The majority of social and economic interactions take place between people of different social status. Age, position, income and other factors affect the way people evaluate their position in the society. We investigate how self-estimation of the social status is formed when an individual participates in an economic experimental game. In our experiment subjects are set in pairs and play consequently the dictator game, the trust game and the labor market (contract) game. After each game we measure their subjective socioeconomic status using two different scales. We show that participation in the dictator game affects the perception of one’s social status to the greatest extent: the status of dictators is higher than the status of recipients. Prescription of roles in other games does not have such an effect. Active behavior, gender, income, etc. also affect the subjective status.
We describe the current situation in Russian economy concerning import substitution in the industry as a whole and in different economic activities. Three phases of the import substitution process are detected. Before the external shock of the mid—2014, there was a moderate import substitution accompanied by output growth. Then, the economy adapted to the shock quickly (turbulent import substitution). After the adaptation phase, import substitution stopped despite the continued weakening of the ruble (import dependence stabilization). The most intensive import substitution was observed in manufacturing of food products, transport equipment, metals and metal products. However, most industries experienced virtually no import substitution: for most cases, a significant drop in imports in physical terms was not accompanied by the corresponding drop in value terms. We provide preliminary estimations of the prospects of import substitution by industries that account for both relevance and potential of import substitution. The relevance of import substitution (relative level of import dependence) was calculated as the share of imports of a commodity in Russian GDP relative to the world share. Import substitution potential was obtained from the modified Hausmann–Klinger approach that accounts for the world trade patterns in the form of links between commodities and input coefficients for the corresponding industries from the Input-Output table. Our preliminary estimations show that both the need for import substitution and the ability to replace imports exist in agriculture and manufacturing of food products, several machinery industries, manufacturing of footwear, paints and varnishes, cleaning preparations and perfumes.
In the 21st century intellectual capital (IC) is considered as a source of competitive advantages and as a factor increasing the enterprise value. The question about the significance of IC for reducing the cost of debt in the Russian market is still open. Our paper is devoted to the identification of the process and innovative IC indicators signalizing financial benefits. We consider the transparent and market element of debt – corporate bonds outstanding. The sample consists of 299 observations on 93 Russian companies of the non-financial sector in the period from 2010 to 2015. We use the method of regression analysis on the unbalanced panel. Our empirical research showed that firms have an opportunity to reduce the cost of debt by increasing elements of IC. IC elements affect the cost of publicly traded debt differently. The following factors have a significant impact on bond yields: indicators of intangible assets, R&D expenses, the composition of a team of managers, the size of the Board of directors. Possession of intangible assets and an increase in the number of patents raises yields of quoted corporate bonds. Existence of R&D for Russian companies is a positive signal for creditors – yields of corporate bonds decline. The original conclusion of our study – sole executive body leads to an increase in the cost of public debt. The greater size of the Board of directors contributes to the development of a balanced strategy and is recognized by market investors: yields of outstanding corporate bonds become lower.
This paper presents the game-theoretic model of production and conflict (rent-seeking). It attempts to explain the empirically observed non monotonous relationship between, on the one hand, the rent-seeking intensity and, on the other hand, heterogeneity in asset ownership and quality of property rights protection. We show that there exists an “inverted-U” relationship between the aggregate expenditures on rent-seeking and institutional quality: gradual improvement in the quality of property rights may first lead to more intense rent-seeking, which de escalates after institutions develop beyond certain threshold level. Depending on the level of institutional quality, a movement towards more uniform distribution of assets can exercise both negative influence on economic growth and positive – on the intensity of conflict. We use the obtained results to interpret the historical cases of positive correlation between growth and rentseeking (developing countries in Asia in the second half of 20th century), and characterize the more and less favorable (in terms of rent-seeking costs) distributions of assets.
The paper summarizes the studies on the mechanisms of Russian labor market. The subjects under consideration include unemployment and wages formation, relationship between key labor market variables and inflation, and labor market adjustment to negative shocks. We demonstrate that the general feature of Russian labor market isits high flexibility, which showsitself a gradual decline of the NAIRU level, high elasticity of real wages by unemployment rate, rapid return to full employment after negative external shocks. Problems rooted in the labor market are specified (primarily declining labor supply and increasing labor share in GDP), their neglect can become a major impediment for economic growth if forceful measures based on the earlier and future research findings are not taken.
