39

The literature on this issue flip flops. The first seminal study by Sellin (1959)¹ did not find any significant effect, but early literature was riddled with methodological errors. Ehrlich’s (1975)² study at the time was far more sophisticated, and it showed a strong deterrent effect of capital punishment. However, ironically, this study later too became ...


9

The death penalty as a deterrent to crime is ineffective is the prevailing view amongst researchers and experts in the field of criminology. Some studies would indicate that there is no correlation between the death penalty and the reduction of violent crime. However, like any topic, you can find contrarian views that say there is no conclusive evidence to ...


8

This is far from exhaustive, but hopefully it can get you started! (I'd recommend skimming most of them, then really focusing on those where the application and/or modeling environment is uniquely relevant or interesting for your research.) General reviews of empirical approaches: Angrist and Krueger (1999) looks at several methods (including DiD) in the ...


7

It may be interesting to exploit the homothetic separability of the CES utility function in $x$. It implies that $$\frac{x_i}{x_j} = \left( \frac{\alpha_i}{\alpha_j}\frac{p_j}{p_i} \right)^\sigma $$ and after $log$-transformation: $$\ln(x_i) - \ln(x_j) = \beta_{ij} + \sigma (\ln(p_j) - \ln(p_i)). $$ After adding a random term, this specification could be ...


6

As suggested by 1muflon1: I don't really use dynamic discrete optimization (yet) in my work, but I did explore several books once. Here are some suggestions: Economic Dynamics: Theory and Computation by John Stachurski: It's very easy to fall in love with this guy. He writes casually yet authoritatively. The book covers required real analysis and includes ...


6

I think it has to do with declining interest in Marxian economics. In the past the Marxian economics, especially the one in Sraffian tradition had much wider appeal. The rate of profit was an important metric in Marxian economics, since Marxian economics makes several important predictions about the rate of profit in 'capitalist' economies (e.g. the ...


6

A very nice survey from a now well-established journal is Olken, Benjamin A., and Rohini Pande. "Corruption in developing countries." Annual Review of Economics 4, no. 1 (2012): 479-509. Here is the ungated NBER version. It is not new and focuses on developing countries, but it is very influential. They try to answer three questions: what is the ...


5

The following is essentialy due to Debreu. The result is formulated in terms of linear orders, but each complete and transitive relation induces a linear order on the indifference classes: Theorem: Let $S$ be a set and $\preceq$ be a linear order on $S$. Then $\preceq$ has a utility representation if and only if there exists a countable set $C\subseteq S$ ...


5

This answer closely follows the logic of estimation of translog cost function presented in Section 4.7 of Fumio Hayashi's "Econometrics". Define for convenience the CES aggregate price index $P:=(\sum_i \alpha_i^\sigma p_i^{1-\sigma})^\frac{1}{1-\sigma}$. Then the Marshallian demand system in log form can be written as a system of linear equations $...


5

Here is the sketch of a proof. All we need is that every continuous weak order on each $X_i$ admits a continuous utility representation. One sufficient condition is that each $X_i$ is a connected separable topological space by a theorem of Eilenberg. A proof of Eilenberg's theorem is given in Debreu's book Theory of Value. Debreu assumes the domain there ...


5

Are this test used nowadays? Is there a more recent paper about it? As far as I know, (theoretical) index number theory is not so popular anymore nowadays. The feeling is probably that we know most about the topic that is to be known about it from a theoretical perspective. Of course this does not mean that no new discoveries could be made, but my feeling ...


5

Yes there is. For example: The Wealth of Nations: A Translation into Modern English by Industrial Systems Research However, you should be warned that a lot of nuance gets lost in these modern translations. That's why they are not used for serious scholarship done on Smith's work (I am not sure if you intend to read it for some serious study or just as a ...


5

There are certainly cases where the performance differences between Python and Julia matter, but solving a simple DSGE model is not one of them. There have been some formal comparison exercises (e.g., Aruoba and Fernández-Villaverde 2015 and 2018 update). Coleman et al. 2020 also consider a NK model (see Table 4). The real gains are only found when ...


4

The type space is the support of the belief about the types. It seems a bit weird to allow a mechanism designer to arbitrarily restrict their belief support. However, you are right: if the designer can find out more about the private types by acquiring information, this would intuitively allow them to reduce information rent, because it makes the type "...


