Empirical Literature (empirical + literature)

Distribution by Scientific Domains
Distribution within Business, Economics, Finance and Accounting

Kinds of Empirical Literature

  • existing empirical literature
  • recent empirical literature

  • Selected Abstracts


    Maria Pacurar
    Abstract This paper provides an up-to-date survey of the main theoretical developments in autoregressive conditional duration (ACD) modeling and empirical studies using financial data. First, we discuss the properties of the standard ACD specification and its extensions, existing diagnostic tests, and joint models for the arrival times of events and some market characteristics. Then, we present the empirical applications of ACD models to different types of events, and identify possible directions for future research. [source]

    Multiple sclerosis: Empirical literature for the clinical health psychologist

    David C. Mohr
    This article reviews the empirical literature related to clinical health psychology in multiple sclerosis (MS). MS is a disease in which the immune system attacks the central nervous system. As such, the interactions between medical and psychological variables are complex, and potentially of considerable importance to patients. Common neuropsychological and psychological problems associated with MS and their etiologies are reviewed. The effects of stress and depression on MS exacerbation are discussed, including clinical, immune, endocrine, and neuroimaging findings. The types of coping common in MS and their effects on adjustment are discussed. The empirical literature on psychological and neuropsychological intervention is reviewed. The small literature on caregiving in MS is also summarized. © 2001 John Wiley & Sons, Inc. J Clin Psychol 57: 479,499, 2001 [source]

    Evaluative mediation: In search of practice competencies

    Dorothy J. Della Noce
    Although there is no shortage of literature on why mediators should be allowed to give evaluations and why parties in dispute allegedly want and need evaluations, there is a relative lack of empirical literature on the subject of what exactly qualifies as competent evaluative mediation practice. The author reviews existing literature to formulate a description of the behaviors that would be considered competent in evaluative mediation practice, and to open a discussion of the implications of these findings for such contemporary fieldwide conversations as defining quality mediation, establishing performance-based competency standards, distinguishing among approaches to practice, and exploring the relationship between underlying values and practice approaches. [source]

    Corporate Investment Incentives and Accounting-Based Debt Covenants,

    Alan V. S. Douglas
    Abstract This paper studies the conditions under which accounting-based debt covenants increase firm value in a setting that incorporates the conflicting incentives of shareholders, bondholders, and managers. We construct a model in which debt is needed to discipline managerial investment decisions despite endogenous compensation contracts. We show that accounting covenants increase value when (1) debt serves as a credible commitment to penalize poor investment decisions; (2) the firm faces other (exogenous) sources of uncertainty that can make debt risky despite good investment decisions; and (3) accounting information serves as a contractible proxy for firm's economic performance. In these circumstances, accounting covenants ensure that shareholders do not offer compensation schemes that would encourage bondholder wealth expropriation when the debt becomes risky. A covenant specifying a required level of accounting performance provides additional bondholder power when performance is low. An accounting-based dividend covenant allows a disbursement to maintain investment incentives when performance is high without allowing dividend-based expropriation. The optimal covenants depend on the reliability of accounting information, and the interaction between accounting performance and the different incentive conflicts provides new insight into the empirical literature on accounting-based covenants. [source]

    Access to Land, Rural Development and Public Action: The When and the How

    Pablo Bandeira
    After being marginalised in the 1980s, land-reform policies came back to national and international development agendas during the 1990s, resulting in a revival of academic research on the subject. This article reviews the empirical literature on access to land, rural development and public action for evidence on when and how the state should intervene in the allocation of rural land. The review suggests that positive impacts are obtained if, and only if, public actions on the allocation of land are carried out under certain conditions and in a certain way. The article ends by highlighting the need to elaborate empirical models that take into consideration opportunity costs and interactions, and that integrate individual responses with aggregate effects. [source]

    Connections between species diversity and genetic diversity

    ECOLOGY LETTERS, Issue 7 2005
    Mark Vellend
    Abstract Species diversity and genetic diversity remain the nearly exclusive domains of community ecology and population genetics, respectively, despite repeated recognition in the literature over the past 30 years of close parallels between these two levels of diversity. Species diversity within communities and genetic diversity within populations are hypothesized to co-vary in space or time because of locality characteristics that influence the two levels of diversity via parallel processes, or because of direct effects of one level of diversity on the other via several different mechanisms. Here, we draw on a wide range of studies in ecology and evolution to examine the theoretical underpinnings of these hypotheses, review relevant empirical literature, and outline an agenda for future research. The plausibility of species diversity,genetic diversity relationships is supported by a variety of theoretical and empirical studies, and several recent studies provide direct, though preliminary support. Focusing on potential connections between species diversity and genetic diversity complements other approaches to synthesis at the ecology,evolution interface, and should contribute to conceptual unification of biodiversity research at the levels of genes and species. [source]

