price taking equilibrium in economies with multiple memberships in clubs and unbounded club sizes abstract we model an economy with clubs or jurisdictions where individuals may belong to multiple clubs and where clubs sizes are arbitrary clubs may be restricted to consist of only one or two persons or as large as the entire economy or anything in between notions of price taking equilibrium and the core both with communication costs are introduced these notions take into account that there is a small communication cost of deviating from a given outcome we demonstrate that given communication costs for all sufficiently large economies the core is nonempty and the set of price taking equilibrium outcomes is equivalent to the core

who is on linkedin self selection into professional online networks we analyze a large data set of fully employed individuals gathered through incentive compatible surveys to study who joins professional social network sites sns such as linkedin we test the conf

a three way equivalence abstract in view of the well known core equivalence results in atomless economies coincidence of market game equilibrium allocations with competitive allocations is tantamount to a three way equivalence between market game mechanisms competitive equilibria and the core based on this idea we study equilibrium refinements of market games which allow us to use the core equivalence machinery in order to provide an exact market game characterization of competitive equilibria

energy vulnerability around the world the global energy vulnerability index gevi abstract vulnerability has garnered an increasing attention from academia international community and industry nonetheless formal definition mainstreaming and measurement of vulnerability are still flawed in the economic literature energy vulnerability intended as the exposure of an energy system to adverse events and change often overlaps with other energy policy concepts such as resilience security poverty justice and sustainability this paper improves understanding of vulnerability in economics energy and sustainability studies by i constructing a dataset on energy vulnerability made of 180 000 observations ii formally defining energy vulnerability while considering the regulatory framework and development agenda iii building a composite indicator on energy vulnerability iv analyzing and ranking the energy vulnerability of a vast number of oecd and non oecd countries v testing for robustness checks the analysis suggests that gdp is not necessarily a leading driver for energy vulnerability whilst resource embedment is since fossil and renewable energy producers are less vulnerable eventually the paper validates that green countries are less vulnerable differently from cold heavily industrialized and highly consuming countries

wealth effects distribution and the theory of organization abstract we construct a general equilibrium model of firm formation in which organization is endogenous firms are coalitions of agents providing effort and investment capital effort is unobservable unless a fixed monitoring cost is paid and borrowing is subject to a costly state verification problem because incentives vary with an agent s wealth different types of agents become attractive firm members under different circumstances when borrowing is not costly firms essentially consist of one type of agent and are organized efficiently but when the costly state verification problem is sufficiently severe firm organization will depend on the distribution of wealth with enough inequality it will tend to be dictated by incentives of rich agents to earn high returns to wealth even if the chosen organizational form is not a technically efficient way to provide incentives journal of economic literatureclassification numbers d2 d31 j41 l2

oil vulnerability index of oil importing countries abstract this paper assesses the relative oil vulnerability of 26 net oil importing countries for the year 2004 on the basis of various indicators the ratio of value of oil imports to gross domestic product gdp oil consumption per unit of gdp gdp per capita and oil share in total energy supply ratio of domestic reserves to oil consumption exposure to geopolitical oil market concentration risks as measured by net oil import dependence diversification of supply sources political risk in oil supplying countries and market liquidity the approach using the principal component technique has been adopted to combine these individual indicators into a composite index of oil vulnerability such an index captures the relative sensitivity of various economies towards developments of the international oil market with a higher index indicating higher vulnerability the results show that there are considerable differences in the values of individual indicators of oil vulnerability and overall oil vulnerability index among the countries both inter and intraregional

arbitrage and the flattening effect of large numbers abstract in a model of an exchange economy with a continuum of individuals we show that competitive equilibrium can be regarded as resulting from the elimination of arbitrage opportunities generically the elimination of such opportunities results in a phenomenon we call the flattening effect of large numbers the flattening effect provides a precise meaning to the statement that under perfect competition individuals cannot influence prices they face perfectly elastic demands and supplies the attractive geometry associated with arbitrage and the flattening effect is highlighted in several figures we also link the demonstration of equilibrium through arbitrage with the logic of marginalism journal of economic literature classification number d51

