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Organizing transactions between entrepreneurs and human capital resources under Knightian uncertainty Small Bus. Econ. (IF 7.096) Pub Date : 2024-05-09 Ryan W. Angus, Matthew A. Barlow
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The cost of health insurance and entry into entrepreneurship Small Bus. Econ. (IF 7.096) Pub Date : 2024-05-09 Frank M. Fossen, Mobarak Hossain, Sankar Mukhopadhyay, Peter Toth
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Foreign Debt, Capital Controls, and Secondary Markets: Theory and Evidence from Nazi Germany Journal of Political Economy (IF 9.637) Pub Date : 2024-05-09 Andrea Papadia, Claudio A. Schioppa
Journal of Political Economy, Ahead of Print.
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Realizing expectations? High-impact entrepreneurship across countries Small Bus. Econ. (IF 7.096) Pub Date : 2024-05-04 Johannes Kleinhempel, Saul Estrin
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Unobserved Inputs in Household Production Journal of Political Economy (IF 9.637) Pub Date : 2024-05-03 Sergey Mityakov, Thomas A. Mroz
Journal of Political Economy, Ahead of Print.
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The Health Costs of Cost-Sharing Q. J. Econ. (IF 13.7) Pub Date : 2024-05-04 Amitabh Chandra, Evan Flack, Ziad Obermeyer
What happens when patients suddenly stop their medications? We study the health consequences of drug interruptions caused by large, abrupt, and arbitrary changes in price. Medicare’s prescription drug benefit as-if-randomly assigns 65-year-olds a drug budget as a function of their birth month, beyond which out-of-pocket costs suddenly increase. Those facing smaller budgets consume fewer drugs and die
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Childcare Markets, Parental Labor Supply, and Child Development Journal of Political Economy (IF 9.637) Pub Date : 2024-05-01 Samuel Berlinski, Maria Marta Ferreyra, Luca Flabbi, Juan David Martin
We develop and estimate a model of supply and demand for childcare. On the demand side, households make consumption, labor supply, and childcare decisions. On the supply side, centers make entry, price, and quality decisions. In addition, both paid and informal caregivers are available. Child development is a function of the time spent with parents and nonparental care providers. We estimate the model
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The Value of Arbitrage Journal of Political Economy (IF 9.637) Pub Date : 2024-05-01 Eduardo Dávila, Daniel Graves, Cecilia Parlatore
Journal of Political Economy, Ahead of Print.
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What does it mean to be ‘left behind?’ Camb. J. Reg. Econ. Soc. (IF 5.176) Pub Date : 2024-04-30 Ann M Eisenberg
This comment critiques the idea of geographic regions being “left behind.” It argues that the term frames the regions in question as passive experiencers of natural phenomena, in turn obfuscating the structural forces that have shaped those regions and local populations’ efforts to pursue better living conditions. The comment draws on three examples from the rural United States to illustrate how the
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Learning from the best: how regional knowledge stimulates circular economy transition at company level Camb. J. Reg. Econ. Soc. (IF 5.176) Pub Date : 2024-04-30 Rahel Meili, Tobias Stucki, Ingrid Kissling-Näf
This paper investigates whether, and what kind of, regional knowledge has a stimulating effect on circular economy (CE) innovation by companies. We thus add to the literature on regional knowledge spillovers, which has rarely focussed explicitly on the CE. For the empirical study, we create econometric regressions based on a representative dataset with extensive information on the CE activities of
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How does fiscal policy affect the green low-carbon transition from the perspective of the evolutionary game? Energy Econ. (IF 12.8) Pub Date : 2024-04-26 Nan Feng, Jiamin Ge
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International climate policy dilemmas: Examining effective carbon tariff and cap-and-trade regulation from a sustainable insurance perspective Energy Econ. (IF 12.8) Pub Date : 2024-04-26 Xuelian Li, Wei Zhou, Tang-Yun Lo, Jyh-Horng Lin
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Estimating the direct rebound effect for residential electricity use in seventeen European countries: Short and long-run perspectives Energy Econ. (IF 12.8) Pub Date : 2024-04-26 Camille Massié, Fateh Belaïd
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Can artificial intelligence help accelerate the transition to renewable energy? Energy Econ. (IF 12.8) Pub Date : 2024-04-25 Qian Zhao, Lu Wang, Sebastian-Emanuel Stan, Nawazish Mirza
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Understanding the spillover effects of ethanol production and energy prices on African food markets: A time-varying approach Energy Econ. (IF 12.8) Pub Date : 2024-04-25 Tetsuji Tanaka, Jin Guo, Xiufang Wang
