Economic Research Research Articles

Reproduce to validate: A comprehensive study on the reproducibility of economics research

AbstractJournals have pushed for transparency of research through data availability policies. Such data policies improve availability of data and code, but what is the impact on reproducibility? We present results from a large reproduction exercise for articles published in the American Economic Journal: Applied Economics, which has had a data availability policy since its inception in 2009. Out of 363 published articles, we assessed 274 articles. All articles provided some materials. We excluded 122 articles that required confidential or proprietary data or that required the replicator to otherwise obtain the data (44.5% of assessed articles). We attempted to reproduce 152 articles and were able to fully reproduce the results of 68 (44.7% of attempted reproductions). A further 66 (43.4% of attempted reproductions) were partially reproduced. Many articles required complex code changes even when at least partially reproduced. We collect bibliometric characteristics of authors, but find no evidence for author characteristics as determinants of reproducibility. There does not appear to be a citation bonus for reproducibility. The data availability policy of this journal was effective to ensure availability of materials, but is insufficient to ensure reproduction without additional work by replicators.

The Accuracy and Consistency of Machine Translation Engines: Case Study of Translating Economic & Statistical Texts from English into Arabic

Objectives: This study assesses the precision and consistency of the Google Translate engine and tool in translating statistical and economic texts from English into Arabic. Methods: The descriptive analytical approach was employed in this project, and the study sample consists of five texts extracted from statistical and economic research. Results: The study revealed that the Google translation tool faced numerous challenges and contained lexical, grammatical, and consistency errors. Besides, a grand challenge might arise from the idioms and abbreviations, as Google Translate would use word-for-word translation and render them inaccurate meaning. In some cases, the abbreviations in the source text (ST) would be displayed as they are in the target text (TT), In other cases, Google Translate would do a deep search to render their meanings in the TT. Further, Google Translate has a significant problem rendering technical and specialized terms into the TT, and in some cases, it doesn’t consider the contexts and has a lexical choice challenge. Finally, Google Translate renders some terms with different meanings within the same text. Conclusions: Idioms and abbreviations present a grand challenge, as Google Translate would use word-for-word translation and render them in an inaccurate meaning. In some cases, the abbreviations in the ST are rendered as they are in the TT, and in other cases, Google Translate would do a deep search to render their meanings in the TT.

Optimal Multiple Wind Power Transmission Schemes Based on a Life Cycle Cost Analysis Model

Due to the high cost and complex challenges faced by offshore wind power transmission, economic research into offshore wind power transmission can provide a scientific basis for optimal decision-making on offshore wind power projects. Based on the analysis of the topology structure and characteristics of typical wind power transmission schemes, this paper compares the economic benefits of five different transmission schemes with a 3.6 GW sizeable onshore wind farm as the primary case. Research includes traditional high voltage alternating current (HVAC), voltage source converter high voltage direct current transmission (VSC-HVDC), a fractional frequency transmission system (FFTS), and two hybrid DC (MMC-LCC and DR-MMC) transmission scenarios. The entire life cycle cost analysis model (LCCA) is employed to thoroughly assess the cumulative impact of initial investment costs, operational expenses, and eventual scrap costs on top of the overall transmission scheme’s total cost. This comprehensive evaluation ensures a nuanced understanding of the financial implications across the project’s entire lifespan. In this example, HVAC has an economic advantage over VSC-HVDC in the transmission distance range of 78 km, and the financial range of a FFTS is 78–117 km. DR-MMC is better than the flexible DC delivery scheme in terms of transmission capacity, scalability, and offshore working platform construction costs in the DC delivery scheme. Therefore, the hybrid DC delivery scheme of offshore wind power composed of multi-type converters has excellent application prospects.

