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on Urban and Real Estate Economics |
| By: | Lily Shen (Clemson University); Stephen L. Ross (University of Connecticut) |
| Abstract: | Recent research in economics and finance has recognized the potential of utilizing tex-tual “soft” data for valuing heterogeneous assets. This paper employs machine learning to quantify the value of “soft” information contained in real estate property descrip-tions. Textual descriptions contain information that traditional hedonic attributes cannot capture. A one standard deviation increase in unobserved quality based on our “soft” information leads to a 15% increase in property sale price. Further, annual hedonic house price indices ignoring our measure of unobserved quality overstate real estate prices by 11% to 16% and mistime the recovery of housing prices following the Great Recession. |
| Keywords: | Natural Language Processing, Unsupervised Machine Learning, Soft In-formation, Housing Prices, Price Indices, Property Descriptions |
| JEL: | R31 G12 G14 C45 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:uct:uconnp:2019-20&r=all |
| By: | Laura Álvarez Román (Banco de España); Miguel García-Posada Gómez (Banco de España) |
| Abstract: | We estimate the long-run relationship between real housing prices of new dwellings and their fundamentals in a panel of the 50 Spanish provinces between 1985 and 2018. We find a cointegrating relationship between real house prices and per capita real income, unemployment rate and demographic density. According to our estimates, house prices were above their long-run equilibrium values in most provinces in 2007, during the peak of the previous boom, but there was substantial heterogeneity in the size of this gap. At the end of 2018 house prices were slightly below their estimated long-run equilibrium values in most provinces, but a few of them exhibited moderate positive deviations from those levels. Our results highlight the importance of modelling house prices at the regional level, as aggregate results may hide important heterogeneous developments. |
| Keywords: | house prices, fundamentals, cointegration, regional analysis |
| JEL: | R30 R31 R32 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:bde:wpaper:1941&r=all |
| By: | Grodecka, Anna (Lund University and Knut Wicksell Centre for Financial Studies); Hull, Isaiah (Research Department, Central Bank of Sweden) |
| Abstract: | Attempts to measure the capitalization of local taxes into property prices, starting with Oates (1969), have suffered from a lack of local public service controls. We revisit this vast literature with a novel dataset of 947 time-varying local characteristic and public service controls for all municipalities in Sweden over the 2010-2016 period. To make use of the high dimensional vector of controls, as well as time and geographic fixed effects, we employ a novel empirical approach that modifies the recently-introduced debiased machine learning estimator by coupling it with a deep-wide neural network. We find that existing estimates of tax capitalization in the literature, including quasi-experimental work, may understate the impact of taxes on house prices by as much as 50%. We also exploit the unique features of our dataset to test core assumptions of the Tiebout hypothesis and to estimate the impact of public services, education, and crime on house prices. |
| Keywords: | Local Public Goods; Tax Capitalization; Tiebout Hypothesis; Machine Learning; Property Prices |
| JEL: | C45 C55 H31 H41 R30 |
| Date: | 2019–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0374&r=all |
| By: | Natalya Presman (bank of Israel); Nitzan Tzur-Ilan (bank of Iseael) |
| Abstract: | Abstract This paper explores the contribution of various factors to determining mortgage interest rates in Israel. We use a unique database combining loan-level data on mortgage loans originated by the Israeli banking system during 2010–13 with proprietary data on assets underlying mortgage origination as well as several additional variables designed to capture risk associated with regional real estate markets and the extent of competition prevailing in the banking system. We show that significant differences exist in real mortgage interest rates among different locations and neighborhood qualities. While homebuyers purchasing assets in the more prosperous central neighborhoods pay the lowest interest rates, those purchasing assets in the peripheral and economically weak neighborhoods pay the highest ones. Observable characteristics of the borrower, the mortgage and the underlying asset risk, and banking competition explain up to two thirds of the regional and socioeconomic differences in mortgage interest rates found in the raw data. Other factors that may explain remaining regional differences in the interest rates include unobservable borrower characteristics such as financial literacy and bargaining ability, unknown characteristics of borrower's employment and statistical discrimination of some groups of borrowers. |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:boi:wpaper:2019.14&r=all |
| By: | Mazumder, Soumyajit |
| Abstract: | How does the appearance of a new immigrant group affect the integration of earlier generations of migrants? We study this question in the context of the first Great Migration (1915-1930), when 1.5 million African Americans moved from the US South to northern urban centers, where 30 million Europeans had arrived since 1850. We exploit plausibly exogenous variation induced by the interaction between 1900 settlements of southern-born blacks in northern cities and state-level outmigration from the US South after 1910. Black arrivals increased both the effort exerted by immigrants to assimilate and their eventual Americanization. These average effects mask substantial heterogeneity: while initially less integrated groups (i.e. Southern and Eastern Europeans) exerted more assimilation effort, assimilation success was larger for those culturally closer to native whites (i.e. Western and Northern Europeans). Labor market outcomes do not display similar heterogeneity, suggesting that these patterns cannot be entirely explained by economic forces. Our findings are instead more consistent with a framework in which changing perceptions of outgroup distance among native whites lowered the barriers to the assimilation of white immigrants. |
| Date: | 2019–07–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:eka5y&r=all |
| By: | Amior, Michael; Manning, Alan |
| Abstract: | Britain suffers from persistent spatial disparities in employment rates. This paper develops an integrated framework for analyzing two forces expected to equalize economic opportunity across areas: commuting and migration. Our framework is applicable to any level of spatial aggregation, and we use it to assess their contribution to labor market adjustment across British wards (or neighborhoods). Commuting offers only limited insurance against local shocks, because commutes are typically short and shocks are heavily correlated spatially. Analogously, migration fails to fully equalize opportunity because of strong temporal correlation in local demand shocks. |
| Keywords: | spatial inequality; commuting; migration |
| JEL: | J21 J61 J64 R23 |
| Date: | 2019–06 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:102745&r=all |
| By: | Olga Ivanova; d'Artis Kancs; Mark Thissen |
| Abstract: | This is the first study that attempts to assess the regional economic impacts of the European Institute of Innovation and Technology (EIT) investments in a spatially explicit macroeconomic model, which allows us to take into account all key direct, indirect and spatial spillover effects of EIT investments via inter-regional trade and investment linkages and a spatial diffusion of technology via an endogenously determined global knowledge frontier with endogenous growth engines driven by investments in knowledge and human capital. Our simulation results of highly detailed EIT expenditure data suggest that, besides sizable direct effects in those regions that receive the EIT investment support, there are also significant spatial spillover effects to other (non-supported) EU regions. Taking into account all key indirect and spatial spillover effects is a particular strength of the adopted spatial general equilibrium methodology; our results suggest that they are important indeed and need to be taken into account when assessing the impacts of EIT investment policies on regional economies. |
| Keywords: | DSGE modelling, innovation, productivity, human capital, SCGE model, spatial spillovers. |
| JEL: | C68 D58 F12 R13 R30 |
| Date: | 2019–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:eei:rpaper:eeri_rp_2019_10&r=all |
| By: | Shaheen, Susan PhD; Stocker, Adam; Meza, Ruth |
