School Of Economics Research Articles

Enforcement of consumer rights protection laws and intention to reuse digital financial services among Generation Z youth: Empirical evidence from Vietnamese commercial banks

Digital financial services are crucial in boosting the competitive edge of businesses and economies in numerous developing nations. This study aims to explore the factors that affect consumers’ perceptions of the implementation of consumer protection laws and their willingness to continue using digital financial services. Data were collected through interviews with 689 Gen Z consumers (born after 1996) who have used digital financial services in Vietnamese commercial banks. The results of the partial least square – structural equation modeling indicate that six factors influence attitudes toward the enforcement of consumer protection laws, in descending order: perceived benefits, understanding of legal regulations, perceived asymmetry, perceived risk, understanding of technology and digital finance, and understanding of dispute resolution. Additionally, attitudes toward law enforcement, as well as understanding of technology and digital finance, positively impact consumers’ intention to reuse digital financial services, while perceived risk has the opposite effect. Furthermore, all six independent factors impact the intention to reuse digital financial services through the mediating role of attitudes toward the enforcement of consumer protection laws. The study’s findings also lay the groundwork for policy recommendations for legislative authorities and strategic guidance for service providers and consumers in emerging markets in the future. AcknowledgmentThis study is the result of collaboration between researchers from the University of Law, Hue University, and School of Business and Economics, Duy Tan University. The authors would like to thank both institutions for their support and facilitation in the publication of this research. This study was conducted under project code DHH2024-12-85, Decision No. 298/QĐ-ĐHH dated March 27, 2024, issued by the Director of Hue University.

Go Your Own Way

In this panel, we share insights from LSE100 (London School of Economics) and Leading in a Post-Crisis World (University of Sydney Business School). These multidisciplinary programs engage students in collaborative problem-solving across diverse backgrounds and skill sets. Our challenge lies in integrating these varied perspectives into a cohesive classroom experience. To address this, we employ digitally enhanced practices, including media-rich course materials and a flipped lecture structure. These approaches connect students across disciplines, allowing them to select content relevant to their learning goals. Additionally, we explore video and digital storytelling as assessment tools, fostering student confidence in emerging technologies. Attendees will witness embedded video technology examples and receive basic training for digital storytelling using accessible tools like smartphones. We argue that these tools can be used by a variety of educators and will demonstrate easy ways to bring them into a program of study.

“Social Elevator”: Research of Affirmative Action Program

This work investigates the academic performance of students enrolled in the “Social Elevator” program at Higher School of Economics (HSE University), which operates under the principle of affirmative action and aims to assist those students who have lower chances of admission due to various social reasons in a highly competitive environment. Objective admissions in Russian universities and the high selectivity of the HSE University, discussed in this paper, do not confidently allow the application of conclusions from foreign studies to the Russian experience. The program had not been previously researched. It was assumed that students of the program would show higher performance than their peers admitted on a general basis – this assumption follows from qualitative research that found that students of this program possess a progressive narrative of overcoming inequality. Regression with dummy variables based on administrative data on student performance and survey data on the socio-economic status of students are used for the analysis. According to the regression analysis results, all else being equal, students of the “Social Elevator” program demonstrate lower performance than students admitted on budgetary places on general grounds, although they average grades at the “good” level and therefore have a chance to get a return to education and overcome inequality. Further research on the topic is required to separate the secondary effects of inequality, as well as to assess the actual social mobility of students participating in the program. The results can be useful in designing educational policy in the field of expanding access to higher education.

The impact of tax deduction on inequality in Russia

The article examines the impact of tax deductions for education and healthcare on income inequality in Russia. The objective of the study is to quantify the redistributive effects of this fiscal measure. Additionally, the paper assesses the potential effects of proposed reforms to tax deductions, with a particular focus on changes proposed in the President’s Address to the Federal Assembly in February 2023 and implemented in 2024. The study uses data from the Federal Tax Service and the Russia Longitudinal Monitoring survey of the National Research University Higher School of Economics (RLMS-HSE), in conjunction with the microsimulation model RUSMOD, which enables the estimation of the short-term redistributive effects of changes in taxes and transfers. The study demonstrated that the current tax deductions for education and health care have a marginal impact on income inequality. Conversely, if tax deductions are reformed in a manner that increases their limits and take-up, this may result in an increase in income inequality.

