Tag Archive: Economics

Employment of Chinese Women in the Gender Discrimination (Education Papers posted on November 7th, 2014 )

Employment discrimination due to such causes as religion,nationality or gender has been always existing through the whole history.Specifically,the gender discrimination falling into employment is the most common one. In recent years, with the increasing tension spreading the entire market of human resources in our country, the employment gap based on gender is also much more remarkable than before. Furthermore, employment competition tend to be more intense on account of both the rapid Economic development and the transformation of the society in China. the phenomenon (supply exceeds demand),which is popular in current labour market, obviously provide the forcing house to the variety of employment discrimination. In all kinds of employment discrimination, the one aim to females is particularly serious, which has been expanded to the degree of worldwide. This essay,generally,elaborates several aspects of sexual discrimination in regard to the presence of the females’ employment,and manage to analyse this issue from the viewpoint of Economics.Finally,the most significant purpose of this essay is to put forward countermeasures to eliminate gender discrimination on support of the conception framework of western Economics.This essay is mainly divided into the following five parts:The first part is the research summary, the principal aim is to interpret the significance of releasing this problem,as well as the overview of current research stage from domestic and abroad scholars in terms of the status quo, analysis frame and main viewpoints.The second part is the introduction to the present condition of gender discrimination in females’ employment in our country, mainly embody the phenomenon by means of unequal opportunities, unequal payment for men and women at the same positions,earlier retirement ages of females, sex segregation in occupation etc..The third part,which explains the gender discrimination on the basis of theoretical Economics, mainly carrys out the analysis from the following aspects: the hypothesis of Economic man, failure of government policy, the tragedy of the commons and market’s externality.The fourth part gives some appropriate suggestions in the framework of economics to eliminate sexual discrimination,such as socialization of female fertility cost,marketization of housework,relevant legislation of government, improvement of woman’s personal quality.The fifth part is the conclusion, including the study of countermeasures and political suggestions.To be more precise,this part covers the theoretical analysis of results,opportunity, political suggestions,as well as problems for further research.The innovation spot of this article lies in making use of the mature theory of western economics to explain sexual discrimination in female’s employment.The most significant point is using the core theory in western mainstream economics-the hypothesis of economic man, people are both selfish and rational at the same time. Marshall said, economics is not only about fortune research, but is also the study of human. Furthermore, this subject is not only supposed to discuss the intrinsic rules of economic development, such as market forces and mechanism, problems of price decision, the effective distribution and utilization of resources etc, at the same time,it also directly relates to the actors of economic behaviors-human development,human behaviors,thoughts,desires,expectations and requirements.From the standpoint of economics,the highest motive of enterprises to promote economic activities is making profit, so given that man is utilitarian and enterprises’ goal is to maximize profit, it will form the most fundamental reason for enterprises to avoid employing female employees with additional cost relatively.The glaring disadvantage of this essay is that,there are few researchers introducing the conceptual framework of economics to the employment of women in the presence of gender discrimination. At the same time,hardly can scholars both at home and abroad reach a consensus on this issue. Then these elements result in the obstacle for further study because the authoritative materials and the lately data about this aspect are unlikely to be available.Combining with the author, who has little talent and less theoretical background from the curriculum. So the mistakes and omissions are inevitable in this essay, the result may not be satisfying. Because economics is a broad and profound subject,there is too much unknown knowledge still under developing.Clearly,it is necessary for author to take additional time to touch the real meanings. However,every subject,as a sort of theory,is doomed to be questioned, making mistakes is inevitable.Everything is relative.”Right” is relative to ” wrong”. namely the current knowledge must be proved wrong,just like the similar business phenomenon,where there is a earn.there is a pay. For the academic divisions, disputes should be intense.but for the author,tolerance and understanding should be expected.

