Search results for "endowment"

2019

Abstract This paper examines the relationship between health endowment and later-life outcomes in the labour market. The analysis is based on reduced-form models in which labour market outcomes are regressed on genetic variants related to the increased risk of cardiovascular diseases. We use linked Finnish data that have many strengths. Genetic risk scores constitute exogenous measures for health endowment, and accurate administrative tax records on earnings, employment and social income transfers provide a comprehensive account of an individual’s long-term performance in the labour market. The results show that although the direction of an effect is generally consistent with theoretical re…

Gender and potential wage in Europe: a stochastic frontier approach

2011

PurposeThe purpose of this paper is to provide evidence concerning wage differentials and the existence of gender pay discrimination in France, Germany, Italy, Spain and the United Kingdom.Design/methodology/approachThe authors used the stochastic frontier approach as an alternative method to measure the relevance of gender discrimination. This methodology allows them to explain the differences between the potential and the observed wage that an individual could obtain, given his or her human capital endowment.FindingsThe authors found support for wage discrimination against women. The results show that a significant part of the gender wage gap in all the countries analysed is not attributa…

Regulation of Investments in Infrastructure: The Interplay between Strategic Behaviors and Initial Endowments

2012

This paper explores the dynamic properties of price-based policies in a model of competition between two jurisdictions. Jurisdictions invest over time in infrastructure to increase the quality of the environment, a global public good. They are identical in all respects but one: initial stocks of infrastructure. This is a dynamic type of heterogeneity that disappears in the long run. Therefore, at the steady state, usual intuitions from static settings apply: identical jurisdictions inefficiently underinvest, calling for public subsidies. In the short run, however, counterintuitive properties are established: (i) the evolution of capital stocks can be nonmonotonic and (ii) one jurisdiction c…

"Facta non verba" : an experiment on pledging and giving

2015

International audience; We design an experiment to investigate whether asking people to state how much they will donate to a charity (i.e., to pledge) increases their actual donation. Individuals’ endowment is either certain or a random variable. We study different types of pledges, namely, private, public and irrevocable, which differ in terms of the cost to the individual for not keeping the promise. We show that in absence of endowment uncertainty, private and public pledges are associated with lower donations as compared to donations in the no-pledge case: private pledges slightly reduce donations and public pledges reduce them more significantly. Donations increase with uncertainty (in…

Health endowment and later-life outcomes in the labour market : Evidence using genetic risk scores and reduced-form models

2019

This paper examines the relationship between health endowment and later-life outcomes in the labour market. The analysis is based on reduced-form models in which labour market outcomes are regressed on genetic variants related to the increased risk of cardiovascular diseases. We use linked Finnish data that have many strengths. Genetic risk scores constitute exogenous measures for health endowment, and accurate administrative tax records on earnings, employment and social income transfers provide a comprehensive account of an individual’s long-term performance in the labour market. The results show that although the direction of an effect is generally consistent with theoretical reasoning, …

Immigration, factor endowments and the productive structure of Spanish regions, 1996-2005.

2012

The participation of immigrants in the Spanish labour market has increased from less than 3% in 1996 to more than 13% in 2005. The factor proportion model of production was used to examine the impact of such a large labour supply shock on the industrial structure of Spanish regions. The results confirm that, first, labour endowment differences across regions help to explain the regional patterns of industry specialization. Second, immigrants and natives act as complementary factors in most industries. Third, the importance of immigration is relatively small compared with production technique changes and idiosyncratic industry changes in explaining the overall changes in industrial structure. …

A Methodology to Detect the Deviations of the Project s Budget Compared to Market Prices

2015

[EN] The budget of a project reflects the cost of the investment needed to build an infrastructure, install a system or acquire new materials or supplies. A well-formulated budget in accordance with market prices, allows contractors to prepare offers according to their technical, economic and financial characteristics. On the other hand, it avoids current philosophies that aim to get the contract at any price. Philosophies subsequently used to point out problems and claims during the execution of the project (contradictory prices, delays, etc.) in order to recover some or the entire economic bid carried out during the tendering. In this paper a simple and fast methodology is developed to ch…

Effect of SMEs' International Experience on Foreign Intensity and Economic Performance: The Mediating Role of Internationally Exploitable Assets and …

2010

In this paper, we study the relationship between the international experience of small and medium-sized enterprises (SMEs) and their economic performance using intangible and financial asset stock, competitive strategy, and international intensity as mediating factors. The RBV provides the theoretical framework to develop a theoretical model postulating that international experience has an indirect effect on foreign growth and economic performance. This model was used to test a sample of 394 Spanish SMEs through the modelization of a structural equations system. Results show that superior economic performance is only achieved by SMEs that can turn the knowledge they gain from international …

HETEROGENEITY IN RISK PREFERENCES LEADS TO STOCHASTIC VOLATILITY

2018

This paper studies the price processes of a claim on terminal endowment and of a claim on firm book value when the underlying variables follow a bivariate geometric Brownian motion. If the state-price process is multiplicatively separable into time and endowment functions, our main result shows that firm (endowment) price volatility is stochastic (state-dependent) if, and only if, the endowment function is not a power function. In a pure exchange economy populated by two agents with constant relative risk aversion (CRRA) preferences we confirm the separability, and we show furthermore that firm (endowment) price volatility is stochastic (state-dependent) if, and only if, both agents are he…

Not Race, but Grace: Presbyterian Missionaries and American Indians, 1837-1893

1980

Race, writes George W. Stocking, Jr., was "a characteristically nineteenthcentury phenomenon." Historians of articulate racial thought in America generally believe that the optimism of the eighteenth century gave way in the nineteenth to pessimism in matters of race. Growing numbers of scientists, and perhaps nonscientists too, came to believe that certain races were innately inferior, retarded by inherited qualities that were unchangeable or changeable only over long periods of time, and that cultural manifestations were the product primarily of biological endowment. By late in the century, according to Stocking, "race and culture were linked in a single evolutionary hierarchy extending fr…