Subjective well-being indices in assessing happiness in Russia

Due to the multidimensionality and dynamism of today’s social life, there emerges the need to modify the principles of measuring the effectiveness of socio-economic policy. The article empirically tests and analyzes subjective metrics focused on “failures” in the socio-economic development which are impossible to identify through objective indicators only. These metrics are the subjective well-being indices for the Russian population in terms of gender and age, residence (by federal districts), level of education, marital status, presence of children, subjective health assessments, job and pay satisfaction. The methodological framework resides in Edward Diener’s subjective well-being theory. The method of index numbers and methods of descriptive statistics, including the multivariate frequency distribution of two attributes, are applied. The evidence base is comprised of panel data of The Russia Longitudinal Monitoring Survey – Higher School of Economics (RLMS-HSE) for 2013–2022. According to the research results, the minimum and maximum values of the life satisfaction index were observed in 2016 and 2022, respectively. The affective index of happiness was found to reach higher values compared to the cognitive assessment of it. The findings show that gender, age, region of residence, level of education, as well as satisfaction with health, job, wage and financial status affect the values and dynamics of happiness indices in Russia. A well-being measurement approach covering both objective and sub jective assessments of people’s life and its individual aspects allows identifying gaps in the system of socio-economic support for the population.

Identifiability and convergence behavior for Markov chain Monte Carlo using multivariate probit models

Multivariate probit models have been popularly utilized to analysis multivariate ordinal data. However, the identifiable multivariate probit models entail the covariance matrix for the underlying multivariate normal variables to be a correlation matrix, which brings a rigorous task to conduct efficient statistical analysis. Parameter expansion to make the identifiable model to be non-identifiable has been inevitably explored. However, the effect of the expanded parameters on the convergence of Markov chain Monte Carlo (MCMC) is seldomly investigated; in addition, the comparison of MCMC developed based on the identifiable model and that based on the non-identifiable model is hardly ever explored, especially for data with large sample sizes. In this paper, we conduct a thorough investigation to illustrate the effect of the expanded parameters on the convergence of MCMC and compare the behavior of MCMC between the identifiable and non-identifiable models. Our investigation provides a practical guide regarding the construction of non-identifiable models and development of corresponding MCMC sampling methods. We conduct our investigation using simulation studies and present an application using data from the Russia Longitudinal Monitoring Survey-Higher School of Economics (RLMS-HSE) study.

Analysis of the internal environment when creating an innovative university

Subject. The article discusses the creation of innovative universities. Objectives. The purpose is to analyze the internal environment in the formation of an innovative university and to investigate the factors of resistance to organizational changes. Methods. The survey was attended by scientific and pedagogical staff of two innovative universities: 170 people from the Institute of Economics and Entrepreneurship of the National Research Lobachevsky State University of Nizhny Novgorod and 50 people. from the economics faculties of the Nizhny Novgorod Branch of the Higher School of Economics. Results. We analyzed internal environment and studied organizational changes aimed at creating new social mechanisms and channels of interaction with the State, industry and society. Furthermore, we considered the factor of resistance to organizational changes and the possibility of its reduction. The paper presents the results of diagnostics of the resistance force in two universities. Conclusions. The leading organizational factor (prerequisite) for the emergence of resistance is an imperfect system of organizational communications. The priority task of university management is to create an operational and objective system for informing employees about the goals, methods and results of changes. The most significant psychological reasons for the emergence of resistance are the fear of negative consequences of changes and misalignment of changes with traditional academic values.