As China’s reform and opening up and gradual development of the soci… (Education Papers posted on November 4th, 2014 )

As China’s reform and opening up and gradual development of the socialist market economy, China’s Economic and Social structure has undergone tremendous changes, and commercial bribery increasingly in trading and to spread rapidly to every corner of society, which seriously damaged the fair competition. Having combined with the fact of China’s anti-bribery legislation and enforcement, we will define the commercial bribery in the Economic point of view based on the domestic and foreign theoretical research. We believe that the commercial bribery in the perspective of Economics should be defined as that the offeror who in order to sell or purchase goods to change the bribery preferences which he should have in transaction in the means of property or others, thereby depriving the opportunity of competitors, or dividing up the interests which should belonged to their company.”The bribery preferences which he should have” refers to the bribery preferences should be consistent with the preferences of their company, they should ensure to achieve the maximum benefits for their company in the transaction.To begin with the practice of supervision and punishment of commercial bribery in our nation. We revealed the root causes of commercial bribery and defined a new concept of it. And demonstrated the optimal choice in the process of control commercial bribery from the aspect both supervision and punishment.We believe that the commercial bribery came into being and spread in the condition of monopoly. Especially, the unbalanced supply and demand and information asymmetry bring incentives for business dealers to bribe and take bribes. The participants in the market don’t engage in commercial bribery only because they never want to do that or the cost is greater than benefits. And opportunistic tendencies make us believe that there will be certain behavior as long as the profit will be. So the best way to prevent commercial bribery is to bring a certain deterrent.Supervision and punishment together constitute the deterrent for bribery. The supervision do not bring deterrent directly, it affects the certainty and possibility of the punishment only. However the supervision decided the level of activity of commercial bribery to a large extent. High level of supervision often has low level bribery activity, and inadequate supervision played a key role to a large extent in the fast spreading of commercial bribery. Therefore the government should be strong enough to provide great supervision.However, the power of government is limited in some certain cost constraints. And it still cannot completely eliminate the commercial bribery even if the regulators always monitoring in the best way. It is costly and limited effects to governing only by government with the limited cost and information asymmetry. So we should co-supervision with Social forces. While we must find the Equilibrium between supervision and punishment in the cost constraints due to there are different social cost between supervision and punishment.Punishment is the root cause to the deterrent. The punishment can be treated as objects and means. The objects refer to the people who offer bribery called briber and the people who accept bribery called bribe (introducer included sometimes). Although they act together to constitute commercial bribery and the same punishment should be given to them, they play different roles in commercial bribery. And focusing serious punishment on briber seems more conductive to curb commercial bribery in the perspective of supply and demand elasticity if we conduct the bribery as a commodity.In the means of punishment, we have two kinds of ways:fines and imprisonment, and each of them will take some social costs. However, we always prefer to maximize the deterrent function of fines first, and to a certain period of imprisonment as a supplement because the social cost of fines is far less than which of imprisonment.

Three essays in public economics (Education Papers posted on March 23rd, 2013 )

The first essay uses the policy changes surrounding the 1992 Amendments to the Higher Education Act HEA92) to examine the effects that the implicit financial-aid tax has on household saving behavior, particularly on portfolio choices. The empirical results show that the financial-aid tax does not significantly affect the total level of wealth. However, families significantly adjust their portfolio composition to avoid the tax. In addition, families seem to lack knowledge about financial-aid rules if they have not experienced with the financial-aid applications. Even if families know the rules, they do not change assets in response to the financial-aid tax if they face no imminent taxation. This second essay uses the policy changes surrounding the 1992 Amendments to the Higher Education Act HEA92) to examine the reasons for which families have borrowed much more after the HEA92 increased the loan limits on subsidized and unsubsidized student loans. I find that the loan-limit changes do not significantly affect education investments. However, families significantly reduce some other financial instruments used to finance students higher education, including loans from parents, parents direct contributions, working while in school, and work-study aid. The third essay uses the Health and Retirement Study to study the effects of group Health insurance on womens retirement decisions. I find the availability of alternative group health insurance, including retiree health insurance and spousal health insurance, significantly increases the retirement hazard and decreases retirement age for women. Married women are much more sensitive to the availability of spousal health insurance than to retiree health insurance. Medicare also has significant effect on women retirement behavior.