| Abstract: | This white paper examines the social equity impacts of various congestion management strategies. The paper includes a comprehensive list of 30 congestion management strategies and a discussion of equity implications related to each strategy. The authors analyze existing literature and incorporate findings from 12 expert interviews from academic, non-governmental organization (NGO), public, and private sector respondents to strengthen results and fill gaps in understanding. The literature review applies the Spatial – Temporal – Economic – Physiological – Social (STEPS) Equity Framework (Shaheen et al., 2017) to identify impacts and classify whether social equity barriers are reduced, exacerbated, or both by a particular congestion mitigation measure. The congestion management strategies discussed are grouped into six main categories, including: 1) pricing, 2) parking and curb policies, 3) operational strategies, 4) infrastructure changes, 5) transportation services and strategies, and 6) conventional taxation. The findings show that the social equity impacts of certain congestion management strategies are not well understood, at present, and further empirical research is needed. Congestion mitigation measures have the potential to affect travel costs, commute times, housing, and accessibility in ways that are distinctly positive or negative for different populations. For these reasons, social equity implications of congestion management strategies should be understood and mitigated for in planning and implementation of these strategies. |
| Keywords: | Engineering, Traffic congestion, social equity |
| Date: | 2019–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt9z9618mn&r=all |
| By: | Áureo de Paula (Institute for Fiscal Studies and University College London); Imran Rasul (Institute for Fiscal Studies and University College London and IFS); Pedro CL Souza (Institute for Fiscal Studies) |
| Abstract: | We present results on the identification of social networks from observational panel data that contains no information on social ties between agents. In the context of a canonical social interactions model, we provide sufficient conditions under which the social interactions matrix, endogenous and exogenous social effect parameters are all globally identified. While this result is relevant across different estimation strategies, we then describe how high-dimensional estimation techniques can be used to estimate the interactions model based on the Adaptive Elastic Net GMM method. We employ the method to study tax competition across US states. We find the identified social interactions matrix implies tax competition differs markedly from the common assumption of competition between geographically neighboring states, providing further insights for the long-standing debate on the relative roles of factor mobility and yardstick competition in driving tax setting behavior across states. Most broadly, our identification and application show the analysis of social interactions can be extended to economic realms where no network data exists. |
| Date: | 2019–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:ifs:cemmap:55/19&r=all |
| By: | Heaphy, Liam James (Maynooth University) |
| Abstract: | The study of physical and social divisions in divided societies has long been an area of study, such as the continued usage of 'peace walls' in Belfast, hostile architecture to prevent anti-social behaviour and rough sleeping, and the securitisation of private spaces. In the context of a new drive to create a smart district, this paper looks at the relationship between smart urbanism and planning, and at the spatial and social divisions between a new 'gentrifying' and well-educated community in the Dublin Docklands and established communities in the area. The Dublin Docklands redevelopment marks a significant break from a pattern of suburbanisation and inner-city decline and repurposes part of the former port area as a city centre extension. The paper accounts for the reshaping of the Dublin Docklands as a ‘smart district’ in collaboration with the city authorities, based on over thirty semi-structured interviews and participant-observation at consultation events. It argues that reductive definitions of smart cities as networking technologies be reworked into broader considerations on urban technologies and the future of cities, with greater emphasis on the relationship between technologies branded as ‘smart’ and the material and digital manifestation of boundaries in urban form. |
| Date: | 2018–01–12 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:xbrgt&r=all |
| By: | Breznau, Nate (University of Bremen); Kirkpatrick, L. Owen |
| Abstract: | Increasingly, U.S. state governments deploy emergency management techniques to re-solve troubled municipal finances. Layoffs, school closings, pension renegotiations, and sale of public assets results. These costs unevenly affect black residents. Recent legal de-cisions argue this is an innocent byproduct of black concentration in fiscally distressed cities. Thus, targeted emergency intervention is colorblind. We investigate this assertion, asking if racially inequitable outcomes signal differential impact on, or differential treat-ment of black people. We investigate Michigan, the country’s most intensive emergency management site. Using all politically incorporated units in Michigan, 2007-2013, we ap-ply causal logic and maximum likelihood estimation with covariates of fiscal distress, per-centage black and median household income. We find a net effect of the percentage of black residents on the likelihood of emergency management after adjusting for the other covariates. If correctly specified, our model gives evidence that racial bias was a factor in the application of emergency management. |
| Date: | 2018–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:k9ve7&r=all |
| By: | Fergus Cumming (Centre for Macroeconomics (CFM); Bank of England) |
| Abstract: | This paper quantifies the impact of the cash-flow channel of monetary policy on employment by combining novel micro datasets with near-universal coverage. When policy interest rates fall, families with a mortgage spend the extra cash-flow in their local economy and this increases labor demand. Overall, a reduction in mortgage payments of £1,000 per household led to a 0.3 percentage point increase in locally non-tradable employment growth over three years of the Great Recession, with the most pronounced effects in the restaurant sector. Spatial variation in labor and mortgage market structures leads to regional heterogeneity in the traction of monetary policy. |
| Keywords: | Employment, Interest rates, Monetary policy, Mortgages |
| JEL: | E24 E52 G21 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:cfm:wpaper:1922&r=all |
| By: | Nurbaya, Sitti; Ramly, Mansyur; Sinring, Bahar; Latif, Baharuddin; Jamali, Hisnol |
| Abstract: | The purpose of this study is to explain the effect of competence, motivation and work discipline on culture; to know and explain the effect of competence, motivation and work discipline on honorary teacher performance; to know and explain the effect of work culture on honorary teacher; and knowing to explaining the effect of competence, motivation and work discipline as a mediates work culture on honorary teacher performance on elementary school teachers in Makassar City. The study was conducted in elementary schools with a population of elementary school honorary teachers who had a Limited duration contract in 8 sub-districts in Makassar City totaling 1,495 people. A sample of 317 respondents used the Slovin formula. The data from the questionnaire were analyzed using the Structural Equation Model using AMOS 18. The results of the study found that the work competence, motivation and discipline directly had a positive and significant effect on teachers work culture. Work competence, motivation discipline directly has a positive and significant effect on honorary teacher performance. Teachers work culture directly has a positive and significant effect on honorary teacher performance. The three exogenous variables (competence, work discipline and work motivation) have a significant positive effect on honorary teacher performance as a mediating role of teacher's work culture |
| Date: | 2019–07–09 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:wy96t&r=all |
| By: | Dutta, Sunasir |
