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  • 1
    Electronic Resource
    Electronic Resource
    The Role of the State in Economic Development (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This paper discusses the recent literature on the role of the state in economic development. It concludes that government incentives to enact sound policies are key to economic success. It also discusses the evidence on what happens after episodes of economic and political liberalizations, asking whether political liberalizations strengthen government incentives to enact sound economic policies. The answer is mixed. Most episodes of economic liberalizations are indeed preceded by political liberalizations. But the countries that have done better are those that have managed to open up the economy first, and only later have liberalized their political system.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00289.x
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  • 2
    Electronic Resource
    Electronic Resource
    Cognitive Preference Reversal or Market Price Reversal? (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: Preference Reversal Phenomenon (PRP) has been most often scrutinized as a puzzle of ‘preferences’, while the discovery of the ‘endowment effect’ explicitly questions the parity between preference and price. The author's experiment (N = 186) connects these two extraordinary findings and illustrates that PRP is only a reversal of price in a ‘market.’ PRP merely proves that subjects demand to be compensated based on loss under market access deprivation when a ‘maximum buying’/‘minimum selling’ price is elicited, and preference transitivity is restored once the misleading market manipulation is experimentally controlled.By defending preference transitivity, the author asserts that normal access to the bargaining process is indispensable for a competitive market where preference price parity is required.To make valid measurements of preference and price, the sealed envelope method is substituted for the judged-indifferent-point (JIP) method, and the binding statement method is substituted for the Becker-DeGroot-Marschack method. McNemar test scores are calculated to compare the effects of different methods.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00284.x
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  • 3
    Electronic Resource
    Electronic Resource
    Interactions Between Public and Private Investment: Evidence from Developing Countries (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This study examines the linkages between public investments and private investments by using Granger-causality and cointegration tests and probit analysis in a sample of 25 developing countries. The results from the cointegration and Granger-causality tests are further analysed in a probit framework by assigning the dependent variable the value ‘1’ for the ‘crowding-out’ cases and ‘0’ otherwise, and the explanatory variables are various components of Gwartney and Lawson's (2004) economic freedom of the world index. Using this approach, we find that the higher the share of government involvement in an economy, the lower the trade openness; the more restrictions there are on the use of foreign currencies, and the more stable and developed the macro and monetary environment is, the higher the likelihood that public investments may crowd out private investments. The model correctly predicts 10 out of 11 cases of crowding-out and 13 out of 14 cases of no-crowding-out.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00290.x
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  • 4
    Electronic Resource
    Electronic Resource
    Splitting the Baby: An Empirical Test of Rules of Thumb in Regulatory Price Setting (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This article provides an empirical evaluation of a recent and important exercise in regulatory price setting in the United States. The 1996 Telecommunications Act required incumbent local phone companies to sell components of their network to rival firms at regulated prices, and the prices for these ‘unbundled network elements’ were based primarily on independent estimates of forward-looking economic costs. Our econometric analysis reveals that, while cost is a primary determinant of element prices, the prices also reflect foregone retail profits for incumbent firms. Statistical tests suggest that ‘splitting the baby’ is an accurate positivist description of public agency behavior.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00291.x
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  • 5
    Electronic Resource
    Electronic Resource
    Measuring Knowledge Stocks: A Process of Creative Destruction (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This paper proposes a new method for constructing R&D capital stocks developed to avoid the common assumption of a constant rate of knowledge depreciation, which implies wear and tear of knowledge. The method models the development of R&D capital stocks as a process of creative destruction linking the depreciation of knowledge to the emergence of new knowledge. A first empirical assessment of the new method – measuring the influence of R&D capital stocks on production in the manufacturing sectors of 12 OECD countries – produces plausible and robust results.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00293.x
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  • 6
    Electronic Resource
    Electronic Resource
    New Worlds – New Approaches A Note on Future Research Strategies (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.296_1.x
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  • 7
    Electronic Resource
    Electronic Resource
    Is Neoclassical Economics still Entrepreneurless? (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: The paper reviews and evaluates some recent contributions on modeling entrepreneurship within a neoclassical framework, analyzing how, and to what extent, the fundamental ingredients suggested in the social science literature were captured. It is shown how these approaches are important in stressing the main elements of a complex picture, without being able to fully describe it. Each modeling attempt focuses only on one specific feature of entrepreneurship, and the entrepreneurial function, broadly perceived, eludes analytical tractability. As a consequence, the models can be useful in analyzing the effect of entrepreneurial behavior at an aggregate level, but not at explaining individual choices. From these observations, it is highlighted how a simplistic interpretation of the existing mainstream approaches incorporating entrepreneurship runs the risk of leading to distortionary policy interventions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00292.x
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  • 8
    Electronic Resource
    Electronic Resource
    Is Science A Case of Wasteful Competition? (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: Science is a winner-take-all profession in which only a few contributions get excessive attention and the large majority of papers receive scant or no attention. This so-called ‘waste’, together with all the competitive strategies of scientists seeking attention, is part and parcel of every creative profession and not a worrisome fact, as the price society pays for human ingenuity is extremely small: 0.0006 percent of world income goes into the publication of scientific research. The more worrisome features of competition in academic economics do not reveal themselves through ordinary citation or publication statistics or competitive attention seeking strategies, like starting fads and networking. Badly designed uses of market principles, in which citations and publications have become the sole measuring rod of scientific ‘productivity’, deserve more attention instead of the excessive focus on being uncited. To detect the real story of scientific progress, or to judge academic work, ‘reality economics’ or ‘learning by asking and watching’ should complement citation and publication statistics.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00294.x
