Media, investors and bubbles

We analysed the specific case of how information in the financial press influences economic bubbles. We found considerable flaws in the information market due to several factors: demand, the predominance of what are termed “irrational investors” (herding), and supply, which has the problem that the sources of information are biasedand feeds. A financial bubble is a deviation between real value of a financial asset and its persistent market price in time, which also has a speculative origin fed back by the illusion of the owners of these financial values, who will take benefits because of the future prices, which must be higher than the previous ones. The economical information in the media is submitting three problems. First of all, it is information generated by companies. In second place, the information circuit is fed back. A problem of informative independence becomes created, particularly serious in the case of the banks, which are very were as creditors. And in a third place, some informative biases are manifested for the companies of regulated sectors which are starring the economical information in the media.

Bombolles financeres i confusió informativa. Relació entre la informació econòmica als mitjans de comunicació i la presa de decisions d’inversió

La Teoria Econòmica està construïda sobre la hipòtesis de racionalitat dels agents econòmics. La racionalitat de l’homo economicus consisteix en què maximitza la seva utilitat tractant d’obtenir els majors beneficis amb el menor esforç, si bé l’aplicació d’aquesta hipòtesi a l’ésser humà no és plena ja que la seva motivació no sempreés biològica i de vegades actua empès per aspectes culturals difícils d’associar a un benefici1. Tanmateix, la hipòtesi de racionalitat s’ha considerat una bona representació dels aspectes essencials del comportamenteconòmic de l’ésser humà. El problema es presenta quan la Teoria Econòmica no és capaç d’explicar ni resoldre satisfactòriament problemes tan rellevants com les bombolles especulatives i la causa d’aquesta mancança s’atribueix a una construcció inadequada d’aquesta Teoria...

Essais sur les logiciels libres : licences doubles, effets de réseau, et concurrence

This thesis examines the microeconomic consequences of the arrival of open source in the software market. Specifically, it analyzes three features of open source software by using specific models of industrial organization. Open source software is free, and may be modified or duplicated by anyone. The first paper studies the entry of an open source software in a closed source software market. Using a model of horizontal differentiation, the analysis considers a closed source firm's investment in the quality of its software. The introduction of open source on the market reduces the firm's investment in quality and increases the price of its software. Moreover, the entry of open source software may reduce consumer welfare. Post-entry by an open source software, the reduction in market share lowers the firm's incentive to invest in quality. The second paper features vertical differentiation to study a monopolist selling supporting product to its software. The study begins by contrasting the supply of support by an open source provider and a closed source vendor. The model shows that in both cases the levels of support offered are the same. In addition, consumer welfare is higher and profit lower under an open source software. Then, the paper considers the competition in the provision of support. Here, the supply of high level support is greater than under a monopolist. Finally, the monopolist adopts a dual licensing strategy to extract more surplus from developers interested in modifying open source software and redistributing the resulting product. This technique, when the developers place high value on the source code, generates more profit if the monopolist chooses to publish as open source rather than closed source. The last paper studies how a closed source firm is affected by the introduction of an open source benefiting from contributions by users. A vertical differentiation model is used, and reveals that, when contribution of users is present, the closed source vendor may lower its price to a level where it forces the open source out of the market. The firm's lower price not only increases demand for its software, but also induces consumers into switching from open to closed source software therefore reducing the contribution of users.