| Abstract: | Why some communities have greater rates of social entrepreneurship in similar domains is a question of importance to scholars and practitioners alike. Much of the literature in social entrepreneurship begins with a social problem that has been identified, and then analyzes the antecedents of the entrepreneurial process that lead to organizational solutions emerging for those problems. However, why some problems gain traction as being worthy of time and effort in solving, has garnered little attention. I argue that particular problems are more or less salient triggers of action by prospective social entrepreneurs based on the distribution of such problems in the local social environment, rather than aggregate levels of need. Yet, even problems widely experienced as shared, salient, and generally worthy of action might lack the emergence of solutions in fragmented communities, such as those with high levels of residential segregation by race and income. We study this in the context of founding of advocacy and support organizations in the domain of healthcare, and find support for our predictions. We also conducted additional tests to better characterize the findings and test robustness to alternative sources of influence, such as the local pool of potential social entrepreneurs, the role of local ecology, and geographic spillovers from neighboring areas. |
| Date: | 2019–11–13 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:stvd7&r=all |
| By: | Perng, Sung-Yueh (Maynooth University) |
| Abstract: | Shared technology making refers to the practices, spaces and events that bear the hope and belief that collaborative and open ways of designing, making and modifying technology can improve our ways of living. Shared technology making in the context of the smart city reinvigorates explorations of the possibility of free, open and collaborative ways of engineering urban spaces, infrastructures and public life. Open innovation events and civic hacking initiatives often encourage members of local communities, residents, or city administrations to participate so that the problems they face and the knowledge they possess can be leveraged to develop innovations from the working (and failure) of urban everyday life and (non-)expert knowledges. However, the incorporation of shared technology making into urban contexts engender concerns around the right to participate in shared technology- and city-making. This paper addresses this issue by suggesting ways to consider both the neoliberal patterning of shared technology making and the patches and gaps that show the future possibility of shared city making. It explores the ways in which shared technology making are organised using hackathons and other hacking initiatives as an example. By providing a hackathon typology and detailed accounts of the experiences of organisers and participants of related events, the paper reconsiders the neoliberalisation of shared technology making. It attends to the multiple, entangled and conflictual relationships that do not follow corporate logic for considering the possibilities of more open and collaborative ways of technology- and city-making. |
| Date: | 2018–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:k793w&r=all |
| By: | Kegon Teng Kok Tan; Mariyana Zapryanova |
| Abstract: | Recidivism rates are a growing concern due to the high cost of imprisonment and the high rate of ex-prisoners returning back to prison. The factors leading to recidivism are multifaceted, but one policy-relevant and potentially important contributor is the composition of peer inmates. In this paper, we study the role of peer e?ects within a correctional facility using data on almost 80,000 individuals serving time in Georgia. We exploit randomness in peer-composition over time within prisons to identify e?ects of peers on recidivism rates. We ?nd no evidence of peer e?ects for property and drug-related crimes in the general prison population. However, we ?nd strong peer e?ects when we de?ne peer groups by race and age. Our ?ndings indicate that homophily plays a large part in determining the strength of peer exposure among prisoners in the same facility. Our ?ndings suggest that prison assignments can be a way to reduce recidivism for particular groups of prisoners. |
| Keywords: | crime, recidivism, peer effects, prisons |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2019-083&r=all |
| By: | Olga Ivanova; d'Artis Kancs; Mark Thissen |
| Abstract: | The Regional Trade Flows and Input output Data for Europe are constructed at the regional NUTS2 level with sectoral NACE2 detail and developed for spatial macroeconomic modelling and social-economic analysis for answering a wide-range of policy questions, including policies related to investments in innovation, human capital, green infrastructure and Sustainable Development Goals. The Regional Trade Flows and Input output Data for Europe are particularly well suited for structural modelling such as spatial computable general equilibrium models, as all data are fully internally consistent. In the Regional Trade Flows and Input output Data all European regions are connected with each other via inter-regional trade flows, input use and output supply in form of regional trade matrices, input output tables and supply-use tables. This data base is result of a joint collaborative effort over a decade of several research institutes across Europe, including the Netherlands Environmental Assessment Agency (PBL), the European Commission (DG JRC) and the University of Groningen (Ivanova, Kancs and Stelder 2009, Thissen et al. 2014, Thissen et al. 2018, Ivanova, Kancs and Thissen 2019). Among others, the new EU Economic Modelling System (EU-EMS) developed within the EU Framework Programme for Research and Innovation makes use of the Regional Trade Flows and Input output Data for Europe. |
| Keywords: | Inter-Regional Trade Flows, Input output Tables, data, Europe, spatial spillovers, SCGE, modelling. |
| JEL: | C68 D58 F12 R13 R30 |
| Date: | 2019–10–06 |
| URL: | http://d.repec.org/n?u=RePEc:eei:rpaper:eeri_rp_2019_06&r=all |
| By: | Alfred Michael Dockery (Bankwest Curtin Economics Centre (BCEC), Curtin University); Alan S Duncan (Bankwest Curtin Economics Centre (BCEC), Curtin University); Astghik Mavisakalyan (Bankwest Curtin Economics Centre (BCEC), Curtin University); Toan Nguyen (Bankwest Curtin Economics Centre, Curtin University); Richard Seymour (Bankwest Curtin Economics Centre, Curtin Business School) |
| Abstract: | What are the key issues and challenges relating to immigration in Australia? Where do immigrants come from, where do they settle, and what types of jobs do they do? How do migrants affect the wages? To what extent do we see skills mismatch among migrants entering our workforce? Does discrimination and bias remain an issue in our society? Are we doing enough to support the forced immigrants to Australia? This seventh report in BCEC’s Focus on the States Series seeks to provide insights into these questions and many more. We explore the profile and evolution of immigration in Australia over recent years, and undertake a comprehensive assessment of the contributions immigrants make to Australia’s social and economic development. The report provides new evidence to better inform the debates on the labour market impact of immigrants and highlights the positive impact of immigrants on Australian economy. It also explores the extent of acceptance of multiculturalism in Australia and provides an assessment of immigrants’ health and wellbeing. There is a special focus on humanitarian migrants in the report through an analysis of a new longitudinal dataset of humanitarian migrants to Australia. Immigration is a defining feature of Australia’s economic and social life and will shape the nature of tomorrow’s Australia. |
| Keywords: | immigration, migration, skills mismatch, workforce and skills, economic growth, multiculturalism, humanitarian migration, refugees, regional migration. |
| JEL: | J15 F22 J61 O15 R23 |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:ozl:bcecrs:fs07&r=all |
| By: | De Philippis, Marta; Rossi, Federico |
| Abstract: | This paper studies the contribution of parental influence in accounting for cross-country gaps in human capital achievements. We argue that the cross-country variation in unobserved parental characteristics is at least as important as the one in commonly used observable proxies of parental socio-economic background. We infer this through an indirect empirical approach, based on the comparison of the school performance of second generation immigrants. We document that, within the same host country or even the same school, students whose parents come from high-scoring countries in the PISA test do better than their peers with similar socioeconomic backgrounds. Differential selection into emigration does not explain this finding. The result is larger when parents have little education and have recently emigrated, suggesting the importance of country-specific cultural traits that parents progressively lose as they integrate in the new host country, rather than of an intergenerational transmission of education quality. Unobserved parental characteristics account for about 15% of the cross-country variance in test scores, roughly doubling the overall contribution of parental influence. |
| JEL: | O15 J24 E24 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:102719&r=all |
| By: | Faggio, Giulia; Silva, Olmo; Strange, William C. |