Appeals to foster and more frequently publish papers focusing on distinctive features of Russian economy are not so much convincing in the context of the criteria characteristic of academic research per se but in view of the potential contribution of such works to a more rational economic policy-making. As a rule, however, for this contribution to be genuine and substantial, the outcomes of various studies should not only be summarized. They should be aggregated in a complex manner combining knowledge and intuition. This is achieved through specific intellectual practices, namely expert activities. Careful management of both expert activities and the interaction/ communications among experts and researchers are crucially important. The presence of expert contributions in academic journals can be a useful, although a minor aspect of such interaction. However at present, the integration (connection, mutual effect, integration) of research and expert papers on Russian economy is not regular and effective. Under these circumstances, academic journals can play relatively more significant role in the development of a common language, bringing closer the agendas and joining the efforts. Experience has shown that this task is difficult but not insurmountable.
It is the text of the lecture given to the students of the State University Higher School of Economics on April 10, 2008. Two problems are discussed: how to write thesis and how to write articles.
This article suggested method of probability estimation of defaults in the retail. This method is based on the clustering of borrowers depending on the level of credit risk and satisfying international standards of credit risk. Performed testing methodology on the example of some regions of the Siberian Federal District, identified the essential features of the behavior of borrowers in the regions. Calculated the ratings of the regions in terms of probability of defaults on consumer loans (retail).
Higher education is valued as a source of skills and knowledge, and also as means to signal а talent of degree holders. The second of these benefits, unlike the first one, could survive a decline of academic standards. A model of post-secondary education is considered where there are two categories of universities - mass and elite, and their separation is maintained by collective reputation. The model produces an equilibrium in which the university system can still be used for signaling but makes no contribution to the human capital accumulation. The model describes the outcomes of the recent transformation of the Russian university system which was driven primarily by the profit-seeking motives and witnessed precipitous drop of the quality of post-secondary education in both mass and elite segments. That model can also be used to assess policy reforms intended to make higher education more accessible and strengthen incentives for quality.
We study competition between two shopping places: a shopping street, which accommodates many independent small shops, and a large shopping center. The approach we propose in this paper combines the features of spatial competition models and monopolistic competition models. Consumers can shop at any of the shopping places (or at both), as well as choose how much of each variety to purchase. We find that the equilibrium is shaped by interaction of two opposite effects: the market expansion effect (which arises because a shopping center becomes more appealing for consumers when its size increases) and the standard competition effect. Firms’ profits increase (decrease) in response to entry of new competitors to the shopping street if and only if the former (latter) effect is a dominant one. We also show that the shopping street cannot be arbitrarily small under free entry and exit of shops and under a given size of the shopping center. However, the shopping street can abruptly vanish when the shopping center gets sufficiently large.
The article studies the project of the founding of the Econometric society and its implementation in 1930’s in the context of the development of economic and statistical thought in the first third of the 20th century and its relation to the Keynesian revolution which began at that time. According to the idea of the Society’s 28 We express our sincere gratitude to the reviewers and V.M. Polterovich for their interest in our work, constructive criticism and valuable advice. Е. В. Белянова, Н. А. Макашева Журнал НЭА, № 3 (47), 2020, с. 158–177 177 founding fathers it ought to become a driving force in the process of the purposeful reconstruction of economic science in the most promising direction, that meant, from their viewpoint, its advancement towards mathematization and quantification, and implementation of the verification principle in economic theory. Realization of that goal implied joint efforts of representatives of the relevant disciplines from different countries. This unique project embodied views of a relatively small group of scientists on scientific knowledge not shared by the majority of economists of the time. On the other hand it reflected objective trends that had developed in economic science by mid–1920s, therefore the founding of the Econometric Society as well as activities of its members significantly influenced the trajectory of the development of economic science in the post-war period.
The paper describes dynamics of ownership concentration in Russian manufacturing, and factors of the dynamics against the background of economic growth of 2000s. The first signs of stock ownership de-concentration in some companies during 2005-2009 were revealed. Empirical analysis of determinants of changes in concentration was implemented. Significant positive factors of this decline are companies' entry to securities markets, their work in competitive environment, and share of foreign investors. Negative influence of propensity to future investments and of the share of Russian owners was also found out. The study is based on the data of two rounds of monitoring of about 1000 large and medium-sized companies conducted by the Institute for Industrial and Market Studies from HSE in 2005 and 2009. Binary and ordinal regression models were used.