    Disclosures and Asset Returns

    ECONOMETRICA, Issue 1 2003
    Hyun Song Shin
    Public information in financial markets often arrives through the disclosures of interested parties who have a material interest in the reactions of the market to the new information. When the strategic interaction between the sender and the receiver is formalized as a disclosure game with verifiable reports, equilibrium prices can be given a simple characterization in terms of the concatenation of binomial pricing trees. There are a number of empirical implications. The theory predicts that the return variance following a poor disclosed outcome is higher than it would have been if the disclosed outcome were good. Also, when investors are risk averse, this leads to negative serial correlation of asset returns. Other points of contact with the empirical literature are discussed. [source]


    ECONOMIC AFFAIRS, Issue 3 2008
    Eirik G. Furubotn
    The initial objective of the paper is to describe the way in which the term ,New Institutional Economics' (NIE) emerged in the literature and became the designation for a new field concerned with the study of various analytical techniques designed for the exploration of institutional phenomena. It is then shown how some of the more important of these techniques, transaction-cost economics, property-rights analysis and contract theory, have been applied in two central lines of neoinstitutional thought , the Williamsonian and the Northian. Criticisms of these two disparate theoretical positions on the NIE are considered and assessed. Next, a brief review of some of the empirical literature is undertaken so that the explanatory powers of NIE themes can be gauged. Finally, the paper offers a few general remarks on the present state of the NIE and its possible influence on the further development of economics. [source]

    Housing Wealth and UK Consumption

    ECONOMIC OUTLOOK, Issue 4 2006
    Article first published online: 13 NOV 200
    There is widespread disagreement about the role of housing wealth in explaining consumption. However, much of the empirical literature is marred by poor controls for the common drivers both of house prices and consumption, such as income, income growth expectations, interest rates, credit supply conditions, other assets and indicators of income uncertainty (e.g. changes in the unemployment rate). For instance, while the easing of credit supply conditions is usually followed by a house price boom, failure to control for the direct effect of credit liberalisation on consumption can over-estimate the effect of housing wealth or collateral on consumption. This paper (Janine Aron, John Muellbauer and Anthony Murphyi, October 2006) estimates an empirical model for UK consumption from 1972 to 2005, grounded in theory, and with more complete empirical controls than hitherto used. [source]

    Do patents over-compensate innovators?

    ECONOMIC POLICY, Issue 52 2007
    Vincenzo Denicolò
    SUMMARY Do patents over-compensate innovators? Is the current level of patent protection too high or too low? To address this issue, this paper reformulates the theoretical analysis of the optimal level of patent protection to take into account the empirical findings of the innovation production function literature. This literature finds a strong relationship between R&D spending and inventions and estimates an elasticity of the supply of inventions of 0.5 or more. The paper then assesses the current level of patent protection, exploiting estimates of the private and social returns to R&D taken from the empirical literature and other available sources. Although more research is needed for a more precise assessment, the evidence available suggests that patents do not over-compensate innovators. ,Vincenzo Denicolò [source]

    Macroeconomics and Politics Revisited: Do central banks Matter?

    ECONOMICS & POLITICS, Issue 1 2000
    M. Lossani
    This paper provides a model encompassing both partisan influences on monetary policy and the issue of central bank independence. In a regime of partial independence, central bank's policy responses are not immune from partisan influences. Still, the latter fail to affect systematically the expected output level in election years. The predictions of the model are consistent with the empirical literature on partisan cycles and account for some of its controversial findings. [source]

    Underpricing and Ex Post Value Uncertainty

    Sonia Falconieri
    As documented by a vast empirical literature, initial public offerings (IPOs) are characterized by underpricing. A number of papers have shown that underpricing is directly related to the amount of ex ante uncertainty concerning the IPOs valuation. Recent theoretical papers propose that not all value uncertainty is resolved prior to the start of trading, but rather continues to be resolved in the beginning of the after market. We term this type of uncertainty as ex post value uncertainty and develop proxies for it. We find strong support for the existence of ex post value uncertainty and find that including a proxy for it more than doubles the explanatory power of previous models. [source]

    Foreign Banks in Transition Countries: To Whom Do They Lend and How Are They Financed?

