bluuebunny/crossref_metadata_2025_split huggingface dataset:
¿Es posible la mano invisible?
Authors: Krause Martín 
Published: March 2021

One of the main contributions of economics to the social sciences, expressed in the famous metaphor of the “invisible hand”, ended up being questioned by a good part of the economists. Based on the assumption of an individual maximizer of monetary utility, the social cooperation in which it con- sists failed, and it was not possible to expect it to succeed. However, recent developments in various areas have provided new elements in favor of its pos- sibility, its sustainability over time, and its extension to larger groups. In this work we will consider the recent contributions related to this topic in Game The- ory, Experimental Economics, Evolutionary Psychology and the analysis of his- torical cases that help to elucidate the theory and confirm its concepts. It will be considered how these areas of the social sciences have contributed with new elements to the understanding of social cooperation and voluntary actions. It concludes by stating that the invisible hand failure should, at least, be ques- tioned, and that there is still a large field to be developed in the analysis of these spontaneous orders, although there have been great contributions in recent decades.
Keywords: Invisible hand, social cooperation, Game Theory, Experimental Eco- nomics, Evolutionary Psychology
JEL classification: A12, C71, C92, D71, D91, H41
Resumen: Una de las principales contribuciones de la economía a las ciencias sociales, expresada en la famosa metáfora de la “mano invisible”, terminó siendo cuestionada por buena parte de los economistas. En base al supuesto de un individuo maximizador de utilidad monetaria, la cooperación social en que ésta consiste fracasaba, no era posible esperar que tuviera éxito. No obstante, recientes desarrollos en diversas áreas han brindado nuevos elemen- tos en favor de la misma, su posibilidad, su sostenibilidad en el tiempo, su extensión a grupos de mayor tamaño. En este trabajo consideraremos las con- tribuciones recientes relacionadas con este tema en Teoría de los Juegos, Economía Experimental, Psicología Evolutiva y el análisis de casos históricos que contribuyen a dilucidar la teoría y confirmar sus conceptos. Se considerará cómo estas áreas de las ciencias sociales aportan nuevos elementos para la comprensión de la cooperación social y las acciones voluntarias. Se concluye planteando que su fracaso debería, al menos, ser puesto en duda, y que hay un gran campo a desarrollar todavía en el análisis de esos órdenes espontá- neos, aunque ha habido grandes contribuciones en las últimas décadas.
Palabras clave: Mano invisible, cooperación social, teoría de juegos, economía experimental, psicología evolutiva
Clasificación JEL: A12, C71, C92, D71, D91, H41
Effects of Monetary Asset- Price Transmission on Investment and Inflation in the Euro Area
Authors: Dierks Leef H. , Spreng Lars E. 
Published: March 2021

Since the onset of the financial markets’ crisis in late 2008, the Eurozone has been subject to rather volatile headline inflation, occasionally even turning into (an admittedly modest) deflation. As eventually, conventional monetary policy seemed to be exhausted, the European Central Bank (ECB) resorted to unprece- dented unconventional measures. In 2010, it launched a first gov- ernment bond purchasing programme, which was followed by a series of different programmes, swelling its balance sheet to c. €4.7tn as per May 2019. The induced asset-price-inflation in con- junction with a continuous and persistently low HICP inflation rates inevitably raises the question how effective monetary trans- mission – particularly via asset-prices – (still) is.
This contribution will investigate the effects of monetary asset- price transmission on investments and inflation. First, it analyses the reliability of stock markets as an indicator for firms’ investment, while emphasising the importance of uncertainty. Sec- ond, the paper examines how rising stock prices affected firms’ balance sheet and lending. Further, it provides an explanation as to why monetary policy failed to amplify lending in peripheral mem- ber states and why it had a comparatively low effect on borrowing costs in these regions. Third, it scrutinises the implication of an output gap, which monetary policy seeks to create, on different inflation parameters. Thus, the paper illustrates why the effects on HICP-inflation are less pronounced compared to other inflation measures.
Fundamento Ontológico del Modelo en Hayek
Authors: Borella Agustina 
Published: March 2021

