Közjavak optimális előállítása (Optimal production of public goods)

A közjavak közgazdaságilag optimális szintjének előállítása piaci körülmények között általában nehézségekbe ütközik. Napjainkban számos országban többféle közjószág áll rendelkezésre, a szakirodalomban pedig például a nyugdíjrendszer egyes elemeinek közjószágjellegével kapcsolatos felvetések is megjelentek már. Ezzel összefüggésben is érdekes a kérdés, milyen körülmények között fordulhat elő, hogy racionális egyéni döntéshozók egyénileg optimális döntéseikkel valamely közjószág optimális szintjét hozzák létre. Jelen tanulmány ezzel a kérdéssel foglalkozik. / === / It is difficult to produce the economically optimal level of public goods in a market environment. There are many different types of public goods, and today even some aspects of the pension system are considered as such. Still, it is an interesting question if individually optimal decisions made by rational individuals could lead to an optimal level of public goods. The paper attempts to analyze this question.

Happiness, environmental protection and market economy

The manufacturing sector is leaving the West for Asia’s low wages and good working culture. Europe would be better off keeping these manufacturing activities, slowing down wage inflation and what is more, letting a young, cheaper workforce from the East settle down within their borders. This would aid in preserving the diverse economic structure which has been characteristic for Europe.Beside the economic growth there are two more concepts which have turned into the “holy cows” of economics during the last fifty years. One is the need to constantly improve labor productivity and the other is increasing competitiveness of nations. The high labor productivity of some countries, induces severe unemployment in the globalized world. In the other hand it is high time we understood that it is not competition, but cooperation that brings more happiness to humanity.Should we still opt for “happiness” and “sanity”, it is quite obvious that we all should, in economists’ terms, define our individual welfare functions corresponding to our own set of values, staying free from the influence of media, advertisements and fashion. The cornerstone to all this is the intelligent citizen who prefers local goods and services.

The regulatory environment of the section of the non-standardized goods market - The findings of an interview research on Hungarian construction industry small enterprises

In this paper the behavior of economic actors shown in the uncertain quality goods markets is examined from the perspective of the sociology of markets. The analysis uses the findings of in-depth interviews conducted in 2011 and 2012 respectively amongst small and medium size entrepreneurs working in construction industry. In the Hungarian construction industry neither formal rules, nor vocational chambers, are able to create a safe environment for entrepreneurs. Nevertheless, networks created as a result of micro-selection steps might be able to enforce the quality of services, observe deadlines and what is more, ensure payment discipline. In this market, the typical high risk can be reduced by relationships. Networks reduce also the cost of transactions, since the important part of the services in this field could only be standardized at significant costs.

Essays on durable goods consumption and firm innovation

This dissertation comprises three individual chapters. Chapter Two examines how free riding across neighbors influenced the diffusion of color television sets in rural China. Chapter Three tests for asymmetric information between a firm’s management and other investors concerning its patent output. Chapter Four discusses how knowledge stocks influence a patenting firm’s later diversification. Chapter Two documents the existence of a type of network effects—free riding across neighbors—in the consumption of color television sets in rural China, which reduces the propensity of non-owners to purchase. I construct a model of the timing of the purchase of a durable good in the presence of free riding, and test its key implications using household survey data in rural China. Chapter Three tests for asymmetric information between a firm’s management and other investors about its patent output by examining insider trading patterns and stock price changes in R&D intensive firms. It demonstrates that management has considerable information about its patent output beyond what is known to investors. It also shows that the predictive power of insider trading patterns on patent output comes from purchases rather than sales. Chapter Four discusses two sequential channels through which knowledge stocks may influence a firm’s later diversification. One is that firms with more knowledge are more likely to enter a new industry. The other is that firms’ businesses have a better chance of surviving, conditional on being formed. By examining U.S. public patenting firms in manufacturing sectors for 1984-1996, I find that knowledge stocks predict the likelihood of new industry entry when controlling for firm size. However, this predictive power is weakened when diversification effects are included. On the other hand, a survival study of newly established segments shows that initial knowledge stocks have significant positive effects on segment survival, whereas diversification effects are insignificant.

