intraurban residential mobility the role of transactions costs market imperfections and household disequilibrium abstract this paper presents a model of household residential search and mobility that focuses on microeconomic elements of household behavior and incorporates housing market features the model is cast explicitly in terms of a rigorous model of housing demand allowing the benefits from moving to be measured as the compensating income variation of the potential change in consumption the empirical results indicate that large changes in economic variables such as income and prices produce only small potential gains from moving and that a major factor in the moving decision is the magnitude of search and moving costs

the cost of fear shadow pricing the intangible costs of crime this study employs a cross sectional crime survey of uk residents to estimate the shadow price of victimization with respect to fear of crime particular attention is paid to the relationship between household income and fear of crime and potential mediating variables such as neighbourhood deprivation and neighbourhood crime rates a robust relationship between fear of crime and income is demonstrated having controlled for deprivation and crime rate further analyses suggest that a substantial increase in household income is required to offset the threat of physical violence however actual victimization burglary physical violence and car crime do not significantly influence fear of crime

living in the shadow of the past financial profiles and well being we here consider the link between individual financial profiles over time and well being as measured by life satisfaction we in particular look at annual self reported financial worsening and improvement information for over 25 000 individuals in australian panel data from 2002 to 2017 we first find that satisfaction falls rises with a contemporaneous major financial worsening improvement with worsening having the larger influence second the experience of these financial events in the past continues to be linked to current well being last only the order of financial improvement spells relates to well being a given number of past years where finances deteriorated has the same association with current well being whether the deterioration occurred in one continuous spell or was interrupted we last show that these associations are heterogeneous over the distribution of well being

a lifecycle perspective of stock market performance and wellbeing we estimate the effect of stock market fluctuations on subjective wellbeing and mental health using australian survey data over the period 2001 2012 which includes the global financial crisis a particular innovation of the paper is the use of three satisfaction measures overall financial employment and the use of a stylised lifecycle investment model these features coupled with a robust identification strategy based on comparing survey respondents interviewed in the same quarter and location allow us to better understand individual reactions to stock market changes we find that stock market increases lead to a significant but modest improvements in life satisfaction and mental health this effect is driven by young and middle aged males and is stronger for those with direct exposure to the stock market for young cohorts the stock market index acts as a leading indicator of employment prospects whilst for older cohorts it acts directly on financial satisfaction

the costs of urban property crime this paper estimates the impact of recorded domestic property crime on property prices in the london area crimes in the criminal damage category have a significant negative impact on prices a one tenth standard deviation decrease in the local density of criminal damage adds 1 to the price of an average inner london property burglaries have no measurable impact on prices even after allowing for the potential dependence of burglary rates on unobserved property characteristics one explanation we offer here is that vandalism graffiti and other forms of criminal damage motivate fear of crime in the community and may be taken as signals or symptoms of community instability and neighbourhood deterioration in general

the multitask theory of state enterprise reform empirical evidence from china the degree of state ownership remains significant in the chinese economy despite more than two decades of economic reform since 1979 most of the remaining state owned enterprises soes are money losing and the few exceptional ones tend to be sheltered by government protection in selected industries yet china has been enjoying one of the most spectacular growth experiences in world history and much of the growth is driven by non state owned enterprises non soes given the poor financial performance of soes the co existence of state ownership and non state ownership in china is a puzzling phenomenon does state ownership exist solely for the benefit of politicians or has state ownership played any role in china s spectacular growth is there any rationale behind china s gradual and selective approach towards privatizing its soes what types of soes does the chinese government choose to privatize what are the consequences of privatization in this paper we offer a multitask theory of soe reform in the context of china which has predictions about the types of soes to be chosen for privatization and the results of privatization we then present empirical evidence supporting the basic premise of the theory and its predictions

using rank data to estimate health state utility models in this paper we report the estimation of conditional logistic regression models for the health utilities index mark 2 and the sf 6d using ordinal preference data the results are compared to the conventional regression models estimated from standard gamble data and to the observed mean standard gamble health state valuations for both the hui2 and the sf 6d the models estimated using ordinal data are broadly comparable to the models estimated on standard gamble data and the predictive performance of these models is close to that of the standard gamble models our research indicates that ordinal data have the potential to provide useful insights into community health state preferences however important questions remain