    Ralph De Haas
    We use focused interviews with managers of foreign parent banks and their affiliates in Central Europe and the Baltic States to analyze the small-business lending and internal capital markets of multinational financial institutions. Our approach allows us to complement the standard empirical literature, which has difficulty in analyzing important issues such as lending technologies and capital allocation. We find that the acquisition of local banks by foreign banks has not led to a persistent bias in these banks' credit supply toward large multinational corporations. Instead, increased competition and the improvement of subsidiaries' lending technologies have led foreign banks to gradually expand into the SME and retail markets. Second, it is demonstrated that local bank affiliates are strongly influenced by the capital allocation and credit steering mechanisms of the parent bank. [source]

    An Applied Econometricians' View of Empirical Corporate Governance Studies

    Axel Börsch-Supan
    The economic analysis of corporate governance is in vogue. In addition to a host of theoretical papers, an increasing number of empirical studies analyze how ownership structure, capital structure, board structure, and the market for corporate control influence firm performance. This is not an easy task, and indeed, for reasons explained in this survey, empirical studies on corporate governance have more than the usual share of econometric problems. This paper is a critical survey of the recent empirical literature on corporate governance , to show which methodological lessons can be learned for future empirical research in the field of corporate governance, paying particular attention to German institutions and data availability. [source]

    Acoustic features of infant crying related to intended caregiving intervention

    Debra M. ZeifmanArticle first published online: 3 JUN 200
    Abstract The present study investigated the acoustic features of crying associated with intended caregiving intervention. One hundred eighty-eight parents (138 females, 50 males) viewed a videotape depicting a healthy 4-week-old infant progressing from fussing to crying over the course of 4 minutes, and indicated if and when they would pick up the infant in a real-life situation. There was a distinct peak in responding corresponding to an increase in duration but not fundamental frequency of the infant's cries. This finding is discussed in terms of the existing empirical literature. It is hypothesized that, whereas frequency may convey information about a newborn's neurological integrity and health status at birth, duration and other acoustical variables provide information about slightly older, normal infants' level of distress. Copyright © 2004 John Wiley & Sons, Ltd. [source]

    Health-related quality of life and eating disorders: A review and update

    Scott G. Engel PhD
    Abstract Objective: The aim of this article is to provide a narrative review of empirical studies related to health-related quality of life (HRQOL) and eating disorders and to report recent changes in the measurement of HRQOL in eating disorders. Method: Twenty-five articles of central importance to the topic were identified in a systematic search of six databases. All articles were selected based on a consensus relevancy rating process. Key themes were extracted from the articles and validated by all authors. Results: We identify six themes in the extant empirical literature. Discussion: We discuss these six themes and review them in light of the fact that they are identified in studies using only generic measures of HRQOL. Four recently developed disease-specific HRQOL measures specific to patients with eating disorder are discussed. © 2008 by Wiley Periodicals, Inc. Int J Eat Disord 2009 [source]

    Personality and anorexia nervosa

    Stephen A. Wonderlich PhD
    Abstract We provided a selective review of the relationship between anorexia nervosa (AN) and personality. They reviewed the existing empirical literature examining the relationship between AN and personality. In spite of continued methodologic challenges related to personality assessment, there appears to be a relatively common phenotype in restricting-type AN characterized by high degrees of obsessionality, restraint, and perfectionism. However, there is also evidence of variability within the AN diagnostic category that is related to personality variables. Importantly, personality variables may significantly predict the course and outcome of AN. Personality variables may be risk factors for AN, consequences of AN, share a common cause with AN, or affect the course and outcome of AN. This literature would be enhanced by the articulation of conceptual models of these relationships that can be empirically tested. © 2005 by Wiley Periodicals, Inc. [source]

    Can Remittances Spur Development?

    A Critical Survey
    The increasing volume of global remittances has impressed policymakers and social scientists alike. Besides outpacing official development assistance and private capital flows, remittances have proven markedly stable and counter-cyclical. They represent an essential nondebt creating, safety-net vehicle administered by extended families and local communities rather than provincial and national governments. This essay surveys the recent pattern of remittances and critically examines the theoretical and empirical literature on their determinants and welfare impact. The argument is made that the developmental contribution of remittances can be significantly enhanced through complementary macroeconomic policies in labor exporting countries and financial innovations in remittance transmission. Enhanced policy coordination on temporary transnational worker migration,as facilitated by Mode 4 of the General Agreement on Trade in Services,can prove instrumental in helping remittances offset the traditional brain drain besetting developing economies. [source]

