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RBTC and human capital: accounting for individual-level responses
Kashkarov, Daniil
2022 - anglický
I test the contribution of individual human capital responses to earnings inequality arising in the process of the routine-biased technological change (RBTC). I develop a lifecycle model of human capital and occupational choice, calibrate it to the NLSY79 data, using the price series for human capital in abstract and routine occupations estimated from the cross-sectional CPS data with the “flat spot” approach. I then use the model to quantify the effect of a change in human capital prices on earnings inequality. I find that an increase in the price for human capital in abstract occupations and a fall in its price in routine occupations associated with RBTC has a modest contribution to the evolution of variance of log-earnings — up to 10.8 per cent by the end of the working life cycle. However, the contribution of RBTC to an increase in the abstract wage premium over the lifetime of the NLSY79 cohorts is up to 28.6 per cent. The growth of the abstract wage premium is significantly dampened by the human capital responses of workers switching from routine occupations.
Klíčová slova:
RBTC; human capital; life-cycle modelling
Dokument je dostupný na externích webových stránkách.
RBTC and human capital: accounting for individual-level responses
I test the contribution of individual human capital responses to earnings inequality arising in the process of the routine-biased technological change (RBTC). I develop a lifecycle model of human ...
Spatio-Spectral EEG Patterns in the Source-Reconstructed Space and Relation to Resting-State Networks: An EEG-fMRI Study
Jiříček, Stanislav; Koudelka, V.; Mantini, D.; Mareček, R.; Hlinka, Jaroslav
2022 - anglický
In this work, we present and evaluate a novel EEG-fMRI integration approach combining a spatio-spectral decomposition method and a reliable source localization technique. On the large 72 subjects resting- state hdEEG-fMRI data set we tested the stability of the proposed method in terms of both extracted spatio-spectral patterns(SSPs) as well as their correspondence to the BOLD signal. We also compared the proposed method with the spatio-spectral decomposition in the electrode space as well as well-known occipital alpha correlate in terms of the explained variance of BOLD signal. We showed that the proposed method is stable in terms of extracted patterns and where they correlate with the BOLD signal. Furthermore, we show that the proposed method explains a very similar level of the BOLD signal with the other methods and that the BOLD signal in areas of typical BOLD functional networks is explained significantly more than by a chance. Nevertheless, we didn’t observe a significant relation between our source-space SSPs and the BOLD ICs when spatio-temporally comparing them. Finally, we report several the most stable source space EEG-fMRI patterns together with their interpretation and comparison to the electrode space patterns.
Klíčová slova:
EEG-fMRI Integration; EEG-informed fMRI; Spatio-spectral Decomposition; Electrical Source Imaging; Independent Component Analysis; Resting State Networks
Plné texty jsou dostupné v digitálním repozitáři Akademie Věd.
Spatio-Spectral EEG Patterns in the Source-Reconstructed Space and Relation to Resting-State Networks: An EEG-fMRI Study
In this work, we present and evaluate a novel EEG-fMRI integration approach combining a spatio-spectral decomposition method and a reliable source localization technique. On the large 72 subjects ...
Naked exclusion with heterogeneous buyers
Chen, Y.; Zápal, Jan
2022 - anglický
We investigate the effects of buyer heterogeneity in a market in which an incumbent firm prevents entry when it signs enough exclusionary contracts with buyers. With heterogeneous buyers several well-known results in exclusionary contracting with homogenous buyers are overturned and novel ones emerge. First, inefficient equilibria exist in which exclusionary contracts are signed but entry still occurs, and the loss of consumer surplus falls on small buyers. Second, sequential contracting may be more pro-competitive than simultaneous contracting in the sense that entry occurs under sequential but not simultaneous contracting. When this happens, sequential Pareto dominates simultaneous contracting.
Klíčová slova:
contracting with externalities; exclusionary contracts; buyer heterogeneity
Dokument je dostupný na externích webových stránkách.