Non -traded goods, product differentiation and integration of factor markets

This research sought to determine the implications of a non-traded differentiated commodity produced with increasing returns to scale, for the welfare of countries that allowed free international migration. We developed two- and three-country Ricardian models in which labor was the only factor of production. The countries traded freely in homogeneous goods produced with constant returns to scale. Each also had a non-traded differentiated good sector where production took place using increasing returns to scale technology. Then we allowed for free international migration between two of the countries and observed what happened to welfare in both countries as indicated by their per capita utilities in the new equilibrium relative to their pre-migration utilities. ^ Preferences of consumers were represented by a two-tier utility function [Dixit and Stiglitz 1977]. As migration took place it impacted utility in two ways. The expanding country enjoyed the positive effect of increased product diversity in the non-traded good sector. However, it also suffered adverse terms-of-trade as its production cost declined. The converse was true for the contracting country. To determine the net impact on welfare we derived indirect per capita utility functions of the countries algebraically and graphically. Then we juxtaposed the graphs of the utility functions to obtain possible general equilibria. These we used to observe the welfare outcomes. ^ We found that the most likely outcomes were either that both countries gained, or one country lost while the other gained. We were, however, able to generate cases where both countries lost as a result of allowing free inter-country migration. This was most likely to happen when the shares of income spent on each country's export good differed significantly. In the three country world when we allowed two of the countries to engage in preferential trading arrangements while imposing a prohibitive tariff on imports from the third country welfare of the partner countries declined. When inter-union migration was permitted welfare declined even further. This we showed was due to the presence of the non-traded good sector. ^

Measuring star formation in high-z massive galaxies: a mid-infrared to submillimetre study of the GOODS NICMOS Survey sample

We present measurements of the mean mid-infrared to submillimetre flux densities of massive (M_*≳ 10^11 M_⊙) galaxies at redshifts 1.7 < z < 2.9, obtained by stacking positions of known objects taken from the GOODS NICMOS Survey (GNS) catalogue on maps at 24 μm (Spitzer/MIPS); 70, 100 and 160 μm (Herschel/PACS); 250, 350 and 500 μm (BLAST); and 870 μm (LABOCA). A modified blackbody spectrum fit to the stacked flux densities indicates a median [interquartile] star formation rate (SFR) of SFR = 63[48, 81] M_⊙ yr^−1. We note that not properly accounting for correlations between bands when fitting stacked data can significantly bias the result. The galaxies are divided into two groups, disc-like and spheroid-like, according to their Sérsic indices, n. We find evidence that most of the star formation is occurring in n≤ 2 (disc-like) galaxies, with median [interquartile] SFR = 122[100, 150] M_⊙ yr^−1, while there are indications that the n > 2 (spheroid-like) population may be forming stars at a median [interquartile] SFR = 14[9, 20] M_⊙ yr^−1, if at all. Finally, we show that star formation is a plausible mechanism for size evolution in this population as a whole, but find only marginal evidence that it is what drives the expansion of the spheroid-like galaxies.

Star formation in a stellar mass-selected sample of galaxies to z=3 from the GOODS-NICMOS Survey

We present a study of the star-forming properties of a stellar mass-selected sample of galaxies in the GOODS (Great Observatories Origins Deep Survey) NICMOS Survey (GNS), based on deep Hubble Space Telescope (HST) imaging of the GOODS North and South fields. Using a stellar mass-selected sample, combined with HST/ACS and Spitzer data to measure both ultraviolet (UV) and infrared-derived star formation rates (SFRs), we investigate the star forming properties of a complete sample of ∼1300 galaxies down to log M_*= 9.5 at redshifts 1.5 < z < 3. Eight per cent of the sample is made up of massive galaxies with M_*≥ 10^11 M_⊙. We derive optical colours, dust extinctions and UV and infrared SFR to determine how the SFR changes as a function of both stellar mass and time. Our results show that SFR increases at higher stellar mass such that massive galaxies nearly double their stellar mass from star formation alone over the redshift range studied, but the average value of SFR for a given stellar mass remains constant over this ∼2 Gyr period. Furthermore, we find no strong evolution in the SFR for our sample as a function of mass over our redshift range of interest; in particular we do not find a decline in the SFR among massive galaxies, as is seen at z < 1. The most massive galaxies in our sample (log M_*≥ 11) have high average SFRs with values SFR_UV, corr= 103 ± 75 M_⊙ yr^−1, and yet exhibit red rest-frame (U−B) colours at all redshifts. We conclude that the majority of these red high-redshift massive galaxies are red due to dust extinction. We find that A_2800 increases with stellar mass, and show that between 45 and 85 per cent of massive galaxies harbour dusty star formation. These results show that even just a few Gyr after the first galaxies appear, there are strong relations between the global physical properties of galaxies, driven by stellar mass or another underlying feature of galaxies strongly related to the stellar mass.

