Do market conditions affect gift exchange? Evidence from experimental markets with excess supply and excess demand

We study whether people's behavior in unbalanced gift exchange markets with repeated interaction are affected by whether they are on the excess supply side or the excess demand side of the market. Our analysis is based on the comparison of behavior between two types of experimental gift exchange markets, which vary only with respect to whether first or second movers are on the long side of the market. The direction of market imbalance could influence subjects' behavior, as second movers (workers) might react differently to favorable actions by first movers (firms) in the two cases. While our data show strong deviations from the standard game-theoretic prediction, we find mainly secondary treatment effects. Wage offers are not higher when there is an excess supply of firms, and workers do not respond more favorably to a given wage when there is an excess supply of labor. The state of competition does not appear to have strong effects in our data. We also present data from single-period sessions that show substantial gift exchange even without repeated interactions.

Do market conditions affect preferences? Evidence from experimental markets with excess supply and excess demand

We study whether people's preferences in an unbalanced market are affected by whether they are on the excess supply side or the excess demand side of the market. Our analysis is based on the comparison of behavior between two types of experimental gift exchange markets, which vary only with respect to whether first or second movers are on the long side of the market. The direction of market imbalance could influence subjects' motivation, as second movers, workers, might react differently to favorable actions by first movers, firms, in the two cases. Our data show strong deviations from the standard game-theoretic prediction. However, we only find secondary treatment effects. First movers are not more generous when they are in excess supply and second movers do not respond less favorably when they are in excess demand. Competition has only minor psychological effects in our data.

Salience and consumer choice

We present a theory of context-dependent choice in which a consumer's attention is drawnto salient attributes of goods, such as quality or price. An attribute is salient for a good when itstands out among the good's attributes, relative to that attribute's average level in the choice set (orgenerally, the evoked set). Consumers attach disproportionately high weight to salient attributesand their choices are tilted toward goods with higher quality/price ratios. The model accounts fora variety of disparate evidence, including decoy effects, context-dependent willingness to pay, andlarge shifts in demand in response to price shocks.

Trimestralización y conciliación de magnitudes económicas : una ampliación del método Chow-Lin

Una de las herramientas estadísticas más importantes para el seguimiento y análisis de la evolución de la actividad económica a corto plazo es la disponibilidad de estimaciones de la evolución trimestral de los componentes del PIB, en lo que afecta tanto a la oferta como a la demanda. La necesidad de disponer de esta información con un retraso temporal reducido hace imprescindible la utilización de métodos de trimestralización que permitan desagregar la información anual a trimestral. El método más aplicado, puesto que permite resolver este problema de manera muy elegante bajo un enfoque estadístico de estimador óptimo, es el método de Chow-Lin. Pero este método no garantiza que las estimaciones trimestrales del PIB en lo que respecta a la oferta y a la demanda coincidan, haciendo necesaria la aplicación posterior de algún método de conciliación. En este trabajo se desarrolla una ampliación multivariante del método de Chow-Lin que permite resolver el problema de la estimación de los valores trimestrales de manera óptima, sujeta a un conjunto de restricciones. Una de las aplicaciones potenciales de este método, que hemos denominado método de Chow-Lin restringido, es precisamente la estimación conjunta de valores trimestrales para cada uno de los componentes del PIB en lo que afecta tanto a la demanda como a la oferta condicionada a que ambas estimaciones trimestrales del PIB sean iguales, evitando así la necesidad de aplicar posteriormente métodos de conciliación

Discounting Arduousness

[cat] Hi ha una literatura creixent que considera desviacions del descompte exponencial estàndar. En aquest article combinem preferències temporalment inconsistents (descompte no constant) amb preferències recursives. Aquest formalisme l’apliquem a les propietats relatives a la demanda del que anomenem bens ardus. La justificació del descompte no estàndar proposat ve donada pel fet que la producció i el consum no són separables per a aquest tipus de bens. L’esforç implica que els individus descompten el consum d’aquests bens d’una manera especial, amb la presència de preferències esbiaixades i d’un ajustament recursiu dinàmic. D’aquesta manera, la voluntat de realitzar un esforç, caracteritzada per un factor de descompte, resulta endògena.