4

In an experimental setting, how could you prevent the players from adopting a mixed strategy? I don't think you can. Restricting access to mixed strategies is essentially banning the use of any private randomization devices. But since there are various ways to perform mental coin-flips, not all of which are readily observable, it would be prohibitively ...


4

In this comment I simply show that Under certain assumptions the problem is not an estimation problem, there is an exact solution for $\sigma$ and a solution for the structural errors $\alpha_i$ up to a normalisation. The demand system considered is described by the Marshall demand function $$x_k^\star(p,M) = \left(\frac{\alpha_j}{p_j}\right)^{\sigma}\frac{...


4

Economists also publish in Science or Nature sometimes, and if the study is interdisciplinary, there could involve many co-authors just like other scientific papers. In the prestigious economic journals, the economics paper with most coauthors is Benjamin, Daniel J., et al. "The Promises and Pitfalls of Genoeconomics." Annu. Rev. Econ. 4.1 (2012): ...


4

Have a look at CentralBankNews.info.


4

Almost all textbooks on game theory include a part on cooperative game theory and therefore also treat Nash bargaining. A random sample ($n=3$) from my shelf produced this one, this one, and this one.


4

Fairly recent, complete and very pedagogical textbooks, with a lot of codes available on R are: Henderson, D. and C. Parmeter, 2015, Applied Nonparametric Econometrics, Cambridge University Press. Racine, J., 2019, An Introduction to the Advanced Theory and Practice of Nonparametric Econometrics: A Replicable Approach Using R, Cambridge University Press.


3

Allegedly, Barclays uses (or once used) Shapley allocation. Quoting Mauro Cesa: The basic objective of every bank is to find an optimal business strategy that maximises return on capital (ROC). To this end, banks will allocate more capital to desks that generate the highest ROC, while those with lower ROC receive a smaller share of available capital. This ...


3

An Introduction to Econometric Theory by James Davidson might be worth a look. It satisfies all your condition at a slim 256 pages.


3

For most part different 'schools of thought' do not have different definitions of terms. New Keynesian definition of GDP is the same as Keynesian definition of GDP or Neoclassical definition of GDP or any other 'school of thought' that you can think of. Marginal utility also has the same definition across economics. This is because terminology is not about ...


3

I will focus on academic literature reviews since they tend to be unbiased (or at least less biased) - academic literature reviews are often accessible even to non-specialists as they usually do not go deep into models as they try to provide broad overview of the topic: Good (and highly cited) literature review on this topic are: Neumark, D., & Wascher, ...


3

These other answers seem to be citing some methods I haven't quite heard about yet however they all touch upon the idea developed by Czech economist named Jan Kmenta which has come to be known as the Kmenta approximation (an in depth explanation as well as detailed derivation can be found in the documentation of the R package,MicEconCES. A general form of a ...


3

Depends on your definition of 'resolve'. In economic there were already proposed solutions for both public good and common-pool resources. However, most of those require some sort of government action, for example Pigouvian taxes/subsidies or in some cases government ownership/provision. To be more specific before Ostrom and others, literature split goods ...


3

In addition to @Adam Bailey's answer there is also Frank Ramsey's original paper "A mathematical theory of saving " in the economic journal. He argued that nations would at least asymptotically achieve a state of bliss, where no further growth was necessary. More precisely he states on p. 545: There are then two logical possibilities: either the ...


3

Partial and tangential answer, but no other answers so far, so here goes: For the first part of the definition (people who complete the university program do not find placement in the field), data from the Survey of Earned Doctorates may be useful, particularly "Postgraduation plans (e.g., work, postdoc, other study or training) - Type and location of ...


3

What are some good Phd or research programs for Economic History / Economic Thought History? The RePEc/IDEAS website publishes various rankings in economics. I would suggest checking out their ranking of authors working in Business, Economic & Financial History or History & Philosophy of Economics and see if there are people that you'd like to work ...


3

Take a dataset $D = (B^t, x^t)_{t \in T}$ such that for all $t$, $x^t \in B^t$. I'll say that $D$ is rationalisable by the utility function $u$ if for all $t$ and all $x \in B$: $u(x^t) \ge u(x)$. If you only impose convexity on $u$, then any dataset $D$ is rationalisable by the constant (convex) utility function $u(x) = k$. So this has not testable ...


Only top voted, non community-wiki answers of a minimum length are eligible