Socio-Economic Determinants of the Physical Activity Intensity in Russia

The study examines the socioeconomic, demographic and health determinants of physical activity intensity in Russia. Using RLMS-HSE (the Russia Longitudinal Monitoring Survey – Higher School of Economics) data for 2021 and indicators of six levels of physical activity intensity, the authors built ordered probit models and calculated average marginal effects for a set of covariates. The independent variables were selected based on the SLOTH microeconomic model describing individual preferences towards physical activity.The ordered probit regression provided empirical support for Meltzer and Jena's theoretical framework, stating that as income increases, with the pronounced substitution effect, the time spent on physical activity decreases, and the intensity of physical activity rises. In our study, the thesis about an increase in intensity with rising income was confirmed for a subsample of men but not women. For women, the intensity was determined by factors such as multiple morbidity and residing outside of Moscow or Saint Petersburg, which were not significant in the regressions for men.The study resulted in several important conclusions. The intensity analysis showed that physician recommendations regarding the type of physical activity should consider patients' workload. For individuals with a busy schedule, recommended types of exercise that require a long time (for example, walking) are not suitable. At the same time, intense workouts (such as tennis or gym classes) can be built into the schedule. There is a need to develop sports infrastructure at workplaces, allowing individuals to allocate time for classes without bearing additional time and monetary costs associated with travel to the location of workouts. As income increases, exercising near the workplace allows an individual to increase the intensity of physical activity without incurring additional time costs

Economic cyber-physical space: theoretical and methodological genesis and modern trends of formation and development

In this scientific study, the socio-economic and technical and technological features of the new economic and technological paradigm are high lighted. As a result of the analysis of trends in the development of the Industry 4.0 market and digital initiatives adopted in the world, the prerequisites for the formation of an economic cyber-physical space at the national level have been identified, and the relevance of the subject of scientific research has been substantiated. Based on the analysis of the evolutionary development of spatial economics, the research of scientific schools is systematized and theoretical and methodological schemes belonging to representatives of the German, French (continental), Anglo-Saxon and Russian schools of spatial economics are analyzed. As a result, the postulates of the economic cyberphysical space are developed and the author's interpretation of the concept of economic cyber physical space is proposed.

Uncertainty in perspective: Building a comparative framework

Motivation: Creating a framework to categorize and, by it, deduce assumptions about uncertainty in the work of economists, even when uncertainty isn’t explicitly stated. Using this framework on a similar base of authors, Davidson used it to create his taxonomy.Aim: The primary aim of this article is to introduce a new tool for comparing different perspectives on uncertainty; the secondary aim is to categorize various viewpoints of chosen authors from Post Keynesian and Austrian school of Economics and infer implicit assumptions about uncertainty based on these categorizations.Materials and methods: The methods employed in the article are integrative review, Davidson taxonomy, and a comparative framework called modified taxonomy. Materials consist of chosen works of economists from Post Keynesian and Hayek to replicate, to some extent, selection of authors from the original work of Davidson, which introduced his taxonomy.Results: The analysis indicate that authors promoting decentralized solutions such as market perceive uncertainty as stemming from external to economy sources, whereas authors promoting more centralized solution (one that need some sort of guarantee) is seeking uncertainty from human’s ability to create future independent by autonomous decisions.

Formation of new health care practices: what sociology [does not] see

The article was prepared for the 50th anniversary of the journal “Sociological Studies”. An array of articles (N = 29) on the topic of health care norms and practices published in the journal from 2010 to 2023 was analyzed. To validate the research presented in the publication and the results of qualitative content analysis, data from eight public opinion surveys were analyzed by the ZIRCON research group and the Higher School of Economics, conducted as part of various projects in 2010– 2023, including those with authors participation (five of them represent the population of the Russian Federation, three relate to individual regions and cities of Russia). Along with the identified thematic gaps in the field of modern sociology of health, it has been ascertained that the studies complement each other and make it possible to build a logic for the presentation of the health care topics covering all its main links.