Priv-C : une politique de confidentialité personnalisable

Les politiques de confidentialité définissent comment les services en ligne collectent, utilisent et partagent les données des utilisateurs. Bien qu’étant le principal moyen pour informer les usagers de l’utilisation de leurs données privées, les politiques de confidentialité sont en général ignorées par ces derniers. Pour cause, les utilisateurs les trouvent trop longues et trop vagues, elles utilisent un vocabulaire souvent difficile et n’ont pas de format standard. Les politiques de confidentialité confrontent également les utilisateurs à un dilemme : celui d’accepter obligatoirement tout le contenu en vue d’utiliser le service ou refuser le contenu sous peine de ne pas y avoir accès. Aucune autre option n’est accordée à l’utilisateur. Les données collectées des utilisateurs permettent aux services en ligne de leur fournir un service, mais aussi de les exploiter à des fins économiques (publicités ciblées, revente, etc). Selon diverses études, permettre aux utilisateurs de bénéficier de cette économie de la vie privée pourrait restaurer leur confiance et faciliter une continuité des échanges sur Internet. Dans ce mémoire, nous proposons un modèle de politique de confidentialité, inspiré du P3P (une recommandation du W3C, World Wide Web Consortium), en élargissant ses fonctionnalités et en réduisant sa complexité. Ce modèle suit un format bien défini permettant aux utilisateurs et aux services en ligne de définir leurs préférences et besoins. Les utilisateurs ont la possibilité de décider de l’usage spécifique et des conditions de partage de chacune de leurs données privées. Une phase de négociation permettra une analyse des besoins du service en ligne et des préférences de l’utilisateur afin d’établir un contrat de confidentialité. La valeur des données personnelles est un aspect important de notre étude. Alors que les compagnies disposent de moyens leur permettant d’évaluer cette valeur, nous appliquons dans ce mémoire, une méthode hiérarchique multicritères. Cette méthode va permettre également à chaque utilisateur de donner une valeur à ses données personnelles en fonction de l’importance qu’il y accorde. Dans ce modèle, nous intégrons également une autorité de régulation en charge de mener les négociations entre utilisateurs et services en ligne, et de générer des recommandations aux usagers en fonction de leur profil et des tendances.

Three essays on entrepreneurial entry, serial entrepreneurship, and labor turnover

This study explores two important aspects of entrepreneurship — liquidity constraints and serial entrepreneurs, with an additional analysis of occupational choice among wage workers. In the first essay, I revisit the question of whether entrepreneurs face liquidity constraints in business formation. The principle challenge is that wealth is correlated with unobserved ability, and adequate instruments are often difficult to identify. This paper uses the son's birth order as an instrument for household wealth. I exploit the data available in the Korean Labor and Income Panel Study, and find evidence of liquidity constraints associated with self-employment in South Korea. The second essay develops and tests a model that explains entry into serial entrepreneurship and the performance of serial entrepreneurs as the result of selection on innate ability. The model supposes that agents establish businesses with imperfect information about their entrepreneurial ability and the profitability of business ideas. Agents continually observe signals with which they update their beliefs, and this process eventually determines their next business choice. Selection on ability induces a positive correlation between entrepreneurial experience (measured by previous business earnings and founding experience) and serial business formation, as well as its subsequent performance. The predictions in the model are tested using panel data from the NLSY79. The analysis permits a distinction to be made between selection on innate ability and learning by doing. Motivated by previous empirical findings that white-collar workers had higher turnover rates than blue-collar workers during firm expansion, the third essay further examines job turnover among workers with or without specific skills. I present a search-matching model, which predicts that when firm growth is driven by technological advance, workers whose skills are specific to the obsolete technology show a higher tendency to separate from their jobs. This hypothesis is tested with data from the PSID. I find supportive evidence that in the context of technological change, having an occupation requiring specific skills, such as computer specialists or engineers, increases the odds of job separation by nearly eight percent. ^

Econometrics as an Academic Discipline in Higher Education: An Exploratory Study of the Need, Relevance and Significance