| Abstract: | This paper considers the heterogeneous microfoundations of agglomeration economies. It studies the co-location of industries to look for evidence of labor pooling, input sharing, and knowledge spillovers. The novel contribution of the paper is that it estimates single-industry models using a common empirical framework that exploits the cross-sectional variation in how one industry co-locates with the other industries in the economy. This unified approach yields evidence on the relative importance of the Marshallian microfoundations at the single-industry level, allowing for like-for-like cross-industry comparisons on the determinants of agglomeration. Using UK data, we estimate such microfoundations models for 97 manufacturing sectors, including the classic agglomeration cases of automobiles, computers, cutlery, and textiles. These four cases – as with all of the individual industry models we estimate – clearly show the importance of the Marshallian forces. However, they also highlight how the importance of these forces varies across industries – implying that extrapolation from cases should be viewed with caution. The paper concludes with an investigation of the pattern of heterogeneity. The degree of an industry’s clustering (localization), dynamism, incumbent firm size, and worker education are shown to contribute to the pattern of heterogeneous microfoundations. |
| Keywords: | agglomeration; microfoundations; heterogeneity; industrial clusters |
| JEL: | R10 R12 L52 L60 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:102721&r=all |
| By: | Maya Rossin-Slater; Molly Schnell; Hannes Schwandt; Sam Trejo; Lindsey Uniat |
| Abstract: | While over 240,000 American students experienced a school shooting in the last two decades, little is known about the impacts of these events on the mental health of surviving youth. Using large-scale prescription data from 2006 to 2015, we examine the effects of 44 school shootings on youth antidepressant use in a difference-in-difference framework. We find that local exposure to fatal school shootings increases youth antidepressant use by 21.4 percent in the following two years. These effects are smaller in areas with a higher density of mental health providers who focus on behavioral, rather than pharmacological, interventions. |
| JEL: | I18 I31 J13 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26563&r=all |
| By: | Anastasia Girshina; Thomas Y. Mathä; Michael Ziegelmeyer |
| Abstract: | This paper studies how peers’ financial behaviour affects individuals’ own investment choices. To identify the peer effect, we exploit the unique composition of the Luxembourg population and use the differences in stock market participation across various immigrant groups to study how they affect stock market participation of natives. We solve the reflection problem by instrumenting immigrants’ stock market participation with lagged participation rates in their countries of birth. We separate the peer effect from the contextual and correlated effects by controlling for neighbourhood and individual characteristics. We find that stock market participation of immigrant peers has sizeable effects on that of natives. We also provide evidence that social learning is one of the channels through which the peer effect is transmitted. However, social learning alone does not account for the entire effect and we conclude that social utility might also play an important role in peer effects transmission. |
| Keywords: | Peer effects, stock market participation, social utility, social learning |
| JEL: | D14 D83 G11 I22 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:bcl:bclwop:bclwp137&r=all |
| By: | Reiche, Colleen PhD; Goyal, Rohit; Cohen, Adam; Serrao, Jacqueline; Kimmel, Shawn PhD; Fernando, Chris; Shaheen, Susan PhD |
| Abstract: | The Booz Allen Team explored market size and potential barriers to Urban Air Mobility (UAM) by focusing on three potential markets – Airport Shuttle, Air Taxi, and Air Ambulance. We found that the Airport Shuttle and Air Taxi markets are viable, with a significant total available market value in the U.S. of $500 billion, for a fully unconstrained scenario. In this unconstrained best-case scenario, passengers would have the ability to access and fly a UAM at any time, from any location to any destination, without being hindered by constraints such as weather, infrastructure, or traffic volume. Significant legal and regulatory, weather, certification, public perception, and infrastructure constraints exist, which reduce the market potential for these applications to only about 0.5% of the total available market, or $2.5 billion, in the near term. However, we determined that these constraints can be addressed through ongoing intra-governmental partnerships, government and industry collaboration, strong industry commitment, and existing legal and regulatory enablers. We found that the Air Ambulance market is not a viable market if served by electric vertical takeoff and landing (eVTOL) vehicles due to technology constraints but may potentially be viable if a hybrid VTOL aircraft are utilized. |
| Keywords: | Engineering |
| Date: | 2018–11–21 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt0fz0x1s2&r=all |
| By: | Young, Mischa; Farber, Steven |
| Abstract: | Claiming that ride-hailing companies have disrupted the transportation sector is an understatement. The ability and vision of companies, such as Uber and Lyft, to harness smartphones’ built-in GPS technologies, provide real-time information about wait times, and facilitate cashless transactions has enabled them to effectively compete with the taxi industry, and potentially capture a sizeable share of the ridership of other modes as well. RH services are now increasingly being recognized as an accepted transportation service within cities, and have rapidly positioned themselves among the most valuable companies within the transportation sector. Albeit a relatively new field of research, studies on this novel mode of travel have mostly focused on its impacts upon the transportation sector, and on the regulatory and policy frameworks that should be implemented to either encourage or deter its usage. To date, not much work has been done to determine who actually benefits from RH and to understand the equity concerns that it may engender. In this chapter, we explore these largely unaddressed concerns by situating ride-hailing within the well-established transport equity literature that has long focussed on disparities in access and mobility between different social, economic, and demographic groups. This allows us to elaborate on the potentially restrictive nature of RH for many segments of the population. Once unveiled, these equity concerns will shape our discussion and inform our recommendations for an agenda to research equity concerns vis-a-vis ride-hailing. |
| Date: | 2019–04–09 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:pz7fk&r=all |
| By: | Morris A. Davis; Jesse Gregory; Daniel A. Hartley; Kegon T. K. Tan |
| Abstract: | Researchers and policy-makers have explored the possibility of restricting the use of housing vouchers to neighborhoods that may positively affect the outcomes of children. Using the framework of a dynamic model of optimal location choice, we estimate preferences over neighborhoods of likely recipients of housing vouchers in Los Angeles. We combine simulations of the model with estimates of how locations affect adult earnings of children to understand how a voucher policy that restricts neighborhoods in which voucher-recipients may live affects both the location decisions of households and the adult earnings of children. We show the model can replicate the impact of the Moving to Opportunity experiment on the adult wages of children. Simulations suggest a policy that restricts housing vouchers to the top 20% of neighborhoods maximizes expected aggregate adult earnings of children of households offered these vouchers. |
| Keywords: | neighborhood choice, housing vouchers, Los Angeles, Moving to Opportunity, dynamic models |
| JEL: | I24 I31 I38 J13 R23 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2019-084&r=all |
| By: | Marius Brülhart; Klaus Desmet; Gian-Paolo Klinke |
| Abstract: | How does a country's economic geography evolve along the development path? This paper documents recent employment growth in 18,961 regions in eight of the world's main economies. Overall, market potential is losing importance, and local density is gaining importance, as correlates of local growth. In mature economies, growth is strongest in low-market-potential areas. In emerging economies, the opposite is true, though the association with market potential is also weakening there. Structural transformation away from agriculture can account for some of the observed changes. The part left unexplained by structural transformation is consistent with a standard economic geography model that yields a bell-shaped relation between trade costs and the growth of centrally located regions. |