Amidst recent global uncertainty caused by events such as the COVID-19 pandemic and wars, African countries are finding it even more challenging than before to achieve food security. This study utilizes the time-varying parameter vector autoregression (TVP-VAR)–based extended joint connectedness model to analyze the impact of external factors, such as U.S. ethanol production, grain speculation, international
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From policy stringency to environmental resilience: Unraveling the dose-response dynamics of environmental parameters in OECD countries Energy Econ. (IF 12.8) Pub Date : 2024-04-25 Kazi Sohag, Md. Monirul Islam, Shawkat Hammoudeh
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Uplifting India from severe energy poverty accounting for strong asymmetries: Do inclusive financial development, digitization and human capital help reduce the asymmetry? Energy Econ. (IF 12.8) Pub Date : 2024-04-25 Atif Jahanger, Mohammad Razib Hossain, Ashar Awan, Tomiwa Sunday Adebayo
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Extreme co-movements between decomposed oil price shocks and sustainable investments Energy Econ. (IF 12.8) Pub Date : 2024-04-25 Xunfa Lu, Pengchao He, Zhengjun Zhang, Nicholas Apergis, David Roubaud
This paper investigates the extreme co-movements between three types of decomposed oil price shocks, e.g., supply shock, demand shock, and risk shock, and sustainable investments, using the generalized extreme value - autoregressive conditional Fréchet - tail quotient correlation coefficient (GEV-AcF-TQCC) analytical framework. The empirical results have identified that there are regular extreme co-movements
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Does carbon ETS affect the distribution of labor's slice of the factor income pie? From the low carbon transition perspective Energy Econ. (IF 12.8) Pub Date : 2024-04-25 Fan Yu, Shilin Zheng, Shuhong Zheng, Chenhao Guo
The carbon emission trading scheme (hereafter ETS) impacts firms' production decisions and promotes them to achieve low-carbon transition. This transition entails the movement of both labor and capital factors and consequently triggers re-distribution of factor income. To analyze the impacts of the carbon ETS on factor income distribution, we first theoretically incorporate carbon emission permit as
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Consumer Search, Steering, and Choice Overload Journal of Political Economy (IF 9.637) Pub Date : 2024-04-23 Volker Nocke, Patrick Rey
We develop a model of within-firm sequential, directed search and study a firm’s ability and incentive to steer consumers. We find that the firm often benefits from adopting a noisy positioning strategy, which limits the information available to consumers. This induces consumers to keep searching but discourages some of them from visiting the firm. This occurs even though the firm and the consumers
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On the Joint Evolution of Culture and Political Institutions: Elites and Civil Society Journal of Political Economy (IF 9.637) Pub Date : 2024-04-23 Alberto Bisin, Thierry Verdier
We provide an abstract model of the interaction between culture and political institutions. The model is designed to study the political economy of elites and civil society on the determination of long-run socioeconomic activity. We characterize conditions such that the cultural traits of elites and civil society and the institutions determining their relative political power complement (substitute)
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How does green finance promote renewable energy technology innovation? A quasi-natural experiment perspective Energy Econ. (IF 12.8) Pub Date : 2024-04-24 Rabindra Nepal, Yang Liu, Jianda Wang, Kangyin Dong
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Can innovative industrial clusters enhance urban economic resilience? A quasi-natural experiment based on an innovative pilot policy Energy Econ. (IF 12.8) Pub Date : 2024-04-24 Shulin Xu, Min Zhong, Yan Wang
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U.S. monetary policy: The pushing hands of crude oil price? Energy Econ. (IF 12.8) Pub Date : 2024-04-24 Fangzhi Cao, Chi-Wei Su, Dian Sun, Meng Qin, Muhammad Umar
This paper uses the bootstrap rolling-window Granger causality method to investigate the relationship between U.S. monetary policy (UMP) and crude oil price (COP). The method addresses the limitations of ignoring the instability of coefficients in the previous literature and supports the partial equilibrium model from the perspective of the time domain, which enriches the existing literature. The finding
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Are Older People Aware of Their Cognitive Decline? Misperception and Financial Decision-Making Journal of Political Economy (IF 9.637) Pub Date : 2024-04-22 Fabrizio Mazzonna, Franco Peracchi
Journal of Political Economy, Ahead of Print.