In the debate on realism of models in economics, the Austrian School and Hayek in particular, seem to have, in a certain way, remained outside. Assuming neoclassical models as unrealistic, the theory of the market as a pro- cess looks like a more realistic proposal. However, one of the fundamental issues in Hayek’s dissent is not so much the unrealism of the assumptions, but that the market equilibrium theory was not correctly raised, especially with regards to the perfect knowledge assumption. Despite this, in this setting and in line with a previous paper (Zanotti & Borella, 2015), we will argue that Hayek’s spontaneous order may be understood as the Austrian School’s «model», assuming Mäki’s MISS version of models (Models as Isolations and Surrogate Systems) and emphasizing the place of the ontological foundation of Hayek’s proposal when assessing his model.
Keywords: Realism of models, Hayek, spontaneous order, MISS version, onto- logical foundation.
JEL classification: B31, B40, B53.
Resumen: En el debate sobre el realismo de los modelos en economía, la Escuela Austríaca y en particular Hayek, parece haber quedado en algún sen- tido afuera. Asumiendo a los modelos neoclásicos como irrealistas, la teoría del mercado como proceso parece presentarse como una propuesta más rea- lista. Sin embargo, uno de los puntos fundamentales en el disenso de Hayek no es tanto el irrealismo de los supuestos, sino que la teoría del equilibrio de mer- cado estaba mal planteada, especialmente en relación al supuesto de conoci- miento perfecto. A pesar de esto, en este encuadre y en línea con un trabajo anterior (Zanotti & Borella, 2015), mostraremos que el orden espontáneo de Hayek puede ser entendido como «el modelo» de la Escuela Austríaca, tomando la consideración MISS de los modelos de Mäki (Models as Isolations and Surrogate Systems) y destacando el lugar del fundamento ontológico de la propuesta de Hayek a la hora de evaluar su modelo.
Palabras clave: Realismo de los modelos, Hayek, orden espontáneo, conside- ración MISS, fundamento ontológico.
Clasificación JEL: B31, B40, B53.
The (ir-)rationality of investor herding
Authors: Dierks Leef H. , Tiggelbeck Sonja 
Published: March 2021

In the past decades, behavioural finance has steadily gained importance with respect to better understanding decision-mak- ing under uncertainty. Traditional economic models, among them neo-classical capital market theories or Austrian Econom- ics, for example, fail to adequately assess market agents’ behav- iour. In contrast to these theories, market agents appear to be prone to biased judgements. Individuals prefer to maintain the status quo as they are afraid of committing mistakes, which could ceteris paribus afterwards cause a feeling of regret. They thus rather refrain from any action and accept opportunity costs as these, according to Prospect Theory, are considered to be
missed profits instead of realized losses. Another explanation for biased judgement is overconfidence, which implies that indi- vidual investors trade too often as they consider their informa- tion to be more valuable than that of others. Overconfidence and status quo preference, are just two explanations for biased judge- ments. This triggers the question to what extent individual deci- sions actually exist. According to Hayek (1996), individualism is non-existent in an environment in which subjectivism generates a spontaneous order by interacting with other (market) partici- pants. Notwithstanding unpredictable future developments, there will always be particular behavioural patterns occurring repeatedly (Rapp and Cortés, 2017). Hence, the predictive power of any model could be greatly enhanced in case these patters, typically shaped by the social environment, i.e. (a herd) could ex ante be reliably identified .
In light of the above, speculative bubbles, which, assuming strictly rational economic agents, are a prime example of how investors’ biased perceptions about losses and gains trigger an emotions-based process of decision-making. Institutional Eco- nomics, among others, illustrates that investors appear to follow an institutional system, which shapes their behaviours and thus their decision-making. Simply mimicking a herd’s decisions, it seems, can meaningfully reduce uncertainty. Preliminary find- ings, however, suggest contradictions concerning biases in deci- sion-making of individuals versus those of a herd. Further, literature distinguishes between rational and irrational herd behaviour. Ultimately, this leads to the question to which extent investor herding could indeed be a rational phenomenon (Dierks and Tiggelbeck, 2019).
The remainder of this article as structured as follows: Chapter two outlines principles of (individual) decision-making under uncertainty and identifies select biases, which affect the behaviour of economic agents. Chapter three then portrays the phenomenon of investor herding and seeks to correctly embed the latter into Austrian Economics and Behavioural Economics. Chapter four investigates the extent to which any such behaviour can be consid- ered (ir-) rational before chapter five provides both a conclusion and an outlook for future research.
La ética de la libertad y redarquía: análisis prospectivo en civilizaciones modernas
Authors: Ricote Adrián 
Published: March 2021

