Browsing Department of Economics (ECON) by Title
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Bennedsen, Morten; Wolfenzon, Daniel (København, 2000)[More information][Less information]
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Ghiglino, Christian; Shell, Karl (København, 1998)[More information][Less information]
Abstract: In overlapping-generations economies with perfect financial markets and lumpsum taxation, restrictions on the government budget deficits do not limit the set of achievable allocations. For economies in which tax instruments are distortionary and limited in number, deficits are irrelevant only in the unrealistic case in which the number of tax instruments is large relative to the number of policy goals. In particular, if the government can use only anonymous consumption taxes, then achieving the prescribed deficits without changing the equilibrium allocation will typically be impossible when the number of consumers exceeds the number of commodities. A similar result holds if consumer credit is (exogenously) restricted. Surprisingly, in this case, distortionary taxes may be more likely than lump-sum taxes to lead to the irrelevance of government deficits. Journal of Economic Literature Classification Numbers: D51, D91, E32. Keywords: Balanced Budget, Balanced-Budget Amendment, Burden of the Public Debt, Comparative Statics, Consumption Taxes, Credit Restrictions, Distortionary Taxes, Economic Policy, Government Budget Deficit, Maastricht Treaty, Optimal Taxation, Overlapping Generations. URI: http://hdl.handle.net/10398/7542 Files in this item: 1
1998_3.pdf (310.4Kb) -
Urban, Dieter (Frederiksberg, 1999)[More information][Less information]
Abstract: Denne Ph.D. afhandling søger af sammenknytte to nationaløkonomiske problemkredse: Økonomisk vækst og økonomisk geografi. Afhandlingens centrale spørgsmål er: Vil økonomisk vækst føre til industriel koncentration eller industriel spredning? Hvordan påvirker en ændring i industriens lokalisering regional og national vækst? Hvilken indflydelse har den stadig tættere integration på økonomisk vækst og industrikoncentration? Afhandlingen består af fem kapitler. Kapitlerne er nært forbundne, men kan læses uafhængigt af hinanden. Kapitel 1 er et introduktionskapitel. Det indeholder en oversigt over litteraturen på området og et resume af de i denne afhandling fremlagte forskningsbidrag. Udgangspunktet for min forskning har været Krugman’s banebrydende artikel “Economic Geography and Increasing Returns” fra 1991. Heri udvikler han en model, der kan forklare, under hvilke omstændigheder, industrier tenderer at koncentrere sig i en land eller en region. Artiklen mangler imidlertid en fulstændig analytisk løsning af modellen, og intuitionen bag dens centrale sammenhænge er uklar. Kapitel 2 tilstræber at råde bod på disse svagheder. Kapitlet indeholder dels en rigoristisk analytisk løsning, dels en simpel grafisk illustration af Krugman’s model. Det påpeges, at der er en nær analogi mellem Krugman’s model og neoklassisk udenrigshandelsteori baseret på antagelsen om heterogene agenter. I kapitel 3 vises, at Krugman’s model har en unik kortsigtet ligevægt, men multiple langsigtede ligevægte. Afhængig af industriens initiale fordeling vil en relativt mindre industrialiseret økonomi enten af-industrialiseres eller konvergere mod samme udviklingstrin som den mere industrialiserede økonomi. Den mulige eksistens af en “fattigdomsfælde”, hvoraf en økonomi ikke kan udvikle sig ved egen kraft, giver en teoretisk begrundelse for, at aftaler om fri bevægelse for varer og kapital (eksempelvis inden for EU) kædes sammen med aftaler om strukturstøtte til de mindre industrialiserede regioner. I kapitel 4 integreres økonomisk geografi og neoklassisk vækstteori i en model, der simultant forklarer økonomisk vækst og industriens fordeling. Det påvises, at der er to regimer: Et neoklassisk “catching-up” regime, hvor økonomierne gradvis konvergerer, og et fattigdomsregime”, hvor forskellen i økonomisk udvikling udvides. Det påvises, at afvikling af handelsbarrierer kan eliminere fattigdomsfælden, således at mere tilbagestående lande med tiden vil tilnærme sig de mere udviklede økonomier. Kapitel 5 er en empirisk test af den model, der udvikles i kapitel 4, mod data for USA og Japan. Testen viser, at modellen ikke kan afvises for så vidt angår perioden efter Bretton Woods fast-kurs systemets sammenbrud i 1972. Under Bretton Woods systemet synes de to økonomer at have udviklet sig uafhængigt af hinanden, hvorfor modellen må afvises for denne periode. URI: http://hdl.handle.net/10398/7914 Files in this item: 1
