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Alcohol consumption and individual time preferences of Russians

This paper explores the relationship between socioeconomic factors—particularly, the rate of time preferences and alcohol consumption in Russia. The rate of time preferences shows an individual’s willingness to delay the utility from consumption to future periods of time. The relationship between this rate and indicators of alcohol consumption is examined separately for men and women. We find significant differences in men’s and women’s patterns of consumption of alcohol. Our findings suggest that the rate of time preferences, along with age, educational level, income, place of residence, and health substantially, affects an individual’s decision to drink alcohol. We show that employment status is endogenous to alcohol consumption and that estimating a system of binary equations is necessary.

International Review of Economics. 2017. Vol. 64. No. 1. P. 47-85.
14 сентября 2016

Basel regulation: A dangerous obsession

The Basel Committee on Banking Supervision (BCBS) standards are generally accepted by 46 countries in the world (28 jurisdictions). However, these countries differ in terms of details of standards’ implementation, i.e. national discretions take place. In 2012 the Basel Committee launched Regulatory Compliance Assessment Program (RCAP) to assure that all member states operate according to rules at least not softer than the original ones. Standards’ unification across countries results in need for less developed countries to adopt standards faster and in a more stringent form. One may foresee financial instability exacerbation as an outcome of such policy.

That is why paper objective is to demonstrate that standards’ implementation (RCAP) score is an implicit product of country’s macroeconomic and financial system development. For example, higher share of foreign banks and higher unemployment are strongly associated with countries that have regulation significantly different from the Basel original ones (having low compliance scores finally). This is exactly why standards should be differentiated by countries. Key message of the paper is that to promote financial stability regulator should target natural heterogeneity of risk management and risk regulation instead of that appealing artificial homogeneity (of which RCAP is one the examples).

Model Assisted Statistics and Applications. 2017. Vol. 12. No. 1. P. 1-26.
28 января 2017

Boundedness of the value function of the worst-case portfolio selection problem with linear constraints

В данной работе изучаются свойства ограниченности функции цены в задаче стохастического динамического программирования в рамках гарантированного подхода. Для задачи оптимального управления портфелем приведены экономически обоснованные достаточные условия конечности и равномерной ограниченности функции цены. Полученные результаты могут быть использованы для исследования корректности поставленной задачи и численного решения уравнения Беллмана-Айзекса. … 
Financial Economics. FE. Высшая школа экономики, 2017. No. WP BRP 59/FE/2017.
25 января 2017

Comparative statistics of Garman-Klass, Parkinson, Roger-Satchell and Bridge Estimators//Сравнительная статистика эстиматоров Гармана-Класса, Паркснсона, Рожера-Сетчела и эстиматора броуновского моста

Comparative statistical properties of Parkinson, Garman-Klass, Roger-Satchell and bridge oscillation estimators are discussed. Point and interval estimations, related with mentioned estimators are considered. The advantages of statistical indicators of the Brownian bridge than the other estimators had been shown. The results allow to conclude that the growth of trend leads to a significant shift of the calculated value for the classical.

Lapinova S. A., Saichev A. I.
Cogent Physics. 2017.
26 января 2017

GR:Взаимодействие бизнеса и органов власти.Учебник и практикум для бакалавриата и магистратуры

Учебник посвящен теоретическим и практическим аспектам взаимодействия бизнеса и государства. Рассмотрены теоретические основы взаимодействия бизнеса и государства. Проанализированы особенности взаимодействия государства и бизнеса в сфере инвестиций, государственных закупок, антимонопольного регулирования, государственно-частного партнерства, определяется социальная ответственность участников данного взаимодействия. Приводятся теоретические основы адаптации государства и бизнеса в условиях циклического развития экономики. Издание предназначено для бакалавров, обучающихся по направлению «Экономика», для магистрантов, обучающихся по разным направлениям, для преподавателей.

Марковская Е. И., Троицкая И. В., Медведь А. А. и др.
М.: Юрайт, 2017.

Horizontal differentiation and economic growth under non-CES aggregate production function

We present a model of economic growth driven by horizontal innovation in which, unlike the existing literature, the final output sector employs a non-specified, non-CES, additive production function. Our motivation in conducting such analysis is based on the recognition that the use of a CES aggregate production function in the final output sector leads to the unrealistic conclusion that the gross markup of price over marginal costs set in the monopolistically-competitive intermediate sector is constant. We derive necessary and sufficient conditions for an equilibrium with perfect competition in the final output market to exist even in the presence of a non-CES technology. These conditions generalize the usual properties of the CES case. We also analyze the long-run relation between economic growth and variable markups.