AN ETHICAL AND ECONOMIC CRITIQUE OF INSIDER TRADING REGULATION

Insider trading, a controversial phenomenon in finance, has been the subject of extensive debate both in the field of economics and in the legal framework. Insider trading refers to the practice of purchasing or selling financial securities by individuals with inside information about a particular company or market. Although the exact definition may vary by jurisdiction, it generally involves the use of non-public information to gain an advantage in financial transactions. The ban on insider trading is widely supported and regulated in many countries with the aim of promoting equality of information and fairness in financial markets.This paper aims to present an alternative perspective on insider trading under the theoretical framework of the Austrian School of Economics. Unlike conventional economic schools, the Austrian School emphasizes the importance of market mechanisms and voluntary coordination in the economy, placing special emphasis on the entrepreneurial function and private property. From this perspective, it is argued that the ban on insider trading is an unnecessary and counterproductive regulation that hinders the proper functioning of the market and economic efficiency.In sections 2 and 3, we briefly present the historical

REVIEW ON THE EMERGENCE OF A TRADITION: ESSAYS IN HONOR OF JESÚS HUERTA DE SOTO, EDITED BY DAVID HOWDEN AND PHILIPP BAGUS (VOL 1 MONEY AND THE MARKET PROCESS; VOL. 2 PHILOSOPHY AND POLITICAL ECONOMY). PALGRAVE MACMILLAN 2023

Jesús Huerta de Soto who is professor of economics at the Rey Juan Carlos University of Madrid is the leading representative of the Austrian school of economics in Spain. He is a renowned teacher and two of his many doctoral students David Howden and Philipp Bagus both now themselves professors of economics have edited a festschrift in his honor. The contributors include students, colleagues, friends, teachers, two of his daughters, and his son. The two-volume festschrift contains many valuable essays, but I cannot do more here than comment on a few of them, as there are no less than twenty-seven essays in the first volume and twenty-four in the second as well as two introductory essays by the editors “Jesús Huerta de Soto: A Biographical Sketch” in the first volume and “Jesús Huerta de Soto: An Appreciation” in the second.

EXTRACTING PRICE SIGNALS FROM THE TERM STRUCTURE OF COMMODITY AND CREDIT MARKETS USING AUSTRIAN BUSINESS CYCLE THEORY

Austrian School economists first explained the significance of interest rates for the structure of production in time. Furthermore, they showed how manipulating the level of interest and the credit supply causes the business cycle (v.Böhm-Bawerk, 1891; v.Hayek, 1938; v.Hayek, 1941 and v.Mises, 1949). More recently, Austrian School economists have elaborated the relationship between the term structure of interest rates and the business cycle (Barnett and Block, 2009; Bagus and Howden, 2010; Bagus et al., 2018; Potuzak and Nemec, 2020; Alonso-Neira and Sanchez-Bayon, 2023). At the same time, market practitioners understand the potency of yield curve inversions as a predictor of future recessions as a result of experience and observation unrelated to Austrian Business Cycle Theory (ABCT). Reference textbooks (Stigum and Crescensi, 2007) explain that capital allocators are pricing in future cuts to the central bank discount rate, thus inverting the yield curve. This ignores the role of free-market price signals in credit, which result from supply and demand fundamentals, and are the link connecting ABCT to term structures.The term structure of commodities markets is also affected by actual or anticipated shortfalls in production over different time horizons. This is widely understood, perhaps because settlement by physical delivery is commonplace and tangible (Hull, 2022). Even though credit and derivatives may at first glance seem more abstract, the same underlying market principles are at work there. The theoretical foundations of and recent work on ABCT provide the necessary tools to analyse both markets through the same lens.