Projection for dementia burden in China to 2050: a macro-simulation study by scenarios of dementia incidence trends

It is unclear how temporal trends in dementia incidence, alongside fast-changing demography, will influence China's future dementia burden. We developed a Markov model that combines population trends in dementia, mortality, and dementia-related comorbidities, to forecast and decompose the burden of dementia in China to2050. Population-based Chinese ageing cohorts provided input data for a 10-health-state Markov macrosimulation model, IMPACT-China Ageing Model (CAM), to predict sex- and age-specific dementia prevalence among people aged 50+ by year to 2050. We assumed three potential future scenarios representing the range of likely dementia incidence trends: upward (+2.9%), flat (0%) or downward (-1.0%). Sensitivity analyses were conducted to examine uncertainty associated with trends in mortality rates and CVD incidence. The projected dementia burden was decomposed into population growth, population ageing, and changing dementia prevalence corresponding to the three incidence trend scenarios. Under the upward trend scenario, the estimated number of people living with dementia is projected to rise to 66.3 million (95% uncertainty interval (UI) 64.7-68.0 million), accounting for 10.4% of the Chinese population aged 50+ by 2050. This large burden will be lower, 43.9 (95% UI 42.9-45.0) million and 37.5 (95% UI 36.5-38.4) million, if dementia incidence remains constant or decreases. Robustness of the projection is confirmed by sensitivity analyses. Decomposition of the change in projected dementia cases indicates dominate effects of increasing dementia prevalence and population ageing, and a relatively minor contribution from negative population growth. Our findings highlight an impending surge in dementia cases in China in the forthcoming decades if the upward trend in dementia incidence continues. Public health interventions geared towards dementia prevention could play a pivotal role in alleviating this burgeoning disease issue. National Science Foundation of China/UK Economic and Social Research Council.

Who can predict farmers’ choices in risky gambles?

Abstract Risk is a pervasive factor in agriculture and a subject of great interest to agricultural economists. However, there is a lack of comprehensive understanding of the knowledge held by farm advisors, students, and economists with regards to farmers’ risk preferences. Misconceptions about farmers’ willingness to take risks could lead to misguided advice. This study builds upon a recent multinational endeavor that employed a multiple price list to assess risk preferences among European farmers. We expand this research by gathering predictions for farmers’ risk preferences from 561 farm advisors, students, and economists. Our objectives are threefold: firstly, we explore variations as to how accurately participants can predict risk preferences in different specializations; secondly, we compare the predictive accuracy of different groups of forecasters; and thirdly, we assess whether modifying incentive mechanisms can improve the accuracy of predictions. Whereas our findings reveal substantial variation in individual predictions, the averages closely align with the observed responses of farmers. Notably, the most accurate predictions were provided by a sample of experimental economics researchers. Furthermore,predictions for different production systems exhibit minimal disparities. Introducing incentive schemes, such as a tournament structure, where the best prediction receives a reward, or a high-accuracy system, where randomly selected participants are compensated for the accuracy of their predictions, does not significantly impact accuracy. Further research and exploration are needed to identify the most reliable sources of advice for farmers.

Whither “African Economics” Imaginaries? Eleven Precepts on Its (Im)possibility

Africa has historically occupied, and remains almost fixed at, the fringes of global knowledge production. Its battle to recover itself amid the stacks of epistemic injustices heaped on it, especially by its encounters with slavery and colonialism, rages on. Despite this grim picture, this article shows that, more recently, African Psychology has somewhat claimed its rightful place as an academic field within some leading universities in Africa. The absence of a deliberate and active disciplinary push or sustained contestations in economics on the continent is the key lacuna spotlighted in this article. However, I recognise that deciding whether African Economics is necessary must involve the mobilisation of the grit and talents of all academic economists on the continent as well as other geographies. This notwithstanding, and to foreshadow likelihoods, I imagine via this article what an erstwhile elusive African Economics might comprise. I do this by outlining and discussing eleven precepts that might serve as pointers to herald it. These precepts have multifarious implications for training and research in economics, especially in African universities, which are briskly expounded.

Seeking for an Image and its Satirical Reading in a Foreign Language as a Cognition Tool Using the Example of Economic Concepts Research

Seeking for an Image and its Satirical Reading in a Foreign Language as a Cognition Tool Using the Example of Economic Concepts Research

Strategic dimensions of solar geoengineering: Economic theory and experiments

Solar geoengineering denotes a set of technologies that would enable a fast and relatively cheap global temperature reduction. Besides potential physical side-effects, a major concern is the strategic dimension: Who is going to use solar geoengineering and how would it affect others? How does the presence of solar geoengineering change the strategic incentives surrounding other climate policy instruments such as mitigation? We review the existing theoretical and experimental contributions to those questions and outline promising lines of future economic research.