Dieter_Urban.pdf (1.410Mb) -
Blomgren-Hansen, Niels (København, 1998)[More information][Less information]
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Cost-benefit-beregningHøjbjerg Jacobsen, Rasmus (Frederiksberg, 2011)[More information][Less information]
Abstract: I perioden januar-august 2011 har CEBR udført en analyseopgave for Landsforeningen BEDRE PSYKIATRI. Formålet med projektet har været at undersøge det samfundsøkonomiske potentiale for forøget inddragelse af pårørende i behandlingen af personer med psykisk sygdom i Danmark. Specifikt har det været formålet at gennemføre en cost-benefit beregning af familieintervention og inddragelse af pårørende på baggrund af de faktiske livsforløb for patienter med psykisk sygdom i Danmark og de resultater af effekter af familieintervention og pårørendeinddragelse, der kan findes i faglitteraturen. Undervejs har en række personer givet værdifulde kommentarer til projektet, og forfatteren vil gerne takke alle herfor. Særlig tak skal rettes til Martin Junge fra CEBR, professor Søren Bo Nielsen, CBS, samt Thorstein Theilgaard og Jens Peter Dam Eckardt Jensen fra BEDRE PSYKIATRI. URI: http://hdl.handle.net/10398/8578 Files in this item: 1
Rasmus_H_Jacobsen_2011.pdf (390.7Kb) -
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Abstract: Denne analyse af folkeskolen anvender DEA (Data Envelopment Analysis) som et redskab til at foretage ”realistisk benchmarking”, hvor der i for-hold til den enkelte folkeskole identificeres relevante forbilleder, der på den ene side ligner skolen meget, men på den anden side gør det bedre. Sammenligningen tager udgangspunkt i de karakterer eleverne opnår ved afgangseksamen i 9. klasse. KREVIs analyse af folkeskolens faglige kvalitet viste, at forskelle i skolernes faglige kvalitet spiller en signifikant rolle, når karakterforskellene skal forklares. Selvom forskelle i elevernes sociale baggrund og individuelle forskelle under alle omstændigheder er den mest væsentlige årsag til forskelle i karakterer. Der er således god grund til at sammenligne skoler med relevante forbilleder. Da der desuden er væsentlige forskelle i skolernes ressourceforbrug, giver det god mening at lave realistisk benchmarking på sammenhængene mellem faglighed og ressourceforbrug for at vurdere effektiviteten. URI: http://hdl.handle.net/10398/8574 Files in this item: 4
Bilag_1_Wittrup_Bogetoft_2011.pdf (439.9Kb)Bilag_2_Wittrup_Bogetoft_2011.pdf (353.0Kb)Bilag_3_Wittrup_Bogetoft_2011.pdf (528.0Kb)Rapport_Wittrup_Bogetoft_2011.pdf (1.306Mb) -
Bennedsen, Morten; Nielsen, Kasper (København, 2001)[More information][Less information]
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Theory and ExperimentsAndersen, Steffen; Fountain, John; Harrison, Glenn W.; Rutström, E. Elisabet (, 2009)[More information][Less information]
Abstract: Subjective beliefs play a role in many economic decisions. There is a large theoretical literature on the elicitation of beliefs, and an equally large empirical literature. However, there is a gulf between the two. The theoretical literature proposes a range of procedures that can be used to recover beliefs, but stresses the need to make strong auxiliary assumptions or “calibrating adjustments” to elicited reports in order to recover the latent belief. With some notable exceptions, the empirical literature seems intent on either making those strong assumptions or ignoring the need for calibration. We make three contributions to bridge this gulf. First, we offer a general theoretical framework in which the belief elicitation task can be viewed as an exchange of state-dependent commodities between two traders. Second, we provide a specific elicitation procedure which has clear counterparts in field betting environments, and that is directly motivated by our theoretical framework. Finally, we illustrate how one can jointly estimate risk attitudes and subjective beliefs using structural maximum likelihood methods. This allows the observer to make inferences about the latent subjective belief, calibrating for virtually any well-specified model of choice under uncertainty. We demonstrate our procedures with an experiment in which we elicit subjective probabilities over three future events and one fact. URI: http://hdl.handle.net/10398/7799 Files in this item: 1
wp2009-3.pdf (2.043Mb) -