longitudinal methods to investigate the role of health determinants in the dynamics of income related health inequality the usual starting point for understanding changes in income related health inequality irhi over time has been regression based decomposition procedures for the health concentration index however the reliance on repeated cross sectional analysis for this purpose prevents both the appropriate specification of the health function as a dynamic model and the identification of important determinants of the transition processes underlying irhi changes such as those relating to mortality this paper overcomes these limitations by developing alternative longitudinal procedures to analyse the role of health determinants in driving changes in irhi through both morbidity changes and mortality with our dynamic modelling framework also serving to identify their contribution to long run or structural irhi the approach is illustrated by an empirical analysis of the causes of the increase in irhi in great britain between 1999 and 2004

obesity and happiness this article provides insight on the relationship between individual obesity and happiness levels using the latest available panel data from germany german socio economic panel gsoep uk british household panel survey bhps and australia household income and labour dynamics in australia hilda we examine whether there is statistical evidence on the impact of overweight on subjective well being instrumental variable iv analysis is utilized under the presence of endogeneity stemming from several explanatory variables results indicate that in all three countries obesity has a negative effect on the subjective well being of individuals the results also have important implications for the effect of other socio demographic economic and individual characteristics on well being

corporate social responsibility ownership structure and political interference evidence from china prior research suggests that ownership structure is associated to corporate social responsibility csr in developed countries this article examines whether and how ownership structure affects csr in emerging markets using chinese firms social responsibility ranking our empirical evidences show that for non state owned firms corporate ownership dispersion is positively associated to csr however for state owned firms whose controlling shareholder is the state this relation is reversed we attribute the reversed relationship to political interferences and further test this hypothesis by demonstrating that regional economic development is negatively related to csr for state owned firms due to decreased political interference in more developed areas this study is the first to directly examine the relationship between the dispersion of corporate ownership and csr in emerging markets and our results depict that it is important to consider ownership type in assessing csr in emerging market where state ownership is still prevalent such as china the results also reveal that firm size profitability employee power leverage and growth opportunity affect csr in china

volunteering and life or financial shocks does income and wealth matter volunteering is a dominant social force that signals a healthy state however although the literature on volunteering is extensive knowledge on how life s discontinuities life and financial shocks affect volunteering is limited because most studies work with static cross sectional data to reduce this shortcoming we use longitudinal data from australia hilda that track the same individuals over time to assess how individuals from different income and wealth groups respond to life and financial shocks with respect to volunteering although both income and wealth can act as buffers against life shocks by providing stability and reducing vulnerability which decreases the need to actually change behaviour patterns we observe more heterogeneity than expected and also stickiness at the lowest income levels response delays in post shock volunteering also suggest that volunteering habits may be driven and influenced by strong commitment and motivation that are not shattered by life or financial shocks in fact the amount of time spent volunteering tends to increase after negative income shocks and decrease after positive income shocks

modelling sf 6d health state preference data using a nonparametric bayesian method this paper reports on the findings from applying a new approach to modelling health state valuation data the approach applies a nonparametric model to estimate sf 6d health state utility values using bayesian methods the data set is the uk sf 6d valuation study where a sample of 249 states defined by the sf 6d a derivative of the sf 36 was valued by a representative sample of the uk general population using standard gamble the paper presents the results from applying the nonparametric model and comparing it to the original model estimated using a conventional parametric random effects model the two models are compared theoretically and in terms of empirical performance the paper discusses the implications of these results for future applications of the sf 6d and further work in this field

defying the resource curse explaining successful state owned enterprises in rentier states the article explains how several gulf rentier monarchies have managed to create highly profitable and well managed state owned enterprises soe s confounding expectations of both general soe inefficiency and the particularly poor quality of rentier public sectors it argues that a combination of two factors explains the outcome the absence of a populist mobilizational history and substantive regime autonomy in economic policy making the author concludes that it is necessary to rethink the commonly accepted generalizations both about rentier states and arguably about public sectors in the developing world

state ownership and market liberalization evidence from china s domestic m a market abstract we study how state ownership affects the post merger performance of chinese acquirers and find that state owned acquirers soes experience a significantly larger long term performance improvement following mergers compared to their non state owned nsoe counterparts when partitioning the sample period into acquisitions made prior to and following china s split share reform of 2005 we find that the post merger performance improvement of soe acquirers is largely attributed to the post reform period in which controlling shareholders converted their non tradable shares into tradable status our results are consistent with the interpretation that state intervention in the form of capital market liberalization and alleviation of governance problems combined with political connections and privileged access to financing may have a positive effect on m a performance that outweighs the inefficiency cost of state ownership in china