The Effect of Technopreneur Education and Entrepreneurship Motivation on Entrepreneurial Interest with Self Efficacy as an Intervening Variable

This research aims to determine the influence of technopreneur education and entrepreneurial motivation on interest in entrepreneurship with self-efficacy as an intervening variable. This research uses a quantitative approach. The population in this study were 137 students from the Bina Karya Tebing Tinggi School of Economics who took part in technopreneur education. Sampling used purposive sampling. The results of this research show that technopreneur education has a positive effect on interest in entrepreneurship, entrepreneurial motivation has a positive effect on interest in entrepreneurship, Technopreneur education has a positive effect on self-efficacy, entrepreneurial motivation has a positive effect on self-efficacy, self-efficacy has a positive effect on interest in entrepreneurship, self-efficacy has a positive and significant effect in mediating the effect of technopreneur education on interest in entrepreneurship, Self-efficacy has a positive and significant effect on entrepreneurial motivation on entrepreneurial interest

Preface

The International Scientific and Practical Conference “Food and Environmental Security in Modern Geopolitical Conditions: Problems and Solutions” (EPFS 2024) was held on April 22-23, 2024. The organizers and partners of the International Scientific and Practical Conference are the M. Dulatov Kostanay University of Engineering and Economics (Republic of Kazakhstan), Tajik Agrarian University named after Shirinsho Shotemur (Republic of Tajikistan), Institute of Biotechnology of the National Academy of Sciences of the Republic of Kyrgyzstan, Hungarian University of Agriculture and Life Sciences, Ural State Agrarian University (Russian Federation), Sharda University (India), Universidad Politecnica de Madrid (Spain), Kazakh Agrotechnical Research University named after S. Seifullin (Republic of Kazakhstan). The main conference guidelines are the following: - Socio-economic prerequisites and conditions for ensuring food security; - Ecological and economic optimization of the land use; - Greening of agricultural production; - Digital technologies in the Agro-industrial complex; - Optimization of the use of land resources in agricultural environmental management system; - Innovative development of crop production; - Precision technologies in agriculture; - Strategic goals and objectives in the field of ensuring food security of the Eurasian Economic Union; - Problems of technological modernization of agriculture; - Land reclamation development in adaptive landscape farming systems; - Adaptation of agriculture to changing climate conditions; - Problems of technical and environmental safety of the Agro-industrial complex and ways of their effective solution; - Product and environmental quality management; - Prospects for processing industry development. The international conference was attended by leading scientists from Russia, Belarus, Kazakhstan, Hungary, Kyrgyzstan, Uzbekistan, Armenia, Tajikistan, Azerbaijan and the People’s Republic of China. The Organizing Committee expresses its deep gratitude to colleagues and partners for the opportunity to jointly hold the International Scientific and Practical Conference for the traditional third time. The international conference (EPFS 2024) was held offline or online, scientists from different countries presented their reports (research) via video conference. The topics of the announced speeches cover a wide range of issues of environmental safety and solving food problems in various areas of the agro-industrial complex. Attention should be paid to the significant contribution of the International Conference, both in solving theoretical and practical problems of environmental and food security, and the agro-industrial complex as a whole. The achievements of scientific teams and the practical experience of leading scientists and specialists presented at the international conference will contribute to the further development of food and environmental security. The International Conference Organizing Committee received 97 manuscripts, 35 of which received positive reviews. The materials have been checked for compliance with the requirements of IOP Publishing by competent specialists and scientists in the field of agro-industrial complex. The Organizing Committee of the International Conference (EPFS2024) expresses sincere gratitude to all conference participants, experts, moderators and editors for the work done and interest shown in the conference. Thanks to the fruitful joint work of scientists from different countries, the International Conference was held at a high level. We hope for further fruitful cooperation! Prof. Dr. Ismuratov Sabit Borisovich Chairman of the Organizing Committee, Doctor of Economics, Professor, Academician of the International Academy of Agrarian Education, President of Kostanay Engineering and Economic University named after M. Dulatov, Republic of Kazakhstan. Prof. Dr. Zoltán Károly Lakner Deputy Chairman of the Organizing Committee, Head of the Doctoral School of Economic and Regional Sciences Hungarian University of Agriculture and Life Sciences (Godollo, Hungary). Prof. Dr. Zhunushov Asankadyr Deputy Chairman of the Organizing Committee, Institute of Biotechnology of the National Academy of Sciences of the Republic of Kyrgyzstan. Prof. Dr. Koshchaev Andrei Deputy Chairman of the Organizing Committee, Kuban State Agrarian University (Russian Federation). Prof. Dr. Yo’ldoshev Nuriddin Deputy Chairman of the Organizing Committee, Tashkent State University of Economics (Republic of Uzbekistan).

