We survey the literature on the Risk Augmented Mincer equation that seeks to estimate the compensation for uncertainty in the future wage to be earned after completing an…
Abstract
We survey the literature on the Risk Augmented Mincer equation that seeks to estimate the compensation for uncertainty in the future wage to be earned after completing an education. There is wide empirical support for the predicted positive effect of wage variance and the negative effect of wage skew. We discuss robustness of the findings across specifications, potential bias from unobserved heterogeneity and selectivity and consider the core issue of students' information on benefits from education.
Details
Keywords
C. Clissman, R. Murray, E. Davidson, J. Hands, O. Sijtsma, A. Noordzij, R. Moulton, S. Shanawa, J. Darzentas and I. Pettman
Provides a brief introduction to the UNIverse Project and its major objectives. Continues and completes the overview of the international standards, softwares and systems which…
Abstract
Provides a brief introduction to the UNIverse Project and its major objectives. Continues and completes the overview of the international standards, softwares and systems which will enable bibliographic searching of multiple distributed library catalogues. Part 3 reviews three further areas: ‐ inter library loans protocols; multimedia document delivery and authentication and directory services.
Details
Keywords
C. Clissman, R. Murray, E. Davidson, J. Hands, O. Sijtsma, A. Noordzij, R. Moulton, S. Shanawa, J. Darzentas and I. Pettman
Provides a brief introduction to the UNIverse Project and its major objectives. Continues the overview of the international standards, softwares and systems which will enable…
Abstract
Provides a brief introduction to the UNIverse Project and its major objectives. Continues the overview of the international standards, softwares and systems which will enable bibliographic searching of multiple distributed library catalogues. Part 2 reviews three further areas: record syntax conversion which covers UNIMARC, SGML and Dublin Core; result set de‐duplication, covering International Standard Book Number (ISBN), International Standard Serial Number (ISSN), the Universal Standard Bibliographic Code (USBC), Serial Item and Contribution Identifier (SICI), Digital Object Identifiers (DOI) and Uniform Resource Names (URN); and multi‐lingual thesauri.
Details
Keywords
Subhas C. Misra, Uma Kumar and Vinod Kumar
Because of the competitive economy, organizations today seek to rationalize, innovate and adapt to changing environments and circumstances as part of business process…
Abstract
Purpose
Because of the competitive economy, organizations today seek to rationalize, innovate and adapt to changing environments and circumstances as part of business process reengineering (BPR) efforts. Irrespective of the process reengineering program selected and the technique used to model it, BPR brings with it the issues of organizational and process changes. Thus, BPR initiatives involve risk taking. Effective management of risks and their prediction and estimation should help in minimizing failures from BPR efforts. Risk management is non‐trivial due to the large uncertainty involved with business success with BPR efforts. Though some attempt has been made to model risk management in enterprise information systems using conventional conceptual modelling techniques, the previous works have analyzed and modeled the same just by addressing “what” a process is like, but do not address “why” the process is the way it is.
Design/methodology/approach
The approach presents a new technique for analyzing and modelling early‐phase requirements of organizational risk management that provides the motivations, intents, and rationales behind the entities and activities.
Findings
A case study has been considered to illustrate this approach.
Originality/value
The approach is novel in the sense that there is no similar intentional modeling approach for risk management to the best of one's knowledge. The approach is expected to be valuable because by using this approach one can reason about the risks associated with BPR and can incorporate prominently the issues related to risk in the process of systems analysis and design.
Details
Keywords
Donald Haurin and Stephanie Moulton
This paper links the literatures on the life-cycle hypothesis, homeownership, home equity and pensions. Empirically, the focus is on the EU and USA. The paper aims to explore the…
Abstract
Purpose
This paper links the literatures on the life-cycle hypothesis, homeownership, home equity and pensions. Empirically, the focus is on the EU and USA. The paper aims to explore the extent that seniors extract their home equity and discuss the financial instruments available for equity extraction.
Design/methodology/approach
The study uses data from the EU and USA to determine homeownership rates, house values and mortgage debt. With these values, the amount of seniors’ home equity is measured for each country. The usage of home equity extraction methods is reported and factors limiting their use are identified.
Findings
Seniors’ home equity is a substantial share of their total wealth. Estimates for 2013 are that their home equity equals about €5tn in the USA and over €8tn in large EU countries. The authors find that only a small share of seniors extracts their home equity. While there are supply side constraints in many countries, the evidence suggests that the cause of low extraction rates is the lack of demand. Various reasons for the lack of demand are discussed.
Practical implications
The increasing share of seniors in most countries’ population suggests that there will be increasing pressure on public pension systems. One among many options to address this issue is to impose a wealth test for eligibility, where wealth includes home equity. This study suggests that although home equity is substantial for many seniors, they are reluctant to access the funds.
Originality/value
The paper highlights the importance of home equity in the EU and USA and the factors that affect the primary methods of extraction.
Details
Keywords
Timothy J. Bartik and Marta Lachowska
In order to study whether college scholarships can be an effective tool in raising students’ performance in secondary school, we use one aspect of the Kalamazoo Promise that…
Abstract
In order to study whether college scholarships can be an effective tool in raising students’ performance in secondary school, we use one aspect of the Kalamazoo Promise that resembles a quasi-experiment. The surprise announcement of the scholarship created a large change in expected college tuition costs that varied across different groups of students based on past enrollment decisions. This variation is arguably exogenous to unobserved student characteristics. We estimate the effects of this change by a set of “difference-in-differences” regressions where we compare the change in student outcomes in secondary school across time for different student “length of enrollment” groups. We also control for student fixed effects. We find positive effects of the Kalamazoo Promise on Promise-eligible students large enough to be deemed important – about a 9 percent increase in the probability of earning any credits and one less suspension day per year. We also find large increases in GPA among African American students.
Details
Keywords
Norbert Czinkan and Áron Horváth
The purpose of the paper is to investigate a cross section of Hungarian settlement-level unit housing prices with a special emphasis on measuring the effect of population and its…
Abstract
Purpose
The purpose of the paper is to investigate a cross section of Hungarian settlement-level unit housing prices with a special emphasis on measuring the effect of population and its growth, along with accessibility to the centre of an aggregated spatial unit such as a micro-region, county or region, for the period of 2001-2011.
Design/methodology/approach
The analysis uses cross-sectional ordinary least squares techniques with Moulton-corrected standard errors. The estimation is guided by the implications of a simplified monocentric urbanized area framework following the model of DiPasquale and Wheaton (1996), and the econometric model is augmented with population growth rate at the settlement level to bridge the theory explaining rents and data base containing prices instead.
Findings
The location is a key factor in determining housing prices: living 10 min further from the centre results in 11 per cent cheaper housing. When estimating bid-rent curves, results show that it is crucial to control for city size and the income effect. The elasticity of housing price with respect to city size is 0.09 according to our preferred model. Population growth has an asymmetric impact on housing prices: municipalities with positive expected population growth have higher prices today.
Practical implications
Estimating the quantitative relationship between commuting time and housing price is crucial for a cautious infrastructure development. The benefits of improved roads and faster access could be capitalized in appreciating the housing stock. Estimating the slope of the bid-rent curve is one possible ex ante quantification of the benefits of a public development.
Originality/value
One contribution of this research is providing empirical evidence to surprisingly limited applied work in the field of (monocentric) urban models using data from the CEE region. Second, to the best of the authors’ knowledge, this is the first study to investigate Hungarian settlement-level unit prices from an urban economic point of view.