regional differences in job satisfaction job satisfaction is significantly higher in wales than in london and the south east the rest of england and scotland this is despite the fact that among these four regions earnings are lowest in wales using data from the british household panel survey bhps we investigate the determinants of job satisfaction and attempt to explain why workers in wales are happier in their work than workers in other parts of the uk we find that workers in wales appear to be less concerned about pay than workers in other regions we suggest that because lower earnings tend to be associated with higher levels of unemployment and inactivity being in work may be regarded more favourably in more economically depressed regions we also suggest the climate of industrial relations as perceived by workers is better in wales than elsewhere

equilibrium in a finite local public goods economy abstract this paper examines the existence of a noncooperative equilibrium in a finite local public goods economy where consumers have quasi linear preferences jurisdictions consist of consumers who chose the same public project and finance the cost of production of public goods through either a proportional income tax or a poll tax we show that under a proportional income tax scheme a nash equilibria may fail to exist under a poll tax scheme an equilibrium always exists but in general nash equilibria violate a very weak efficiency condition we conclude by commenting on the stabilizing effect of zoning policies journal of economic literatureclassification number c71

walrasian analysis via two player games abstract we associate to any pure exchange economy a game with only two players regardless of the number of consumers in this two player game each player represents a different role of the society formed by all the individuals in the economy player 1 selects feasible allocations trying to make pareto improvements player 2 chooses an alternative from the wider range of allocations that are feasible in the sense of aubin the set of nash equilibria of our game is non empty and our main result provides a characterization of walrasian equilibria allocations as strong nash equilibria of the associated society game

equivalence of games and markets the author proves an equivalence between large games with effective small groups of players and games generated by markets small groups are effective if all or almost all gains to collective activities can be achieved by groups bounded in size a market is an exchange economy where all participants have concave quasi linear payoff functions the market approximating a game is socially homogeneous all participants have the same monotonic nondecreasing and 1 homogeneous payoff function our results imply that any market more generally any economy with effective small groups can be approximated by a socially homogeneous market

assessing the energy vulnerability case of industrialised countries the emergence of new big consumer countries on the energy markets and the perspective of oil and gas depletion at the end of the current century raise the concerns about fair distribution of the remaining resources for the common and sustainable wellbeing of the mankind high volatility of energy prices discourages the investment and delays the energy technology transition voluntary measures are needed mainly in industrialised countries in order to develop alternative and sustainable energy sources to enable technology transfer towards emerging and developing countries and to avoid struggle for energy procurement in this paper a composite index of energy demand supply weaknesses is defined as a proxy of energy vulnerability the proposed index is based on several indicators such as energy intensity oil and gas import dependency co2 content of primary energy supply electricity supply weaknesses and non diversity in transport fuels the assessment of this composite index for selected industrialised countries is discussed as well as the sensitivity to various factors

on lionel mckenzie s 1957 intrusion into 20th century demand theory in this essay we read mckenzie s 17 paragraphs of 1957 on demand theory without a utility index as an opening to the narrative of 20th century demand theory and as a lever for the understanding of what has now reached culmination as the neoclassical theory of demand in tracking the influence of these paragraphs on both theoretical and applied work we also use them as a foothold for reflection on the process of theorizing to argue for the view that one cannot neglect the changing problematic that the theory is adduced to address that the historical narrative behind a particular theorem is indispensable in understanding the theorem itself this implicit theorizing of the process of theorizing then forces us to consider stigler s distinction between textual and scientific exegesis and confront it to a second order level of theorizing and thereby bring out the continuity possibly not quite seamless between a theorem and its history

maskin monotonicity and infinite individuals abstract this paper examines the logical relationship among maskin monotonicity independent person by person monotonicity independent weak monotonicity strategy proofness and coalitional strategy proofness in a society with infinite individuals