changes in health related quality of life a compensating income variation approach this paper investigates the relationship between negative changes in health and life satisfaction using a sample from the household income and labour dynamics of australia survey we use panel da

determinants of entrepreneurial activities in china abstract the institutional environment including protection of private properties and contract enforcement has been rather unfavorable for the emergence and development of china s private enterprises this is in sharp contrast to the case of the developed economies where the institutional environment is conductive to the entrepreneurial activities and only the personal attributes of would be entrepreneurs determine their entrepreneurship decision we thus propose a theoretical framework for the entrepreneurship decision in china with a focus on the role of the institutional environment using a life histories survey data of 2854 respondents from twenty cities in china we find strong support for the impacts of the institutional environment and its interactions with other determinants of entrepreneurship decision

using discrete choice experiments to estimate a preference based measure of outcome an application to social care for older people this paper reports the results of a study that used discrete choice experiment dce methodology to estimate quality weights for a of social care outcome measure to reflect different states of need a five dimensional profile measure was developed experimental design techniques were used to derive a sample of states for which preferences were elicited the dce approach was employed to elicit values and regression techniques used to estimate a model that could predict index scores for all 243 possible outcomes the utility model estimated on the basis of 297 responses had good test retest reliability and converged with preferences elicited from a rating exercise

health care costs on the rise again since 1999 health care costs have been growing faster than national income this rapid growth has occurred as the ability of private and public purchasers to reduce service utilization and bargain for lower prices has fallen insurers have recouped lost profits through higher premiums and new technologies have driven up costs throughout the sector private insurance market responses to these rising costs may lead to reductions in the number of people with insurance and to increased fragmentation of the insurance market over time technological change in medicine both increases costs and improves the quality of care the challenge for public policy is to maintain insurance and some degree of equity in the face of these rising costs

life satisfaction dynamics with quarterly life event data using life satisfaction responses from australian panel data we examine the questions of when and to what extent individuals are affected by major positive and negative life events including changes in financial situation marital status death of a close relative and being the victim of crime the key advantage of our data is that we are able to identify these events on a quarterly basis rather than on the yearly basis used by previous studies we find evidence that life events are not randomly distributed that individuals anticipate major events to a large extent and that they fully adapt to many events within 12 months the estimates can be used to calculate monetary values needed to compensate individuals for life events using a new valuation methodology that incorporates these dynamic factors produces considerably smaller compensation valuations than those calculated using the standard approach

estimating the population utility function a parametric bayesian approach abstract in this paper we consider the health utility index mark ii for quantifying and describing a population s health related quality of life over health states composed of multiple attributes this measure can be used for various purposes such as evaluating the severity of the effect of a disease or comparing different treatment methods we present a bayesian framework for population utility estimation and health policy evaluation by introducing a probabilistic interpretation of the multi attribute utility theory maut used in health economics in doing so our approach combines ideas from the maut and bayesian statistics and provides an alternative method of modeling preferences and utility estimation

the amenity value of the italian climate the hedonics literature suggests that locations with more favourable characteristics should display compensating wage and house price differentials specifying climate in terms of january and july averages estimates of the marginal willingness to pay for small changes in climate variables are derived using this technique applied to italian data italians would prefer a drier climate during the winter months but higher summertime temperatures are shown to reduce welfare in some locations households would prefer to see clearer skies these results may have relevance to the task of determining the economic impact of future climate change c 2003 elsevier science usa all rights reserved

profiting from government stakes in a command economy evidence from chinese asset sales abstract we examine the market response to an unexpected announcement of the sale of government owned shares in china in contrast to earlier work we find a negative effect of government ownership on returns at the announcement date and a symmetric positive effect from the policy s cancellation we suggest that this results from the absence of a chinese political transition to accompany economic reforms so that the benefits of political ties outweigh the efficiency costs of government shareholdings companies managed by former government officials have positive abnormal returns suggesting that personal ties can substitute for government ownership as a source of connections

effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports evidence from china abstractthis article investigates effects of corporate governance on the decision to voluntarily disclose corporate social responsibility csr reports by using a unique longitude data set of chin

when does privatization work the impact of private ownership on corporate performance in the transition economies this paper compares the performance of privatized and state firms in the transition economies of central europe while controlling for various forms of selection bias it argues that privatization has different effects depending on the types of owners to whom it gives control in particular privatization to outsider but not insider owners has significant performance effects where privatization is effective the effect on revenue performance is very pronounced but there is no comparable effect on cost reduction overlooking the strong revenue effect of privatization to outsider owners leads to a substantial overstatement of potential employment losses from postprivatization restructuring