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The impact of the business cycle on educational choices (Education Papers posted on March 23rd, 2013 )

The following essays analyze the impact of short-term Economic fluctuations on individual and household educational decisions. The first essay investigates how the business cycle affects a households decision on the timing of kindergarten enrollment. For some 5 year-olds, waiting an additional year beyond the designated age of eligibility for kindergarten enrollment can potentially result in long-term academic benefits. Although delayed entry affords an opportunity for further Social and intellectual development prior to the start of formal Education, there is a significant financial and time burden associated with not enrolling once legally eligible, specifically the cost of daycare, preschool, or home care; the next best alternatives to public elementary school. Broadly, the results presented in this study indicate that during Economic downturns kindergarten enrollment increases. The empirical analysis is motivated by a simple model of the relationship between kindergarten enrollment eligibility, the timing of enrollment, the cost of alternatives to kindergarten, a childs future academic success, and how budget and time constraints are impacted by short-term economic fluctuations. The second chapter explores the impact of fluctuations in entry-level labor market conditions on graduate school enrollment decisions directly after earning an undergraduate degree. Focusing on data for recently graduated science and Engineering undergraduates, this essay finds that advanced degree enrollment patterns vary across the business cycle by undergraduate major, grade point average GPA), gender, and advanced degree type. The final chapter investigates and documents the rising trend in employment among those enrolled in college. From 1968 to 2003, student employment increased from 36 percent to 51 percent. This essay examines the role of state-level economic conditions, tuition, cohort size, type of institution, and individual and household characteristics on the probability of being employed while enrolled in an undergraduate degree program.

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Wealth and prices in the not-for-profit sector (Education Papers posted on March 18th, 2013 )

I develop a model in which a not-for-profit sector arises because altruistic agents care about the consumption of certain goods by other agents. The equilibrium is identical to the solution to the benefactors’ utility maximization subject to the beneficiaries’ demand, the potential entry of for-profit firms, the production technology and the budget constraint. Therefore, the goal of a not-for-profit reflects the preferences of the benefactor. If the goods produced in the not-for-profit sector are characterized by their quality and quantity, differences in the benefactor’s tastes for quality and quantity across these goods result in different effects of donations on prices. The main claim is that the price of quality-intensive goods is more likely to increase or stay constant when donations grow. I analyze the case of symphony orchestras in the U.S. in the period 1988-2005. The evidence is consistent with the benefactors caring significantly about the quality of the service. I also analyze the case of private colleges in the U.S. Since in this not-for-profit industry consumers (students) are inputs in the production process (Education), I develop a more complicated model of matching. Students differ in talent and maximize their net wealth. Colleges differ in wealth and maximize their quality, measured by the human capital of their graduates. The model has two predictions: (1) when a college becomes wealthier it raises tuition, and (2) when the wealth of all colleges grows at the same rate, tuition increases at every college. The first claim is supported with data from the period 1970-2005 using the number of alumni as an instrumental variable for each college’s wealth. The second claim is supported with a data set from the period 1900-2005 using the Dow Jones index as an instrumental variable for colleges’ median endowment. The main conclusion is that colleges’ wealth must be added to the factors behind the rapid growth in tuition fees over the last twenty-five years discussed in other studies.