Fosse, Henrik Barslund (Copenhagen Business School, 2012)[More information][Less information]
Abstract: The thesis consists of an introduction followed by three numbered chapters (independent papers). It covers topics in international trade, and in di¤erent ways the thesis investigates aspects of heterogeneity. The rst chapter is coauthored with Pascalis Raimondos-Møller. The version of this chapter is published in the CESifo Working Paper Series and serves as the nal background paper for the compressed journal article published in Review of Development Economics, May 2012. The second chapter is coauthored with Madhura Maitra, senior PhD student at Columbia University at the time. The third chapter is a solo paper. In the rst chapter we introduce a traditional macro model of trade and change the com- petitive environment by introducing state-owned enterprises. We also include heterogenous households to analyze e¤ects on the income distribution. The chapter focuses on Vietnam s accession to the World Trade Organization (WTO) in 2007. Upon entry, Vietnam was granted an accession period lasting till 2014. During this period tari¤s would have to fall according to the accession agreement. This rst chapter evaluates this 2007-2014 trade liberalization by building an applied general equilibrium model and calibrating it to the Vietnamese data. The model pays careful attention to the fact that Vietnam has many state-owned enterprises that do not behave in a pro t maximizing way. The model simulations show that the WTO imposed tari¤ reforms will reduce the overall welfare level of the Vietnamese households. Moreover, the biggest loss of income will take place among the poor rural households in Vietnam. We propose other tari¤ reforms that both raise overall welfare and reduce income inequality. URI: http://hdl.handle.net/10398/8541 Files in this item: 1
Henrik_Barslund_Fosse.pdf (1.149Mb) -
Overgaard Olesen, Jan (, 2001)[More information][Less information]
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Essays on sorting and globalizationScheuer, Christian (Frederiksberg, 2009)[More information][Less information]
Abstract: "Leaping into the future of labor economics: the research potential of linking employer and employee data" is the title of a paper by Daniel S Hammermesh published in Labour Economics in 1999. I quote it here, since it captures much of my motivation for the work included in this thesis. Considering applied micro econometrics and labor economics my main elds of interest, the development of linked employer-employee data that took place in Denmark around the time of the new millennium, marked new and exciting possibilities. For some years Danish researchers have had access to very detailed information on all people living in Denmark, but at the beginning of this century also data on all companies linked to these persons was being made available for research. Combined with modern computer technology this meant access to a linked database following all employers and all employees in Denmark over time. I had no doubt that this should be the centerpiece of my Ph.D. The result has been two lines of research, one studying the e¤ect of globalization on labor demand in Denmark, and one studying sorting, that is, how and why employers meet employees in the labor market. In the summary I treat each line of research independently although I would like to emphasize, that studying a labor market where fi rms and workers reacts to one another is the corner stone in both. URI: http://hdl.handle.net/10398/7928 Files in this item: 1
Christian_Scheuer.pdf (1.312Mb) -
notat til udvalget om skat og internationaliseringBlomgren-Hansen, Niels (København, 2001)[More information][Less information]
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Boom, Anette (København, 2008)[More information][Less information]
Abstract: This paper uses an adapted version of the linear tracing procedure, suggested by Harsanyi and Selten (1988), in order to discriminate between two types of multiple Nash equilibria. Equilibria of the same type are pay-off equivalent in the analysed multiple-unit unit price auction where two sellers compete in order to serve a fixed demand. The equilibria where the firm with the larger capacity bids the maximum price, serves the residual demand and is undercut by the low capacity firm that sells its total capacity risk dominate the equilibria where the roles are interchanged. URI: http://hdl.handle.net/10398/7664 Files in this item: 1
