| 1. |
- Hagströmer, Björn, 1981-, et al.
(författare)
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Mean-Variance vs. Full-Scale Optimization : Broad Evidence for the UK
- 2008
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Ingår i: Manchester School. - : Wiley. - 1463-6786 .- 1467-9957. ; 76, s. 134-156
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Tidskriftsartikel (refereegranskat)abstract
- Portfolio choice by full-scale optimization applies the empirical return distribution to a parameterized utility function, and the maximum is found through numerical optimization. Using a portfolio choice setting of three UK equity indices we identify several utility functions featuring loss aversion and prospect theory, under which full-scale optimization is a substantially better approach than the mean–variance approach. As the equity indices have return distributions with small deviations from normality, the findings indicate much broader usefulness of full-scale optimization than has earlier been shown. The results hold in- and out-of-sample, and the performance improvements are given in terms of utility as well as certainty equivalents.
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| 2. |
- Bingley, Paul, et al.
(författare)
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Employer Pay Policies, Public Transfers and the Retirement Decisions of Men and Women in Denmark
- 2004
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Ingår i: European Economic Review. - : Elsevier. - 0014-2921 .- 1873-572X. ; 48:1, s. 181-200
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Tidskriftsartikel (refereegranskat)abstract
- The empirical retirement literature measures individual responses to variations in income flows due to public transfers, private individual or employer-provided pensions. We estimate a model accounting for the incentive effects from these sources. A dynamic structural model is extended to allow both individual and employer heterogeneity. This is applied to a Danish matched panel of workers and establishments, spanning a period of reforms to a public early retirement programme. Employer-specific compensation is found to be an important determinant of work and retirement income flows. Employer effects on retirement age are only found among sub-samples where access to public transfers is limited.
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| 3. |
- Chevalier, Arnaud, et al.
(författare)
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Monotonicity and the Roy Model
- 2004
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Ingår i: Manchester School. - : John Wiley & Sons. - 1463-6786 .- 1467-9957. ; 72:4, s. 560-567
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Tidskriftsartikel (refereegranskat)abstract
- In this note we study the implications on a bivariate normal Roy model of two sets of monotonicity hypotheses proposed recently by Manski and Pepper (Econometrica, Vol. 64 (2000), pp. 997–1011). In that simple context, we show that these hypotheses imply strong restrictions on the correlations structure between the decision and the rewards.
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| 4. |
- Carlsson, Magnus, 1975-, et al.
(författare)
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Job Search Methods and Wages : Are Natives and Immigrants Different?
- 2018
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Ingår i: Manchester School. - : Wiley. - 1463-6786 .- 1467-9957. ; 86:2, s. 219-247
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Tidskriftsartikel (refereegranskat)abstract
- We conduct a survey of newly hired workers in the Swedish labour market to analyse if there are differences between natives and immigrants in the choice of search intensity/methods and in the search method getting the job. We further investigate if the wage and other characteristics of the new job differ depending on the successful search method. We find that immigrants use all search methods more than natives, but they especially rely on informal search. Immigrants are more likely than natives to find a job using informal search through friends and relatives, and these jobs are associated with lower wages.
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| 5. |
- Forslid, Rikard, 1961-, et al.
(författare)
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Premature agglomeration? Two phases of development with spatial sorting
- 2024
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Ingår i: Manchester School. - 1463-6786 .- 1467-9957.
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Tidskriftsartikel (refereegranskat)abstract
- Clusters in the developing world do, to a large extent, attract low-educated individuals, and these clusters are in some cases, characterized by urbanization without industrialization. This contrasts starkly to clusters in advanced economies that attract high-skilled individuals and entrepreneurs. In this paper, we develop a model of agglomeration and spatial sorting that is consistent with these two types of different agglomeration processes in developed and developing countries. We show that a poor country that has an agglomeration with low skilled individuals, may get stuck in this equilibrium, but that free mobility of human capital from the outset nevertheless is superior from the perspective of total social welfare.
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| 6. |
- Lanot, Gauthier, et al.
(författare)
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The national minimum wage and the substitutability between young and old workers in low paid occupations
- 2017
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Ingår i: Manchester School. - : John Wiley & Sons. - 1463-6786 .- 1467-9957. ; 85:5, s. 601-633
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Tidskriftsartikel (refereegranskat)abstract
- We study the effect of the National Minimum Wage (NMW) on the work force age composition within the low paying sectors of the British economy. Our interest is in the degree of substitutability between labour inputs (young and old employees). We find evidence that both the introduction and the regular upratings of the NMW have a significant effect on the observed changes to the relative wages and tothe relative wage bills but not to relative employment. We estimatethe elasticity of substitution, between “young” age groups and older workers (55+) to be zero, while that of “prime” (22+) age and older workers, to be around 0.79. Our estimates therefore imply significant complementarity between younger and old employees.
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| 7. |
- Miao, Chizheng
(författare)
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Immigrant self-employment and local unemployment in Sweden
- 2020
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Ingår i: Manchester School. - : John Wiley & Sons. - 1463-6786 .- 1467-9957. ; 88:3, s. 464-488
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Tidskriftsartikel (refereegranskat)abstract
- This paper investigates the relationship between the local unemployment rate and immigrant self-employment entry decision. The study uses Swedish population register data at the individual level and the annual unemployment rate data at the local labour market level over the time period of 1996-2007. The paper finds that the local unemployment rate is negatively correlated with the probability of entering into self-employment for natives and immigrants who are not from the Middle East. Compared with natives, Middle Eastern immigrants are more likely to enter into self-employment when local unemployment rate increases. Furthermore, the magnitude of the impact of the local unemployment rate on women’s self-employment entry is quantitatively smaller than that of men, indicating the less important role of economic conditions in determining women’s decision to enter self-employment.
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| 8. |
- Nordin, Martin, et al.
(författare)
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Increasing returns to schooling by ability? : a comparison between the USA and Sweden
- 2014
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Ingår i: Manchester School. - : Wiley. - 1463-6786 .- 1467-9957. ; 82, s. 1-20
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Tidskriftsartikel (refereegranskat)abstract
- This study uses US survey data and Swedish register data to estimate and compare the relationship between returns to schooling and ability. A significant and positive relationship is found for Sweden, but not for the USA. Based on the predictions of the optimal schooling model it is argues that measured differences in the relationship between returns to schooling and ability could depend upon on differences in the schooling systems between the countries. The findings suggest that a low price of higher education in Sweden makes a relationship between returns to schooling and ability observable in Sweden but not in the USA.
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| 9. |
- Wlazlowski, Szymon, et al.
(författare)
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New York mark-ups on petroleum products
- 2012
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Ingår i: Manchester School. - : Wiley. - 1463-6786. ; 80:2, s. 145-171
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyzes rigidities in the behavior of the mark-up on regular, midgrade and premium varieties of petrol in the New York area using a set of weekly frequency data and a methodology that analyzes the pricing process using deterministic and stochastic techniques. The results are consistent across methodologies and indicate that the speeds of adjustment to the long run equilibrium mark-up differ across varieties of petrol with margins of the premium variety falling faster than they rise, contrary to the popular claim of welfare-decreasing asymmetries in price transmission.
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