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Performance of funds of hedge funds (Education Papers posted on March 5th, 2013 )

The studies of hedge fund performance are hindered by the lack of quality returns data and the complicated nature of hedge fund returns. This study contributes to the literature in three ways. First, I reinvestigate the performance of hedge funds from different aspects. Second, I develop a new framework to evaluate fund of hedge funds managers skills. Finally, I exam the performance persistence of funds of hedge funds by using various performance measures. In the first study, I find that the annual survivorship and backfilled biases for funds of hedge funds are 0.66% and 0.21%, respectively, during the period 1994-2004. I confirm that hedge funds monthly returns tend to have low standard deviations, negative skewness and high kurtosis. Hedge funds often underperform the equity market in terms of absolute returns, but outperform the equity market in terms of traditional performance measures like the Jensen alpha, Treynor, and Sharpe ratios. However, when accounting for downside risks, the Omega and Sortino ratios both indicate that the performance of hedge funds is not as superior as the traditional performance measures suggest. I also find that hedge funds usually have low exposures to risk factors identified by Fama and French 1993), and Fung and Hsieh 2004). The subperiod analysis indicates that hedge funds tend to underperform the equity market during a bullish stock market, but outperform the equity market during a bearish stock market. I also find some evidence of stale price when returns are measured monthly, quarterly or semiannually. However, it appears that the stale price does not affect the performance rankings. In the second study, I am able to replicate funds of funds returns by using hedge fund strategy indices. I find that fund of hedge funds managers have neither the ability of picking winning hedge funds on the net basis nor the ability of predicting winning hedge fund strategies. In the third study, I find strong evidence of performance persistence when returns are measured monthly, quarterly or semiannually. The evidence of persistence is substantially weakened when returns are measured annually. The quintile analysis indicates that the winners based on the past alpha tend to have the highest return while the losers based on the past Sortino ratio have the lowest return.

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Essays on credit constraints and education (Education Papers posted on March 4th, 2013 )

What fraction of college-age youths in the United States comes from credit-constrained families? Can subjective assessments of financial difficulties inform the debate about pervasiveness of credit constraints in the demand for college Education? My dissertation contains two essays addressing these questions. Credit constraints in Education may lead to inefficient skill allocations and perpetuate imbalances in the distribution of Economic well-being. Unfortunately, empirical evidence regarding their pervasiveness in the United States has not been consistent, in part because constraints tend to be inferred indirectly. The first essay evaluates how a potentially more direct measure can be used to enhance our understanding of the issue. I focus on subjective assessments of financial limitations available in the National Longitudinal Survey of Youth 1979 and find that about 12 percent of college-age individuals expect to underinvest in education because of financial reasons or the need to work. While the measure developed in this paper is noisy and not a precise indicator of credit constraints, it appears to capture important variations in educational choices, beyond these captured by the standard controls, such as parental income. The contribution of the second essay is the use of parents reports of borrowing limitations in the NLSY79 Young Adult Supplement to evaluate the proportion of constrained college-age youths in the early 2000s. The focus on the 2000s is critical because the sharp increase in tuition costs and gradual erosion of real student borrowing limits over the past two decades have potentially made credit constraints in education more widespread. My analysis sample is limited to children of young mothers who are more likely to be disadvantaged economically and hence are of specific interest to policy-makers. Over one-fifth of youths in the sample come from families where mothers report borrowing limitations. Conditional on scholastic ability, family income, and family background characteristics, parental constraints have a strong negative correlation with childrens college attendance. Although my results do not distinguish between alternative explanations for borrowing limitations, they do suggest that researchers interested in the connection between liquidity constraints and education might benefit from paying more attention to direct measures.

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Essays on credit constraints and education (Education Papers posted on March 2nd, 2013 )