Este artículo se centra en cómo se podría desarrollar un sistema de “justicia” global, utilizando para ello medios que se encuentran ya en la actualidad. En este caso, la finalidad es encontrar una aplica- ción práctica a un tema filosófico tan controvertido como puede ser la ley natural, en contraposición al sistema actual de justicia ius- positivista.
Actualmente, la justicia y la ley (positiva) vienen determinadas por los Estados. En cada país, podemos encontrarnos gran cantidad de leyes que traten un mismo tema de manera distinta. Tanto es así que, poner en común a todos los Estados y optar por una forma social que nos una más a nivel ético está cerca de ser un imposible, si eso atañe al poder del gobernante de turno.
La intención de este escrito se ve altamente influenciada por la situación de crisis en la que nos encontramos. No refiriéndose, así, a una suerte de crisis económica, sino a la crisis de valores que esta- mos sufriendo, que hace que nos enfrentemos más los unos a los otros, que nos hace violentos, nos incita a actuar inmoralmente y en la cual, a pesar de todo, la justicia puede que no termine aplicándose como es debido. Como, por ejemplo, en aquellas civilizaciones en las que, si se suma una crisis económica a una sociedad cada vez menos éticamente correcta, la situación de crisis de seguridad sería un esce- nario plausible muy complicado de resolver.
Tras la lectura de este artículo, puede que el lector se empiece a cuestionar si el sistema actual de justicia, en su forma, es el único sistema posible o si, por el contrario, pudieran surgir otros que garanticen también la seguridad, sin quebrantar, de manera tan acuciante, la libertad individual.
An explanation of current business innovation processes from the point of view of the Austrian School of Economics
Authors: Azpitarte Joaquín 
Published: March 2021

The main objective of this article is to show how the Austrian School of Economics, based on solid theoretical principles, anticipated, through its main exponents, how the innovation processes, that we are currently experiencing, would develop. The clear identification of current phenomena with the “Austrian” doctrine is the greatest evidence of the full validity of these ideas. We will show, in a non-exhaustive way, how its application to the day-to-day innovation and improvement of processes and products is constant. This article is therefore an exercise in empirical illustration that could lead to future academic work.
Keywords: innovation, business culture, business management, business performance, Austrian School of Economics
JEL classification: O31, M14, M10, L25, B25
Resumen: El presente artículo tiene como objetivo principal mostrar cómo la Escuela Austriaca de Economía, fundamentada en unos sólidos principios teóricos, anticipó a través de sus principales exponentes, cómo se desarrollarían los procesos de innovación que vivimos actualmente. La identificación clara de fenómenos actuales con la doctrina “austriaca” es la mayor evidencia de la plena vigencia de estas ideas. Mostraremos, de manera no exhaustiva, cómo su aplicación al día a día de la innovación y a la mejora de procesos y productos, es constante. El presente artículo es por lo tanto un ejercicio de ilustración empírica que pudiera dar pie a futuros trabajos académicos.
Palabras clave: innovación, cultura empresarial, gestión de empresas, rendimiento empresarial, escuela austriaca de economía
Clasificación JEL: O31, M14, M10, L25, B25
Climate Preferences, Obesity, and Unobserved Heterogeneity in Cities
Authors: Yezer Anthony M. , Popick Stephen J. 
Published: March 2021