wp2-2008.pdf (302.0Kb) -
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Abstract: Participation rate on the Greenland labour market: situation of year 2000 A goal is that a large part of the population of normal working age is employed. The participation rate is one of the statistics used to describe the performance of the economy in this respect. Two sources are used to arrive at an estimate of the rate both for Greenland in general and for four regions defined by four so called growth towns: Nuuk, Sisimiut, Ilulissat and Qaqortoq. They are Statistic Greenland’s publications on employment and on unemployment. There are some difficulties using the available data: the employment and unemployment surveys refer to periods whereas the potential workforce is counted at a date. Furthermore persons with yearly income below an arbitrary limit of 40.000 DKK are sorted out even though they should contribute to the number of full year employed. The participation rate is found to be much higher in Nuuk than in the other regions. For Greenland as such the number is in line with figures for Western Europe and North America. Characteristics of people not in the work force are looked for. To some extent a connection exists to the number people receiving pension as disabled, people in education, and those on leave because of childbirth, but the relation is imperfect and great differences are seen between regions. URI: http://hdl.handle.net/10398/7604 Files in this item: 1
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Nielsen, Steen (Frederiksberg, 2000)[More information][Less information]
Abstract: This dissertation adresses various issues regarding the functioning of financial markets. It consists of introduction and five independent chapters of which the first four are empirical and the last one is theoretical. The introduction provides a brief background on some of the data used in subsequent chapters and a discussion of the main results of the dissertation URI: http://hdl.handle.net/10398/7935 Files in this item: 1
Steen_Nielsen.pdf (17.09Mb) -
Evidence from Danish Micro DataSchultz, Esben Anton (Frederiksberg, 2012)[More information][Less information]
Abstract: This thesis consists of four empirical essays within the broad field of modern labor economics. All four essays are self-contained and can be read independently of the others. Chapter 1 investigates the distinct effects on information technology and communication technology on firm’s skill demand. Chapter 2 studies whether the observed wage gab between majors in human arts and other fields are caused by their education per se or by selection. Chapter 3 examines taxable income responses to variation in marginal tax rates. Chapter 4 analyzes the effect of income taxation on the international migration of top earners. Each chapter provides an independent and separate analytical contribution to their specific field. URI: http://hdl.handle.net/10398/8442 Files in this item: 1
Esben_Anton_Schultz.pdf (4.890Mb) -
Amore, Mario Daniele (Frederiksberg, 2012)[More information][Less information]
Abstract: The effect of corporate governance and managers on the value of companies has received great attention in the recent public debate. In the academic research, this increased attention has been associated with an effort to develop finer conceptual frameworks and analytical techniques to assess how governance and financial characteristics influence corporate policies and profitability. While theoretical models represent a successful approach under specific hypotheses, the econometric analysis of corporate governance and managerial characteristics has proven to be extremely challenging. Because governance and managerial characteristics are equilibrium outcomes largely determined by the firm itself, it is methodologically difficult to separate out their determinants from their consequences to infer causal effects. Since its infancy the empirical corporate governance and corporate finance research has faced this problem, which is often responsible for mixed empirical results. In my dissertation, I adopt a common methodological framework developed in the “program evaluation” literature to shed new light on the effects of governance and managerial characteristics on a variety of corporate policies and, ultimately, firm performance. In particular, I estimate a class of difference-in-differences models deriving the empirical identifications from policy changes that generate “quasi-natural experiments”. URI: http://hdl.handle.net/10398/8451 Files in this item: 1
