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Regular version of the site
Of all publications in the section: 16
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Article
Matveenko V. D. Economics Bulletin. 2010. Vol. 30. No. 3. P. 1906-1913.
Jones (2005) proposed microfoundations for the Cobb-Douglas production function. We show that Jones' technological menu is a special case of a concept of support set discussed by Matveenko (1997) and Rubinov, Glover (1998) by use of a duality approach. We use this approach to clarify the relation between different production functions and technological menus. Also we construct an "ideas model" generating CES production function.
Added: Jun 23, 2016
Article
Evgeny A. Antipov. Economics Bulletin. 2014. Vol. 34. No. 2. P. 892-900.

Some Internet stores manage to charge prices that are significantly higher than market averages, therefore, obtaining some sort of price premium. This paper is dedicated to building a model that can be used to explain and predict a typical price premium that an Internet store charges for a specific product based on the information about the characteristics of the store and the features of the market for this product. Such models can provide support for pricing and assortment decisions: in particular, they allow detecting products that a store is likely to sell with the highest or the lowest markup based on price premia that are charged by stores with similar characteristics on similar markets.

Added: May 14, 2014
Article
Pokryshevskaya E. B., Antipov E. A. Economics Bulletin. 2011. Vol. 31. No. 3. P. 2521-2528.

In this paper an approach for automatic detection of segments where a regression model significantly underperforms and for detecting segments with systematically under- or overestimated prediction is introduced. This segmentational approach is applicable to various expert systems including, but not limited to, those used for the mass appraisal. The proposed approach may be useful for various regression analysis applications, especially those with strong heteroscedasticity. It helps to reveal segments for which separate models or appraiser assistance are desirable. The segmentational approach has been applied to a mass appraisal model based on the Random Forest algorithm.

Added: Oct 4, 2012
Article
Pokryshevskaya E. B., Antipov E. A. Economics Bulletin. 2015. Vol. 35. No. 1. P. 83-88.

In this paper we study the influence of superstitions related to numbers 13 and 7 on people's buying behavior in the apartment market. A unique feature of our methodology is that we use real sales data instead of survey or pricing data. Based on the dataset from Saint-Petersburg primary real estate market we compare the share of sold apartments on floor 7 with that of on floors 6 and 8, whereas floor 13 is benchmarked to floors 12 and 14. As floors are comprised by exactly the same apartments we manage to isolate the effects of the “lucky” and “unlucky” numbers. We have found a significantly negative effect of the 13th (“unlucky”) floor on demand for apartments in new apartment houses, but no significant positive effect of the 7th (“lucky”) floor. Possible implications of this result and directions for future research are discussed.

Added: Sep 28, 2015
Article
Dang H. H., Lokshin M. M., Abanokova K. Economics Bulletin. 2019. Vol. 39. No. 4. P. 2258-2274.

Very few studies currently exist on poverty adaptation to subjective well-being. We offer analysis on povertyadaptation for Russia, a middle-income country in transition, using panel data for 2001-2017. We found no povertyadaption for life satisfaction and subjective wealth, with longer poverty spells being associated with moredissatisfaction. Similar results hold for other outcomes including satisfaction with own economic conditions, workcontract, job, pay, and career, and for poverty defined using either absolute or relative thresholds. Some evidenceindicates that while those living in rural areas or born outside of Russia have similar levels of poverty adaptation forlife satisfaction, they may adapt less regarding subjective wealth. There is also some evidence that women may be lessadaptive than men, particularly for longer poverty duration

Added: Oct 30, 2019
Article
Krasilnikov A. A., Semenova M. Economics Bulletin. 2014. Vol. 34. No. 2. P. 718-733.

A number of researchers have studied the effect of social networks on student academic performance, but the results are not only contradictory but also limited by the use of self-reported estimations of social network use. This paper overcomes this problem, however, as we collect unique data on the real time spent by Russian students in the Vk.com social network. Our results suggest that time spent on the social network before an exam can significantly improve student performance on the exam. The time spent online, however, influences exam results indirectly via peer effects rather than directly. Accordingly, social networks cannot only bring joy, but they can also be a productive channel for exploiting peer effects if the students are connecting with bright and talented classmates.

Added: Apr 4, 2014
Article
Antipov E. A., Pokryshevskaya E. B. Economics Bulletin. 2014. Vol. 34. No. 4. P. 2368-2376.

In this study we demonstrate how publicly available data can be used to work out the indirect importance of various hotel attributes for their visitors. We apply Shapley value decomposition of the recommendation rate to compute the percentage contributions of various attributes to the overall loyalty, which helps us explain why some of Cyprus hotels have higher satisfaction ratings than the others. It appeared that satisfaction with gastronomy is the key driver of the overall satisfaction with Cyprus hotels. We conduct importance-performance analysis for one of the hotels to demonstrate a strategic management application of our empirical analysis. Directions for other potential studies using user-generated content are proposed.

Added: Mar 24, 2015
Article
Zhuravleva T. Economics Bulletin. 2013. Vol. 33. No. 3. P. 1991-2000.