Mechanisms and effect assessment of smart city policy pilots on employment resilience: Empirical evidence based on 275 sample cities in China

In the context of a global economic slowdown and structural shifts, comprehending labor market stability is crucial for devising effective macro-employment strategies. This research introduces an innovative framework to analyze employment resilience in the wake of China's smart city pilot policy. Utilizing data from 275 prefecture-level cities across China, spanning 2008 to 2020, the study delves into the beneficial effects of the smart city pilot policy on employment resilience. It employs a dual approach, integrating the Differences-in-Differences method (DID) with robustness analysis. Findings indicate that employment resilience in smart city pilot cities is approximately 0.58% higher compared to non-pilot cities. Factors such as location, size, and city type exhibit varying influences on this outcome. The research further reveals that entrepreneurial activities significantly mediate the link between smart city policies and employment resilience. Additionally, the concentration of manufacturing and productive services, along with their interplay, demonstrates notable moderating effects. This investigation broadens the economic research scope regarding smart cities and offers fresh empirical insights into the labor market impacts of smart city pilot policies, serving as a valuable guide for policymakers in managing employment markets.

Advancing macroeconomic models through artificial intelligence integration

The integration of Artificial Intelligence (AI) into macroeconomic models marks a significant evolution in the field of economic forecasting and analysis. Traditional macroeconomic models, often constrained by linear assumptions and a limited set of variables, struggle to accurately capture the complexities of the global economy. This paper explores how AI, particularly machine learning algorithms like Random Forests and Neural Networks, enhances these models by processing and interpreting vast and diverse datasets, including unstructured data such as social media sentiment and news analysis. AI's capability to adapt and learn from new data enables dynamic models that remain relevant and accurate amidst changing economic conditions. By addressing non-linearities and enhancing model robustness, AI provides a more nuanced understanding of economic dynamics, uncovering intricate patterns missed by traditional analyses. The implications of AI-enhanced macroeconomic models are profound, offering more reliable foundations for economic research and policy-making. This paper argues that the integration of AI into economic modeling not only improves the precision of economic forecasts but also enriches the field of economic research and the formulation of more effective policy interventions. Through examples such as inflation rate forecasting and the identification of complex, non-linear economic relationships, this study highlights the transformative potential of AI in macroeconomic analysis and policy formulation.

The Role of Transdisciplinary Approaches in Environmental Economics

Environmental and resource challenges continue to grow in magnitude and complexity. Addressing these challenges requires expansive thinking to formulate and implement effective solutions. Transdisciplinary research, considered the pinnacle of integration across disciplines, offers a powerful approach for addressing complex questions. Three key themes emerge from transdisciplinary research in the context of environmental economics: (a) There are degrees of transdisciplinarity that contribute to new emergent approaches and on-the-ground application through behavior and practice changes; (b) there are many examples of environmental economics research that exhibit characteristics of transdisciplinary research, but aspects of transdisciplinarity could be expanded in many cases; and (c) there are various barriers (cross-disciplinary, individual, and systemic) facing economists in the application of a transdisciplinary approach. While transdisciplinary research comes with its own barriers, environmental economists could generate large potential gains in formulating and implementing solutions by exploring the transdisciplinary mindset and approach.

Agricultural Vertical Cooperatives: the State and Directions of State Support

Agricultural vertical cooperatives created by small agricultural producers play an essential role in the market integration of small farms, ensuring employment and income of the rural population, and the stability of the agro-food market. The study of the problems of rural cooperation belongs to the relevant areas of economic research in the agro-industrial complex. The article analyzes the level and trends in the development of agricultural vertical cooperatives in Russia, including the dynamics of the number of certain types of cooperatives in 2019-2024, the social composition and equipment of fixed assets of cooperatives, their role in the production of a number of food resources. The conclusion is made about the slow development of cooperation and the significant differentiation of the cooperative movement across the subjects of the Russian Federation. The main reasons for the current situation and directions for improving cooperative policy in rural areas are considered.

Horkheimer, Habermas, Foucault as Political Epistemologists

Abstract This paper reorients the problematic of political epistemology to put power at the centre of analysis, through an analysis of writings on the relationship between power and knowledge by Horkheimer, Habermas and Foucault. In their work, political epistemology was pursued analogously to the development of political economy, which explored the background conditions and assumptions of economic research. I also show that Horkheimer, Habermas and Foucault each had normative aims intended to improve both epistemology and knowing practices. Though their approaches are distinct, the shared element was a concern with redefining truth.