Some sources of heterogeneity among cities, i.e. age, gender, race, income, and education, have been the object of substantial inquiry. The reasons are obvious. These differences are easily observed and may have important implications for economic activity. This study considers another potentially important population characteristic, obesity. Descriptive statistics reveal that the intercity variance in obesity rates is substantial. Empirical results demonstrate that demographic and regional amenity variables all help to explain intercity differences in obesity. Because obesity is important for climate preferences, health, and productivity, its omission from previous studies and its correlation with amenity and demographic characteristics could create problems for empirical research.
Revisiting Evidence of Labor Market Discrimination against Homosexuals and the Effects of Anti-Discriminatory Laws
Authors: Christafore David , Leguizamon J. Sebastian 
Published: March 2021

Anti-discrimination laws on the basis of sexual orientation have been adopted by many states to counteract perceived discrimination in the labor market. However, we find the evidence of earnings disparities between homosexual and heterosexual men to be extremely sensitive to the choice of reference group. Relative to married heterosexual men, gay men earn less, and, over time, anti-discriminatory laws lessen this gap. Relative to unmarried, coupled heterosexual men, however, gay men experience similar levels of earnings. The choice of reference group leads to opposite conclusions regarding the effectiveness and necessity of an anti-discriminatory law for homosexual men, which highlights the need to construct reference groups with care. We also find that homosexual women experience similar earnings to their heterosexual female counterparts, and the law has no effect on these relative wages.
Institutions and C omparative Regional R esearch
Authors: Stallman Judith I. 
Published: March 2021

When I started to think about the topic of this paper/talk, I sat down with some colleagues and threw out a few general ideas to get their reactions. I envisioned days devoted to reading and hours thinking profound thoughts as I prepared it. I do not know why I had this fantasy. Long ago I learned that days devoted to reading are a luxury; something that surprises friends and family who are not professors. But I found my thoughts turning more to the everyday than the profound. As a result, this is a more personal view of regional science, which draws on my experiences and my training in both institutional economics and regional economics. I will start with some of those experiences and the questions they raised for me about the importance of institutions in regional development and some of the difficulties of doing comparative regional research. While I include regions at many levels of aggregation, my particular interest is how to incorporate institutions into the analysis of regional differences in economic development. I want to explore what literature and methods are out there that can provide insights into better ways of incorporating institutions into comparative regional research.
Assessing Relative Performance of Econometric Models in Measuring the Impact of Climate Change on Agriculture Using Spatial Autoregression
Authors: Seo S. Niggol 
Published: March 2021

Although econometric models have been widely used to measure the impact of climate change on agriculture, there exist differences among the modelers on which specification should be preferred. To help explain the discrepancies, this paper assesses four different econometric models, i.e. OLS, panel, and two spatial models using a South American agricultural household data. The relationship among the econometric specifications is examined in terms of the freedom given to a spatial autoregressive parameter. In spatial models, the spatial parameter is free within the model, but is fixed a priori in the aspatial models. Empirical results show a high correlation of the land values across South America. Spatial models result in somewhat lower climate change impact estimates than those from the aspatial models.
Whither Decentralization: Implications for Linking Research and Practice
Authors: Rogers Cythia 
Published: March 2021

This is the Presidential Address at the 2006 Annual Meetings of the Southern Regional Science Association, March 30-April 1, St. Augustine, Florida. It discusses the status of fiscal decent ralization in the academic literature and as a matter of policy focus. Although “fiscal decentralization is in vogue” (Oates, 1999, p. 1120), the mechanisms by which it influences economic growth are not well enough understood to provide policy guidance. The conclusion spells out the steps for researchers and policy makers in gaining a better understanding of the implications and processes associated with fiscal decentralization.
Understanding Regional Growth
Authors: Spiezia Vincenzo , Weiler Stephan 
Published: March 2021

We explore the variations in regional economic growth within 26 countries relative to the OECD norm between 1998 and 2003. This analysis sheds light on the role of regions in determining national growth patterns, while also providing a method similar to shift-share that can assess the relative importance of a range of demographic and economic factors in driving such growth. In particular, this taxonomy isolates those growth factors involving region-specific assets that are potentially most influenced by policy. In this sense, the findings help highlight policy niches that can most effectively shape regional growth prospects while also challenging traditional views of regional growth drivers .
Laying the Foundation for Employment: The Role of Social Capital in Educational Achievement
Authors: Israel Glenn D. , Beaulieu Lionel J. 
Published: March 2021

