• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site
Of all publications in the section: 122
Sort:
by name
by year
Working paper
Levando D. V. Economics/EC. WP BRP. Высшая школа экономики, 2017. No. WP BRP 157/EC/2017 .
The paper defines a family of nested non-cooperative simultaneous finite games to study coalition structure formation with intra and inter-coalition externalities. The novelties of the paper are: a definition of every games embeds a coalition structure formation mechanism. Every game has two outcomes - an allocation of players over coalitions and a payoff profile for every player. The family is parametrized by a maximum coalition size in every coalition structure (a partition) in a game. For every partition a player has a partition-specific set of strategies.  The mechanism portions a set of strategies of the game (a Cartesian product) into partition-specific strategy domains, what makes every partition to be itself a non-cooperative game with partition-specific payoffs for every player. Payoffs are assigned separately for every partition and are independent from the mechanism. Every game in the family has an equilibrium in mixed strategies. The equilibrium can generate more than one coalition and encompasses intra and inter group externalities, what makes it different from the Shapley value. Presence of individual payoff allocation makes it different from a strong Nash, coalition-proof equilibrium, and some other equilibrium concepts.  The paper demonstrate some applications of the proposed toolkit: for non-cooperative fundamentals of cooperation in a coalition, Bayesian game, stochastic games and construction of a non-cooperative criterion of coalition structure stability.
Added: Feb 3, 2017
Working paper
Rudakov V., Prakhov I. Economics/EC. WP BRP. Высшая школа экономики, 2019. No. 208/EC/2019.
For several years, the Russian system of higher education had been undergoing massive transformations related to the enhancement of the global competitiveness of the national academic sector. The introduction of research-oriented universities and the transition to incentive contracts are the main elements of the reform. In this article we show how these institutional changes contribute to reducing the problem of gender inequality in academia. Based on comprehensive data from a Russian faculty survey (MEMO), it is found that there are considerable differences in gender wage inequality by university status: female faculty earn significantly lower salaries in ordinary universities, but there are no gender differences in pay in research-oriented universities, which are most actively transitioning to incentive remuneration schemes. Female faculty experience vertical segregation: women are less likely to achieve senior positions in university hierarchies. We also found indirect evidence of women’s self-selection for lower-paid positions: female faculty are less likely to achieve advanced degrees and to have research publications.  Overall, the study shows that male faculty earns 8.7% higher salaries than female counterparts after controlling for all observable characteristics. Oaxaca decomposition showed that 53% of the gender wage gap can be explained by observable characteristics, while the rest can be attributed to discrimination, self-selection or unobservable factors. In the absence of discrimination, male faculty should earn 10% higher salaries, but due to discrimination and unobservable factors, male faculty, on average, earn 18.7% more. However, the gender wage gap in academia is considerably below the national average: women earned on average around 80% of male salaries in academic sector, while in the whole Russian economy women earned around 70% of men’s wages.
Added: Jan 22, 2019
Working paper
Osharin A., Verbus V. A. Economics/EC. WP BRP. Высшая школа экономики, 2016. No. WP BRP 131/EC/2016 .
The paper considers a two-country trade model of monopolistic competition featuring the heterogeneity of consumer preferences both within and across countries. The incorporation of heterogeneity into a traditional monopolistic competition setting is achieved by assuming different elasticities of substitution in the CES utility function for different consumers. The proposed setup expands on the traditional model of trade by demonstrating a richer set of country specific effects. The key question analysed in the paper is how consumer heterogeneity and trade liberalization affect markups and wages in different countries. Unlike the canonical CES-model of trade, where markups in different countries are constant and identical to each other, our model, by taking consumer heterogeneity into account, provides different markups across countries, incorporating both heterogeneity and trade specifics. The model also predicts that the larger of two countries engaged in costly trade may have a wage rate higher than, lower than or equal to that of the smaller one, depending on the general equilibrium conditions. This finding is in contrast to that of the canonical setting, where the larger country under costly trade always has a higher wage rate.