| JEL: | O18 R11 R12 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26526&r=all |
| By: | Gatot Sasongko (Satya Wacana Christian University); Ina Ariani Restiani Hunga (Satya Wacana Christian University); Ardhian Syah Noer Julana (Satya Wacana Christian University); Yustinus Wahyudi (Satya Wacana Christian University); Paulus Leliak (Satya Wacana Christian University); Andrian Dolfriandra Huruta (Satya Wacana Christian University) |
| Abstract: | This study aims to describe the implementation of public policy from the perspective of Dye's theory of spatial planning for housing in Semarang Regency. The primary data used in this study were obtained from ten informants as the representatives of each business activity who proposed location permits for housing activities. While the secondary data were obtained from the Public Works Office of Semarang Regency. The results show that there were ten investment activity plans for housing in Semarang Regency, whose proposals were not approved initially by the relevant agencies because they were not in accordance with the provisions of spatial planning. This study provide evidence from ten informants there are eight cases as follows space utilization through a land consolidation program, space utilization in a wide & river border area, space utilization in vacant spatial planning area, space utilization for communities affected by railroad project, space utilization in spatial planning area of crop farming, space utilization with a housing certificate status, space utilization in plantation planning area, and space utilization in the vacant spatial planning area adjacent to the border of other city administration area. However, after being considered by the government in terms of public policy, the ten location permits were issued with certain conditions. Thus, it could be concluded that the public policy was essentially designed by the government to guarantee and fulfill the needs of the community in conducting investment activities such as housing developers. |
| Keywords: | spatial planning,public policy,housing development |
| Date: | 2019–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02342660&r=all |
| By: | Egle Jakucionyte (Bank of Lithuania, Vilnius University); Swapnil Singh (Bank of Lithuania, Kaunas University of Technology) |
| Abstract: | The objective of increased regulation of mortgage origination activities after the Great Recession was to prevent another foreclosure crisis in the future. However, the literature is not conclusive about the actual effect of these policy changes. By using the 2007-09 panel and subsequent waves of the Survey of Consumer Finances (SCF), we predict foreclosure risk based on individual borrower characteristics. We show that the median mortgage foreclosure probability kept decreasing after 2010, but in 2016 it was still higher relative to the year 2007. The median foreclosure probability has remained high among both non-bank borrowers and bank borrowers. The regulatory changes started in 2010, so we also compare predicted foreclosure probabilities to the levels in 2010 and find that, despite the fact that banks were affected by this regulation more than non-banks, predicted foreclosure probabilities for bank mortgages declined slower than for non-bank mortgages. Our findings offer support for a thorough analysis of the regulatory effects because they might have been weaker than expected or worked in an unexpected way. |
| Keywords: | Residential mortgages, Foreclosure, Non-banks Lending |
| JEL: | C53 G21 G23 |
| Date: | 2019–12–13 |
| URL: | http://d.repec.org/n?u=RePEc:lie:wpaper:69&r=all |
| By: | Arrondel, Luc; Calvo-Pardo, Hector; Giannitsarou, Chryssi; Haliassos, Michael |
| Abstract: | We design, field and exploit survey data from a representative sample of the French population to examine whether informative social interactions enter households'stockholding decisions. Respondents report perceptions about their circle of peers with whom they interact about financial matters, their social circle and the population. We provide evidence for the presence of an information channel through which social interactions influence perceptions and expectations about stock returns, and financial behavior. We also find evidence of mindless imitation of peers in the outer social circle, but this does not permeate as many layers of financial behavior as informative social interactions do. |
| Keywords: | Information networks,Social interactions,Subjective expectations,Peer effects,Portfolio choice |
| JEL: | D12 D83 D84 G11 C42 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:imfswp:136&r=all |
| By: | Bhuller, Manudeep (Dept. of Economics, University of Oslo); Kostøl, Andreas (W.P. Carey School of Business); Vigtel, Trond Christian (Frisch Centre) |
| Abstract: | How the internet affects job matching is not well understood due to a lack of data on job vacancies and quasi-experimental variation in internet use. This paper helps fill this gap using plausibly exogenous roll-out of broadband infrastructure in Norway, and comprehensive data on recruiters, vacancies and job seekers. We document that broadband expansions increased online vacancy-postings and lowered the average duration of a vacancy and the share of establishments with unfilled vacancies. These changes led to higher job-finding rates and starting wages and more stable employment relationships after an unemployment-spell. Consequently, our calculations suggest that the steady-state unemployment rate fell by as much as one-fifth. |
| Keywords: | Unemployment; Information; Job Search; Matching |
| JEL: | D83 J63 J64 L86 |
| Date: | 2019–12–19 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:osloec:2019_010&r=all |
| By: | Lauriault, Tracey P.; Bloom, Rachel; Landry, Jean-Noé |
| Abstract: | Open Smart Cities in Canada is a collaborative project. We would like to thank smart city representatives from the cities of Edmonton, Guelph, Montréal, and Ottawa and officials from the provinces of British Columbia and Ontario for sharing their time, expertise and experiences with us. Furthermore, this project benefits from contributions made by the project’s core team of experts and researchers. We are grateful to Professor Tracey P. Lauriault (Carleton University), David Fewer, LL.M., (Canadian Internet Policy and Public Interest Clinic {CIPPIC}), and Professor Mark Fox (University of Toronto) for providing their expert advice on the design of research and its outputs. Finally, we thank graduate students Stephen Letts and Carly Livingstone (Carleton University) for research assistance and editing over the course of the project. Authors: Tracey P. Lauriault (Carleton University), Rachel Bloom (OpenNorth) and Jean-Noé Landry (OpenNorth). Funded by Natural Resources Canada’s GeoConnections program in 2018. |
| Date: | 2018–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:dzja9&r=all |
| By: | Lisa Ryan (University College, Dublin); Ivan Petrov (University College, Dublin); Andrew Kelly (EnvEcon Decision Support); Yulu Guo (University College, Dublin); Sarah La Monaca (Columbia University) |
| Abstract: | This paper presents the results of an ex post evaluation of the impacts of a vehicle tax reform in Ireland, by carrying out a full social cost benefit analysis of a vehicle tax reform that began in Ireland in 2008 and shows that whilst successful in improving the fuel economy of new passenger cars, it may also have caused unintended effects, such as an increased proliferation of diesel vehicles in the passenger car fleet. These outcomes have mitigated the overall benefits. In addition to quantifying the scale of the various effects and outcomes, this paper clearly demonstrates the importance of broad scope policy design. |
| Keywords: | benefit-cost analysis, economic policy instruments, environmental economics, environmental tax reform, vehicle taxation |
| JEL: | D61 H23 Q51 Q53 R48 |
| Date: | 2019–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:oec:envaaa:153-en&r=all |
| By: | Azam, Amir; Maqsood, Shafiq Ahmad; Ahmad, Junaid; Din, Muhammad Azhar Ud |