christopher a sims and vector autoregressions three decades ago christopher a sims suggested that vector autoregressions vars are useful statistical devices for evaluating alternative macroeconomic models his suggestion has stood the test of time well in the early days vars played an important role in the evaluation of alternative models they continue to play that role today

contingent valuation controversies and evidence contingent valuation cv has become one of the most widely used non market valuation techniques cv s prominence is due to its flexibility and ability to estimate total value including passive use value its use and the inclusion of passive use value in benefit cost analyses and environ mental litigation are the subject of a contentious debate this paper discusses key areas of the debate over cv and the validity of passive use value we conclude that many of the alleged problems with cv can be resolved by careful study design and implementation we further conclude that claims that empirical cv findings are theoretically inconsistent are not generally supported by the literature the debate over cv however has clarified several key issues related to nonmarket valuation and can provide useful guidance both to cv practitioners and the users of cv results

media bias in china this paper examines whether and how market competition affected the political bias of government owned newspapers in china from 1981 to 2011 we measure media bias based on coverage of government mouthpiece content propaganda relative to commercial content we first find that a reform that forced newspaper exits reduced competition affected media bias by increasing product specialization with some papers focusing on propaganda and others on commercial content second lower level governments produce less biased content and launch commercial newspapers earlier eroding higher level governments political goals third bottom up competition intensifies the politico economic tradeoff leading to product proliferation and less audience exposure to propaganda

a dynamic model of privatization with endogenous post privatization performance this paper presents a dynamic model of privatization driven by improved institutional protection of private property rights and constrained by the buyer s financial constraints government ownership is more efficient than private ownership when private property rights are insecure improved institutional protection of property rights over time creates the need to privatize the buyer s financial constraints affect the timing of privatization causing the firm s post privatization performance either to improve or to deteriorate in the short run financial constraints also have the possibility of inducing an underpricing phenomenon during privatization where the firm is priced below both what the buyer is willing to pay and the buyer s ability to pay faster institutional development calls for earlier privatization but it also has the potential to either create or exacerbate deadweight losses associated with inefficient privatization a host of empirically testable implications are derived copyright wiley blackwell

review 1 obesity unhappiness and the challenge of affluence theory and evidence is affluence a good thing the book the challenge of affluence by avner offer 2006 argues that economic prosperity weakens self control and undermines human well being consistent with a pessimistic view we show that psychological distress has been rising through time in modern great britain taking over eating as an example our data reveal that half the british population view themselves as overweight and that happiness and mental health are worse among fatter people in britain and germany comparisons also matter we discuss problems of inference and argue that longitudinal data are needed we suggest a theory of obesity imitation where utility depends on relative weight copyright 2007 the author s journal compilation royal economic society 2007

the estimation of a preference based measure of health from the sf 36 this paper reports on the findings of a study to derive a preference based measure of health from the sf 36 for use in economic evaluation the sf 36 was revised into a six dimensional health state classification called the sf 6d a sample of 249 states defined by the sf 6d have been valued by a representative sample of 611 members of the uk general population using standard gamble models are estimated for predicting health state valuations for all 18 000 states defined by the sf 6d the econometric modelling had to cope with the hierarchical nature of the data and its skewed distribution the recommended models have produced significant coefficients for levels of the sf 6d which are robust across model specification however there are concerns with some inconsistent estimates and over prediction of the value of the poorest health states these problems must be weighed against the rich descriptive ability of the sf 6d and the potential application of these models to existing and future sf 36 data set

how does environmental corporate social responsibility matter in a dysfunctional institutional environment evidence from china drawing on institutional and signaling theories this study examines how environmental corporate social responsibility ecsr affects firm performance in a dysfunctional institutional environment we extend the ecsr literature by suggesting that ecsr indirectly influences firm performance through the mediating effects of business and political legitimacy based on a dataset of 238 firms in china we find that ecsr affects business and political legitimacy followed by firm performance moreover legal incompleteness weakens and legal inefficiency strengthens the effects of ecsr on business and political legitimacy

the value of normal body weight evidence from iceland calculations of societal costs of underweight overweight and obesity have generally failed to include the value of the utility reductions associated with deviations from normal weight to remedy