Added: Apr 1, 2016
Working paper
Kholodilin K., Максимова М. А. Economics/EC. WP BRP. Высшая школа экономики, 2019. No. 212.
This study focuses on the ground transportation system and its impact on the rents in 30 of Russia's largest cities. It also compares the effect with subway transit networks. The data set includes rent information from an all-Russia online advertisement website Avito and various measures of proximity to the public transit network stops (including subways for cities with them). The analysis is conducted using linear hedonic models. The results show that the ground transportation proximity is important for housing rent formation in both cities with and without subways, although the effect for subway stations is greater in comparison. Nevertheless, the benefits of a denser ground transportation system are high and stable, whereas the distance to the closest bus stop and the number within the walking distance are important solely for cities with a subway system and without it, respectively.
Added: Feb 14, 2019
Working paper
Egorov A., Agasisti T., Serebrennikov P. Economics/EC. WP BRP. Высшая школа экономики, 2020. No. 238.
This paper explores the black box behind efficiency measurements in higher education and define the determinants of university efficiency. Particularly, it investigates how the efficiency of universities is affected by the characteristics of the territory in which they operate. We propose an analysis that combines two perspectives: 1) the resource dependence theory, suggesting that the location of university can determine the amount of resources available to it; 2) institutional isomorphism, according to which the characteristics of other higher education institutions located in the same area may shape the university production function and the efficiency of its operations. In order to test this framework we use the data on Russian universities and non-parametric conditional order-m efficiency estimator with two categories of exogenous variables. The first group includes the social, economic and cultural characteristics of the region where the university is located. The second set includes the characteristics of other higher education institutions located in the same region. Our findings highlight that the managerial efficiency of universities is strongly associated with the characteristics of the environment in which they operate
Added: Dec 15, 2020
Working paper
Ivanova Vera. Economics/EC. WP BRP. Высшая школа экономики, 2015. No. WP BRP 120/EC/2015.
Existing empirical work on the growth of Russian regions mostly covers a short time period and considers only regional-level data, while city-level spatial data of the post-reform era remain largely ignored. Using city-level geo-coded data covering 997 cities and towns from 1996 until 2013, I find sigma- and beta-convergence across Russian cities in wages. City wages during the period under consideration display significant and positive spatial autocorrelation. Spatial Durbin models of the Barro regression are estimated using Markov chain Monte Carlo methodology. Estimates of the spatial models for different weight matrices indicate that the city wage growth is significantly affected by wage growth rates in neighboring cities, after conditioning on initial wages.
Added: Jan 23, 2016
Working paper
Porshnev A., Redkin I. E., Shevchenko A. V. Economics/EC. WP BRP. Высшая школа экономики, 2013. No. 22.
In our paper, we analyze the possibility of improving the prediction of stock market indicators by conducting a sentiment analysis of Twitter posts. We use a dictionary-based approach for sentiment analysis, which allows us to distinguish eight basic emotions in the tweets of users. We compare the results of applying the Support Vector Machine algorithm trained on three sets of data: historical data, historical and “Worry”, “Fear”, “Hope” words count data, historical data and data on the present eight categories of emotions. Our results suggest that the Twitter sentiment analysis data provides additional information and improves prediction as compared to a model based solely on information on previous shifts in stock indicators.
Added: Dec 25, 2013
Working paper
Balsevich A. A., Podkolzina E. Economics/EC. WP BRP. Высшая школа экономики, 2014. No. WP BRP 76/EC/2014.
Corruption is widely spread across the world and is believed to affect economic growth negatively. It is most persistent in the developing countries. Russian economy is not an exception. Significant losses are also reported in public procurement in Russia due to corruption. Unfortunately, to measure corruption is very challenging. In this paper, using the data on procurement in one of the Russian regions as an example, we suggest and discuss different indicators of corruption that might have taken place during the procurement process. We also provide some preliminary estimates of how corruption influences the results of public procurement in this region.