| Abstract: | Tourism is the totality of the relationship and phenomenon arising from travel and stay of strangers, provided the stay does not imply the establishment of a permanent residence and is not connected with a remunerated activity. The current study made an attempt to find out the socio economic impact of tourism on the local community of district Chitral by taking Bomburet as case study area. By taking sample of 60 respondents from a total population of 1500, a well prepared questioners were used as data collection tool with basic descriptive frequency distribution, cross tabulation and interpretation of the findings as statistics tool the findings of the study indicates that tourism play a key role in both socio-economic sector. The demand for local Fresh fruits, Dry Fruit, Hotelling, Transport and Handy Crafts made from the local persons are increasing. 68% of the respondent agreed that tourism play a vital role in the economic development of Chitral supporting their arguments they favored that it directly leads to increase of household income, improve infrastructure, helps in growth of hotel business, increase the capability of acquiring knowledge related to tourism and hotel management. Promotion of public goods provision, improvement in the SME’s of local communities and provision of better security with flourishing greenery in dry mountainous tracts can increase the tourism significantly in the region. |
| Keywords: | Tourism, Types of Tourism, Economical Benefits, Societal Benefits, Chitral |
| JEL: | J62 L26 M38 |
| Date: | 2018–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:97490&r=all |
| By: | Yati, Helmi; Afriyeni, Afriyeni |
| Abstract: | The purpose of this research is to expand credit insights into particularly in terms of how the analysis of the Loan To Deposit Ratio (LDR) and Non were Perfoming Loan (NPL) on PT. BPD Sumatera Barat is the main branch of the field. In analyzing the data, the authors use quantitative data analysis methods. Quantitative data data is information that is stated in the form the results of calculation and measurement analysis of the Loan To Deposit Ratio and Non-Performing Loan on the regional development of PT. BPD Sumatra Barat. The results of this research show that the Loan To Deposit Ratio (LDR) on PT. BPD Sumatera Barat is the main branch of the field during the period of research results is very good because it does not exceed the maximum limits set by Bank Indonesia 110%. |
| Date: | 2019–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:vpq36&r=all |
| By: | Hyuk-Soo Kwon (Institute for Fiscal Studies); Jihong Lee (Institute for Fiscal Studies); Sokbae (Simon) Lee (Institute for Fiscal Studies and Columbia University and IFS); Ryungha Oh (Institute for Fiscal Studies) |
| Abstract: | This paper examines the trends in geographic localization of knowledge spillovers via patent citations, extracting multiple cohorts of new sample US patents from the period of 1976-2015. Despite accelerating globalization and widespread per-ception of the “death of distance,” our matched-sample study reveals signi?cant and growing localization e?ects of knowledge spillovers at both intra- and international levels after the 1980s. Increased localization e?ects have been accompanied by greater heterogeneity across states and industries. The results are robust to various methods of proxying the existing geography of knowledge production. |
| Date: | 2019–10–30 |
| URL: | http://d.repec.org/n?u=RePEc:ifs:cemmap:58/19&r=all |
| By: | Laurent Guihéry (MRTE - Laboratoire Mobilités, Réseaux, Territoires, Environnements - UCP - Université de Cergy Pontoise - Université Paris-Seine) |
| Abstract: | Long distance passenger mobility is experiencing a huge structural change in France and Germany. Based on Internet technology and customer-oriented services, new entrants in interurban coach services are diversifying the options for the travelers and have been very successful. This market has been deregulated in 2013 in Germany and 2015 in France. New actors are not only challenging rail operators in France and Germany, but also BlaBlaCar, the world leader in ridesharing and sometimes low cost airlines. Long distance coach players have also experienced in 2019 a concentration of actors: Flixbus, the leader with a market share in Germany of 95% has bought the French outsider Eurolines/Isilines. Eurolines/Isilines (Transdev Group) was the dominant operator before deregulation but had not succeeded to become a leader. Ouibus, which is a subsidiary of SNCF-the challenger of Flixbus in France, experienced high losses in operating, which was backed by public fund and debt, was sold to BlaBlaCar. Ouibus changed its name in BlaBlaBus - and is now becoming the French challenger in coach and ride-sharing operation. Flixbus and BlaBlaBus are now moving on the European market: the aim of our paper is to analyze the development strategies of these coach services leaders in France and Germany in a European perspective. What will be the balance? Which new services will emerge? |
| Keywords: | Long distance coaches,France,Germany,Flixbus,Blablabus,Competition |
| Date: | 2019–11–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02374703&r=all |
| By: | Joana Elisa Maldonado; Kristof De Witte; Koen Declercq |
| Abstract: | Based on two randomised controlled trials with a total of 2,779 students from grade 8 and 9 in Flanders, we provide causal evidence on the effects of parental involvement on students’ learning in a financial education course. Using an experimental design with three treatment groups, the impact of parental involvement in homework is distinguished from the standalone impact of the classroom intervention and homework itself. Intention-to-treat analysis reveals that the intervention effectively improves students’ knowledge and behaviour. The classroom intervention used in conjugation with a homework assignment that the students complete with the help of their parents increases financial literacy scores by 0.37 standard deviations. On average, the added value of involving parents in homework is not significant, but involving parents has significant positive effects on behaviour for disadvantaged students. As a potential underlying mechanism it is observed that the parental involvement intervention significantly increases family communication between students and parents about the course topics. |
| Keywords: | Financial Literacy; Parental Involvement; Randomised Controlled Trial; Education |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ete:leerwp:645427&r=all |
| By: | Queiroz, Bernardo L (Universidade Federal de Minas Gerais, Brazil); Lima, Everton; Gonzaga, Marcos Roberto; Freire, Flávio |
| Abstract: | In this paper, we study study spatial and temporal adult mortality trends in small areas of Brazil, from 1980 to 2010, and its relation to socioeconomic and public health developments. Brazil is marked by huge regional and social inequality and it is important to understand how it could be related to trends and differences in adult mortality. There are several studies about trends in infant and child mortality, but much less is known about adult mortality. We are also interested in understand whether there is a convergence or divergence in adult mortality. This is relevant because changes in life expectancy in the near future could be heavily explained by differences in adult mortality as infant and child mortality have shown signs of convergence in recent years |
| Date: | 2018–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:szvtq&r=all |
| By: | HAMAGUCHI Nobuaki |
| Abstract: | Abstract in English is not available. |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rpdpjp:19019&r=all |
| By: | Harka, Elona (University of Padova); Rocco, Lorenzo (University of Padova) |
| Abstract: | We use Italian municipality data on education and voter participation in national elections to estimate the effect of schooling on voter turnout. By adopting a fixed effect instrumental variable identification strategy, we find that education reduces voter turnout, more so in municipalities with higher income, lower social capital, which experienced political misconduct in the past and have low institutional quality. Analysis with individual data confirms these results. We discuss several mechanisms to rationalize our findings ranging from the opportunity cost of time to disaffection and civic protest. |
| Keywords: | voter turnout, education, Italy, protest |
| JEL: | I20 I26 D72 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp12816&r=all |
| By: | B. Biagi; B. Dettori; S. Usai; R. Paci |
| Abstract: | Under which conditions Sardinia - a peripheral island with a small population – can proceed along a steady path of economic development? This is the crucial question addressed in this paper which examines the economic and social situation of Sardinia within the national and the European scenario characterized by a strong polarization process fueled by agglomeration forces. The analysis suggests facing the demographic turndown by investing in education, innovation and local institutions in order to provide a better environment to citizens and firms and to exploit regional comparative advantages. |
| Keywords: | tourism;sardinia;regional growth;Insularity |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:cns:cnscwp:201914&r=all |
| By: | Oshan, Taylor M.; Li, Ziqi; Kang, Wei (University of California Riverside); Wolf, Levi John (University of Bristol); Fotheringham, Alexander Stewart |