Trimestralización y conciliación de magnitudes económicas : una ampliación del método Chow-Lin

Una de las herramientas estadísticas más importantes para el seguimiento y análisis de la evolución de la actividad económica a corto plazo es la disponibilidad de estimaciones de la evolución trimestral de los componentes del PIB, en lo que afecta tanto a la oferta como a la demanda. La necesidad de disponer de esta información con un retraso temporal reducido hace imprescindible la utilización de métodos de trimestralización que permitan desagregar la información anual a trimestral. El método más aplicado, puesto que permite resolver este problema de manera muy elegante bajo un enfoque estadístico de estimador óptimo, es el método de Chow-Lin. Pero este método no garantiza que las estimaciones trimestrales del PIB en lo que respecta a la oferta y a la demanda coincidan, haciendo necesaria la aplicación posterior de algún método de conciliación. En este trabajo se desarrolla una ampliación multivariante del método de Chow-Lin que permite resolver el problema de la estimación de los valores trimestrales de manera óptima, sujeta a un conjunto de restricciones. Una de las aplicaciones potenciales de este método, que hemos denominado método de Chow-Lin restringido, es precisamente la estimación conjunta de valores trimestrales para cada uno de los componentes del PIB en lo que afecta tanto a la demanda como a la oferta condicionada a que ambas estimaciones trimestrales del PIB sean iguales, evitando así la necesidad de aplicar posteriormente métodos de conciliación

Discounting Arduousness

[cat] Hi ha una literatura creixent que considera desviacions del descompte exponencial estàndar. En aquest article combinem preferències temporalment inconsistents (descompte no constant) amb preferències recursives. Aquest formalisme l’apliquem a les propietats relatives a la demanda del que anomenem bens ardus. La justificació del descompte no estàndar proposat ve donada pel fet que la producció i el consum no són separables per a aquest tipus de bens. L’esforç implica que els individus descompten el consum d’aquests bens d’una manera especial, amb la presència de preferències esbiaixades i d’un ajustament recursiu dinàmic. D’aquesta manera, la voluntat de realitzar un esforç, caracteritzada per un factor de descompte, resulta endògena.

Are we wasting our talent? Overqualification and overskilling among PhD graduates

Drawing on a very rich data set from a recent cohort of PhD graduates, we examine the correlates and consequences of qualification and skills mismatch. We show that job characteristics such as the economic sector and the main activity at work play a fundamental direct role in explaining the probability of being well matched. However, the effect of academic attributes seems to be mainly indirect, since it disappears once we control for the full set of work characteristics. We detected a significant earnings penalty for those who are both overqualified and overskilled and also showed that being mismatched reduces job satisfaction, especially for those whose skills are underutilized. Overall, the problem of mismatch among PhD graduates is closely related to demand-side constraints of the labor market. Increasing the supply of adequate jobs and broadening the skills PhD students acquire during training should be explored as possible responses.

Innovación socioeducativa para el apoyo de adolescentes en situación de acogimiento familiar

Este artículo presenta los resultados de la investigación sobre los adolescentes acogidos en familias extensas. Este proyecto se sitúa en la investigación cooperativa. La muestra está compuesta por 57 jóvenes acogidos y 79 técnicos expertos en protección de la infancia de ocho regiones españolas. Los resultados indican que los jóvenes acogidos tienen deseos diferenciales que demandan una respuesta específica que hemos concretado en la creación del «programa de apoyo para adolescentes de acogida». A continuación se mostrarán las principales características de este programa; se hará, también, una reflexión sobre sus aspectos fundamentales, es decir, la ayuda a los técnicos para que ellos puedan obtener un nuevo recurso de formación e intervención grupal introduciendo como método la promoción de la resiliencia.

The determinants of capital intensity in Japan and the U.S

We estimate the determinants of capital intensity in Japan and the US, characterized by striking different paths. We augment an otherwise standard Constant Elasticity of Substitution (CES) model with demand-side considerations, which we find especially relevant in the US. In this augmented setting, the elasticity of substitution between capital and labor is placed around 0.85 in Japan, and 0.30 in the US. We also find evidence of biased technical change, which is capital-saving in Japan but labor-saving in the US. These differences help us explain the diverse experience in the capital deepening process of these economies, and lead us to conclude that demand-side drivers may also be relevant to account for different growth experiences. A close look at the nature of technological change is also needed before designing one-size-fits-all industrial, economic growth, and/or labor market policies.