Added: Nov 27, 2014
Working paper
Kichko S. Economics/EC. WP BRP. Высшая школа экономики, 2017
We derive a simple necessary and sufficient condition on preferences for the market outcome to be socially optimal under monopolistic competition with input-output (IO) linkages. Preferences that satisfy this condition are typically non-CES and display pro-competitive effects, although they converge to the CES when IO linkages become negligibly weak. We show that the equilibrium with pro-competitive effects may deliver both excessive and insufficient entry of firms in equilibrium.
Added: Jun 2, 2017
Working paper
Menyashev R., Natkhov T., Яновский К. Э. Economics/EC. WP BRP. Высшая школа экономики, 2013. No. WP BRP 47/EC/2013 .
The ratings of political institutions are well-known and widely used in academic literature. These ratings are mostly based on expert evaluations. However, such evaluations can be subjective and occasionally driven by ideological considerations. In this paper we propose two new indicators of institutional quality for 154 countries. These indicators are constructed in a way that minimizes the subjectivity of the evaluations. Only the presence or absence of a particular institutional phenomenon is identified. This puts much less weight on possible bias and makes easy to verify. We show that these indices predict economic growth better than those commonly used, primarily because they include information about institutions that has been accumulated over a period of approximately two centuries.
Added: Jan 17, 2014
Working paper
Kossova T. V., Kossova E. V., Sheluntcova M. Economics/EC. WP BRP. Высшая школа экономики, 2014. No. WP BRP 82/EC/2014.
This paper aims to investigate differences in the volume and structure of alcohol consumption and then to reveal the impact of alcohol consumption on life expectancy in Russian regions. We consider the contribution of different product to the dynamics of consuming absolute alcohol. Necessary data were collected from the Federal State Statistics Service of Russia from 2008 to 2012. Data on the volume of regional alcohol sales in liters were used as proxy variables because of the shortage of regionally divided statistical data on alcohol consumption. The data on absolute alcohol consumption in each region were obtained from the weighted-average share of spirits in each kind of alcoholic product considered. We estimate panel data models and reveal macroeconomic determinants of alcohol consumption that reflect economic development of regions, living standards, unemployment and degree of urbanization. We find strong positive relationship between alcohol consumption and mortality from external causes and negative with life expectancy in Russian regions. Results are valid for both male and female population.
Added: Dec 17, 2014
Working paper
Pestova A. Economics/EC. WP BRP. Высшая школа экономики, 2015. No. WP BRP 94/EC/2015.
In this paper, I develop the leading indicators of the business cycle turning points exploiting the quarterly panel dataset comprising OECD countries and Russia over the 1980-2013 period. Contrasting to the previous studies, I combine data on OECD countries and Russia into a single dataset and develop universal models suitable for the entire sample with a quality of predictions comparable to the analogues of single-country models. On the basis of conventional dynamic discrete dependent variable framework I estimate the business cycle leading indicator models at different forecasting horizons (from one to four quarters). The results demonstrate that there is a trade-off between forecasting accuracy and the earliness of the recession signal. Best predictions are achieved for the model with one quarter lag (approximately 94% of the observations were correctly classified with a noise-to-signal ratio of 7%). However, even the model with the four quarter lags correctly predicts more than 80% of recessions with the noise-to-signal ratio of 25% can be useful for the policy analysis. I also reveal significant gains of accounting for the credit market variables when forecasting recessions at the long horizons (four quarter lag) as their use leads to a significant reduction of the noise-to-signal ratio of the model. I propose using the “optimal” cut-off threshold of the binary models based on the minimization of regulator loss function arising from different types of wrong classification. I show that this optimal threshold improves model forecasts as compared to other exogenous thresholds.
Added: May 5, 2015
Working paper
Igor A. Bykadorov, Gorn A. A., Kokovin S. G. et al. Economics/EC. WP BRP. Высшая школа экономики, 2014. No. 61.
Studying the standard monopolistic competition model with unspecified utility/cost functions, we find necessary and sufficient conditions on the function elasticities, when an expanding market or trade incur welfare losses. Two numerical examples explain why: either excessive or insufficient entry of firms is aggravated by market growth. The variable marginal cost enforces the harmful effect. Still harm looks practically improbable.
