the rapid diffusion of repressive technologies has impeded democratisation around the world by allowing autocratic rulers to suppress popular resistance against their regimes.
{"title":"Jumping the gun: how dictators got ahead of their subjects","authors":"J. Hariri, Asger Mose Wingender","doi":"10.1093/ej/ueac073","DOIUrl":"https://doi.org/10.1093/ej/ueac073","url":null,"abstract":"\u0000 Economic modernisation is widely seen as a path to democracy, but the technological progress that drives modernisation also provides rulers with new means of repression. We collect data on the international diffusion of 29 repressive military technologies and demonstrate that such technologies spread faster from Western Europe and the United States than economic development. Moreover, in a panel of all independent countries 1820-2010, we show that the rapid diffusion of repressive technologies has impeded democratisation around the world by allowing autocratic rulers to suppress popular resistance against their regimes.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76546854","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}
We examine the educative role played by parents in social norm transmission. Using a field experiment, we study whether parents enforce and comply more with norms when their children are present compared to when they are not. We compare similar parents when or after they bring or pick up their children at school. We find that parents accompanying children, in contrast to parents alone, are more likely to punish norm violators and to provide help to strangers when there is no violation. They also tend to substitute more direct punishment with withholding help as a means of indirect punishment.
{"title":"Teaching Norms: Direct Evidence of Parental Transmission (Short title: Teaching norms and parental transmission)","authors":"Thijs Brouwer, Fabio Galeotti, M. Villeval","doi":"10.1093/ej/ueac074","DOIUrl":"https://doi.org/10.1093/ej/ueac074","url":null,"abstract":"\u0000 We examine the educative role played by parents in social norm transmission. Using a field experiment, we study whether parents enforce and comply more with norms when their children are present compared to when they are not. We compare similar parents when or after they bring or pick up their children at school. We find that parents accompanying children, in contrast to parents alone, are more likely to punish norm violators and to provide help to strangers when there is no violation. They also tend to substitute more direct punishment with withholding help as a means of indirect punishment.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87405676","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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