Modeling green energy and innovation for ecological risk management using second generation dynamic quantile panel data model

Ecological risk management has emerged as a critical research and policy development area in energy and environmental economics. Sustained ecology is crucial for the standard of living and food security. As the adverse impacts of environmental degradation and climate change become increasingly apparent it is imperative to understand ecological risk and its interconnectedness with environmental pressure, clean energy, economic activity, globalization, and green technology. Ecological risk is assessed using the environmental performance index which is a holistic indicator of climate change, environmental pressures and human actions in which most of these indicators have spatial effects. This paper explores the multifaceted relationship between identified anthropogenic critical factors and their role in effectively managing ecological risk globally. This study has developed the second-generation dynamic panel quantile regression considering spatial effects of economic activities on ecology across borders of 55 countries between 1995 and 2022. This innovative hybrid estimation scheme that integrated theoretical and econometric aspects makes the model robust to major regression issues. Several implications ranked in decreasing order of its effectiveness are reducing environmental pressure, expediting energy transition, and embracing economic integration while there is a need to work on rejuvenating green technology and green growth.

Using a Patient-Centered Multicriteria Decision Analysis to Assess the Value of Multiple Sclerosis Treatments in the US: A Study Protocol.

The engagement of patients and family caregivers in value assessment is pivotal since they provide valuable contributions to assessment acceptability and relevance. The proposed study aims to use patient-centered techniques and multicriteria decision analysis (MCDA) to evaluate the values of disease-modifying therapies (DMTs) for multiple sclerosis (MS) from the perspectives of patients and family caregivers living in three 'Deep South' States of the US-Alabama, Louisiana, and Mississippi. This study will follow guidance from the Patient-Centered Outcomes Research Institute (PCORI) for patient engagement and two best practice reports for MCDA from the Professional Society for Health Economics and Outcomes Research (ISPOR) to complete value assessment. Throughout the study, we will engage multiple stakeholders, including patients, family caregivers,healthcare providers, and payers. Forty patients with MS and their family caregivers from Alabama, Louisiana, and Mississippi will be invited to participate in this study. We will intensively train them for value assessment knowledge and MCDA before we engage them in MCDA to determine the value of DMTs for MS. Our approach differs from common MCDA since we incorporated a patient-centered framework in this study. Unlikeprevious studies only briefly inform or prepare participants before the MCDA process, in this study, we will provide basicvalue assessment trainings forpatients and family caregivers to ensure they can effectively engage throughout the patient-centeredMCDAprocess. We expect this study will demonstrate that the patient-centered MCDA approach is feasible and likely leads to improved patients' and family caregivers' engagementin value assessment.

Spatial Competition Models in Health Care Markets: A Review

AbstractThrough time, spatial competition has become the natural environment for studying a number of problems, ranging from product differentiation to mail order versus traditional business, to service provision under various assumptions about the institutional setting. Health economics research has greatly benefited from the intuitions that underlie the Hotelling model and several authors have contributed to the literature on the architecture of the market for health care by proposing models within this framework. In this paper we explore how spatial competition has been used in health economics to improve the knowledge of the mechanisms of the market for health care through the derivation of significant policy implications. One of the most important messages is that in spite of competition, the regulator still should have a central role in the architecture of the market and policies have to be carefully tailored in order to avoid the onset of perverse, undesired effects on quality and welfare.

Impacts of X-linked Retinitis Pigmentosa and Patient Pathways in European Countries: Results from the Cross-sectional EXPLORE XLRP-1 Physician Survey.