Naked exclusion with heterogeneous buyers
We investigate the effects of buyer heterogeneity in a market in which an incumbent firm prevents entry when it signs enough exclusionary contracts with buyers. With heterogeneous buyers several ...
Diffusion Kalman filtering under unknown process and measurement noise covariance matrices
Vlk, T.; Dedecius, Kamil
2022 - anglický
The state-of-the-art algorithms for Kalman filtering in agent networks with information diffusion impose the requirement of well-defined state-space models. In particular, they assume that both the process and measurement noise covariance matrices are known and properly set. This is a relatively strong assumption in the signal processing domain. By design, the Kalman filters are rather sensitive to its violation, which may potentially lead to their divergence. In this paper, we propose a novel distributed filtering algorithm with increased robustness under unknown process and measurement noise covariance matrices. It is formulated as a Bayesian variational message passing procedure for simultaneous analytically tractable inference of states and measurement noise covariance matrices.
Klíčová slova:
Collaborative estimation; State estimation; Variational Bayesian methods
Dokument je dostupný na externích webových stránkách.
Diffusion Kalman filtering under unknown process and measurement noise covariance matrices
The state-of-the-art algorithms for Kalman filtering in agent networks with information diffusion impose the requirement of well-defined state-space models. In particular, they assume that both the ...
Who divorces whom: unilateral divorce legislation and the educational structure of marriage
Afunts, Geghetsik; Jurajda, Štěpán
2022 - anglický
There is evidence that the introduction of unilateral divorce legislation (UDL) starting in the late 1960s increased US divorce rates. We ask whether making divorce easier affected the educational structure of marriage. Based on marriage and divorce certificate data covering 1970-1988, we provide new evidence on the evolution of the educational structure of marriage inflows (newlyweds) and outflows (divorces), and estimate UDL difference-in-differences effects on both flows. While UDL did not contribute to rising homogamy (the tendency towards married partners having the same level of education), it did affect the educational structure of marriage: it made generally unstable hypogamous couples (women marrying less educated partners) less likely to divorce, and it made homogamous couples more stable than hypergamous ones (women marrying more educated partners).
Klíčová slova:
homogamy; unilateral divorce; marriage
Dokument je dostupný na externích webových stránkách.
Who divorces whom: unilateral divorce legislation and the educational structure of marriage
There is evidence that the introduction of unilateral divorce legislation (UDL) starting in the late 1960s increased US divorce rates. We ask whether making divorce easier affected the educational ...
Recursive mixture estimation with univariate multimodal Poisson variable
Uglickich, Evženie; Nagy, Ivan
2022 - anglický
Analysis of count variables described by the Poisson distribution is required in many application fields. Examples of the count variables observed per a time unit can be, e.g., number of customers, passengers, road accidents, Internet traffic packet arrivals, bankruptcies, virus attacks, etc. If the behavior of such a variable exhibits a multimodal character, the problem of clustering and classification of incoming count data arises. This issue can touch, for instance, detecting clusters of the different behavior of drivers in traffic flow analysis as well as cyclists or pedestrians. This work focuses on the model-based clustering of Poisson-distributed count data with the help of the recursive Bayesian estimation of the mixture of Poisson components. The aim of the work is to explain the methodology in details with an illustrative simple example, so that the work is limited to the univariate case and static pointer.
Klíčová slova:
recursive mixture estimation; mixture of Poisson distributions; clustering and classification
Dokument je dostupný na externích webových stránkách.
Recursive mixture estimation with univariate multimodal Poisson variable
Analysis of count variables described by the Poisson distribution is required in many application fields. Examples of the count variables observed per a time unit can be, e.g., number of customers, ...