| Abstract: | Geographically weighted regression (GWR) is a spatial statistical technique that recognizes traditional 'global' regression models may be limited when spatial processes vary with spatial context. GWR captures process spatial heterogeneity via an operationalization of Tobler's first law of geography: "everything is related to everything else, but near things are more related than distant things" (1970). An ensemble of local linear models are calibrated at any number of locations by 'borrowing' nearby data. The result is a surface of location-specific parameter estimates for each relationship in the model that may vary spatially, as well as a single bandwidth parameter that provides intuition about the geographic scale of the processes. A recent extension to this framework allows each relationship to vary according to a distinct spatial scale parameter, and is therefore known as multiscale (M)GWR. This paper introduces mgwr, a Python-based implementation for efficiently calibrating a variety of (M)GWR models and a selection of associated diagnostics. It reviews some core concepts, introduces the primary software functionality, and demonstrates suggested usage on several example datasets. |
| Date: | 2018–10–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:bphw9&r=all |
| By: | Pitriyanti, Pipit |
| Abstract: | Financial services are an important condition for public involvement in the economic system, but the fast growing financial industry is not necessarily accompanied by adequate access to finance. This paper states the importance of the role of inclusive finance in the success of the development of a country and how inclusive finance can be achieved by community participation in social economic activities, both individually by utilizing the local wisdom of arisan (social gathering), and organizationally in the form of CSR. Writing is done using descriptive qualitative methods. It can be concluded that arisan and CSR are Islamic social economic activities, both of which can be utilized as a strategy towards financial inclusion. |
| Keywords: | arisan (social gathering), CSR, Islamic social economy, financial inclusion, social marketing |
| JEL: | O35 O38 Z12 Z13 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:97854&r=all |
| By: | Juan F. Castro (Universidad del Pacífico); Paul Glewwe (University of Minnesota); Ricardo Montero (University of Minnesota) |
| Abstract: | We evaluate the effect of a large-scale teacher coaching program offered in a context of high teacher turnover on a broad range of pedagogical skills. Previous studies have found that small coaching programs can improve the teaching of reading and of science in a developing country setting. However, scale can compromise quality and turnover can erode compliance. It is also unclear whether general pedagogical skills can be improved through coaching. We evaluate a teacher coaching program currently serving more than 6,000 rural public schools in Peru. We exploit the random assignment of a program expansion that occurred in 2016. We find that, after two years, the program has been effective in improving pedagogical skills with an average effect between 0.24 and 0.34 standard deviations (s.d.). Accounting for non-compliance reduces the program’s effect to between 0.20 and 0.30 s.d. This is below the effect found in developed countries (0.49 s.d.) but remains reasonably large considering the scale of the program and the degree of teacher turnover. |
| Keywords: | teacher coaching, pedagogical skill, teacher turnover |
| JEL: | I21 O15 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:apc:wpaper:158&r=all |
| By: | Hélène Latzer; Kiminori Matsuyama; Mathieu Parenti |
| Abstract: | In the standard horizontal innovation model of endogenous growth, larger economies innovate more and grow faster. Due to the homotheticity of preferences, however, it does not matter whether the large market size comes from a large population or a high per capita expenditure. In this paper, we extend the standard model to allow for nonhomothetic preferences. Among others, we show that, holding the size fixed, economies with higher per capita expenditure and smaller populations innovate more and grow faster for the empirically relevant case of incomplete pass-through, strategic complementarity in pricing, and procompetitive entry. |
| Keywords: | Endogenous growth; Balanced growth; Horizontal innovation; Nonhomothetic preferences; Directly explicitly additive (DEA) preferences; Demand composition; Incomplete pass-through; Strategic complementarity in pricing; Procompetitive entry; Competition and growth |
| JEL: | O11 O31 O33 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/298200&r=all |
| By: | Wong, William; Tsuchiya, Naotsugu |
| Abstract: | Evidence accumulation clustering (EAC) is an ensemble clustering algorithm that can cluster data for arbitrary shapes and numbers of clusters. Here, we present a variant of EAC in which we aimed to better cluster data with a large number of features, many of which may be uninformative. Our new method builds on the existing EAC algorithm by populating the clustering ensemble with clusterings based on combinations of fewer features than the original dataset at a time. Our method also calls for prewhitening the recombined data and weighting the influence of each individual clustering by an estimate of its informativeness. We provide code of an example implementation of the algorithm in Matlab and demonstrate its effectiveness compared to ordinary evidence accumulation clustering with synthetic data. |
| Date: | 2019–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:epb6t&r=all |
| By: | D. Sonedda |
| Abstract: | Human capital has become a very important issue in modern economies in the last decades. Among the different definitions of human capital accumulation, vocational training stands out as one of the main topics. Local labour markets, defined as the region where people work, can constrain the set of human capital investment and the consequent permanent employment opportunities that people face. Even, people with the same characteristics, excepting region, can obtain very different permanent employment outcomes depending on where they work. This issue is estimated for Italy. |
| Keywords: | human capital;permanent employment;local labour markets |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:cns:cnscwp:201915&r=all |
| By: | D. Sonedda |
| Abstract: | A fundamental observation of the 21st century is the substantial drop in permanent employment occupations. In this paper, I seek to understand the geographic variation in apprenticeship and the consequent permanent employment rates. I exploit a unique setting in Italy to verify whether regional disparities in general education and production systems play a key role in determining vocational apprenticeship rates and in determining how this labor contract creates job matches that persist over time. I find that when the quality of the regional education system is good, the medium-run gains in terms of permanent employment can be moderate. However, a small number of active firms in a region limits the quantity of job entries as apprentices. |
| Keywords: | human capital;local labour market;education system;production system |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:cns:cnscwp:201916&r=all |
| By: | Ahmad, Ehtisham; Brosio, Giorgio; Jiménez, Juan Pablo |
| Abstract: | There is growing recognition that expanded reliance on property taxation would facilitate the achievement of sustainable development goals, providing adequate funding of local services and access to credit for infrastructure. It would also generate more incentives for more accountable local governance. However, this instrument has a large and unexploited revenue potential in Latin America. Ambitions and reform policies are confronted with political and administration obstacles. Also Governments tend to worry about the political costs of taxing property. The paper suggests ways to improve the working of the tax and to avoid those features that make the tax disagreeable to taxpayers and unpopular for governments. The options include self-assessment of value by taxpayers and, in alternative depending of the circumstances of the country considered, the adoption of an area-based tax by specific localities with the participation of taxpayers to the determination of the tax base. The paper considers also the adoption of a banded system that serves to smooth the impact of tax base changes on the tax due. |
| Keywords: | IMPUESTO A LA PROPIEDAD, TRIBUTACION, INGRESOS FISCALES, POLITICA FISCAL, IGUALDAD, ASPECTOS POLITICOS, PROPERTY TAX, TAXATION, FISCAL POLICY, EQUALITY, POLITICAL ASPECTS, TAX REVENUES |
| Date: | 2019–12–19 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col037:45021&r=all |
| By: | Patrick Baylis; Judson Boomhower |
