Nobel Prize In Economics Research Articles

Kapasite Yaklaşımı Temelinde Amartya Sen Düşüncesi

Amartya Sen is one of the most important thinkers of our time, who has put forward both influential and original thoughts in his interdisciplinary studies in economics and philosophy. Sen was awarded the Nobel Prize in Economics in 1998 for his work on linking economics and ethics and for his contributions in this field. Amartya Sen's approach to concepts such as justice and poverty, his "ethical economics proposal" and the social alternatives he puts forward are based on his theory known as the "capacity approach". Sen puts forward an idea that falls within the domain of both economics and philosophy precisely because he defines the human being as a multifaceted being and does not prioritize vital needs over social needs or assume a sharp hierarchy between them. In this study, Sen's thought will be presented in its basic outlines on the basis of the capacity approach, which has not been studied much in social sciences in our country. Keywords: Amartya Sen, Capacity Approach, Poverty, Freedom, Development.

Daniel Kahneman: The psychologist who won a Nobel Prize in Economics for replacing Homo economicus with flesh-and-blood humans

Daniel Kahneman: The psychologist who won a Nobel Prize in Economics for replacing Homo economicus with flesh-and-blood humans

Career or Family: A Woman’s Difficult Choice (On the Nobel Prize in Economics in 2023)

This article presents the achievements of the 2023 Nobel laureate in economics, Harvard University professor Claudia Goldin. The obstacles to women’s employment related to the fact that the initially established structure of jobs was focused on male labor are considered. The “quiet revolution” discovered by the laureate and consisting of a sharp increase in the age of first marriages and a switch in women’s motivation from earnings to careers is analyzed. The importance of flexible working conditions when women choose a place of work and increasing women’s participation in the economy was highlighted. As an example of maximum effort and approach to working conditions convenient for women, the laureate cites the pharmaceutical sector, both industry and trade. The problems of the existence of a “natural level” of women’s participation in the economy are touched upon. Finally, the impact of the 2021–2022 pandemic on women’s choice between career and family is examined.

Multiple Discoveries in Causal Inference: LATE for the Party

Multiple discoveries in statistics may be more common than many readers realize. We tell a story of multiple discoveries in causal inference related to a quantity called the local average treatment effect (LATE). The development of LATE by Imbens and Angrist contributed greatly to their winning the 2021 Nobel Prize in Economics. We discuss how multiple investigators were either early or late for the “party” of intermediate and final discoveries involving LATE.

Rethinking Schizophrenia in the field of primary care. Analysis of the movie “A Thread of Hope” (Out of Darkness), starring Diana Ross (1994)

Schizophrenia has traditionally been considered a serious and chronic mental illness, of a degenerative nature that ultimately leads to dementia. However, for a few decades now, malignancy's prognosis has been questioned, and we can see this eloquently in films such as A Beautiful Mind (2001), in which the mathematician John Nash recovers from his paranoid schizophrenia after thirty years of suffering from serious delusions, prominent hallucinations and intellectual disorders with the final achievement of the Nobel Prize in Economics in 1994 and in the film object of our analysis a medical student who, after 18 years of suffering from the same disease, is cured without sequelae through the administration of an experimental treatment, in this case clozapine. The purpose of our communication is to analyze the possibilities that the formulation of the General Health Law since 1986 has for the family doctor in Spain, which decreed the closure of the old asylums and the care of patients with mental health problems in their socio-familial environment and with the same rights as patients of other specialties, regarding the prevention, diagnosis and treatment of these pathologies.

Winner of the 2023 Nobel Prize for Economics

Winner of the 2023 Nobel Prize for Economics

Korea’s Saemaul Undong Revisited as Rural Development Game for Poverty Eradication: A New Development Economics Perspective

The 2019 Nobel Prize in Economics for Randomized Controlled Trials (RCT) has sparked the popularity of an experimental approach to poverty alleviation. This paper delves into this theme by revisiting the highly successful case of Korea’s Saemaul Undong (New Village Movement) during the 1970s, which served as a precursor to such experimental approaches in economic development. It presents a comprehensive model of rural development aimed at poverty eradication, emphasizing the vital role of three key entities: the villagers, village organizations, and government, all operating under the principles of economic discrimination outlined in the new general theory of economic development. As a framework for rural development, this trinity model offers potential enhancements to existing market-oriented and villager-centered rural development approaches, as well as to the RCT model.