Inattentive price discovery in ETFs
Kosar, Mariia; Mikhalishchev, Sergei
2022 - anglický
This paper studies the information choice of exchange-traded funds (ETF) investors, and its impact on the price efficiency of underlying stocks. First, we show that the learning of stock-specific information can occur at the ETF level. Our results suggest that ETF investors respond endogenously to changes in the fundamental value of underlying stocks, in line with the rational inattention theory. Second, we provide evidence that ETFs facilitate propagation of idiosyncratic shocks across its constituents.
Klíčová slova:
exchange-traded fund; ETF; price efficiency
Dokument je dostupný na externích webových stránkách.
Inattentive price discovery in ETFs
This paper studies the information choice of exchange-traded funds (ETF) investors, and its impact on the price efficiency of underlying stocks. First, we show that the learning of stock-specific ...
Optimally biased expertise
Ilinov, Pavel; Matveenko, A.; Senkov, Maxim; Starkov, E.
2022 - anglický
This paper shows that the principal can strictly benefit from delegating a decision to an agent whose opinion differs from that of the principal. We consider a “delegated expertise” problem in which the agent has an advantage in information acquisition relative to the principal, as opposed to having preexisting private information. When the principal is ex ante predisposed towards some action, it is optimal for her to hire an agent who is predisposed towards the same action, but to a smaller extent, since such an agent would acquire more information, which outweighs the bias stemming from misalignment. We show that belief misalignment between an agent and a principal is a viable instrument in delegation, performing on par with contracting and communication in a class of problems.
Klíčová slova:
delegation; rational inattention; heterogeneous beliefs
Dokument je dostupný na externích webových stránkách.
Optimally biased expertise
This paper shows that the principal can strictly benefit from delegating a decision to an agent whose opinion differs from that of the principal. We consider a “delegated expertise” problem in which ...
Consequences of inconvenient information: evidence from sentencing disparities
Šoltés, Michal
2022 - anglický
Inconvenient information about the performance of public institutions may undermine public trust. In an experiment, I test how information about sentencing disparities among judges in the Czech Republic affects respondents’ perception of the judicial system. I find no effect on respondents’ declared institutional trust and willingness to rely on the formal judicial system. Instead, the information marginally increased respondents’ policy involvement: They became more likely to: (i) sign a petition that invites politicians to address the underlying issue, and (ii) consider fairness of the judicial system a more important policy issue. The increased interest in the petition was driven by mothers, who are arguably more sensitive to the particular treatment information in the presented case of a failure to pay alimony.
Klíčová slova:
information disclosure; institutional trust; performance of public institutions
Dokument je dostupný na externích webových stránkách.
Consequences of inconvenient information: evidence from sentencing disparities
Inconvenient information about the performance of public institutions may undermine public trust. In an experiment, I test how information about sentencing disparities among judges in the Czech ...
Compliance behavior under surveillance: introduction of the video assistant referee to European football
Trestcov, Ivan
2022 - anglický
This paper analyzes the effect of introducing the Video Assistant Referee (VAR) to European football. First, the setting allows for decomposition of the deterrence and monitoring effects in Becker’s (1968) model of crime. Second, I estimate the deterrence effect’s spillover outside the surveillance environment. Third, I find evidence of a much under-studied learning-by-punishment effect. This paper applies the difference-in-difference strategy to show that the introduction of VAR causes a significant decrease in the number of fouls in two German football leagues. VAR had an immediate impact on severe fouls, while the effect on penalty fouls is apparent after a 12 week adjustment period. Punishment intensifies the deterrence effect as punished players commit even fewer fouls than unpunished players. Moreover, the deterrence effect persists outside of the surveillance environment, i.e., there is a spillover effect on international competitions. I show that players from countries with VAR commit fewer fouls in international competitions than other players.
Klíčová slova:
Becker model; video assistant referee; deterrence
Dokument je dostupný na externích webových stránkách.
Compliance behavior under surveillance: introduction of the video assistant referee to European football
This paper analyzes the effect of introducing the Video Assistant Referee (VAR) to European football. First, the setting allows for decomposition of the deterrence and monitoring effects in Becker’s ...
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