Reconstructing direct and indirect interactions in networked public goods game

W.-X.W. was supported by NNSFC under Grant No. 61573064 and Grant No. 61074116, Beijing Nova Programme, China, and the Fundamental Research Funds for the Central Universities. Y.-C.L. was supported by ARO under Grant W911NF-14-1-0504.

Connectionist-based rules describing the pass-through of individual goods prices into trend inflation in the United States

This paper demonstrates a mechanism whereby rules can be extracted from a feedforward neural network trained to characterize the inflation "pass-through" problem in American monetary policy, defined as the relationship between changes in the growth rate(s) of individual commodities and the economy-wide rate of growth of consumer prices. Monthly price data are encoded and used to train a group of candidate connectionist architectures. One candidate is selected for rule extraction, using a custom decompositional extraction algorithm that generates rules in human-readable and machine-executable form. Rule and network accuracy are compared, and comments are made on the relationships expressed within the discovered rules. The types of discovered relationships could be used to guide monetary policy decisions.

Essays on the Role of Government Incentives in the Private Provision of Social Goods

The economic rationale for public intervention into private markets through price mechanisms is twofold: to correct market failures and to redistribute resources. Financial incentives are one such price mechanism. In this dissertation, I specifically address the role of financial incentives in providing social goods in two separate contexts: a redistributive policy that enables low income working families to access affordable childcare in the US and an experimental pay-for-performance intervention to improve population health outcomes in rural India. In the first two papers, I investigate the effects of government incentives for providing grandchild care on grandmothers’ short- and long-term outcomes. In the third paper, coauthored with Manoj Mohanan, Grant Miller, Katherine Donato, and Marcos Vera-Hernandez, we use an experimental framework to consider the the effects of financial incentives in improving maternal and child health outcomes in the Indian state of Karnataka.

Grandmothers provide a significant amount of childcare in the US, but little is known about how this informal, and often uncompensated, time transfer impacts their economic and health outcomes. The first two chapters of this dissertation address the impact of federally funded, state-level means-tested programs that compensate grandparent-provided childcare on the retirement security of older women, an economically vulnerable group of considerable policy interest. I use the variation in the availability and generosity of childcare subsidies to model the effect of government payments for grandchild care on grandmothers’ time use, income, earnings, interfamily transfers, and health outcomes. After establishing that more generous government payments induce grandmothers to provide more hours of childcare, I find that grandmothers adjust their behavior by reducing their formal labor supply and earnings. Grandmothers make up for lost earnings by claiming Social Security earlier, increasing their reliance on Supplemental Security Income (SSI) and reducing financial transfers to their children. While the policy does not appear to negatively impact grandmothers’ immediate economic well-being, there are significant costs to the state, in terms of both up-front costs for care payments and long-term costs as a result of grandmothers’ increased reliance on social insurance.

The final paper, The Role of Non-Cognitive Traits in Response to Financial Incentives: Evidence from a Randomized Control Trial of Obstetrics Care Providers in India, is coauthored with Manoj Mohanan, Grant Miller, Katherine Donato and Marcos Vera-Hernandez. We report the results from “Improving Maternal and Child Health in India: Evaluating Demand and Supply Side Strategies” (IMACHINE), a randomized controlled experiment designed to test the effectiveness of supply-side incentives for private obstetrics care providers in rural Karnataka, India. In particular, the experimental design compares two different types of incentives: (1) those based on the quality of inputs providers offer their patients (inputs contracts) and (2) those based on the reduction of incidence of four adverse maternal and neonatal health outcomes (outcomes contracts). Along with studying the relative effectiveness of the different financial incentives, we also investigate the role of provider characteristics, preferences, expectations and non-cognitive traits in mitigating the effects of incentive contracts.

We find that both contract types input incentive contracts reduce rates of post-partum hemorrhage, the leading cause of maternal mortality in India by about 20%. We also find some evidence of multitasking as output incentive contract providers reduce the level of postnatal newborn care received by their patients. We find that patient health improvements in response to both contract types are concentrated among higher trained providers. We find improvements in patient care to be concentrated among the lower trained providers. Contrary to our expectations, we also find improvements in patient health to be concentrated among the most risk averse providers, while more patient providers respond relatively little to the incentives, and these difference are most evident in the outputs contract arm. The results are opposite for patient care outcomes; risk averse providers have significantly lower rates of patient care and more patient providers provide higher quality care in response to the outputs contract. We find evidence that overconfidence among providers about their expectations about possible improvements reduces the effectiveness of both types of incentive contracts for improving both patient outcomes and patient care. Finally, we find no heterogeneous response based on non-cognitive traits.