Time for women (Nobel Memorial Prize in Economic Sciences 2023)

The 2023 Nobel Prize in Economics was awarded to Claudia Goldin for her contribution to the study of women’s labor market outcomes. Goldin’s work establishes key historical facts regarding gender differences in the labor markets and provides insights into the driving forces of those gaps. Her methodology combines careful archival research, neoclassical microeconomic analysis, a cohort approach, and the use of natural experiments to identify causal relationships. This paper provides a survey of Goldin’s research on the relationship between economic development and the female labor supply, occupational segmentation, women’s educational attainment, discrimination, child penalty, and job flexibility. I also discuss how Goldin’s findings are relevant to understanding the gender gaps in Russia.

ТЕОРЕТИЧНА СУТНІСТЬ ОРГАНІЗАЦІЙНО-ЕКОНОМІЧНОГО МЕХАНІЗМУ

The article updates the organizational and economic mechanism as a tool for ensuring effective economic development, reflects the contribution of domestic economists in the research of this category. The article shows the theoretical essence of the organizational-economic mechanism, its evolution, ontology, highlights the analysis of the categories "organizational mechanism" and "economic mechanism" separately, gives the views of domestic and foreign scientists on their definition using tables and features of these views. The peculiarities of the economic mechanism are outlined in detail (the economic mechanism is formed as a result of the subjective activity of people, which is connected with the transformation of production resources; the economic mechanism as a system has a complex structure; the economic mechanism is an integral process of implementing existing methods, principles, functions and management tools , regulation and influence at all levels of the economy). The article illustrates the concepts of foundational scientists and winners of the Nobel Prize in Economics for their fundamental contribution to the theory of economic mechanisms and their design, the genesis of the concept of organizational-economic mechanism. A road map for the creation of an organizational mechanism has been developed, consisting of eleven consecutive stages (research and analysis, study of the problem, opposition, formulation of solutions-proposals, design, analysis of effectiveness, decision-making, organization, control, analysis of results, functioning of the organizational mechanism). An own approach to the definition of the category of "organizational and economic mechanism" is presented based on the analyzed views of scientists and formed own definitions of the categories "organizational mechanism" and "economic mechanism". The structure of the organizational-economic mechanism is outlined on the basis of four blocks (forms and methods, levers and tools, economic indicators, management system) and the elements of each of its blocks are characterized separately in order to effectively model and understand the processes of the organizational-economic mechanism. The article emphasizes the importance of the organizational and economic mechanism and its significant influence in order to ensure the effective genesis of the country's economy in the global hybrid modern environment.

The Long Road Towards Women’s Equality in the Labour Market : Claudia Goldin’s Research on Historical Trends and Contributing Factors

Claudia Goldin won the 2023 Nobel Prize in Economics for her research on women in the labour market. Her body of work provides a broad, data-driven, historical overview of gender inequalities and evidence of the impacts of specific changes and institutional elements. We review her main findings regarding the evolution of women’s employment and earnings in light of key historical events. She documented a U-shaped labour supply curve over time, which challenged past notions of a monotonous positive relationship between economic development and women’s labour supply. Her work brought attention to complex forces that shaped the past, such as the rise of factory jobs, service-sector jobs and the contraceptive pill. Her research also points to remaining causes of inequalities, such as high-earning professions that disproportionately favour long work hours and continuous job attachment. Her work contributes to our knowledge of this social issue and has catalysed new areas of research.

Neural Networks for Portfolio Analysis With Cardinality Constraints.

Portfolio analysis is a crucial subject within modern finance. However, the classical Markowitz model, which was awarded the Nobel Prize in Economics in 1991, faces new challenges in contemporary financial environments. Specifically, it fails to consider transaction costs and cardinality constraints, which have become increasingly critical factors, particularly in the era of high-frequency trading. To address these limitations, this research is motivated by the successful application of machine learning tools in various engineering disciplines. In this work, three novel dynamic neural networks are proposed to tackle nonconvex portfolio optimization under the presence of transaction costs and cardinality constraints. The neural dynamics are intentionally designed to exploit the structural characteristics of the problem, and the proposed models are rigorously proven to achieve global convergence. To validate their effectiveness, experimental analysis is conducted using real stock market data of companies listed in the Dow Jones Index (DJI), covering the period from November 8, 2021 to November 8, 2022, encompassing an entire year. The results demonstrate the efficacy of the proposed methods. Notably, the proposed model achieves a substantial reduction in costs (which combines investment risk and reward) by as much as 56.71% compared with portfolios that are averagely selected.