a review on circular economy the expected transition to a balanced interplay of environmental and economic systems el articulo muestra un estudio en donde se proporciona una revision extensa de la literatura de las dos ultimas decadas con el proposito de captar las principales caracteristicas y perspectivas de la ce economia circular origenes principios basicos ventajas y desventajas modelado e implementacion de ce en los diferentes niveles micro meso y macro en todo el mundo los resultados demuestran que los origenes de la ce se basan principalmente en la economia ecologica y ecologia industrial

are wages habit forming evidence from micro data although utility functions play a central role in economics the axiom that utility depends only on the absolute levels of its arguments is rarely tested this paper uses panel data on 2000 british employees who remain with the same employer and who are not promoted from one wave to the next it is shown that one important measure of well being overall job satisfaction is strongly positively correlated with the change in the worker s pay between waves but is unrelated to the current level of pay empirical tests suggest that a reference dependent satisfaction function where individual well being depends on current pay relative to past pay is more consistent with these regression results than are productivity or agency explanations of increasing wage profiles some evidence is presented of greater job satisfaction effects of pay rises for lower paid less well educated and younger workers these results provide some micro evidence consistent with the theory widespread in social science of habituation individuals may become used to any given level of consumption or income as such they tie in with the finding that a country s well being as measured by the average happiness of its citizens is only weakly correlated with its per capita gnp

continuum economies with finite coalitions core equilibria and widespread externalities abstract we develop a new model of a continuum economy with coalitions consisting of only finite numbers of agents the core called the f core is the set of allocations that are stable against improvement by finite coalitions and feasible by trade within finite coalitions even with widespread externalities preferences depend on own consumptions and also on the entire allocation up to the null set we obtain the result that the f core coincides with the walrasian allocations without widespread externalities the f core the aumann core and the walrasian allocations all coincide however with widespread externalities there is no obvious natural definition of the aumann core

job satisfaction in britain individual and job related factors recently there has been a resurgence of interest in the analysis of job satisfaction variables job satisfaction is correlated with labour market behaviour such as productivity quits and absenteeism in this paper four different measures of job satisfaction are related to a variety of personal and job characteristics the data used are from the 28 240 british employees in the workplace employee relations survey 1997 this data set is larger and more recent than in any previous studies four measures of job satisfaction that have not previously been used are considered satisfaction with influence over job satisfaction with amount of pay satisfaction with sense of achievement and satisfaction with respect from supervisors the paper contributes to the literature by analysing job satisfaction with respect to industrial composition and occupations one of the striking findings is that those in the education and health sectors are less satisfied with their pay but more satisfied with their sense of achie

the effects of merit pay on teacher job satisfaction the purpose of this study is to determine if the existence of a district level merit pay system has any effects on teacher job satisfaction using a large sample of public school teachers from the year 2007 the results of this study suggest that teachers who work in districts that use a merit pay system are no less satisfied with their jobs than are other teachers these results are consistent for both an ordered probit model and a two stage analysis although the effect of merit pay on overall job satisfaction was insignificant teachers in merit pay districts were less enthusiastic did not think teaching was important and were more likely to leave for better pay however in examining a sample of teachers who worked only in merit pay districts it was found that teachers who received merit pay were more satisfied overall with their jobs than were teachers who did not receive merit pay

the relationship between unions and job satisfaction this paper examines the assoication between canadian unions and their member attitudes data on job satisfaction indicate that unionized workers in canada are less happy with the quality of their jobs than non union workers the former however are more satisfied with their financial compensation and job security than non members

establishment size job satisfaction and the structure of work this paper empirically investigates a the relationship between establishment size and the degree of flexibility in the work environment and b the extent to which establishment size differences in workers satisfaction with their jobs can be accounted for by differences in their work environment the main findings are that large establishments do organize production in a less flexible fashion than do smaller establishments and that observed lower levels of job satisfaction in larger establishments net of wage and fringe benefit effects can largely be explained by the inflexibility in the work environment