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  • 9
    Electronic Resource
    Electronic Resource
    TV Weather Forecast or Look through the Window? Expert and Consumer Expectations about Macroeconomic Conditions (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This paper investigates the empirical relation between consumer and expert expectations about macroeconomic conditions in Germany. Using data from the EU Consumer Confidence Survey and the ZEW business expectations, static models and error-correction models are estimated explaining consumer expectations as functions of expert expectations, consumer retrospections, and lagged consumer expectations. It's found that consumer expectations are only weakly related to expert expectations, but strongly influenced by consumers' retrospections. Consumers primarily extrapolate perceptions about current economic conditions in the future. However, during national election campaigns, the relation between consumer and expert expectations is stronger.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00295.x
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  • 10
    Electronic Resource
    Electronic Resource
    Key Factors of Joint-Liability Loan Contracts: An Empirical Analysis (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This paper provides an empirical analysis of joint-liability micro-lending contracts. Using our data set, we examine the efficacy of various incentives set by this contract such as joint-liability between groups of borrowers or group access to future and to larger loans. As proposed by theory, we find that joint liability induces a group formation of low risk borrowers. After the loan disbursement, the incentive system leads to peer monitoring, peer support and peer pressure between the borrowers, thus helping the lending institution to address the moral hazard and enforcement problem. This paper also demonstrates that the mechanism realizes repayment rates of nearly 100% if the loan officers fulfill their complementary duties in the screening and enforcement process. Finally, we make clear that dynamic incentives, in contrast to theory, have to be restricted if the two long-term problems of the joint-liability approach, i.e. its mismatching problem and the domino effect, are to be tackled notably.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00286.x
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  • 11
    Electronic Resource
    Electronic Resource
    Viability, Economic Transition and Reflection on Neoclassical Economics (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: Many transition policies, based on the existing neoclassical economic theories, failed in Eastern Europe, the former Soviet Union, and China. This paper argues that the failure is due to the implicit viability assumption of neoclassical economics. The existing neoclassical economics implicitly assumes that a firm is expected to earn a socially acceptable profit in an open, competitive market as long as the firm has normal management. However, many firms in socialist as well as transitional economies are not viable, that is, they will not be able to earn a socially acceptable profit in an open, competitive market even if they are under normal management because they are in sectors that are inconsistent with their economies' comparative advantages. Under the viability assumption, neoclassical-based reform policies focus on issues related to property rights, corporate governance, government interventions and other issues that may obstruct a firm's normal management. However, many of these issues are in fact endogenous to the firms' viability problem. Therefore, without resolving the firms' viability problem, such reforms fail to achieve their intended goals. Not only in socialist and transition economies but also in many developing economies there exist many nonviable firms. This paper suggests that the viability assumption in neoclassical economics should be relaxed when analyzing socialist, transition and developing economies.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00287.x
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  • 12
    Electronic Resource
    Electronic Resource
    Not for the Profit, but for the Satisfaction? – Evidence on Worker Well-Being in Non-Profit Firms (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: Non-profit firms are often seen as workplaces where people not only work for money, but also find substantial satisfaction in the kind of work they do. Studies looking at compensating wage differentials, however, have only found limited support for this notion. In this paper, a novel approach is undertaken to compare the utilities of non-profit and for-profit employees, by using measures of job satisfaction. The results show that in both the United States and Great Britain over the 1990's, non-profit workers were generally more satisfied with their jobs than for-profit workers. The robustness of the results is explored in detail, and implications for the governance of non-profit firms are shortly discussed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00283.x
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  • 13
    Electronic Resource
    Electronic Resource
    The Interaction of Human and Physical Capital Accumulation: Evidence from Sub-Saharan Africa (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: In this paper, a simultaneous model of the evolution of human and physical capital in Sub-Saharan Africa is estimated. It can be shown that the two types of capital are jointly endogenous, in that increases in human capital significantly raise the per-worker physical capital stock, and increases in the physical capital significantly raise primary education levels. Unlike the implications of other recent papers, there is no evidence that tropical climates and ethnic diversity have a negative effect on the accumulation of capital in the region.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.285_1.x
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  • 14
    Electronic Resource
    Electronic Resource
    Foreign Direct Investment and Regional Economic Performance (2005)
    Oxford, UK : Blackwell Publishing
    Kyklos 58 (2005), S. 0 
    Details
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: Although foreign direct investment into developed economies continues to show dramatic growth, little consensus exists over either its national or regional impacts. The lack of empirical evidence, particularly on a sub-national level, adds to the uncertainty over the efficacy of regional development strategies focused on attracting foreign investment. The present research uses book value and employment measures of U.S. state-level FDI activity to assess the impact of foreign capital on regional growth and productivity performance. The results imply a vital role for FDI in stimulating regions within well-integrated, developed economies.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0023-5962.2005.00288.x
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