Posner Meets Hayek: The Elements of an Austrian Law & Economics Research Program

Abstract To date, Friedrich Hayek is the only winner of the Nobel Prize in Economics who also holds a law degree. The role of law is central to Hayek’s work and prominent in the research program of the Austrian School of Economics generally. Although Hayek’s contributions to jurisprudence are manifest, as are the influence of his economics ideas, his influence on the field of law and economics has remained modest. This lecture, delivered as the Keynote Lecture at the 2023 Asian Law & Economics Association Annual Meeting, provides an introduction to the fundamentals of an Austrian Law & Economics research program in contrast to the mainstream, Chicago-school research program that has dominated the field since its early history. Compared to the neoclassical approach, Austrian thinking provides a more insightful approach to many of the key concepts generally associated with the economic analysis of law: the nature and success of the common law as a system of law, the importance of stability and simple rules in the law, and the strong preference for private ordering via contract, personal autonomy, and voluntary exchange exhibited in the common law. I identify and briefly describe six key distinguishing characteristics of the Austrian school that distinguishes it from neoclassical law and economics: (1) Methodological individualism, (2) Utility and Costs are subjective, (3) the division of knowledge, (4) spontaneous order, (5) competition as a discovery procedure, and (6) the nature of economic equilibrium. I will also highlight some of the ways in which examining law and economics through an Austrian framework provides valuable insights about law and economics.

Claudia Goldin revolutioniert Wissen um Frauen im Arbeitsmarkt

Abstract This year’s Nobel Prize in Economics goes to Claudia Goldin from Harvard University. She is a labour economist as much as an economic historian, and only the third woman to receive the Nobel Prize in Economics. Goldin revolutionised our knowledge and understanding of women’s educational and occupational choices, their labour market careers and the family obligations they have faced over the centuries. Her work is extremely broad, spanning from historical studies of girls’ educational choices in the 19th century to the determinants of the gender pay gap in the 21st century. Her work sheds light on important economic and social developments that many have been overlooked. She identifies patterns and relationships that were previously hidden or unknown, and shows novel causal mechanisms for long-run changes that are di˚cult to identify empirically.

Too Big to Fail: An Analysis of Systemic Risk in the 2008 Financial Crisis

The recent bankruptcy of Silicon Valley Bank and the awarding of the Nobel Prize in Economics have both brought attention back to the issue of how to lower systemic risk in the banking industry and stop or lessen the severity of a financial crisis. To study this issue, this paper reviews the 2008 U.S. subprime mortgage crisis, explaining the causes of the crisis and its tremendous adverse effects from the perspectives of, among others, the U.S. monetary policy, the emergence of the Credit Default Swap (CDS) frenzied property market, and the lack of regulation in the financial sector. It also describes the measures taken by the government and banks to resolve the crisis from their perspectives. Further among them, the paper reviews the process of Basel III in strengthening the regulation of large financial institutions, prompting them to improve their capital adequacy ratios and reduce systemic risk. The key role played by systemic risk in preventing the crisis and reducing its impact is emphasized. Thereafter, this paper compares and unfolds the subprime crisis of 2008, the Japanese financial crisis of the 1990s, and the recent Covid-19 crisis to illustrate the responsibility of the banking sector to society. The paper also suggests that banks should increase their capital adequacy ratio, reduce excessive risky investments, reduce systemic risk, ensure their credibility in society, and prevent bankruptcies in today's fluctuating national monetary policies and tense economic situation.

