We study the influence of numerological superstitions on people’s buying behavior in the apartment market using unique actual sales data. Based on the dataset from Saint-Petersburg primary real estate market we compare the share of sold apartments on floor 7 with that on floors 6 and 8, whereas floor 13 is benchmarked to floors 12 and 14. As floor plans are absolutely identical we manage to isolate the effects of the “lucky” and “unlucky” floors. The data we use allows clean identification of superstition effects, while being publicly available. We have found a clear negative effect of the 13th floor on demand for apartments, and a significant effect of preference towards the 7th floor compared to the two neighboring floors. Possible applications of our approach to other areas of consumer research are discussed.
The aim of this research is to identify the process that guides the evolution of inflation expectations in Russia. The significance of this theoretical issue is stipulated by the fact that the characteristics of this process are the key determinants of both inflation dynamics and the effectiveness of disinflation measures introduced by the Central Bank. This paper studies the degree to which inflation expectations appear forward-looking and backward-looking. We estimate the Hybrid Phillips curve that includes proxies for both backward- and forward-looking components of inflation expectations. Applying generalised method of moments we asses, which of the two components play a predominant role in determining Russian inflation. The estimates are based on the monthly macroeconomic statistics for the period 1999-2013. Our analysis suggests that to a large extent inflation expectations in Russia remain backward-looking. Hence, it is recommended to take action to enhance agents confidence in the Central Banks policy before switching to aggressive inflation targeting.
A highly acclaimed result in contract theory is that tournaments are superior to piece rate contracts when the agents are risk averse and their production activities are subject to a relatively large common shock. The reason is that tournaments allow the principal to trade insurance for lower income to the agents. Our analysis shows that this celebrated result does not carry over to the case when a limited liability constraint limits the payments the principal can make, provided that the liquidation value of the firm is sufficiently small. This finding has important implications for the vast number of limited liability firms. Tournaments are still optimal when the liquidation value of the firm is intermediate or large, even though the limited liability constraint is still binding for intermediate values. Surprisingly, uncertainty in the price of output strengthens the need for tournaments by expanding the range of liquidation values over which tournaments are optimal, because price uncertainty introduces additional bankruptcy risk.
The comparison between biological and social macroevolution is a very important (though insufficiently studied) subject whose analysis renders new significant possibilities to comprehend the processes, trends, mechanisms, and peculiarities of each of the two types of macroevolution. Of course, there are a few rather important (and very understandable) differences between them; however, it appears possible to identify a number of fundamental similarities. One may single out at least three fundamental sets of factors determining those similarities. First of all, those similarities stem from the fact that in both cases we are dealing with very complex non-equilibrium (but rather stable) systems whose principles of functioning and evolution are described by the General Systems' Theory, as well as by a number of cybernetic principles and laws.
Secondly, in both cases we do not deal with isolated systems; in both cases we deal with a complex interaction between systems of organic systems and external environment, whereas the reaction of systems to external challenges can be described in terms of certain general principles (that, however, express themselves rather differently within the biological reality, on the one hand, and within the social reality, on the other).
Thirdly, it is necessary to mention a direct ‘genetic’ link between the two types of macroevolution and their mutual influence.
It is important to emphasize that the very similarity of the principles and regularities of the two types of macroevolution does not imply their identity. Rather significant similarities are frequently accompanied by enormous differences. For example, genomes of the chimpanzees and the humans are very similar – with differences constituting just a few per cent; however, there are enormous differences with respect to intellectual and social differences of the chimpanzees and the humans hidden behind the apparently ‘insignificant’ difference between the two genomes.