hedonic recall bias why you should not ask people how much they earn abstract the empirical literature which explores the effect of wage on job satisfaction typically uses data drawn from social surveys in these surveys the amount of wage is reported by the respondents themselves thus the explanatory variable of the econometric models may differ from the true wage people earn our paper shows that the use of survey data can lead to considerable over estimation of the importance of wage as a determinant of wage satisfaction in particular responses seem to be affected by a recall bias people who are satisfied with their wage are more likely to over report their wage in questionnaires the more satisfied they are the more they over report and vice versa unsatisfied people we name this behavioral disposition hedonic recall bias

evaluation of electricity supply sustainability and security multi criteria decision analysis approach abstract electricity supply plays a significantly important role in national economy and society development accordingly the evaluation of electricity supply sustainability and security as an early warning method is beneficial for the decision makers policy makers to take various measures to enhance electricity supply sustainability and security this study aims at developing a multi criteria decision analysis framework for electricity supply sustainability and security evaluation and a total of nine metrics i e shannon weiner index electricity import dependence supply adequacy rural electrification rate electric power losses ratio residential consumption ratio electricity per gross domestic product electric power consumption per capita and fossil fuel dependence in four dimensions including availability and security of supply affordability and reliability energy and economic efficiency and environmental stewardship were employed for electricity supply sustainability and security evaluation fuzzy analytic hierarchy process which allows the users to use linguistic terms to express their opinions was used to determine the weights of the criteria which represent their relative importance in the evaluation of electricity supply sustainability and security grey rational analysis was used to prioritize the status of electricity supply sustainability and security of different countries in different years the electricity supply sustainability and security of the five major emerging national economies brazil russia india china and south africa was studied in chinese perspective by the proposed method

on the informational content of wage offers this article investigates signaling and screening roles of wage offers in a single play matching model with two sided unobservable characteristics it generates the following predictions as matching equilibrium outcomes i good jobs offer premia if high quality worker population is large ii bad jobs pay compensating differentials if the proportion of good jobs to low quality workers is large iii all firms may offer a pooling wage in markets dominated by high quality workers and firms or iv gresham s law prevails good types withdraw if bad types dominate the population the screening signaling motive thus has the potential of explaining a variety of wage patterns

indicators for energy security the concept of energy security is widely used yet there is no consensus on its precise interpretation in this research we have provided an overview of available indicators for long term security of supply sos we distinguished four dimensions of energy security that relate to the availability accessibility affordability and acceptability of energy and classified indicators for energy security according to this taxonomy there is no one ideal indicator as the notion of energy security is highly context dependent rather applying multiple indicators leads to a broader understanding incorporating these indicators in model based scenario analysis showed accelerated depletion of currently known fossil resources due to increasing global demand coupled with increasing spatial discrepancy between consumption and production international trade in energy carriers is projected to have increased by 142 in 2050 compared to 2008 oil production is projected to become increasingly concentrated in a few countries up to 2030 after which production from other regions diversifies the market under stringent climate policies this diversification may not occur due to reduced demand for oil possible benefits of climate policy include increased fuel diversity and slower depletion of fossil resources