This paper examines the role of social capital - the set of supportive interpersonal interactions that exists in the family, community, and school - in promoting educational achievement. Employing data on public school students from the National Education Longitudinal Survey (NELS) and other secondary data sources, we examine the link between students’ access to social capital and important educational benchmarks, especially standardized test scores for math and reading. Building on previous research, we attempt to refine the conceptualization and measurement of social capital. We then undertake a new exploration of test score gains realized by students over the course of the 8th to 12th grades in order to assess the extent to which social capital attributes of the family, school, and community contribute to such gains. Finally, we outline the implications of our findings in guiding education policy activities in rural America.
The Impact of Homeownership on the Duration of Unemployment
Authors: Goss Ernest P. , Phillips Joseph M. 
Published: March 2021

Housing stock is one of the most important components of household wealth in the U.S. Public policy has vigorously promoted home ownership based on the belief that it strengthens the individual’s commitment and contribution to the community. Yet it is possible that this social goal generates unanticipated consequences in the labor market. This study examines potential labor market influences of home ownership, focusing on the length of unemployment. Using a sample of unemployed workers from the 1986 Panel Study of Income Dynamics, this study concludes that for some unemployed, home ownership significantly reduces unemployment duration. This appears to occur through two channels. First, the burden of monthly mortgage payments stimulates more vigorous job search, and second, home equity aids job search through a wealth effect.
A Note on the Subregional Employment Impact of Urban Revitalization
Authors: Banai-Kashani Reza 
Published: March 2021

Estimates of permanent vs. non-permanent employment ordinarily are reported in studies of the economic impact of downtown revitalization. However, still a further distinction of employment as basic vs. non-basic types is of particular interest since, at least in economic-base theory, the former is the source of additional (induced) employment change. Thus, the argument in this paper brings into the calculus of the economic impact of city revitalization the distinction of basic vs. non-basic employment and its associated concept of the multiplier impacts. But more important, cognizant of previous empirical studies attesting to the existence of the multiplier-decay hypothesis, this study accounts for the impact of the economy of the revitalizing city on its surrounding and depending subregional economies.
Superlinear Convergence of a Modified Newton&#39;s Method for Convex Optimization Problems With Constraints
Authors: RHANIZAR Bouchta 
Published: March 2021

We consider the constrained optimization problem&nbsp; defined by:
$$f (x^*) = \min_{x \in&nbsp; X} f(x)\eqno (1)$$

where the function&nbsp; f : \pmb{\mathbb{R}}^{n} &rarr; \pmb{\mathbb{R}} is convex&nbsp; on a closed bounded convex set X.
To solve problem (1), most methods transform this problem into a problem without constraints, either by introducing Lagrange multipliers or a projection method.
The purpose of this paper is to give a new method to solve some constrained optimization problems, based on the definition of a descent direction and a step while remaining in the X convex domain. A convergence theorem is proven. The paper ends with some numerical examples.
Childhood Langerhans Cell Histiocytosis: Epidemiology, Clinical Presentations, Prognostic Factors, and Therapeutic Approaches
Authors: Sterlich Katharina , Minkov Milen 
Published: March 2021

Childhood LCH is a rare disease, affecting 4–9 per 1,000,000 children below the age of 15 years. It is driven by somatic mutations in the MAPK pathway, arising in myeloid marrow progenitors. Both genders are affected by a slight male preponderance. The clinical spectrum of LCH varies from a single lesion affecting one organ system to severe multisystem disease with dysfunction of vital organs. Likewise, variable and unpredictable is its course, spanning from self-limiting course to progression with lethal outcome. Recognized unfavorable prognostic factors are the involvement of hematopoiesis, liver, and spleen, as well as non-response to systemic treatment. Recent studies suggest that patients carrying the BRAFV600E mutation may have a more severe clinical phenotype and less favorable prognosis. The combination of prednisolone and vinblastine is the standard first-line treatment for disseminated disease. Second-line options used in clinical practice are not well evidenced. Inhibitors of the MAPK pathway are a promising alternative option.