Some Russian universities provide to their students tuition fee discount conditioned on the academic achievement. The paper examines the impact of this type of financial aid on student performance. Support is provided in the form of discounts to the tuition fee: its amount for the first year of study depends on the admission test results and its extension to second year depends on the student’s academic achievement in the first year. Using regression discontinuity design and quantile regression, we show that financial aid stimulates the performance of those fee-paying students, who is in the upper part of the grade-point-average distribution.
The paper provides monetary estimates for Russia’s human capital. In its first part the two main methods for estimating the value of the stocks of human capital are discussed — cost based and income based, or the retrospective and prospective ones. Particular emphasis is placed upon the works by Jorgenson and Fraumeni (1989, 1992). Recently a lifetime income approach pioneered by Jorgenson and Fraumeni has been selected as the preferred methodology for the OECD Human Capital Project which made available monetary estimates of the stocks of human capital for 15 countries. A special section summarizes major findings of this Project and highlights its methodology which in the second part of the paper is used for estimating the value of human capital in Russia.
The paper examines the problem of legitimation of the privatization's outcomes in Russia and provides a critical appraisal of various political proposals for its resolution. The analysis proceeds from a distinction between two different types of ownership illegitimacy: definite and vague ones. The paper argues that the vague illegitimacy that has evolved in Russia is not an absolute obstacle for economic growth but rather an institutional birth trauma which is common for all post-socialist countries and which could be cured only by piecemeal approaching of relationships between strong and weak economic actors to principles of fair play.
This article studies the gender composition of corporate boards of Russian companies, including its relation to company performance. The analysis is based on a unique longitudinal dataset of virtually all Russian companies whose shares were traded on the stock market in 1998—2014. It shows a relatively small representation of women, just 12% of all the seats, while about 40% of the companies did not have any female director. At the same time, both the share of companies that appoint female directors and the share of female directors on boards show a clear upward trend. The econometric analysis suggests a positive link between the presence of female directors on boards and company performance, especially when firms appoint several, rather than one, female directors.
The article deals with the classification of institutions by the reporesentatives of modern Austrian economic school and its meaning for understanding the problems of development economics. The especially important role of institutional stickiness in the initially alien social environment is emphasized. Attention is drawn to the fact that the intention to impute progressive institutions in a backward country without adjustment to its endogenous institutions or changing the latter by formation of new beliefs may lead to their rejection. On this basis the modern Austrian school sees the economist not as an engineer, but as a researcher and beliefs affecting educator.
This article decomposes the perception of prices by Russian consumers. The data of in-depth interviews with economically active residents of Moscow demonstrates that the interpretation of price can be thematized according to four main areas: "not to be deceived," "it is not a poor person who checks prices, but a smart one," "people ‘like me’ buy at those prices," and "not every product can be bought without regard to the price." The study shows that Russian consumers are more and more artfully mastering the grammar of the market price. Prudence in relation to prices and expenses is obtaining its own place among the cultural values in Russia where the ability to prodigious waste as an indicator of social success had been prevailing.
Using the cross-country ESS (2008) data file, the author explores welfare attitudes of population of European countries. The paper argues that expectations associated with the social policy and willingness to accept higher taxation in order to receive more benefits as well as the gap between these two depend on institutional characteristics of the countries. Poor institutions feed corruption and fiscal illusion, therefore generating misperceptions and free rider behavior.