What fraction of college-age youths in the United States comes from credit-constrained families? Can subjective assessments of financial difficulties inform the debate about pervasiveness of credit constraints in the demand for college Education? My dissertation contains two essays addressing these questions. Credit constraints in Education may lead to inefficient skill allocations and perpetuate imbalances in the distribution of Economic well-being. Unfortunately, empirical evidence regarding their pervasiveness in the United States has not been consistent, in part because constraints tend to be inferred indirectly. The first essay evaluates how a potentially more direct measure can be used to enhance our understanding of the issue. I focus on subjective assessments of financial limitations available in the National Longitudinal Survey of Youth 1979 and find that about 12 percent of college-age individuals expect to underinvest in education because of financial reasons or the need to work. While the measure developed in this paper is noisy and not a precise indicator of credit constraints, it appears to capture important variations in educational choices, beyond these captured by the standard controls, such as parental income. The contribution of the second essay is the use of parents reports of borrowing limitations in the NLSY79 Young Adult Supplement to evaluate the proportion of constrained college-age youths in the early 2000s. The focus on the 2000s is critical because the sharp increase in tuition costs and gradual erosion of real student borrowing limits over the past two decades have potentially made credit constraints in education more widespread. My analysis sample is limited to children of young mothers who are more likely to be disadvantaged economically and hence are of specific interest to policy-makers. Over one-fifth of youths in the sample come from families where mothers report borrowing limitations. Conditional on scholastic ability, family income, and family background characteristics, parental constraints have a strong negative correlation with childrens college attendance. Although my results do not distinguish between alternative explanations for borrowing limitations, they do suggest that researchers interested in the connection between liquidity constraints and education might benefit from paying more attention to direct measures.

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Bayesian power prior analysis and its application to operational risk and Rasch model (Education Papers posted on February 14th, 2013 )

When sample size is small, informative priors can be valuable in increasing the precision of estimates. Pooling historical data and current data with equal weights under the assumption that both of them are from the same population may be misleading when heterogeneity exists between historical data and current data. This is particularly true when the sample size of historical data is much larger than that of the current data. One way of constructing an informative prior in the presence of the historical data is the power prior, which is realized by raising the likelihood of the historical data to a fractional power. In this dissertation, we extend the power prior by considering the existence of nuisance parameters. When historical information is used as priors, we assume that the parameters of interest have not changed, while the nuisance parameter may change. The properties of power prior methods with nuisance parameters and its posterior distributions are examined for normal populations. The power prior approaches, with or without nuisance parameters, are compared empirically in terms of the mean squared error MSE) of the estimated parameter of interest as well as the behavior of the power parameter. To illustrate the implementation of the power prior with nuisance parameter approach, we apply it to lognormal models for operational risk data and the Rasch model for item response theory IRT). In the application to the Rasch model, we extend the power prior with nuisance parameter approach further by incorporating it with the hierarchical Bayes model.

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Three essays in labor economics (Education Papers posted on February 8th, 2013 )

This dissertation is comprised of three autonomous chapters on topics in labor Economics. The first chapter exploits the quasi-random assignment of students into classrooms in a large secondary school in Malaysia to estimate the effects of peers on student outcomes. The estimates show that having better achieving classmates improves a students math achievement and reduces the students incidence of class absences and discipline violations. There is also evidence of non-linear peer effects and that average achievement may increase as a result of ability grouping. The second chapter extends Iannaccones 1992) religious club model to explain why the Amish would collectively object to high school Education and refuse to comply with compulsory schooling laws. I utilize the surprising 1972 U.S. Supreme Courts decision in Wisconsin vs. Yoder, which exempts Amish children from compulsory high school Education, as a policy shock to test the predictions of the model. The results show that the successful restriction on high school education helped the Amish sect exclude individuals who have high labor productivity and would lower the quality of the sect from joining. The evidence supports the idea that the Amish use the restriction on secular education as a religious sacrifice to screen out uncommitted members. The third chapter investigates the effect of higher immigration on native fertility. Previous research shows that immigration affects wages, income, and the cost of child rearing, while standard fertility model predicts that changes in wages, income, and the cost of child rearing would affect fertility. Using the cross-state variation in the total fertility rates of native-born American women and the share of immigrants in the population between 1970 and 2005, this chapter estimates that for every one percentage point increase in the share of immigrants in the population, native total fertility rate is predicted to increase by roughly 0.01 children. The negative effect of immigration on wages is the most likely explanation, because the fertility of less educated women and women who resided in their states of birth is most affected.

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