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The Microgeography of Housing Supply Journal of Political Economy (IF 9.637) Pub Date : 2024-04-22 Nathaniel Baum-Snow, Lu Han
We perform a comprehensive neighborhood-level analysis of housing supply. Predictions of floor space and housing unit supply elasticities using our estimates average 0.5 and 0.3 across all urban neighborhoods in the United States, exhibiting greater variation within than between metro regions. New construction accounts for about 50% of unit supply responses, with important additional roles for teardowns
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The coevolution effect of central bank digital currency and green bonds on the net-zero economy Energy Econ. (IF 12.8) Pub Date : 2024-04-23 Baogui Xin, Kai Jiang, Ernesto D.R. Santibanez Gonzalez
Directed by the net-zero emission goal, the green bond has become an essential financial tool to promote the development of the green economy. However, the greenwashing risk makes it doubtful whether the green bond can play a positive role. Therefore, this study constructs a six-sector dynamic stochastic general equilibrium (DSGE) model to analyze whether the coevolution of central bank digital currency
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Impact of financial support expansion on restaurant entries and exits during the COVID-19 pandemic Small Bus. Econ. (IF 7.096) Pub Date : 2024-04-23 Masato Oikawa, Koichiro Onishi
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State responses during the COVID-19 pandemic and their impacts on small businesses Small Bus. Econ. (IF 7.096) Pub Date : 2024-04-23 Cathy Yang Liu, Luísa Nazareno
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Augmenting State Capacity for Child Development: Experimental Evidence from India Journal of Political Economy (IF 9.637) Pub Date : 2024-04-22 Alejandro J. Ganimian, Karthik Muralidharan, Christopher R. Walters
We use a large-scale randomized experiment to study the impact of augmenting staffing in the world’s largest public early-childhood program: India’s Integrated Child Development Services. Adding a worker doubled net preschool instructional time and led to increases of 0.28σ and 0.46σ in math and language test scores after 18 months for children who remained enrolled in the program and 0.13σ and 0.10σ
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Portfolio management of ESG-labeled energy companies based on PTV and ESG factors Energy Econ. (IF 12.8) Pub Date : 2024-04-22 Antonio Díaz, Carlos Esparcia, Daniel Alonso, Maria-Teresa Alonso
This paper evaluates monthly quartile portfolios of ESG-labeled companies constructed based on their Prospect Theory Value (PTV) and ESG scores in the closely monitored energy sector. Investing in ESG-labeled energy stocks can outperform a value-weighted global energy sector index, according to several out-of-sample performance analyses. The PTV strategy stands out over a sample period of more than
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The role of culture in family firms Small Bus. Econ. (IF 7.096) Pub Date : 2024-04-22 Mario Daniele Amore, Danny Miller
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Are friends electric? Valuing the social costs of power lines using house prices Energy Econ. (IF 12.8) Pub Date : 2024-04-20 Cheng Keat Tang, Stephen Gibbons
Overhead electrical power lines and pylons have long raised concerns regarding the effects of electromagnetic fields on health, noise pollution and the visual impact on rural landscapes. These issues are once again salient because of the need for new lines to connect sources of renewable energy to the grid. In this study we provide new evidence on the cost implied by these externalities, as revealed
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Trade flows, carbon leakage, and the EU Emissions Trading System Energy Econ. (IF 12.8) Pub Date : 2024-04-20 Maria Wang, Tero Kuusi
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Will the European Green Deal enhance Europe’s security towards Russia? A political economy perspective Energy Econ. (IF 12.8) Pub Date : 2024-04-20 Fabian Battaglini
The European Green Deal is a set of policy initiatives set by the European Commission with the aim of making the European Union climate neutral in 2050. The Deal is credited with many virtues by its proponents, and in particular that it would reduce geopolitical disputes with Europe’s main supplier of energy, Russia. The nascent literature on energy transition is primarily focused on its economic costs
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The reliability pricing model and coal-fired generators in PJM Energy Econ. (IF 12.8) Pub Date : 2024-04-20 Stein-Erik Fleten, Benjamin P. Fram, Carl J. Ullrich
We study the interplay between coal-fired electric power generator retirements, capacity markets, and environmental policies. We focus on the Reliability Pricing Model () electricity capacity market in PJM Interconnection L.L.C. (PJM). We find that acts as a channel through which environmental regulations affect the supply mix. Surprisingly, increases in prices lead to more coal retirements even when
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More is better? The impact of predictor choice on the INE oil futures volatility forecasting Energy Econ. (IF 12.8) Pub Date : 2024-04-20 Tong Fu, Dasen Huang, Lingbing Feng, Xiaoping Tang
This paper aims to address the predictor choice issue in forecasting volatility of INE oil futures by a comprehensive comparative study with a large number of predictive variables and applying machine learning models along with their interpretability tools. The main finding is that the selection of predictors is crucial for improving volatility forecasting accuracy, but it is not always the case that
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Recent Referees Journal of Political Economy (IF 9.637) Pub Date : 2024-04-18
Journal of Political Economy, Volume 132, Issue 4, April 2024.