X-linked retinitis pigmentosa (XLRP) is a rare, incurable, vision-threatening, genetic disease. In this study, we aimed to reveal the real-world burden of this disease from the viewpoint of retina specialists and geneticists involved directly in XLRP care and to identify unique insights that may not otherwise be available through typical clinical studies or health economic research. In this exploratory, cross-sectional study (EXPLORE XLRP-1), retina specialists (n = 20) and geneticists (n = 5) in France, Germany, Italy, Spain, and the UK provided anonymized insights on their experiences managing patients with XLRP (n = 80) via an online survey and 60-min telephone interview. Survey respondents reported that patient independence decreased over time, where 37% of patients were considered "completely autonomous" at diagnosis versus 23% at the last consultation. At their last visit, 45% of patients were active in the workforce; 67% (12/18) of "completely autonomous" patients had active working status compared with 13% (1/8) of "completely dependent" patients. The average time from onset of symptoms to diagnosis was 4years and varied among countries. In 78% of patients, XLRP was confirmed by genetic testing, the rate of which varied among countries (range, 50-94%), taking up to 6months to receive results. Specialists identified unmet needs in XLRP management including more standardized assessments of quality of life (QoL) as well as easier and earlier access to specialists, genetic testing, patient support programs, and effective treatment options. The diagnosis, genetic testing, and management pathways among patients with XLRP can vary considerably. There is a need for more standardized diagnosis and management pathways, and QoL assessments, due to the major impact that XLRP has on patients' lives.

Fintech for Sustainability in Business and Economics Research

Purpose: Fintech for sustainability is pivotal for business and economics as it harnesses technology to drive environmentally and socially responsible practices while enhancing economic efficiency and growth. This paper discusses the research trends and future research implications of fintech in sustainable economic operations. Methods: This study extracted scholarly articles from the Scopus database and adopted the PRISMA framework and bibliographic analysis to uncover publication trends, research, affiliation, geographical circumstances, keywords trends, thematic trends, and bibliographic coupling to assess current practices and pinpoint future research directions of fintech to adopt the wider sustainability practices in business and economy. Results: Steady progress has been made in developing fintech applications to achieve sustainability. There is notable research collaboration in both developing and developed economies. Recent keyword trends indicate a growing interest in sustainability and digital transformation. The thematic map demonstrates that the digital economy is a well-established topic. However, there is a need for new research in financial technology-based climate solutions to address significant sustainability gaps. This study identified the impact of emerging financial technologies on sustainability as a widely researched area. We suggested the connection between sustainability and the fintech ecosystem, sustainable financial inclusion, open fintech innovation, and fintech stability as potential areas for future research to expedite fintech adoption in sustainability goals. Implications: Researchers, regulators, and policymakers can utilize the conclusions drawn from the research questions to craft a distinctive framework outlining strategic approaches and actionable plans for developing fintech policies that facilitate faster adoption of sustainability practices.

Gender revolution, evolution or neverlution?

Abstract Liberal feminists of the 1960s viewed women’s increasing levels of education and employment throughout their lives as harbingers of a gender equality revolution. In this commentary, I draw on economic and sociological research since that time to argue why gender equality in public and private domains remains elusive. For one, it is a story of women changing their behaviour to be more like men in employment, without the necessary complementarity of men behaving more like women in caring responsibilities. Despite women’s employment gains, they remain under-represented at business executive levels and on boards, as well as among MPs. In addition, women continue to be physically oppressed through sexual harassment, exploitation and violence in the home, education, organizations and broader society. The COVID pandemic accentuated women’s employment disadvantage, family responsibilities and physical risks. I recommend the sorts of small, doable policy steps needed to nudge us further toward gender equality.

Can place-based policy reduce carbon emissions? Evidence from industrial transformation and upgrading exemplary zone in China

The effect of the place-based policies on sustainable development has received substantial attention in economic research. In China, the industrial transformation and upgrading exemplary zone policy is a prominent example of such policies, as it targets old industrial and resource-based cities. The paper provides an early assessment of the policy’s capability to reduce carbon emissions. Specifically, we use data from old industrial and resource-based cities for the period of 2012–2019 and apply the difference-in-differences method to examine the policy’s influence on total carbon emissions and intensity. The results show that the policy can effectively reduce carbon emissions through reducing energy consumption, promoting urban green innovation and tertiary industry agglomeration. Compared to resource-based cities, cities with a low level of economic development and central, western cities, this impact is more notable in old industrial cities, cities with a high level of economic development and eastern cities. Additional analysis reveals that the policy has beneficial spatial radiation impacts on the nearby cities as well. In the meanwhile, the strategy may have a synergy effect on reducing carbon emissions and pollution. The results of this study may have an impact on how nations implement place-based policies and reduce carbon emissions.