Subprime Credit Crisis: Cause, Consequence & Response

The 2008 financial crisis had significant impacts on the global economy, leading to the collapse of several large financial institutions, massive government bailouts, and a global recession that lasted for several years. This paper discusses the causes and consequences of the crisis, highlighting the importance of understanding the mechanisms that underlie financial crises and the role that banks and financial institutions play in them. The recent Nobel Prize in Economics, given to the research of systematic risk and the role of banks in financial crises, is also covered in this essay. The crisis was brought on by a number of causes, including loose monetary policy, a housing bubble, and the growing use of sophisticated financial derivatives. The collapse of the subprime mortgage market, the high level of unemployment, and the collapse of many large companies and banks were among the consequences of the crisis. The paper underscores the importance of continued research into the causes and mechanisms of financial crises.

Nobel begets Nobel in economics

I construct the professor-student network for laureates of and candidates for the Nobel Prize in Economics. I study the effect of proximity to previous Nobelists on winning the Nobel Prize. Conditional on being Nobel-worthy, students and grandstudents of Nobel laureates are significantly less likely to win. Professors and fellow students of Nobel Prize winners, however, are significantly more likely to win.

Revisiting Zakat with a distribution of weighted Shapley value

PurposeThis paper aims to extend the Shapley value (SV) into a discussion of Zakat, a Pillar of Islam. Lloyd Shapley was awarded the Nobel Prize in Economics in 2012. This study shows that their relationship is significant for all nations, that of levelling up. An important but neglected paper by Datta (1939) showed insights provided by the Power Law, or as it is sometimes called, the Pareto distribution, into the role of Zakat in raising the income of all above the subsistence level. The Pareto distribution describes the prevailing tendency. The SV illustrates the interdependence perspective of Zakat with the Pareto distribution, wealth, income and poverty. Payoffs apply equally to both givers and receivers. For this study’s purposes, payoffs are considered as transferable utilities. They are formed by individuals who willingly cooperate in society rather than atomistic individuals who act independently. Zakat represents the recognition that society needs to be cooperative rather than individualistic; people cooperate in groups or societies to create value. SV implications and axioms are evaluated with an illustration.Design/methodology/approachThis study extends Datta’s approach by introducing distribution weights into the SV. The authors set out the concept of weighted Shapley values that retain the elements of randomness and marginal contribution to a coalition contained in pure/true SVs and weights that follow a ley-Pareto distribution. This paper is a viewpoint work that relies primarily on the author’s qualitative interpretation.FindingsThe findings indicate that individual members of a coalition make multiple contributions that are often unrewarded. The contribution of one member of a coalition is dependent upon the contribution of others. The measure of contributions is payoffs, which have both monetary and non-monetary aspects; transferable payoffs or utilities are usually assumed. Furthermore, the significant agents in society or an organisation are stakeholders rather than the usual categories: managers, staff, shareholders, etc.Practical implicationsContextualising these concepts within the Islamic values and principles that guide Zakat administration is crucial to ensure that the distribution of Zakat funds is fair, equitable and meets the needs of all eligible recipients. By applying these concepts appropriately, Zakat administrators can ensure that the Zakat system functions effectively and fulfils its religious obligation.Originality/valueThe novelty of this paper is that it blends the SV and the idea behind Zakat by introducing the idea of alternatives of Shapley weights. The link between the institution of Zakat and SV in terms of equality, poverty elimination and wealth distribution should be at the top of the research agenda.

The Impact of Behavioral Bias on Investment Decision-Making

Behavioral finance is an emerging discipline that integrates theories from psychology with finance. Robert Shiller, a professor of economics at Yale University, is the originator of behavioral finance and was awarded the Nobel Prize in economics in 2013 for his successful prediction of the Internet bubble crisis and the subprime mortgage crisis. The major difference between behavioral finance and traditional finance is the difference in the underlying assumptions of the two. Behavioral finance attempts to explain how decision-makers make financial decisions in real life, and why their decisions may not be rational every time. This is in contrast to many traditional theories that assume that investors make rational decisions. Behavioral finance suggests that individuals may not make decisions based on rational analysis of all information. This may cause the stock prices of individual companies to deviate from a fair price and cause the stock prices of the entire market to collectively be at very high or very low levels over a period of time. Therefore, the different behaviors and differences that people generate when investing has an important impact on their investment decisions. This paper focuses on promoting a deeper understanding of behavioral finance and helping people to better analyze their investment decisions by reviewing the four more common types of behavioral finance: loss aversion, noise trading, momentum effect, and the endowment effect.