Huge empirical literature suggests the strong positive relationship between economic growth and size of financial sector. We document that this relationship is not robust, while the efficiency of financial sector measured by interest rate spread is strongly related to current and subsequent economic growth.

Added: Oct 23, 2019
Article
Lakshina V. V., Silaev A. M. Economics Bulletin. 2016. Vol. 36. No. 4. P. 2368-2380.

The paper proposes the thorough investigation of in-sample and out-of-sample performance of five GARCH and two stochastic volatility models, estimated on the Russian financial data. The data includes prices of Aeroflot and Gazprom stocks and Ruble against US dollar exchange rates. In our analysis we use probability integral transform for in-sample comparison and Mincer-Zarnowitz regression along with classical forecast performance measures for out-of-sample comparison. Studying both the explanatory and the forecasting power of the considered models we came to the conclusion that stochastic volatility models perform equally or in some cases better than GARCH models.

Added: Dec 27, 2016
Article
Karpov A. V. Economics Bulletin. 2016. Vol. 36. No. 2. P. 1000-1009.

This paper justifies unequal health care quality in a model with two regions and patients differentiated by location and quality perception. There are two efficient regimes of health care quality provision. In the presence of high travel and quality provision costs, qualities should be equal. Reducing these costs results in unequal distribution of quality in effective solution. High health care inequality under a centralised solution is better for the majority of the population as well as for both regions, if the costs are sufficiently low. Market equilibrium implements an efficient solution only when there are high travel and quality provision costs.

Added: Jun 3, 2016
Article
Fridman A. Economics Bulletin. 2014. Vol. 34. No. 3. P. 1456-1462.
The paper investigates the efficient extraction path in a partial equilibrium model with exhaustible resource, the usage of which is characterized by return flows, and a backstop to analyze the sequence of the resource use. It is shown that in the presence of users with different return flow coefficients Herfindahl rule can be violated as the low-cost and the high-cost resources could be used simultaneously.
Added: Jul 24, 2014
Article
Sergey V. Popov. Economics Bulletin. 2015. Vol. 35. No. 4. P. 2482-2486.

Tenure-track contract is criticized for curbing the incentives for spending effort after obtaining the tenured status. Yet, the most productive faculty seems to work on a tenure contract, and schools who aim to employ the best faculty seem to prefer to offer tenure-track contracts to their new hires. I argue that tenure-track contracts are by construction more attractive to more able freshly minted PhDs, and therefore the observed sorting is rationalizable.

Added: Oct 27, 2020
Article
Skorobogatov A. Economics Bulletin. 2012. Vol. 32. No. 2. P. 1785-1796.

The paper examines an effect of the return to human capital on health behavior. An approach is assumed in the paper which implies that health is an investment good complimentary for human capital. The latter is treated as actual skills and knowledge yielding a bonus above earnings. We propose a model relating health demand to human capital. According to the model, human capital determines health behavior via the expected effect of health on the return to human capital. The main implication of the model is that the educated people will not much differ from those lacking any education with regard to health behavior if their education does not generate the bonus.

Added: Oct 7, 2012
Article
Marinakis K., Tsoulouhas T. Economics Bulletin. 2007. Vol. 4. No. 41. P. 1-9.

This paper compares relative performance evaluation via tournaments to absolute performance evaluation via piece rates when agents are heterogeneous ex post, to make the point that agent heterogeneity compromises the insurance function of tournaments. In particular, we show that the more heterogeneous agents are the less insurance can be offered through tournaments and the less dominant tournaments are over piece rates. Thus, absolute performance piece rates should be preferred when agents are highly heterogeneous. However, even with heterogeneous agents, tournaments become more desirable when the number of agents or the uncertainty about the common shock increases sufficiently/

Added: Jul 5, 2013
Article
Fridman A., Verbetsky A. Economics Bulletin. 2017. Vol. 37. No. 3. P. 2122-2132.

The paper proposes a model of strategic interaction of universities under dual tuition system used in Russia, where universities combine the state-financed enrollment provided for free with the enrollment in excess of state quota provided at paid basis. It is demonstrated that the impact of state-financed higher education expenditures on the education quality and tuition depends on the choice of the policy instrument: an increase in per student subsidy under the same total quota improves education quality and raises tuition fee while an increase in quota under the same per student allotment reduces both education quality and tuition fees. It is also demonstrated that both policies have positive impact on total enrollment but do not necessarily result in social welfare improvement.

Added: Sep 28, 2017
Article
Pokryshevskaya E. B., Antipov E. A. Economics Bulletin. 2015. Vol. 35. No. 2. P. 1292-1298.

In this paper we demonstrate how publicly available data from location-based social networks can be used to model the popularity of different places. Our empirical analysis is based on a sample of 112 shopping malls located in Saint- Petersburg, the second largest city in Russia. Regression models that explain various measures of shopping malls' popularity using the characteristics of a place are built. It appeared that the number of visitors, check-ins, tips and even the frequency of visit can be largely explained by the basic features of a shopping mall, while successful modeling of a place's user rating requires more detailed data. Combining the data on the features of places, text reviews and popularity indicators from social networks is a promising approach for building sales, traffic, satisfaction and loyalty projection models, which are especially useful in business planning.

Added: Sep 8, 2015