This article deals with the recently revealed paradox that contemporary Muslims score higher on Protestant work ethic than contemporary Protestants. The author tests whether this phenomenon is supported by World Values Survey (WVS) data. According to Inglehart’s theory of post-materialist shift, work ethic should be stronger in the developing societies where there is a lack of existential security. The author also tests whether the effects of the Protestant work ethic extend beyond the religious population of Protestant countries. The multilevel models built on 25,437 respondents in 55 countries show no significant difference in work ethic between Muslims and Protestants. Living in a historically Protestant society does not increase work ethic, but being religious in a Protestant society does. As countries develop, work ethic is likely to decrease. This poses further questions about the universal features of religious ethics and the non-religious factors explaining the economic progress associated with the Protestant work ethic.
A celebrated result in the theory of tournaments is that relative performance evaluation (tournaments) is a superior compensation method to absolute performance evaluation (piece rate contracts) when the agents are risk-averse, the principal is risk- neutral or less risk-averse than the agents and production is subject to common shocks that are large relative to the idiosyncratic shocks. This is because tournaments get closer to the first best by filtering common uncertainty. This paper shows that, sur- prisingly, tournaments are superior even when agents are liquidity constrained so that transfers to them cannot fall short of a predetermined level. The rationale is that, by providing insurance against common shocks through a tournament, payments to the agents in unfavorable states increase and payments in favorable states decrease which enables the principal to satisfy tight liquidity constraints for the agents without pay- ing any ex ante rents to them, while simultaneously providing higher-power incentives than under piece rates. The policy implication of our analysis is that firms should adopt relative performance evaluation over absolute performance evaluation regardless of whether the agents are liquidity (wealth) constrained or not
In this study, nine methods for measuring indirect importance are compared on the basis of their discriminatory power and stability. To the best knowledge of the authors, the stability of results obtained with different methods is assessed for the first time. The deficiencies of an existing criterion for assessing diagnosticity are pointed out and a modified version suggested. The empirical comparison is based on two real-world datasets from the ecommerce industry. Even though none of the methods appeared to be the best according to both criteria simultaneously, there seem to be grounds for recommending the theoretically sound Shapley value decomposition of R-square if stability and discrimination are about equally important for a decision maker, while negative contributions are undesirable.
This research utilizes a compensating differential framework to measure the social benefits of minor league baseball teams. Consistent with findings at the major league level, individual housing observations from 138 metropolitan areas between 1993 and 2005 show that affiliated teams are associated with a significant 5.7% increase in rents in mid-sized markets ranging from 0.4 to 1.4 million people. On the other hand, independent teams and stadiums are associated with insignificant effects on rents. The positive effect of affiliated minor league teams suggests they are a valuable urban amenity that can contribute to local quality of life. (JEL H23, H41, H71, R50, and L83)
В строке 27.15 "Нового Апулея" (опубликованного в 2016 г. Джастином Стовером как III книга апулеевского De Platone латинского пересказа ряда диалогов Платона) предлагается вместо рукописного ordinem queri и конъектуры Стовера ordine cieri читать ordine moueri.