Added: Oct 18, 2014
Working paper
Kravtsova M., Oshchepkov A. Y. Economics/EC. WP BRP. Высшая школа экономики, 2019. No. 209.
Economists tend to reduce all corruption to impersonal market-like transactions, ignoring the role of social ties in shaping corruption. In this paper, we show that this simplification substantially limits the understanding of corruption. We distinguish between market corruption (impersonal bribery), and network (or parochial) corruption which is conditional on the social connections between bureaucrats and private agents. We argue, both theoretically and empirically, that these types of corruption have different qualities. Using data from the Life in Transition Survey (LiTS) which covers all post-socialist countries we show, first, that the correlation between market and network corruption is weak, which implies that ignoring network corruption leads not only to an underestimation of the overall scale of corruption but also biases national corruption rankings. Secondly, in line with theoretical expectations, we find that network corruption is more persistent over time, less related to contemporary national socio-economic and institutional characteristics and has stronger historical roots than market corruption. Yet, network corruption, unlike bribery, is not able to ‘grease the wheels’ and is not associated with political instability. Lastly, we show that the decline in bribery which was observed in almost all post-socialist countries in the period from 2010 to 2016 was accompanied by rising network corruption in many of them, which has important policy implications.
Added: Jan 30, 2019
Working paper
Muravyev A., Oshchepkov A. Y. Economics/EC. WP BRP. Высшая школа экономики, 2013
This paper revisits the effect of minimum wages on employment by taking advantage of a unique institutional setting and data from Russia. The main strength of the paper is the use, for identification purposes, of the large variation in labor market outcomes as well as in the minimum wage across the 89 regions (states) over 10 years, from 2001 to 2010. The study relies on the standard methodology introduced by Neumark and Wascher, in which various labor market outcomes at the regional level are related to the relative minimum wage (captured by the Kaitz index) in the panel setting. We find adverse effects of the minimum wage on young workers in the form of higher unemployment among those aged 16-24. There are also signs that minimum wage hikes lead to higher unemployment in the general population, but the effect is small. Our analysis also suggests that higher minimum wages lead to an increase in the share of workers employed in the informal sector.
Added: Apr 24, 2013
Working paper
Арзамасов В. Ю., Penikas H. I. Economics/EC. WP BRP. Высшая школа экономики, 2014. No. WP BRP 75/EC/2014.
The recent global financial crisis significantly affected world economies and revealed a problem of the clear financial stability measures absence. The construction of an integral index is highly desirable to track the financial stability level over time and diminish the probability of financial instability through the recognition of its sources. The novelty of the current research is that such an index is being built for various countries at the same time and the quantitative measures are being introduced to select the best model by comparing the behavior of different models with the benchmark. It was shown that data non-stationarity plays a significant role in the best predictors’ selection. Therefore, the best model is that built on the first differences of initial indicators. The best model contains “Return on Assets” and “Regulatory Capital to Risk-Weighted Assets” as financial stability predictors
Added: Nov 28, 2014
Working paper
Shulgin A. G. Economics/EC. WP BRP. Высшая школа экономики, 2015. No. WP BRP 103/EC/2015.
Stabilizing monetary policy in small open economy is constrained by the open economy trilemma. In a crisis this constraint may not allow Central Bank to cut interest rate because it may cause huge capital flight and subsequent problems. In this paper we investigate whether performed by Central Bank rationing of credit at official rate may soften open economy trilemma constraint and improve results of monetary policy for different monetary regimes. We construct the DSGE model appropriate for analyzing forward-looking behavior of households facing nonzero probability of credit rationing at official rate. Simulation of estimated on Russian data model and welfare optimization exercises allow to make contribution to the question of optimal monetary regime choice and to analyze the role of credit rationing for different monetary regimes. We have found significant credit rationing in quarterly Russian data of 2001-2014. The shares of liquidity constrained (non-Ricardian) household and probability of rationing credit at official rate are estimated as 22% and 66% respectively. Welfare maximization exercises reveal tradeoff between low-inflation and high-welfare solutions and witness in favor of floating exchange rate regime. Researching of credit rationing at official rate gives mixed result. On the one hand we have found optimal value of probability of rationing credit at official rate in both exchange rate-based and Taylor rule-based models. On the other hand resulting improvement in welfare is very small.