    Conceptualizing Religion and Spirituality: Points of Commonality, Points of Departure

    Peter C. Hill
    Psychologists' emerging interest in spirituality and religion as well as the relevance of each phenomenon to issues of psychological importance requires an understanding of the fundamental characteristics of each construct. On the basis of both historical considerations and a limited but growing empirical literature, we caution against viewing spirituality and religiousness as incompatible and suggest that the common tendency to polarize the terms simply as individual vs. institutional or ,good, vs. ,bad, is not fruitful for future research. Also cautioning against the use of restrictive, narrow definitions or overly broad definitions that can rob either construct of its distinctive characteristics, we propose a set of criteria that recognizes the constructs' conceptual similarities and dissimilarities. Rather than trying to force new and likely unsuccessful definitions, we offer these criteria as benchmarks for judging the value of existing definitions. [source]

    Mapping the organizational culture research in nursing: a literature review

    Shannon Scott-Findlay PhD RN
    Aim., This paper reports a critical review of nursing organizational culture research studies with the objectives of: (1) reviewing theoretical and methodological characteristics of the studies and (2) drawing inferences specific to the state of knowledge in this field. Background., Organizational culture is regarded as significant in influencing research use in clinical practice yet it is not understood how culture shapes practitioners' behaviours. Only one review of this empirical literature in nursing has been completed. Method., Using selected computerized databases, published nursing research studies in English that examine organizational culture were accessed. Organizational culture studies were categorized using Hatch's three perspectives on organizational culture: (1) modern, (2) symbolic-interpretive and (3) postmodern. The review was conducted in 2005. Results., Twenty-nine studies were in the final data set. Results pointed to variations in cultural definitions and incorporation of organizational sciences theory. In classifying the studies, modern perspectives dominated (n = 22), symbolic-interpretive approaches were an emerging group (n = 6) and one study was unclassifiable. Our results expand current cultural instrument reviews by pinpointing tools that have been previously overlooked and by identifying ongoing theoretical and methodological challenges for researchers. Conclusion., An exclusive reliance on modernistic approaches in organizational culture research cannot yield a complete understanding of the phenomenon. Rather, the field could benefit from a variety of cultural approaches. In a similar vein, researchers need to be mindful of the terminology and the unit of analysis they use in their research, as these are the two largest research challenges. [source]

    Learning and communication in sender-receiver games: an econometric investigation

    Andreas Blume
    This paper compares stimulus response (SR) and belief-based learning (BBL) using data from experiments with sender,receiver games. The environment, extensive form games played in a population setting, is novel in the empirical literature on learning in games. Both the SR and BBL models fit the data reasonably well in games where the preferences of senders and receivers are perfectly aligned and where the population history of the senders is known. The test results accept SR and reject BBL in games without population history and in all but one of the games where senders and receivers have different preferences over equilibria. Estimation is challenging since the likelihood function is not globally concave and the data become uninformative about learning once equilibrium is achieved. Copyright © 2002 John Wiley & Sons, Ltd. [source]

    A review of the literature on the impact of renal cancer therapy on quality of life

    Joanne Bird
    Aim., To explore the impact of renal cancer treatment on patients' quality of life. Background., Renal cancer accounts for 95,000 deaths worldwide and its incidence rate is rising. At present there are several therapeutic approaches to the treatment of renal cancer, ranging through surgery, immunological therapies and vaccine treatment. Each of these therapies may have a substantial effect upon patients' quality of life. However, a systematic appraisal of the empirical evidence about treatment impact is lacking. Design., Literature review. Methods., A structured review of the empirical literature on the impact of renal cancer treatment upon quality of life was undertaken. Literature was appraised and themed according to the treatment modalities included in the study. Results., From 873 papers initially identified 52 were retrieved for detailed scrutiny resulting in a final 16 papers being included in the review. Conclusions., This review discusses the complex effect of renal cancer upon a patient's quality of life as treatment modalities change. The need for nursing education and awareness of these issues is therefore highlighted to maximise patient care. Relevance to clinical practice., Understanding the impact of treatment for renal cancer enables nurses to empathise more significantly with patients and also act as mediators in regard to treatment choice and treatment cessation. It also enables nurses to inform and educate renal cancer patients prior to making treatment choices. [source]

    A review of the benefits of whole body exercise during and after treatment for breast cancer

