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The low-skilled in the Czech Republic
Bičáková, Alena; Kalíšková, Klára
2018 - English
This study provides evidence on the characteristics, labor market conditions, and labor market\noutcomes of the low-skilled in the Czech Republic. It considers the most relevant policies to\nensure the long-term inclusion of the low-skilled in the labor market. We use the standard\ndefinition of the low-skilled as those individuals with primary or lower-secondary education.
Keywords:
labor market conditions; labor market outcomes; Czech Republic
Fulltext is available at external website.
The low-skilled in the Czech Republic
This study provides evidence on the characteristics, labor market conditions, and labor market\noutcomes of the low-skilled in the Czech Republic. It considers the most relevant policies to\nensure ...
Effects of poverty on impatience: preferences or inattention?
Bartoš, V.; Bauer, Michal; Chytilová, Julie; Levely, I.
2018 - English
We study two psychological channels how poverty may increase impatient behavior – an effect\non time preference and reduced attention. We measured discount rates among Ugandan farmers\nwho made decisions about when to enjoy entertainment instead of working. We find that\nexperimentally induced thoughts about poverty-related problems increase the preference to\nconsume entertainment early and delay work. The effect is equivalent to a 27 p.p. increase in\nthe intertemporal rate of substitution. Using monitoring tools similar to eye tracking, a novel\nfeature for this subject pool, we show this effect is not due to a lower ability to sustain attention.
Keywords:
poverty; scarcity; time discounting
Fulltext is available at external website.
Effects of poverty on impatience: preferences or inattention?
We study two psychological channels how poverty may increase impatient behavior – an effect\non time preference and reduced attention. We measured discount rates among Ugandan farmers\nwho made ...
Entrepreneurship in the information age: an empirical analysis of the European regions
Pleticha, Petr
2018 - English
Decelerating productivity in recent years raised questions about technology diffusion in the economy. This study focuses on one particular diffusion channel, entrepreneurship, and inspects the mechanics through which it interacts with digitalization. The composite indicator of digitalization is split into separate components which enables analyzing digitalization’s interplay with entrepreneurship as a dynamic process. Based on the econometric analysis of Eurostat regional data covering the period 2008-2015, I find significant links between digitalization and entrepreneurship. Specifically, digitalization is associated with an increase in the rate at which firms are created and with a decrease in their survival rate after 3 years. The paper demonstrates that the interaction is dynamic in its nature as the effects of initial stages of digitalization reverse or vanish in its later phases. A sectoral analysis shows the persistence of the results across industries.\nMoreover, there is evidence that professional, scientific and technical activities are especially sensitive towards digitalization, experiencing strong, yet short-term shock in the firms’ birth, death, and survival rates. Accounting for geographic variation reveals heterogeneity between regions but not large enough to affect the overall results.
Keywords:
digitalization; entrepreneurship; technology dissemination
Available at various institutes of the ASCR
Entrepreneurship in the information age: an empirical analysis of the European regions
Decelerating productivity in recent years raised questions about technology diffusion in the economy. This study focuses on one particular diffusion channel, entrepreneurship, and inspects the ...
Formation of market beliefs in the oil market
Anatolyev, Stanislav; Seleznev, S.; Selezneva, Veronika
2018 - English
We characterize formation of market beliefs in the oil market by providing a complete characterization of the market reaction to oil inventory surprises. We utilize the unique sequential nature of inventory announcements to identify inventory shocks. We estimate an AR-ARCH-MEM model of the joint dynamics of returns, return volatilities and trading volumes around the announcements using high frequency data on oil futures contracts. Our model (i) handles illiquidity of long maturity contracts by accounting for trading inactivity, (ii) captures time varying trading intensity, and (iii) allows for structural changes in the dynamics and responses to news over time. We show (i) uniform formation of expectations across oil futures contracts with different maturities, (ii) a strong negative relation between inventories surprises and re-turns, (iii) no effect on the term premium, which suggests that inventory shocks are always considered to be permanent, and (iv) di_erentiation in the reaction of volume by maturity. We demonstrate how our results can be used to test theories of oil price determination and contribute to the debate on the recent oil glut.
Keywords:
oil market; ultra high frequency data; trading intensity
Fulltext is available at external website.
Formation of market beliefs in the oil market
We characterize formation of market beliefs in the oil market by providing a complete characterization of the market reaction to oil inventory surprises. We utilize the unique sequential nature of ...
Caught in the cycle: economic conditions at enrollment and labor market outcomes of college graduates
Bičáková, Alena; Cortes, G. M.; Mazza, J.
2018 - English
We find robust evidence that cohorts of graduates who enter college during worse economic\ntimes earn higher average wages than those who enter during better times. This difference is\nnot explained by differences in economic conditions at the time of college graduation, changes\nin _eld of study composition, or changes in selection into occupations or industries. Cohorts\nwho start college in bad times are not more positively selected based on their high-school\noutcomes, but they graduate with higher college grades, and earn higher wages conditional on\ntheir grades. Our results suggest that these cohorts exert more effort during their studies.
Keywords:
business cycle; higher education; cohort effects
Fulltext is available at external website.
Caught in the cycle: economic conditions at enrollment and labor market outcomes of college graduates
We find robust evidence that cohorts of graduates who enter college during worse economic\ntimes earn higher average wages than those who enter during better times. This difference is\nnot explained ...