Added: Oct 22, 2015
Working paper
Oshchepkov A. Y., Shirokanova A. Economics/EC. WP BRP. Высшая школа экономики, 2020. No. 233.
Multilevel modeling (MLM, also known as hierarchical linear modeling, HLM) is a methodological frameworkwidely usedin the social sciences to analyze data with a hierarchical structure,where lower units of aggregation are ‘nested’ in higher units, including longitudinal data.In economics, however, MLM is usedvery rarely.Instead, economists use separate econometric techniques including cluster-robust standard errors and fixedeffects models. In this paper, we reviewthe methodological literature and contrast the econometrictechniques typically used in economics with the analysis ofhierarchical data using MLM. Ourreview suggests that economic techniques are generally lessconvenient, flexible, and efficientcompared to MLM. Theimportant limitation of MLM, however, isits inability to deal with the omitted variable problem at the lowest level of data, while standard economic techniques may be complemented by quasi-experimental methods mitigatingthis problem.It is unlikely, though, that this limitation can explain and justify the rare use of MLM in economics.Overall, we conclude that MLM has been unreasonably ignored in economics,and we encourage economists to apply this frameworkbyproviding ‘when and how’ guidelines.
Added: Oct 10, 2017
Working paper
Pilnik N., Pospelov I. G., Stankevich I. Economics/EC. WP BRP. Высшая школа экономики, 2015. No. WP BRP 111/EC/2015.
This paper proposes a method for a multiproduct model decomposition of GDP components by expenditure which allows the use of several different price indices in the same model. The decomposition does not link the products to imports or exports, therefore, it imposes no restrictions on the behaviour of these series and their deflators. The theoretical reasoning, the estimation methodology and the estimation results for Russian GDP data are presented. A method of the decomposition of changes in inventories is also presented.
Added: Nov 23, 2015
Working paper
Gonchar K. R., Marek P. Economics/EC. WP BRP. Высшая школа экономики, 2013. No. 26/EC/2013.
This paper conducts an empirical study of the factors that affect the spatial distribution of foreign direct investment (FDI) across regions in Russia; in particular, this paper is concerned with those regions that are endowed with natural resources and market-related benefits. Our analysis employs data on Russian firms with a foreign investor during the 2000-2009 period and linked regional statistics in the conditional logit model. The main findings are threefold. First, we conclude that one theory alone is not able to explain the geographical pattern of foreign investments in Russia. A combination of determinants is at work; market-related factors and the availability of natural resources are important factors in attracting FDI. The relative importance of natural resources seems to grow over time, despite shocks associated with events such as the Yukos trial. Second, existing agglomeration economies encourage foreign investors by means of forces generated simultaneously by sector-specific and inter-sectoral externalities. Third, the findings imply that service-oriented FDI co-locates with extraction industries in resource-endowed regions. The results are robust when Moscow is excluded and for subsamples including only Greenfield investments or both Greenfield investments and mergers and acquisitions (M&A).
Added: Mar 25, 2013
Working paper
Alexeev M., Chernyavskiy A. Economics/EC. WP BRP. Высшая школа экономики, 2014
We examine the impact of natural resources on economic growth in Russia’s regions since the introduction of the mineral tax in 2002. Using novel measures of natural resource rents produced in, but not necessarily appropriated by the regions (mineral tax collections), we demonstrate that mineral wealth has not significantly affected regional economic growth since 2002, although mineral-rich regions are significantly richer than the other regions. These results are contrary to the “resource curse” hypothesis. The absence of growth benefits to resource-endowed regions, however, is also at odds with the clearly beneficial impact of natural resources on the economic growth of t the country as a whole. We conclude that the Russian central government was successful in taxing away incremental regional resource rents during 2002-2011, but the regions preserved their pre-2002 benefits derived from mineral wealth.
Added: Jun 9, 2014