diversified consumption characteristics and conditionally dispersed endowment distribution regularizing effect and existence of equilibria the paper introduces the concept of a conditionally dispersed endowment distribution given the consumption set in the study of regularizing effect of aggregation and existence of equilibria in an exchange economy with an atomless measure space of consumers it is shown that there is a regularizing effect of aggregation whenever the endowment distribution of an economy is conditionally dispersed on the basis of this regularizing effect the existence of a competitive equilibrium is proved in a very general setting where some of the commodities are indivisible and where different consumers may have different consumption sets general equilibrium theory saw in recent years explicit formulation of models with indivisible commodities in which existence of competitive equilibria was discussed references are henry 12 e dierker 10 broome 7 and mas colell 19 a pathbreaking paper by mas colell 19 clearly reconfirmed the power of a continuum of traders model introduced by aumann 1 and it emphasized for the first time in the literature of the equilibrium existence problem the importance of a condition relating to the form of distribution of agents characteristics more specifically a competitive equilibrium was shown to exist in an economy with indivisible commodities where a single perfectly divisible commodity exists and the distribution of its initial holdings among agents is dispersed in the sense that it is absolutely continuous with respect to the lebesgue measure see 19 theorem 1 p 446 this development in the existence literature is of much interest to equilibrium theory and coincides with the way in which the analysis of a certain aggregation problem is being pursued in equilibrium theory see e g sonderman 33 mas colell 20 and hildenbrand 18 in both of these problems elaboration of the concept of dispersedness in the distribution of agents characteristics is required 3 the work of mas colell 19 was followed by 35 in which the concept of a dispersed endowment distribution was introduced in the study of existence of equilibria in an exchange economy with an atomless measure space of consumers where no convexity assumptions on preferences and consumption sets were

job satisfaction in the low wage service sector the stylized facts associated with workers satisfaction are tested using a distinctive data set using principal components analysis five distinct measures of workers satisfaction and the factors that determine each one are examined the data set covering three low wage service sectors enables control for workplace characteristics to be made it is shown that characteristics previously identified as important by the job satisfaction literature in fact have differing effects according to the type of satisfaction being considered then is examined which of the satisfaction components has the greatest impact on overall satisfaction satisfaction with short term rewards and long term prospects are found to be far more influential in determining overall satisfaction than contentment with social relationships or work intensity

conceptualizing energy security abstract energy security 1 is one of the main targets of energy policy however the term has not been clearly defined which makes it hard to measure and difficult to balance against other policy objectives we review the multitude of definitions of energy security they can be characterized according to the sources of risk the scope of the impacts and the severity filters in the form of the speed size sustention spread singularity and sureness of impacts using a stylized case study for three european countries we illustrate how the selection of conceptual boundaries along these dimensions determines the outcome this can be avoided by more clearly separating between security of supply and other policy objectives this leads us to the definition of energy security as the continuity of energy supplies relative to demand

the core of a continuum economy with widespread externalities and finite coalitions from finite to continuum economies abstract when permissible coalitions in finite economies are constrained to be small relative to the player set the continuum model with finite coalitions and its f core are the limits of large finite economies and their e cores we show convergence both of game theoretic structures relatively small coalitions in the finite economies converge to finite coalitions and of solutions e cores converge to the f core our convergence is carried out in the context of exchange economies with widespread externalities where the requirement that coalitions be small is critical

price controls non price quality competition and the nonexistence of competitive equilibrium we investigate how price ceilings and floors affect outcomes in continuous time double auction markets with discrete goods and multiple qualities when price controls exist the existence of competitive equilibria is no longer guaranteed hence we investigate the nature of non price competition and how markets might evolve in its presence we develop a quality competition model based on matching theory equilibria of the quality competition model always exist in such price constrained markets moreover they naturally correspond to competitive equilibria when competitive equilibria exist additionally we characterize the set of equilibria of the quality competition model in the presence of price restrictions in a series of experiments we find that market outcomes closely conform to the predictions of the model in particular price controls induce non price competition between agents both in theory and in the experimental environment market behaviors result in allocations close to the predictions of the model

how well do theories of job matching explain variations in job satisfaction across education levels evidence for uk graduates using ordered probit estimation technique this paper examines the job satisfaction of recent uk graduates focussing primarily on explaining job satisfaction in terms of individuals matching to jobs with the match depending on reservation returns information sets and job offer rates only limited support can be found for the argument that job matching explains higher job satisfaction in addition stylizing graduates as a peer group who form satisfaction levels based on their rankings relative to each other we examine whether or not education quality which raises peer group status and increases the job offer rate is systematically related to job satisfaction the results broadly support the hypothesis that job satisfaction is neutral across graduates of different education qualities however our specification tests indicate that ordered probit estimation may not be fully appropriate for identifying the characteristics of those with high job satisfaction