Bayesian persuasion with costly information acquisition
Matysková, Ludmila
2018 - English
A sender who chooses a signal to reveal to a receiver can often influence the receiver’s subsequent actions. Is persuasion more difficult when the receiver has her own sources of information? Does the receiver benefit from having additional information sources? We consider a Bayesian persuasion model extended to a receiver’s endogenous acquisition of information under an entropy-based cost commonly used in rational inattention. A sender’s optimal signal can be computed from standard Bayesian persuasion subject to an additional constraint: the receiver never gathers her own costly information. We further determine a finite set of the sender’s signals satisfying the additional constraint in which some optimal signal must be contained. The set is characterized by linear conditions using the receiver’s utility and information cost parameters. The new method is also applicable to a standard Bayesian persuasion model and can simplify, sometimes dramatically, the search for a sender’s optimal signal (as opposed to a standard concavification technique used to solve these models). We show that the ‘threat’ of additional learning weakly decreases the sender’s expected equilibrium payoff. However, the outcome can be worse not only for the sender, but also for the receiver.\n \n
Keywords:
Bayesian persuasion; rational inattention; costly information acquisition
Fulltext is available at external website.
Bayesian persuasion with costly information acquisition
A sender who chooses a signal to reveal to a receiver can often influence the receiver’s subsequent actions. Is persuasion more difficult when the receiver has her own sources of information? Does the ...
Selective sampling with information-storage constraints
Jehiel, P.; Steiner, Jakub
2018 - English
A decision-maker acquires payoff-relevant information until she reaches her storing capacity, at\nwhich point she either terminates the decision-making and chooses an action, or discards some\ninformation. By conditioning the probability of termination on the information collected, she\ncontrols the correlation between the payoff state and her terminal action. We provide an\noptimality condition for the emerging stochastic choice. The condition highlights the benefits of\nselective memory applied to the extracted signals. The constrained-optimal choice rule exhibits (i) confirmation bias, (ii) speed-accuracy complementarity, (iii) overweighting of rare events, and (iv) salience effect.
Keywords:
bounded rationality; cognitive constraints; information processing
Fulltext is available at external website.
Selective sampling with information-storage constraints
A decision-maker acquires payoff-relevant information until she reaches her storing capacity, at\nwhich point she either terminates the decision-making and chooses an action, or discards ...
Entrepreneurship in the information age: an empirical analysis of the European regions
Pleticha, Petr
2018 - English
Decelerating productivity in recent years raised questions about technology diffusion in the economy. This study focuses on one particular diffusion channel, entrepreneurship, and inspects the mechanics through which it interacts with digitalization. The composite indicator of digitalization is split into separate components which enables analyzing digitalization’s interplay with entrepreneurship as a dynamic process. Based on the econometric analysis of Eurostat regional data covering the period 2008-2015, I find significant links between digitalization and entrepreneurship. Specifically, digitalization is associated with an increase in the rate at which firms are created and with a decrease in their survival rate after 3 years. The paper demonstrates that the interaction is dynamic in its nature as the effects of initial stages of digitalization reverse or vanish in its later phases. A sectoral analysis shows the persistence of the results across industries.\nMoreover, there is evidence that professional, scientific and technical activities are especially sensitive towards digitalization, experiencing strong, yet short-term shock in the firms’ birth, death, and survival rates. Accounting for geographic variation reveals heterogeneity between regions but not large enough to affect the overall results.
Keywords:
digitalization; entrepreneurship; technology dissemination
Available at various institutes of the ASCR
Entrepreneurship in the information age: an empirical analysis of the European regions
Decelerating productivity in recent years raised questions about technology diffusion in the economy. This study focuses on one particular diffusion channel, entrepreneurship, and inspects the ...
Whoever has will be given more: child endowment and human capital investment
Borga, Liyousew Gebremedhin; Pidkuyko, M.
2018 - English
Using a unique longitudinal survey from Ethiopia, we investigate whether resource constrained\nparents reinforce or attenuate differences in early abilities between their children. We propose a simple model that allows for sibling interactions. To overcome the endogeneity associated with measures of endowment, we construct a measure of human capital at birth that is plausibly net of prenatal investment. We estimate a sibling fixed-effect model to account for bias due to unobserved family-specific heterogeneity. We find that parents reinforce educational inequality: inherently healthy children are more likely to attend preschool, be enrolled in elementary school, and have more expenses incurred towards their education. Health inputs are allocated in a compensatory manner.\n
Keywords:
cognitive ability; health endowment; intrahousehold allocation
Fulltext is available at external website.
Whoever has will be given more: child endowment and human capital investment
Using a unique longitudinal survey from Ethiopia, we investigate whether resource constrained\nparents reinforce or attenuate differences in early abilities between their children. We propose a simple ...
Discrimination against workers with visible tattoos: experimental evidence from Germany
Jibuti, Daviti
2018 - English
We use a correspondence testing approach to study discrimination against applicants with visible tattoos in the German labor market. The method has been widely employed in discrimination literature, however, the majority of papers examine objects of discrimination that are exogenously given (gender, race, ethnicity, etc.). The design of our experiment allows us to study the extent of discrimination against choice-based characteristics. We send fictitious applications to online job postings in the banking sector. Otherwise identical applications differ only in the picture attached: in the treatment group the applicants have a visible tattoo. The\nextent of discrimination is measured by the difference in callback rates. We find that candidates without visible tattoos have, on average, a 13 percentage point higher callback rate, or an increase in the callback rate of 54%. Following Akerlof and Kranton (2000), our results once more highlight the centrality of identity.
Keywords:
labor market discrimination; field experiment; visible tattoo
Fulltext is available at external website.
Discrimination against workers with visible tattoos: experimental evidence from Germany
We use a correspondence testing approach to study discrimination against applicants with visible tattoos in the German labor market. The method has been widely employed in discrimination literature, ...
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