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JPE Turnaround Times Journal of Political Economy (IF 9.637) Pub Date : 2024-04-18
Journal of Political Economy, Volume 132, Issue 4, Page 1389-1389, April 2024.
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Front Matter Journal of Political Economy (IF 9.637) Pub Date : 2024-04-18
Journal of Political Economy, Volume 132, Issue 4, April 2024.
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Clean energy for the Pacific Island countries: Does donor funding promote this transition? Energy Econ. (IF 12.8) Pub Date : 2024-04-19 Seema Narayan, Paresh Kumar Narayan
Donor funding, both grants and concessional loans, on renewable energy projects to Pacific Island countries (PICs) have increased overtime. The goal of this paper is to evaluate the effectiveness of this donor funding on PICs transition to renewable energy. Our hypothesis is that donor funded renewable projects have facilitated transition to clean energy for PICs. Using data for nine PICs, we discover
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European SMEs’ growth: the role of market-based finance and public financial support Small Bus. Econ. (IF 7.096) Pub Date : 2024-04-19 Simone Boccaletti, Annalisa Ferrando, Emanuele Rossi, Monica Rossolini
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Realized dynamic effect of retrofits on energy consumption in Soviet-era multi-apartment buildings Energy Econ. (IF 12.8) Pub Date : 2024-04-18 Andrius Kažukauskas, Xiaoying Li
Retrofit programs for old and highly energy-inefficient housing stock from the Soviet era are widely believed to offer a rare win-win opportunity for mitigating climate change and addressing acute energy poverty issues in Eastern European urban neighborhoods. However, despite government subsidies and a push for greater energy efficiency, many people do not undertake retrofits. This raises the question:
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Volatility spillovers and carbon price in the Nordic wholesale electricity markets Energy Econ. (IF 12.8) Pub Date : 2024-04-18 Chenyan Lyu, Hung Xuan Do, Rabindra Nepal, Tooraj Jamasb
This paper investigates price volatility and spillovers in the Nordic electricity wholesale markets. We use the Time-Varying Parameter Vector Autoregressive (TVP-VAR), Rolling Window-based VAR (RW-VAR), and high dimensional VAR with common factors (VAR-CF) methods and analyze the integration dynamics among these markets and impact of carbon prices on volatility spillovers. We use 107,352 hourly price
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Weathering the policy storm: How climate strategy volatility shapes corporate total factor productivity Energy Econ. (IF 12.8) Pub Date : 2024-04-18 Xiaohang Ren, Yaning An, Chenglu Jin, Cheng Yan
Changes in climate policies have become a critical consideration for businesses, necessitating strategic adaptation and innovation in the face of evolving regulations to achieve long-term success. This study investigates the impact of climate policy uncertainty (CPU) on firm-level total factor productivity (TFP) using a dataset comprising 5954 North American listed companies from 2000 to 2019. Our
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Do macroprudential policies reduce risk spillovers between energy markets?: Evidence from time-frequency domain and mixed-frequency methods Energy Econ. (IF 12.8) Pub Date : 2024-04-18 Qichang Xie, Yu Bai, Nanfei Jia, Xin Xu
Preventing volatility spillovers between energy markets is essential for maintaining financial stability. Macroprudential policies play an invaluable tool in financial risk monitoring and help to reduce the incidence of systemic risk. However, the effectiveness of macroprudential policies on risk spreads in the energy system is still unclear. This article applies the TVP-VAR (time-varying parameter
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Nudges versus prices: Lessons and challenges from a water-savings program Energy Econ. (IF 12.8) Pub Date : 2024-04-18 Francisco Hernández, Marcela Jaime, Felipe Vásquez
This study evaluates the effects of two exogenous interventions targeting residential consumers using both pecuniary and nonpecuniary incentives, with the potential of increasing the moral and monetary costs of water use. The first intervention provided households with personalized reports including normative information regarding household water use compared with neighbors. The second intervention
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The impact of solar PV subsidies on investment over time - the case of Sweden Energy Econ. (IF 12.8) Pub Date : 2024-04-18 Hanna Rydehell, Björn Lantz, Ingrid Mignon, Johan Lindahl
Over the past decade, different economic incentives have been created to increase investments in solar photovoltaics (PV). Although research outlines that investors in renewable electricity technologies (RET) are heterogeneous, policies have not taken this into account when designing subsidy programs. This paper aims to analyse the relationship between policy incentives and the willingness to invest
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Financial Innovation in the Twenty-First Century: Evidence from US Patents Journal of Political Economy (IF 9.637) Pub Date : 2024-04-16 Josh Lerner, Amit Seru, Nicholas Short, Yuan Sun
We explore the evolution of financial innovation using US finance patents. Patented financial innovations are substantial and increasingly economically important. Their subject matter has changed, consistent with the industry’s shift toward household investors and borrowers. Information technology (IT) and other nonfinancial firms drove the surge in financial patenting. The location of innovation shifted
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Mr. Keynes Meets the Classics: Government Spending and the Real Exchange Rate Journal of Political Economy (IF 9.637) Pub Date : 2024-04-16 Benjamin Born, Francesco D’Ascanio, Gernot J. Müller, Johannes Pfeifer
Journal of Political Economy, Ahead of Print.