Bucci A., Matveenko V. D.
Journal of Economics. 2017. Vol. 120. No. 1. P. 1-29.
19 сентября 2016

Influence of Al3Ni crystallisation origin particles on hot deformation behaviour of aluminium based alloys

Binary Al–Ni, Al–Mg and ternary Al–Mg–Ni alloys containing various dispersions and volume fraction of second-phase particles of crystallisation origin were compressed in a temperature range of 200–500 °C and at strain rates of 0.1, 1, 10, 30 s−1 using the Gleeble 3800 thermomechanical simulator. Verification of axisymmetric compression tests was made by finite-element modelling. Constitutive models of hot deformation were constructed and effective activation energy of hot deformation was determined. It was found that the flow stress is lowered by decreasing the Al3Ni particle size in case of a low 0.03 volume fraction of particles in binary Al–Ni alloys. Intensive softening at large strains was achieved in the alloy with a 0.1 volume fraction of fine Al3Ni particles. Microstructure investigations confirmed that softening is a result of the dynamic restoration processes which were accelerated by fine particles. In contrast, the size of the particles had no influence on the flow stress of ternary Al–Mg–Ni alloy due to significant work hardening of the aluminium solid solution. Atoms of Mg in the aluminium solid solution significantly affect the deformation process and lead to the growth of the effective activation energy from 130–150 kJ/mol in the binary Al–Ni alloys to 170–190 kJ/mol in the ternary Al–Mg–Ni alloy.

Churyumov A. Y., Mikhaylovskaya A. V., Bazlov A. et al.
Philosophical Magazine. 2017.
7 декабря 2015

Low Carbon Growth in the Northeast Asian Economies: Mirage or Reality?

The Paris Climate Agreement established a new target of combating global warming "well below 2 degrees Celsius". This goal will lead to the transformation and deep decarbonization of world economy aiming at nearly zero carbon emissions soon after 2050. The Northeastern Asian countries (responsible for 40% of global CO2 emissions) have all rechnological, resource and ivnestment potential for decarbonization both domestically and internationally, and can show leadership in this efforts on global scale.

Safonov G., Enkhbayar S.
Iss. 1701e. Niigata: ERINA, 2017.

Ownership Dynamics and Firm Performance in an Emerging Economy: A Meta-Analysis of the Russian Literature

This paper provides a meta-analysis of studies on the effect of ownership on the performance of Russian firms over 20 years of rapid institutional and economic changes. We review 29 studies extracted from the EconLit and Web of Science databases with a total of 877 relevant estimates. We find that the government negatively affects company management regardless of its administrative level. In contrast, private ownership is positively associated with firm performance. The effect size and statistical significance are notably varied among different types of private ownership. While the effect of insider (employee and management) ownership is comparable to that of foreign investors, the effect of domestic outsider investors is considerably smaller. Our assessment of publication selection bias reveals that the existing literature does not contain genuine evidence for a series of ownership types and, therefore, some of the findings have certain limitations. … 
Iwasaki Ichiro, Mizobata S., Muravyev Alexander.
Russian Research Center Working Paper. Institute of Economic Research, Hitotsubashi University, Tokyo, 2017. No. 65.
12 января 2017

The effects of prenatal testosterone on wages: Evidence from Russia

Is in utero exposure to testosterone correlated with earnings? The question matters for understanding determinants of wage differences that have attracted so much attention among economists in the past decade. Evidence indicates that markers for early testosterone exposure are correlated with traits like risk-taking and aggressiveness. But it is not at all clear how such findings might map into labor market success. We combine unique data from the Russian Longitudinal Monitoring Survey with measured markers (2D:4D ratios) for testosterone exposure and find that lower digit ratios (higher T) correlate with higher wages for women and for men, when controlling for age, education and occupation. There is also some evidence of a potential non-linear, inverse U-effect of digit ratios on wages but this is sensitive to choice of specification. These findings are consistent with earlier work on prenatal T and success in careers (Coates et al., 2009) but inconsistent with the work of Gielen et al. (2016) who find differing effects for men and women.

Nye J. V., Bruhanov M., Kochergina E. V. et al.
Economics and Human Biology. 2017. Vol. 24. P. 43-60.

Toward a theory of monopolistic competition

We propose a general model of monopolistic competition, which encompasses existing models while being flexible enough to take into account new demand and competition features. Even though preferences need not be additive and/or homothetic, the market outcome is still driven by the sole variable elasticity of substitution. We impose elementary conditions on this function to guarantee empirically relevant properties of a free-entry equilibrium. Comparative statics with respect to market size and productivity shocks are characterized through necessary and sufficient conditions. Furthermore, we show that the attention to the CES based on its normative implications was misguided: we propose a new class of preferences, which express consumers' uncertainty about their love for variety, that yield variable markups and may sustain the optimum. Last, we show how our approach can cope with heterogeneous firms once it is recognized that the elasticity of substitution is firm-specific. 

Parenti M., Ushchev P., Thisse J.
Journal of Economic Theory . 2017. Vol. 167. No. 1. P. 86-115.
14 января 2017