The end of the shock of the new

‘Shock’ advertising is the new black and the subject of the reflection in which this article engages. We do this in particular through consideration of the (largely) British high-street fashion house French Connection’s seemingly endless ‘FCUK’ campaign. The obvious resonance between this abbreviation and perhaps the most popular word in the English language was at the heart of the campaign’s appeal and it continues today through various extensions on both slogans and logos on French Connection’s own goods and indeed those who seek to piggy back upon and/or subvert its market power. It is far from the only example of such ‘shock’ tactics. Whether discussing reproduction in graphic detail with children, joyously dismantling chastity, or merely fucking with fuck, it seems that traditional mores can no longer remain virgin territory, unsullied by rapacious marketing. Our mediated experiences of reaching ‘extremes’, it now appears, are not paralysing, mesmerising, fascinating or inspiring but simply a further prod down the path leading to (gleeful) purchase. In this paper we explore how, via a series of semiotic reversals, the new, the strange, the unfamiliar and the would-be shocking are rendered banal, and thus thoroughly comprehensible through brand association and the endless re-iteration of existing works.

Margaret Thatcher, Dress and the Politics of Fashion

Through Margaret Thatcher’s private and public performances, the micro-politics of dress translated into the macro-politics of power. Thatcher’s changing career can be traced through her dress (see Young 1991: 416-417); analysis of her dress leading up to and during her Premiership reveals both her aspirations and increasing power. Understanding of Thatcher’s agency in her embodied, dressed performances can be informed and developed through Butler’s (1999) conceptualization of performativity. Through adaptation, repetition and divergent dress, Thatcher constructed different identities, some of which became iconic symbols of her self and her politics. Examination of Thatcher’s dress refines the understanding of the relationship between constraints and agency experienced by actors in the public realm. Upon becoming party leader, Margaret Thatcher’s gender, class and ideological viewpoints were incongruent with her unprecedented political status and she faced many challenges in attempting to overcome this. Dress became a potentially destabilising focus for her critics and symbolic of her “outsider” status. Yet in the face of these challenges she recognized and learned from the expectations of others, adapting and changing her dress. However, this was not an instantaneous, complete or permanent transformation. What Thatcher achieved, as she crafted her dressed performances, was agency over a further aspect of her life and her politics. There was also an evolving alignment of her dress with her political ideology and domestic and international roles over time.

Examining guest chefs’ influences on luxury restaurants’ images

Highlights: • A guest chef's image positively influences a luxury restaurant's image. • The restaurant-guest chef fit positively influences a luxury restaurant's image. • The restaurant-guest chef fit moderates the relationship between a guest chef's image and a luxury restaurant's image.

Ionic liquids as modulators of fragrance release in consumer goods

When organic esters or alcohols were dissolved in each of three novel ionic liquids (which have no effective vapour pressure), the vapour–liquid equilibria (as measured by infrared spectroscopy of the gas phase) revealed significant positive deviation from Raoult’s law for a wide range of perfume raw materials. The addition of water amplified the repulsive effect of the ionic liquid matrix, and this was exemplified by a series of ternary phase diagrams

Tech Fashion : Fashion Institutionalization in Digital Technology

This thesis explores aesthetization in general and fashion in particular in digital technology design and how we can design digital technology to account for the extended influences of fashion. The thesis applies a combination of methods to explore the new design space at the intersection of fashion and technology. First, it contributes to theoretical understandings of aesthetization and fashion institutionalization that influence digital technology design. We show that there is an unstable aesthetization in mobile design and the increased aesthetization is closely related to the fashion industry. Fashion emerged through shared institutional activities, which are usually in the form of action nets in the design of digital devices. “Tech Fashion” is proposed to interpret such dynamic action nets of institutional arrangements that make digital technology fashionable and desirable. Second, through associative design research, we have designed and developed two prototypes that account for institutionalized fashion values, such as the concept “outfit-centric accessory.” We call for a more extensive collaboration between fashion design and interaction design.