Thus, in certain respects it appears reasonable to consider the biological and social macroevolution as a single macroevolutionary process. This implies the necessity to comprehend the general laws and regularities that describe this process, though their manifestations may display significant variations depending on properties of a concrete evolving entity (biological, or social one). An important notion that may contribute to the improvement of the operationalization level as regards the comparison between the two types of macroevolution is the one that we suggested some time ago – the social aromorphosis (that was developed as a counterpart to the notion of biological aromorphosis well established within Russian evolutionary biology). We regard social aromorphosis as a rare qualitative macrochange that increases in a very significant way complexity, adaptability, and mutual influence of the social systems, that opens new possibilities for social macrodevelopment. In our paper we discuss a number of regularities that describe biological and social macroevolution and that employ the notions of social and biological aromorphosis such as ones of the module evolution (or the evolutionary ‘block assemblage’), ‘payment for arogenic progress’ etc.
Neste ensaio histórico investigamos as origens da Teoria Quantitativa do Dinheiro (Moeda) em Portugal do meio do Século dʼOuro. Temos encontrado as fontes desta teoria na primeira suma portuguesa da teologia moral Manual de Confessores e Penitentes que foi composto pelo franciscano português frade Rodrigo do Porto e foi impressa na Universidade de Coimbra em 1549. Também temos encontrado a inspiração de frei Rodrigo do Porto para a formação do pensamento econômico (das teorias do preço justo e da teoria quantitativa) do grande pensador espanhol e verdadeiro descobridor da Teoria Quantitativa do Dinheiro doutor Martinho de Azpilcueta Navarro.
Статья содержит попытку разработки теории роста на основе инвестиционной близорукости, имеющей место, когда агенты не учитывают долгосрочные последствия своих действий. Этот феномен, безусловно, приводит к низкому уровню инвестиций. Результатом этого, естественно, являются отрицательные темпы экономического роста, которые, как известно, наблюдались в России, Украине и некоторых других странах с переходной экономикой в 1990-е годы. Инвестиционная близорукость может трактоваться как долгосрочная проблема, связанная с серьезными изъянами институциональной среды. Основной практический вывод состоит в том, что за преодоление инвестиционной близорукости несет ответственность государство. Избавление от инвестиционной близорукости может помочь в решении многих фундаментальных экономических проблем развивающихся и постпереходных стран.
This article provides estimates of a social discount rate (SDR) to inform government policy in Russia. We find that a SDR should be determined for the whole country as well as for particular regions. We apply the social rate of time preferences approach and estimate values for public sector projects at national and regional levels. All calculations are based on data from the Federal State Statistics Service of Russia. Findings help the decision-making process in the public sector of economics. Suggestions are useful for Russia as well as for post-Soviet countries and other developing economies with regional diversity.
В статье рассматриваются особенности развития СРВ в конце XX – начале XXI вв. и формирования системы торговых, инвестиционных и гуманитарных взаимосвязей между Вьетнамом и Россией. Автор подчеркивает, что взаимоотношения между двумя странами за весь период их существования носят характер взаимопонимания, доброжелательства и активно развиваются в позитивном направлении. Вьетнам в трудные времена своей истории получал как политическую, так и экономическую, а также военную помощь от СССР
By shifting towards Romer’s (Am Econ Rev 94:1002–1037, 1986) economy and so the spread of knowledge economy, universities started to adopt a collaborative approach with their entrepreneurial ecosystem. They turn out to be risk taker, autonomous, proactive, competitive, and innovative. In a nutshell, they are entrepreneurial oriented with the aim to generate new innovative ventures, known as research-based spin offs. Doubly, this has induced an improvement of technology transfer and the degree of entrepreneurship in the current knowledge economy. However there still is a paucity of studies on the spill over effect of entrepreneurial orientated universities and research-based spin off on technology transfer need to be more explored. Therefore, the article investigates the link between entrepreneurial orientation and such spill overs by offering an outlook of two universities and two research-based spin offs in the United Kingdom. The scope is to provide a deep view of technological innovativeness in a research context, entrepreneurial oriented. Our research suggests that entrepreneurial attitude has become an imperative to succeed in the context where British institutions currently operate. Entrepreneurship brings the necessary technological innovation to the university and its students, which results in better positioning of the university at national and international levels, with the subsequent impact on their ability to attract not only new students and academics but also funding to conduct their research.