Transplanted beta cell response to increased metabolic demand. Changes in beta cell replication and mass

We determined the capacity of transplanted beta cells to modify their replication and mass when stimulated by changes in metabolic demand. Five groups of Lewis rats were studied: group 1 (Tx-Px) had a 95% pancreatectomy 14 d after transplantation of 500 islets; group 2 (Px-Tx) had a 95% pancreatectomy 14 d before transplantation of 500 islets; group 3 (Tx) was transplanted with 500 islets; group 4 (Px) had a 95% pancreatectomy; and group 5 (normal) was neither transplanted nor pancreatectomized. Blood glucose was normal in Tx-Px and Tx groups at all times. Px-Tx and Px groups developed severe hyperglycemia after pancreatectomy that was corrected in Px-Tx group in 83% of rats 28 d after transplantation. Replication of transplanted beta cells increased in Tx-Px (1.15 +/- 0.12%) and Px-Tx (0.85 +/- 0.12%) groups, but not in Tx group (0.64 +/- 0.07%) compared with normal pancreatic beta cells (0.38 +/- 0.05%) (P < 0.001). Mean beta cell size increased in Tx-Px (311 +/- 14 microns2) and Px-Tx (328 +/- 13 microns2) groups compared with Tx (252 +/- 12 microns2) and normal (239 +/- 9 microns2) groups (P < 0.001). Transplanted beta cell mass increased in Tx-Px (1.87 +/- 0.51 mg) and Px-Tx (1.55 +/- 0.21 mg) groups compared with Tx group (0.78 +/- 0.17 mg) (P < 0.05). In summary, changes in transplanted beta cells prevented the development of hyperglycemia in Tx-Px rats. Transplanted beta cells responded to increased metabolic demand increasing their beta cell mass.

When supply travels far beyond demand: Causes of oversupply in Spain’s transport infrastructure

Spain’s transport infrastructure policy has become a paradigmatic case of oversupply and of mismatch with demand. The massive expansion of the country’s transport infrastructure over the last decade has not been a response to demand bottlenecks or previously identified needs. For this reason, the intensity of use today on all interurban modes of transport in Spain falls well below that of other EU countries. This paper analyzes the institutional and regulatory factors that have permitted this policy, allowing us to draw lessons from the Spanish case that should help other countries avoid the pitfalls and shortcomings of Spanish policy.

When supply travels far beyond demand: Causes of oversupply in Spain’s transport infrastructure

Spain’s transport infrastructure policy has become a paradigmatic case of oversupply and of mismatch with demand. The massive expansion of the country’s transport infrastructure over the last decade has not been a response to demand bottlenecks or previously identified needs. For this reason, the intensity of use today on all interurban modes of transport in Spain falls well below that of other EU countries. This paper analyzes the institutional and regulatory factors that have permitted this policy, allowing us to draw lessons from the Spanish case that should help other countries avoid the pitfalls and shortcomings of Spanish policy.

Response of wheat to additional nitrogen fertilizer application after pig slurry on over-fertilized soils

Pig slurry is a valuable nutrient resource but constitutes a waste disposal problem in areas of high animal density. In the semiarid area of Pla d’Urgell, in the Ebro Valley, North-East Spain, irrigated crops receive large amounts of nutrients in the form of manure and mineral fertilizers. We studied the effect of pig slurry and additional side-dress mineral fertilizers on irrigated wheat, Triticum aestivum L., on a coarse loam soil, with high soil P and K levels. Yields increased by 62.3% when using pig slurry. The application of ammonium sulfate nitrate sidedress did not significantly increase wheat production. The average apparent recoveries were higher for potassium (88.7%) than for nitrogen (51.3%) and phosphorus (36.3%). Greater amounts of soil NO3-N were measured over the four growing seasons, which was consistent with the amount of N applied. Macronutrient and micronutrient uptake was significant higher for pig slurry treatments, but only small differences were found between the pig slurry and pig slurry plus ammonium sulfate nitrate treatments. The unfertilized treatment showed significantly lower soil P, K, Cu and Zn content than pig slurry treatments; 34%, 21%, 34%, and 26% respectively. These findings could be used to develop a nutrient management plan based on knowledge of soil test results and crop nutrient removal. This could help to improve the use of pig slurry and mineral fertilizers on limited available land areas and prevent the accumulation of potentially toxic elements in soils and the export of nutrients through agricultural drainage.

When supply travels far beyond demand: Causes of oversupply in Spain’s transport infrastructure

Spain’s transport infrastructure policy has become a paradigmatic case of oversupply and of mismatch with demand. The massive expansion of the country’s transport infrastructure over the last decade has not been a response to demand bottlenecks or previously identified needs. For this reason, the intensity of use today on all interurban modes of transport in Spain falls well below that of other EU countries. This paper analyzes the institutional and regulatory factors that have permitted this policy, allowing us to draw lessons from the Spanish case that should help other countries avoid the pitfalls and shortcomings of Spanish policy.