people do not adapt new analyses of the dynamic effects of own and reference income on life satisfaction abstract do people adapt to changes in income in contradiction to much of the previous literature i find no evidence of adaptation to income in gsoep 1984 2015 and ukhls 1996 2017 data furthermore i find that people also do not adapt to changes in reference income instead reference income effects may be subject to reinforcement over time following the empirical approach of vendrik 2013 i obtain these findings by estimating life satisfaction equations in which contemporaneous and lagged terms for a respondent s own household income and their estimated reference income are simultaneously entered additionally i instrument for own income and include lags of a large set of controls what was found to be adaptation to raw household income in previous studies turns out to have been driven by reinforcement of an initially small negative effect of household size that grows large over time implications of this result for the estimation of equivalence scales with subjective data are discussed

multi attribute utility function or statistical inference models a comparison of health state valuation models using the hui2 health state classification system a key issue in health state valuation modelling is the choice of functional form the two most frequently used preference based instruments adopt different approaches one based on multi attribute utility theory maut the other on statistical analysis there has been no comparison of these alternative approaches in the context of health economics we report a comparison of these approaches for the health utilities index mark 2 the statistical inference model predicts more accurately than the one based on maut we discuss possible explanations for the differences in performance the importance of the findings and implications for future research

regional institutions ownership transformation and migration of industrial leadership in china the case of the chinese synthetic dye industry 1978 2008 scholars have emphasized the gradual ownership transformation of enterprises as a key driver of the chinese economy s unprecedented growth however little work has been done on the issue of whether this transformation process takes place evenly across the various regions in china this article describes the important role of regional institutions in shaping the ownership based competitiveness of local enterprises and the migration of industries across regions in the case of the chinese synthetic dye industry the passing of leadership from state owned enterprises soes to collectively owned enterprises coes and then to private enterprises pes was accompanied by a concurrent leadership migration from one region to another the article contends that this simultaneous occurrence was not accidental four institutional constraints the degree of central supervision the local labor arrangements the local social welfare provision and the degree of ambiguity in property rights retarded the rise of new ownership forms in the previously dominant regions this gave other regions the opening to take over leadership positions by providing a more favorable institutional context for new ownership forms these findings are likely to apply to all of the chinese manufacturing industries that existed prior to 1978 and that subsequently did not experience significant technological changes and were not highly protected by the government

measurement of health state utilities for economic appraisal health status measurement for use in economic appraisal of health care programmes is reviewed in this paper with particular emphasis on utility measurement a framework for economic appraisal is presented displaying the various components that must be measured and showing how the three forms of analysis cost effectiveness analysis cost benefit analysis and cost utility analysis relate to the framework and to each other one of the components in the framework is health status it can be measured using ad hoc numeric scales willingness to pay receive or health state utilities the determination of health state utilities is reviewed covering the following issues alternative sources of utilities health state descriptions multi attribute utility approach determination of appropriate subjects utility aggregation and accuracy three measurement techniques for health state utilities are described in detail rating scale standard gamble and time trade off the use of these methods is described for both chronic and temporary health states and for both health states considered better than death and those considered worse than death

robust permanent income and pricing i suppose there exists an extremely powerful and if i may so speak malignant being whose whole endeavours are directed toward deceiving me rene descartes meditations ii 1

temporal aggregation in a multi sector economy with endogenous growth abstract we provide a theoretical treatment of temporal aggregation in models that exhibit long term endogenously generated steady growth hence generalizing our previous analysis econometrica 62 1994 635 656 we introduce the property of steady growth invariance that the long term growth of the continuous time economy not be affected by the discretization which imposes consistency restrictions on the joint formulation of preferences and stock accumulation of the discrete time approximation we establish under mild conditions these restrictions in the form of necessary and sufficient conditions on the discretization

adaptation to poverty in long run panel data we consider the link between poverty and subjective well being and focus in particular on potential adaptation to poverty we use panel data on almost 45 800 individuals living in germany from 1992 to 2011 to show first that life satisfaction falls with both the incidence and intensity of contemporaneous poverty we then reveal that there is little evidence of adaptation within a poverty spell poverty starts bad and stays bad in terms of subjective well being we cannot identify any causes of poverty entry which are unambiguously associated with adaptation to poverty

aggregation over time and the inverse optimal predictor problem for adaptive expectations in continuous time this paper describes the continuous time stochastic process for money and inflation under which cagan s adaptive expectations model is optimal it then analyzes how data formed by sampling money and prices at discrete points in time would behave this abstract was borrowed from another version of this item