Res-publica/gestão pública, nação e desenvolvimento econômico na vida e obra de Luiz Carlos Bresser-Pereira

This Forum of the journal Cadernos de Gestão Pública e Cidadania (CGPC) seeks to acknowledge the contributions, trajectory, and impact of Professor Luiz Carlos Bresser-Pereira, fostering discussions centered on his work, both in academia and in public and private management. In 2022, Professor Bresser-Pereira was recognized as the most cited Latin American economist internationally (Latin America Top 100 Economics & Econometrics Scientists 2022). His prolific work spans a wide array of subjects. In 1981, he founded the Brazilian Journal of Political Economy (Revista de Economia Política), linked to the Center for Political Economy, where he has served as both president and editor. Since 2004, he has been instrumental in the Economics Forum at the São Paulo School of Economics, Fundação Getulio Vargas (FGV EESP). His works reflect a strong interdisciplinary approach, integrating fields such as philosophy, social and political sciences, economics, management, scientific methodology, and history.

Happy People in Russia: The Role of Economic and Social Capital

Amid conditions of global instability in recent years, approximately one-tenth of the residents of Russia consistently report high levels of subjective well-being. The aim of this article is to analyze the socio-demographic characteristics of the “happy and satisfied” segment of Russians and the influence of economic and social capital on their high level of affective and cognitive components of subjective well-being. This study is based on data from the Russia Longitudinal Monitoring Survey – Higher School of Economics (RLMS-HSE), with surveys conducted from 2016 to 2020. For the purposes of analysis, a stable segment of "fully satisfied with life" and "very happy" Russians (10–12% of 5–6 thousand respondents annually) was selected from the sample array. Economic capital in the study is measured through indicators such as absolute income, assessment of material well-being and remuneration, and perception of economic inequality, while social capital is measured through the structure, intensity, and quality of social connections and the nature of group identity. The analysis of the empirical data shows that people who are fully satisfied with life and happy are aged 25–34, married, have children, and possess average incomes. Low incomes are associated with subjective disadvantage, but for maximum happiness and life satisfaction, it is quite enough to have an average income level. Additionally, the cognitive component of subjective well-being assessments is more related to material and financial factors than the affective component. It is demonstrated that high levels of subjective well-being are more influenced by parameters of social, rather than economic, capital. Representatives of the predominantly happy segment of Russians communicate more frequently with family members and friends, care for young children or grandchildren, and feel a sense of belonging to broader social communities (professional, national, or territorial).

Caste and its implications for sociologies of inequality

The concern to think about the place of caste as a conceptual category – within, and in relation to, broader sociological understandings of inequality – was the primary motivation of the British Sociological Association Presidential event on ‘Caste and its Implications for Sociologies of Inequality’ held at the London School of Economics in late autumn 2023. It sought not only to engage with caste sociologically but also to ask the question of what a consideration of caste could bring to sociological thinking more generally.

“Social science is explanation or it is nothing.” Introduction to a debate

AbstractThis essay introduces contributions to a special section, which documents and extends a debate on the proposition “Social Science is Explanation or it is Nothing” held at the London School of Economics on October 13th, 2022. It discusses the history of the “Group for Theoretical Debates in Anthropology” led by Tim Ingold, Peter Wade and Soumhya Venkatesan, which has handed down a list of credible candidates for issues that had a chance of engaging every anthropologist, including students and those with interdisciplinary interests. It raises questions about the specific affordances of debates as forms of academic engagements. It argues that the chosen proposition concerning explanation invites a discussion about the contributions of the social sciences at a time when impulses from science and technology studies as well as fruitful exchanges across the boundary between “theory” and “method” have helped us moved beyond the older question as to whether or not sociology is “a science”.