    Marilyn N Kirshbaum PhD RN (NY) RGN DipAdultOnc
    Aim., A current critical review of the literature was deemed necessary to evaluate the strength of evidence to inform clinical practice. Background., Recently, there has been a noticeable increase in empirical literature surrounding the benefits of exercise for breast cancer patients. Methods., A systematic search strategy was used to identify relevant literature. Twenty-nine articles were retained for critical review, appraised for quality and synthesized. Results., Many early studies had limited internal and external validity. Recent studies were considerably more rigorous and robust. Consistent support for all types of aerobic exercise was most evident in studies of patients during adjuvant cancer treatments (chemotherapy and radiotherapy), compared with post-treatment studies. The evidence which suggested that aerobic exercise limits cancer-related fatigue was particularly strong. For other patient concerns, the empirical support was less robust, however, the potential for beneficial and measurable patient outcomes was indicated for cardiopulmonary function, overall quality of life, global health, strength, sleep, self-esteem and reduced weight gain, depression, anxiety and tiredness. Conclusions., Additional studies with higher methodological quality are required in this clinically relevant area to substantiate current indications particularly for patient subgroups (e.g. older people, those with advanced cancer and the disadvantaged). Relevance to clinical practice., It is important for all healthcare professionals involved in the care of individuals affected by breast cancer to be aware of the evidence surrounding the benefits of exercise and to encourage patients to increase physical activity and improve their overall health and well-being. [source]

    Home care with regard to definition, care recipients, content and outcome: systematic literature review

    Bibbi Thomé MSc
    Summary ,,In spite of the fact that home care has grown considerably during the last few years and will continue to grow even more in the future, home care as a phenomenon and a concept is not clearly defined. ,,The aim of this study was to review the empirical literature for the description of home care as a phenomenon and as a concept, especially with regard to who the care recipients are, what actions and assessments are performed and what effects are achieved for the care recipient in terms of functional health status and quality of life (QoL). ,,Twenty-six relevant studies meeting the inclusion criteria and requirements for methodological quality were identified. ,,The phenomenon of home care is described through content, outcome and objectives. The content of home care involved a range of activities from actions preventing decreased functional abilities in old people to palliative care in advanced diseases. ,,The outcome had two different underlying foci: (1) for the benefit of the patient based on the assumption that being cared at home increases their QoL, (2) in the interests of the society, to minimize hospital care by moving activities to the home of the patient. ,,The objectives were found to be aiming at improving the QoL and/or maintaining independence, by means of actions and assessments, based on the patient's needs, undertaken to preserve and increase functional ability and make it possible for the person to remain at home. ,,In conclusion, home care as a phenomenon was the care provided by professionals to people in their own homes with the ultimate goal of not only contributing to their life quality and functional health status, but also to replace hospital care with care in the home for societal reasons; home care covered a wide range of activities, from preventive visits to end-of-life care. [source]

    Multiple sclerosis: Empirical literature for the clinical health psychologist

    David C. Mohr
    This article reviews the empirical literature related to clinical health psychology in multiple sclerosis (MS). MS is a disease in which the immune system attacks the central nervous system. As such, the interactions between medical and psychological variables are complex, and potentially of considerable importance to patients. Common neuropsychological and psychological problems associated with MS and their etiologies are reviewed. The effects of stress and depression on MS exacerbation are discussed, including clinical, immune, endocrine, and neuroimaging findings. The types of coping common in MS and their effects on adjustment are discussed. The empirical literature on psychological and neuropsychological intervention is reviewed. The small literature on caregiving in MS is also summarized. © 2001 John Wiley & Sons, Inc. J Clin Psychol 57: 479,499, 2001 [source]


    Esther Blanco
    Abstract New trends in studies on the governance of natural assets include substantial consideration of the role of voluntary initiatives. A traditional economic view states that there is a trade-off between being green and being competitive. According to that view, no voluntary environmental action is expected to occur. To undertake an in-depth analysis of the scope for voluntary action, this paper reviews empirical literature that analyzes the relationship between manufacturing firms' environmental initiatives or performance and economic results. This review moves beyond the general test of the ,pay to be green' hypothesis, preferring instead to systematize empirical results in more specific research questions. Empirical findings of the reviewed literature generally support that there is no penalty for being green. In addition, the typology of firms, the methods utilized for implementing environmental initiatives, the intensity of abatement efforts and stockholders' valuation of green firms have all been shown to have a sizeable influence on the actual economic results of environmental action or management. Consequently, the findings of this paper challenge the traditional strategic theory that predicts widespread free-riding; it holds major implications for environmental policy-making and environmental business decisions. [source]