| Abstract: | This study measures the degree to which large public expenditures on wildfire protection subsidize development in harm's way. Using administrative firefighting data, we calculate geographically-differentiated implicit subsidies to homeowners throughout the western USA. We first examine how the presence of homes affects firefighting expenditures. These results are used to reconstruct the implied historical cost of protecting each home and to perform an actuarial calculation of expected future protection cost. The expected net present value of this subsidy can exceed 20% of a home's value. It increases with fire risk and decreases surprisingly steeply with development density. A simple model is used to explore effects on expansion of developed areas, density, and private risk-reducing investments. These results demonstrate how policy and institutions influence the costs imposed by a changing climate. |
| JEL: | H22 H23 Q54 Q58 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26550&r=all |
| By: | Ran Abramitzky; Philipp Ager; Leah Platt Boustan; Elior Cohen; Casper W. Hansen |
| Abstract: | In the 1920s, the United States substantially reduced immigrant entry by imposing country-specific quotas. We compare local labor markets with more or less exposure to the national quotas due to differences in initial immigrant settlement. A puzzle emerges: the earnings of existing US-born workers declined after the border closure, despite the loss of immigrant labor supply. We find that more skilled US-born workers – along with unrestricted immigrants from Mexico and Canada – moved into affected urban areas, completely replacing European immigrants. By contrast, the loss of immigrant workers encouraged farmers to shift toward capital-intensive agriculture and discouraged entry from unrestricted workers. |
| JEL: | J6 J61 N21 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26536&r=all |
| By: | Bertacchini, Enrico; Venturini, Alessandra; Zotti, Roberto (University of Turin) |
| Abstract: | The paper aims to explore the drivers of immigrants’ participation to cultural and leisure activities in host countries. First, we discuss how the main analytical approaches on cultural participation can be extended to incorporate factors specific to migrants’ characteristics and behaviour, namely dimensions of proximity to the native population’s culture and the level of integration in the host society. Secondly, we investigate migrants’ propensity for consumption of cultural and leisure activities using data of a special national survey on Income and Living conditions (2011-2012) on foreign households in Italy. Italy represents an interesting case because it is a recent immigration country, making the analysis particularly suitable for studying the behaviour of first-generation immigrants. Our findings suggest that language proficiency, duration of stay and intention to remain in the host country significantly increase the probability to access various types of leisure and cultural activities. Interestingly, after controlling for standard individual predictors, several dimensions of an immigrant’s cultural background and proximity with the culture of the host society still significantly explain variation in cultural participation rates, confirming that cultural differences play a role in migrants’ cultural consumption choice. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:uto:dipeco:201925&r=all |
| By: | Giuseppe Attanasi (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique); Francesco Passarelli (University of Turin, Bocconi University [Milan, Italy]); Giulia Urso (Gran Sasso Science Institute (GSSI)); Hana Cosic (Institute of Economics, Sant'Anna School of Advanced Studies, Pisa, BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Individuals might have different views about the benefits and the costs of privatizing a cultural event. On the one hand, privatization may increase the quality of the event due to expanding investments. On the other hand, it may lead to the dissipation of important cultural and traditional connotations. Since benefits and costs are uncertain, we frame an individual's choice regarding privatization as a lottery choice, where risk aversion and other individual traits play a role. We empirically investigate attendees' preferences for privatizing a mass gathering festival in Italy. The festival is attended by almost 100,000 tourists each year. Over a three-year period, we collected a large dataset of survey questions. We find that willingness to accept privatization is decreasing in tourists' risk aversion, while it is increasing in their sensitivity to the festival's quality. Cultural tourists perceive a higher risk of commodification in the case of privatization. Authenticity-seeking tourists act as gatekeepers of the genuine roots of local traditions. They demand original values, ultimately contributing to the festival's cultural sustainability. The purpose of attracting visitors is in fact commonly assumed to alter local culture, resulting in a staged authenticity; and privatization of cultural goods is often associated with commodification. |
| Keywords: | willingness to pay,risk aversion,festival ownership,cultural tourism,sustainable tourism,authenticity |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02398648&r=all |
| By: | Sudheer Chava; Alexander Oettl; Manpreet Singh |
| Abstract: | Do increases in federal minimum wage impact the financial health of small businesses? Using intertemporal variation in whether a state’s minimum wage is bound by the federal rate and credit-score data for approximately 15.2 million establishments for the period 1989–2013, we find that increases in the federal minimum wage worsen the financial health of small businesses in the affected states. Small, young, labor-intensive, minimum-wage sensitive establishments located in the states bound to the federal minimum wage and those located in competitive and low-income areas experience higher financial stress. Increases in the minimum wage also lead to lower bank credit, higher loan defaults, lower employment, a lower entry and a higher exit rate for small businesses. The results are robust to using nearest-neighbor matching and geographic regression discontinuity design. Our results document some potential costs of a one-size-fits-all nationwide minimum wage, and we highlight how it can have an adverse effect on the financial health of some small businesses. |
| JEL: | G33 G38 J30 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26523&r=all |
| By: | Yana Bagina (National Research University Higher School of Economics) |
| Abstract: | The paper is focused on the interrelations between citizens’ everyday mobilities and the ways they cope with urban fears. It describes situations when people expect and experience security threats that trigger their fears, while moving in the city. To deal with fears urban citizens develop coping strategies - a set of actions that helps them to manage their emotional experiences. Coping strategies transform various elements of everyday urban mobility and, thus, rearrange and redefine it. The paper is based on semi-structured interviews with Moscow residents and digital diaries of emotions. |
| Keywords: | fear; coping with fear; coping strategies; mobility; everyday travels; urban mobility |
| JEL: | Z |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:08/urb/2018&r=all |
| By: | Aurélie Beaugency (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique); Damien Talbot (CleRMa - Clermont Recherche Management - Clermont Auvergne - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA - Université Clermont Auvergne) |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02329336&r=all |
| By: | Silvia Bruzzone (Istituto Nazionale di Statistica, Direzione centrale per le statistiche sociali e il censimento della popolazione); Stefano Castriota (Department of Political Sciences, University of Pisa); Mirco Tonin (Free University of Bolzano‐Bozen, Faculty of Economics and Management) |
| Abstract: | This paper compares the effects of two reforms implemented in Italy in 2003 and 2016 – respectively the Penalty Points System (PPS) and the Road Homicide (RH) – aimed at reducing road accidents and mortality. In terms of the two main parameters characterizing enforcement – probability and intensity of the penalty – the two policies are opposite. In fact, with the PPS it is very easy to lose points but the maximum penalty – that is, temporary withdrawal of the license – is not dramatic. The RH, instead, introduced heavy penalties in the rare event of dead and injured people. We find a stronger decrease of dead and injured people with the PPS than with the RH. We compare the costs and benefits of the two policies and conclude that, in this context, strong penalties like incarceration are not socially beneficial. |
| Keywords: | Road accidents; penalty points system; road homicide; crime; punishment |
| JEL: | D91 K14 K42 R41 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:bzn:wpaper:bemps66&r=all |