Mario_Daniele_Amore.pdf (1.242Mb) -
Zhou, Haoyong (Frederiksberg, 2012)[More information][Less information]
Abstract: The dissertation examines corporate performance and capital structure of family firms, contributing to the limited empirical research on family firms. Family firms are prevalent in national economies all over the world. It is the prevalence that makes family firms receive increasing attentions from academia. The dissertation consists of an introduction and three chapters. Each chapter is an independent paper. The first chapter is a joint work with Professor Morten Bennedsen and Dr. Markus Ampenberger. The version of in the dissertation will be published as Chapter 6 in the forthcoming Oxford Handbook of Entrepreneurial Finance by Oxford University Press. The second paper and third paper are single-authored papers. In the first chapter, we discuss the capital structure of family firms, with a focus on the debtequity mix. Two parts comprise the chapter. In the first part, we provide a literature review on existing theoretical and empirical research in the capital structure of family firms. The literature review shows that the most important theories to explain capital structure in family firms seem to be risk aversion, agency theory, and control considerations. We argue that risk aversion and control considerations have opposing impacts on the optimal choice of debt leverage of family firms. On one hand, controlling families of family firms are typically non-diversified investors with most of their wealth and human capital tied to the company and consequently family firms use less debt. On the other hand, controlling families want to maintain the control over their companies. This control consideration restricts the willingness to raise new equity outside the family and therefore often lead to a stronger dependence on banks and other debt instruments. The literature review also shows that evidence on capital structure choices of family firms is inconclusive. Large-scale evidence on private family firms is almost missing. URI: http://hdl.handle.net/10398/8607 Files in this item: 1
Haoyong_Zhou.pdf (2.035Mb) -
Vinten, Frederik Christian (København, 2008)[More information][Less information]
Abstract: We study the impact of stock market valuations on delistings from European stock exchanges 1996-2004. Previous research has found that mergers and acquisitions (M&A) occur more often when market valuations are high. This is paradoxical since it implies that companies are more likely to engage in M&A when it is most expensive. In accordance with prior research we find that delistings by mergers and acquisitions are more likely when industry market-to-book values (q) are high. In contrast, we find no effect of industry q on going private transactions. The data also suggest that M&A are more likely to take place in bull years while going private transactions are relatively more likely in bear years. Our study is the first comprehensive study of delistings in Europe and the first study to demonstrate that going private transactions appear to be driven by different causal mechanisms than M&A. URI: http://hdl.handle.net/10398/7682 Files in this item: 1
frederik_vinten.pdf (1.449Mb) -
Andersen, Steffen; Fountain, John; Harrison, Glenn W.; Rutström, E. Elisabet (, 2009)[More information][Less information]
Abstract: It is intuitive that decision-makers might have attitudes towards uncertainty just as they might have attitudes towards risk. However, it is only recently that this intuitive notion has been formalized and axiomatically characterized. We estimate the extent of uncertainty aversion in a manner that is parsimonious and consistent with theory. We demonstrate that one can jointly estimate attitudes towards uncertainty, attitudes towards risk, and subjective probabilities in a rigorous manner. Our structural econometric model constructively demonstrates the theoretical claims that it is possible to define uncertainty aversion in an empirically tractable manner. Our results show that attitudes towards risk and uncertainty can be different, qualitatively and quantitatively, and that allowing for these differences can have significant effects on inferences about subjective probabilities. URI: http://hdl.handle.net/10398/7803 Files in this item: 1
wp2009-7.pdf (467.5Kb)