    Anna Maria Ferragina
    Abstract The paper surveys the theoretical and empirical literature on regional unemployment during transition in Central and Eastern Europe. The focus is on optimal speed of transition (OST) models and on comparison of them with the neo-classical tradition. In the typical neo-classical models, spatial differences essentially arise as a consequence of supply side constraints and institutional rigidities. Slow-growth, high-unemployment regions are those with backward economic structures and constraints on factors mobility contribute to making differences persistent. However, such explanations leave the question unanswered of how unemployment differences arise in the first place. Economic transition provides an excellent testing ground to answer this question. Pre-figuring an empirical law, the OST literature finds that the high degree of labour turnover of high unemployment regions is associated with a high rate of industrial restructuring and, consequently, that low unemployment may be achieved by implementing transition more gradually. Moreover, international trade, foreign direct investment and various agglomeration factors help explain the success of capital cities compared to peripheral towns and rural areas in achieving low unemployment. The evidence of the empirical literature on supply side factors suggests that wage flexibility in Central and Eastern Europe is not lower than in other EU countries, while labour mobility seems to reinforce rather than change the spatial pattern of unemployment. [source]


    Giliola Frey
    Abstract In this paper, we review the existing empirical literature on price asymmetries in commodities, providing a way to classify and compare different studies that are highly heterogeneous in terms of econometric models, type of asymmetries and empirical findings. Relative to the previous literature, this paper is novel in several respects. First, it presents a detailed and updated survey of the existing empirical contributions on price asymmetries in the transmission mechanism linking input prices to output prices. Second, this paper presents an extension of the traditional distinction between long-run and short-run asymmetries to new categories of asymmetries, such as: contemporaneous impact, distributed lag effect, cumulated impact, reaction time, equilibrium and momentum equilibrium adjustment path, regime effect, regime equilibrium adjustment path. Each empirical study is then critically discussed in the light of this new classification of asymmetries. Third, this paper evaluates the relative merits of the most popular econometric models for price asymmetries, namely autoregressive distributed lags, partial adjustments, error correction models, regime switching and vector autoregressive models. Finally, we use the meta-regression analysis to investigate whether the results of asymmetry tests are not model-invariant and find which additional factors systematically influence the rejection of the null hypothesis of symmetric price adjustment. The main results of our survey can be summarized as follows: (i) each econometric model is specialized to capture a subset of asymmetries; (ii) each asymmetry is better investigated by a subset of econometric models; (iii) the general significance of the F test for asymmetric price transmission depends mainly on characteristics of the data, dynamic specification of the econometric model, and market characteristics. Overall, our empirical findings confirm that asymmetry, in all its forms, is very likely to occur in a wide range of markets and econometric models. [source]

    Research And Development Productivity And Spillovers: Empirical Evidence At The Firm Level

    Robert Wieser
    Abstract., A variety of methods have been used to investigate the empirical relationship between research and development (R&D) spending and the productivity of firms. The most widely employed frameworks are the production function and the associated productivity framework. In these settings, productivity growth is related to expenditures on R&D, and an attempt is made to estimate statistically the part of productivity growth that can be attributed to R&D activities. This article surveys the expansive body of empirical literature on this subject and finds a large and significant impact of R&D on firm performance on average. However, the estimated returns vary considerably between the different studies due to differences across data samples and econometric models, as well as methodological and conceptual issues. A meta-analysis on the studies surveyed reveals that the estimated rates of return do not significantly differ between countries, whereas the estimated elasticities do. Furthermore, the estimated elasticities are significantly higher in the 1980s and consistently higher in the 1990s compared with the 1970s. Hence, contrary to a widely held belief, we find no convincing evidence of an exhaustion of R&D opportunities in the last two decades. [source]

    Income distribution and well-being: what can we learn from subjective data?

    Claudia Senik
    Abstract., How does the income of others affect my own welfare? This survey of the empirical literature stresses the contribution of subjective data to the understanding of this issue, with an attempt to disentangle direct effects (preference interdependence) from indirect informational effects. It shows that perceived mobility is central to the link between other people's income and individual satisfaction, as it determines individual opportunities and risks. Agents also appreciate the egalitarian nature of mobility itself, so that individual welfare depends on dynamic inequality rather than static income distribution. These studies illustrate how subjective data can bring information on aspects of utility and social interactions that are beyond the scope of the method based on action-revealed preferences. [source]