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Effects of time-of-use pricing for residential customers and wholesale market consequences in South Korea Energy Econ. (IF 12.8) Pub Date : 2024-04-17 Heesun Jang, Seongman Moon, Jihyo Kim
Using a large-scale pilot test on time-of-use (TOU) pricing for residential customers, this study analyzes the effects of TOU pricing on the load patterns of residential customers and on producer surplus in South Korea. We estimate the difference in the electricity demand functions of residential customers across peak, intermediate, and off-peak periods before and after TOU pricing. In addition, we
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The Ant and the Grasshopper: Seasonality and the Invention of Agriculture Q. J. Econ. (IF 13.7) Pub Date : 2024-04-16 Andrea Matranga
The Neolithic revolution saw the independent development of agriculture among at least seven unconnected hunter-gatherer populations. I propose that the rapid spread of agricultural techniques resulted from increased climatic seasonality causing hunter-gatherers to adopt a sedentary lifestyle and store food for the season of scarcity. Their newfound sedentary lifestyle and storage habits facilitated
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On some advantages of convex hull pricing for the European electricity auction Energy Econ. (IF 12.8) Pub Date : 2024-04-16 Nicolas Stevens, Anthony Papavasiliou, Yves Smeers
Since the liberalization of the power sector and the creation of wholesale electricity markets, the question of how to price the non-convexities that are present in the market has attracted the interest of both academics and practitioners. Over the years, US markets have studied and adopted different and evolving pricing rules. Since the “Trilateral Market Coupling” (2006), the European day-ahead market
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Forecasting carbon prices under diversified attention: A dynamic model averaging approach with common factors Energy Econ. (IF 12.8) Pub Date : 2024-04-15 Zhikai Zhang, Yudong Wang, Yaojie Zhang, Qunwei Wang
To improve the predictability of carbon prices under diversified attention, this paper develops a dynamic model averaging approach with common factors (DMA-CF) which uses dimension-reduction techniques to extract factors from all models including the subsets of attention predictors and allows time-varying coefficients and model switching. The in-sample results using univariate models reveal the strong
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Social enterprise, renewable energy, and cap-and-trade under sustainable insurance Energy Econ. (IF 12.8) Pub Date : 2024-04-12 Shi Chen, Hanhan Bai, Bin Wang, Jyh-Horng Lin
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Entrepreneurial prototyping: the role of purpose, prototype recycling, and skills bricolage Small Bus. Econ. (IF 7.096) Pub Date : 2024-04-11 Steffen Paust, Steffen Korsgaard, Claus Thrane
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Competition and Information Leakage Journal of Political Economy (IF 9.637) Pub Date : 2024-04-09 Markus Baldauf, Joshua Mollner
When seeking to trade in over-the-counter markets, institutional investors typically restrict both the number of potential counterparties they contact and the information they disclose (e.g., by requesting two-sided rather than one-sided quotes). We rationalize these important facts in a model featuring endogenous front-running. Although an additional contact intensifies competition and aids in finding
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Persuasion for the Long Run Journal of Political Economy (IF 9.637) Pub Date : 2024-04-09 James Best, Daniel Quigley
We examine persuasion when the sole source of credibility today is a desire to maintain a public record for accuracy. A long-run sender plays a cheap talk game with a sequence of short-run receivers, who observe some record of feedback about past accuracy. When all feedback is public (as is standard in repeated games), persuasion frequently requires inefficient on-path punishment—even if accuracy is
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Hidden costs of entering self-employment: the spouse’s psychological well-being Small Bus. Econ. (IF 7.096) Pub Date : 2024-04-10 Safiya Mukhtar Alshibani, Ingebjørg Kristoffersen, Thierry Volery
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Financial Access and Entrepreneurship by Gender: Evidence from Rural India Small Bus. Econ. (IF 7.096) Pub Date : 2024-04-10 Sandhya Garg, Samarth Gupta, Sushanta Mallick