Herbert Simon Rationalistic Theory of Decision Making

As Public Administration has gained importance in the modern times, so has been the case of behaviour of administrators. Main contribution of Herbert Simon is that his views over administrative behaviour has gained worldwide recognition. His contribution is noteworthy in developing rationalistic theory of decision making. He focused on the decision-making capacity in Administration by pointing out three steps in decision making process. Simon insisted upon ‘rationality’ in the decision-making process. Herbert Simon was awarded the Nobel Prize for Economics in 1978.

A Eulogy for the Match

September 27, 2028.The Match died today. The cause of death was indifference.The Match was born in 1951 to Francis Joseph Mullin and John Marshall Stalnaker.1 Early on, it had several congenital disorders corrected by future pediatric surgeon W. Hardy Hendren III,2 leading to the National Resident Matching Program (NRMP) that we know today.3 In 1998, The Match received care from Drs. Alvin E. Roth and Elliott Peranson, allowing it to accommodate couples, myriad specialties, and DO applicants.4 For his work, Dr. Roth won the 2012 Nobel Prize in Economics.5During its heyday, the Match served nearly 50 000 registrants, boasting decades-long streaks of year-over-year increases in applications and positions. Success came with controversy. In 2003, residents sued the NRMP in a monopoly lawsuit. However, Congress gave the Match antitrust protection akin to that of Major League Baseball.6 Afterwards, the Match consolidated its power, showing swagger with its 2012 all-in policy that required programs to fill every first-year position either exclusively through or outside of it. The Match justified its actions by asserting it was protecting residents and that participation was voluntary.7Then, the Match developed health problems, starting with a severe case of application fever.3,8 As the number of applicants increased, students, institutions, and programs found themselves trapped in a series of prisoner's dilemmas where strategies such as overapplication, obfuscation of performance data, and use of flawed and discriminatory screening heuristics seemed logical.9 Sickness spread as participants suffered from perverse incentives, excessive and progressive costs, inequities, time pressures, waste, and mistrust.10Forces outside the Match began taking shape, including competency-based time-variable education,11 situational judgement testing,12 pass/fail grading,13 resident unions,14 affinity matching,15 virtual interviews,16 and implicit bias training,17 all driven by the desire for high-quality skill development, veracity, fairness, and autonomy. Unfortunately, the Match came to be seen in direct opposition to these important principles and turned ill.Physicians suggested many remedies. Signal preferencing initially showed promise, but students realized that it helped programs more than them,18 and they lobbied for increasing choices until signaling became meaningless. Supplemental applications initially provided more signal than noise,19 but students quickly used AI chatbots to create the perfect essay for each program.20,21 Application caps were thought to be a cure,22 but students rebelled when their choices became limited. Prominent specialists recommended application phases,23 but this increased everyone's workload past capacity, and the idea was abandoned. Ultimately, participants in the Match rejected all remedies despite endless calls for more.24 Unfortunately, treatment for the fever did not cure the infection.9The beginning of the end began outside of organized medicine when Ivy League law schools pulled out of the US News & World Report rankings.25 Once the first school acted, the rest followed. On the surface, law school Deans stated they quit the rankings because of flawed methodology. However, they also calculated that forces beyond their control could lead to unfavorable ranking changes, and they asserted their power to declare themselves elite, etching this judgement in history, impossible to broach.25Important academic physicians also called for the end of formal rankings,26 and just like law schools, medical schools followed.27 These events led residencies to realize they could take back their own power by removing themselves from the Match. Several community programs had been “all out” of the Match for years, shortening interview seasons and offering applicants positions on the spot, thereby gaining advantage over their competitors. Once the first Ivy League residency opted out, others had to follow. Students, frustrated by the inflexibility, inequity, restrictions, and workload of the Match, began opting out to join these programs. Remaining programs saw fewer and fewer candidates, and one by one opted out to compete. Yesterday there were no applications in the Electronic Residency Application Service system, and the Match officially died.The Match, like paper charts, celluloid x-ray film, and analog stethoscopes, will be fondly remembered for being important and effective in its time.It is survived by chaos and remorse.