Journal of Economics Bibliography
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Shapley Value Regression and the Resolution of Multicollinearity
No full textAbstract. Multicollinearity in empirical data violates the assumption of independence among the regressors in a linear regression model that often leads to failure in rejecting a false null hypothesis. It also may assign wrong sign to coefficients. Shapley value regression is perhaps the best methods to combat this problem. The present paper simplifies the algorithm of Shapley value decomposition of R2 and develops a Fortran computer program that executes it. It also retrieve regression coefficients from the Shapley value. However, Shapley value regression becomes increasingly impracticable as the number of regressor variables exceeds 10, although, in practice, a good regression model may not have more than ten regressors..Keywords. Multicollinearity, Shapley value, regression, computer program, Fortran.JEL. C63, C71
Effect of Smoking and other Economic Variables on Wages in the Euro Area.
No full textAbstract. The smoking effects on wages has been examined in this work using different econometric methodologies with the use of European Community Household Panel (ECHP) datasets. We employ econometric tools like Instrumental Variable technique, Heckman correction factor, Endogenous Switching and matching estimates. The initial results from regression estimates (OLS and IV methods) revealed that the wage gap between smokers and non-smokers ranges 1% to 22.7%. Moreover, endogenous switching and matching estimator also showed a negative average treatment effect of approximately 47% and 4.3% to 6.9% respectively. Thus smokers observed less wage effects is explained in part by real effects on their health status and a measure of unobserved preferences.Keywords. Smoking, Wages Differentials, Econometric Approaches and Euro Area.JEL. C18, I12, J31, O51
An Application Related to Logistics Social Responsibility Evaluation with DEMATEL and ELECTRE Methods
No full textAbstract. The issue of environment becomes one of the privileged areas determined in the framework of social responsibility when national and international ethical scandals are experienced in various sectors. Therefore, to analyze activities of logistics firms in the framework of social responsibility theme gains importance while evaluating the activities in terms of their environmental effects. In regard to this important aspect, the purpose of this study is determined as to specify and prioritize the criteria which logistics firms should take into account while performing their social responsibility activities then to select the logistics firm which has the highest level of social responsibility. In this manner, DEMATEL method is used for weighting the criteria and ELECTRE method is used for firm selection. Analysis results show that “breakdown of fleet composition” criteria is the most important logistics social responsibility criteria while C firm has the highest level of social responsibility.Keywords. Logistics, Social responsibility, Multi criteria decision making.JEL. M10, M11, M14
Toward Development of a New Health Economic Evaluation Definition
No full textAbstract. Economic evaluation (EE) is a dynamically advancing knowledge area of health economics. It has been conceived to provide evidence for allocating scarce resources to gain the best value for money. The problem of efficiency of investments becomes even more crucial with advances in modern medicine and public health which bring about both improved patient outcomes and higher costs. Despite the abundance of literature on the EE concepts, some key notions including the definition of the health economic evaluation remain open for discussion. Academic literature offers a large number and growing variety of EE definitions. It testifies to the fact that existing definitions do not meet economists’ requirements. The aim of this study was to examineexisting definitions and reveal their common features.Keywords. Economic evaluation, Health care, Definition, Evidence-informed policy, Health technology assessment, Health economics.JEL. D61, I18, I10, I11, O30
Analyzing Economic Growth: What Role for Public Investment?
No full textAbstract. This paper discusses the role of public investment in the determination of output growth from different theoretical and empirical points of view. The light is shed on the factors that allegedly explain the success and/or the failure of public investment policies in enhancing productivity and supporting GDP, based on a review of empirical evidence in advanced and developing economies. The downstream objective is to provide decision makers with a set of general rules-of-thumb that are likely to help them improve the macroeconomic returns of public investment. The latter are found to be significantly influenced by efficiency and profitability-based selectivity of investment projects. Countries with a relatively low capital-labor ratio usually have higher public and private capital profitability, while the public-private investment substitutability increases the likelihood of crowding out effects. The paper also gives hints on the possible existence of an optimal growth-maximizing level of public investment.Keywords. GDP growth, Public investment, Productivity, Private investment, Development.JEL. E62, H54, O40
Notes on the 1st International Congress on Economics and Business
No full textAbstract: In this paper, the assessment of the First International Congress on Economics and Business (ICEB 2015) held between 10-14 June in Gostivar, Macedonia will be referred.Keywords: Cross Transportation, Gostivar, ICEB 2015.JEL: L91, L93, O18
Tracing the Emergence of Broadening Marketing Proposition: A Thorny Path
No full textAbstract. The broadening marketing concept was introduced in 1969 and was initially well-received by marketing scholars. However, during the subsequent four decades, the concept has been increasingly questioned and has divided marketing scholars in to two opposing camps. This paper traces the evolution of the broadening marketing proposition and critically examines the arguments put forward against the broadening proposition..Keywords. Mega marketing, Broadening proposition, Non profit marketing.JEL. L30, L31, L33, M30, V31.
Revisiting Determinants of Money Demand Function in Pakistan
No full textAbstract. This study investigates the factors such as interest rate, GDP per capita, exchange rate, fiscal deficit, urban and rural population to determine money demand function for Pakistan over the period from 1972-2013. We use ARDL Bound Testing approach in order to test long run relation between money demand and its factors whereas both long and short run coefficients will be found using similar approach. The results show that real interest rate exerts significant and negative effect upon money demand in both long and short run in Pakistan. The results also disclose that exchange rate and rural population are leaving significant but negative effect on the demand for money. These findings are robust to different diagnostic tests..Keywords. Pakistan, Money Demand, Interest Rate, Per Capita GDP, Fiscal Deficit and Exchange Rate.JEL. E40, E41, E50