Econometrics is a young science. It developed during the twentieth century in the mid-1930’s, primarily after the World War II. Econometrics is the unification of statistical analysis, economic theory and mathematics. The history of econometrics can be traced to the use of statistical and mathematics analysis in economics. The most prominent contributions during the initial period can be seen in the works of Tinbergen and Frisch, and also that of Haavelmo in the 1940's through the mid 1950's. Right from the rudimentary application of statistics to economic data, like the use of laws of error through the development of least squares by Legendre, Laplace, and Gauss, the discipline of econometrics has later on witnessed the applied works done by Edge worth and Mitchell. A very significant mile stone in its evolution has been the work of Tinbergen, Frisch, and Haavelmo in their development of multiple regression and correlation analysis. They used these techniques to test different economic theories using time series data. In spite of the fact that some predictions based on econometric methodology might have gone wrong, the sound scientific nature of the discipline cannot be ignored by anyone. This is reflected in the economic rationale underlying any econometric model, statistical and mathematical reasoning for the various inferences drawn etc. The relevance of econometrics as an academic discipline assumes high significance in the above context. Because of the inter-disciplinary nature of econometrics (which is a unification of Economics, Statistics and Mathematics), the subject can be taught at all these broad areas, not-withstanding the fact that most often Economics students alone are offered this subject as those of other disciplines might not have adequate Economics background to understand the subject. In fact, even for technical courses (like Engineering), business management courses (like MBA), professional accountancy courses etc. econometrics is quite relevant. More relevant is the case of research students of various social sciences, commerce and management. In the ongoing scenario of globalization and economic deregulation, there is the need to give added thrust to the academic discipline of econometrics in higher education, across various social science streams, commerce, management, professional accountancy etc. Accordingly, the analytical ability of the students can be sharpened and their ability to look into the socio-economic problems with a mathematical approach can be improved, and enabling them to derive scientific inferences and solutions to such problems. The utmost significance of hands-own practical training on the use of computer-based econometric packages, especially at the post-graduate and research levels need to be pointed out here. Mere learning of the econometric methodology or the underlying theories alone would not have much practical utility for the students in their future career, whether in academics, industry, or in practice This paper seeks to trace the historical development of econometrics and study the current status of econometrics as an academic discipline in higher education. Besides, the paper looks into the problems faced by the teachers in teaching econometrics, and those of students in learning the subject including effective application of the methodology in real life situations. Accordingly, the paper offers some meaningful suggestions for effective teaching of econometrics in higher education

Las prácticas de recursos humanos y su incidencia en el bienestar laboral de los empleados

El objetivo del presente trabajo es formular, mediante una profunda revisión documental, bibliográfica y empírica, una fundamentación teórica sobre si existe o no incidencia de las prácticas de recursos humanos sobre el bienestar laboral de los empleados, y el que grado en que esta se presenta sobre aspecto como el engagement y la satisfacción laboral. Se realizó la revisión de múltiples estudios empíricos que aportaran evidencia sobre la relación que se presenta entre las principales prácticas de recursos humanos – provisión de personal, formación y desarrollo, promoción de personal, evaluación de desempeño, compensación y pago, y balance trabajo-familia – y el bienestar laboral, representado en el engagement y satisfacción en el trabajo de los empleados. Los resultados de este trabajo indican la existencia de una relación e incidencia de las prácticas de recursos humanos, el bienestar laboral, el engagement y la satisfacción laboral. De igual forma se encontró que estas relaciones son principalmente de carácter positivo, lo cual indica que las organizaciones que desarrollan este tipo de prácticas en su interior, fomentan tanto el desarrollo y la presencia de bienestar laboral en sus empleados, como su perdurabilidad.

La disonancia cognitiva y trampa de la memoria en decisiones de Inversión: caso colombiano

Este documento es el resultado de una investigación bajo el enfoque de Finanzas Corporativas del Comportamiento, disciplina relevante en el mundo financiero desde el 2002 y que hasta el momento poco se ha investigado en Colombia. Esta difiere del supuesto tradicional de la racionalidad de los individuos en la toma de decisiones financieras, ya que pueden ser influenciadas por sesgos cognitivos y emocionales que la teoría ortodoxa no tiene en cuenta en sus supuestos. Esta investigación busca indagar, desde el punto de vista conceptual y mediante el análisis de resultados de estudio de campo con operadores del mercado bursátil colombiano, sobre la posible presencia de elementos comportamentales en las decisiones de inversión. Los sesgos que se evaluaron fueron: disonancia cognitiva, heurístico de disponibilidad y sesgo de confirmación. Para la recolección de fuentes primarias, una encuesta fue enviada a los operadores Colombianos, categorizados en operadores con experiencia y operadores jóvenes. Después del filtro, 142 encuestas fueron seleccionadas para el análisis. Los principales hallazgos fueron que los jóvenes son más propensos a experimentar disonancia cognitiva y heurístico de disponibilidad y en ambas categorías, los sesgos analizados influencian medianamente la toma de decisiones de inversión.

Evolutionary economics: Foundation of liberal economic philosophy

This is a schools brief style of introduction to evolutionary economics. It addresses the nature of evolutionary theory in relation to economics, and examines why evolutionary economists argue that market-capitalism is an evolutionary system. Finally, it argues that liberal economic philosophy has much stronger and more direct relationship with evolutionary economic analysis than neoclassical economic analysis.