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kształcenia dla WNE

EBCL
WNE Centrum
Egzaminacyjnym EBC*L 

WP(14)99. Portfolio selection models based on characteristics of return distributions

Abstrakt

This article concerns the problem of optimal portfolio selection. The objective of this paper is to indicate the best method and criteria for optimal portfolio selection. In order to achieve the objective six models including such optimization criteria as mean, variance, skewness, kurtosis and transaction costs are analyzed. The method of fuzzy multi-objective programming is used to transform multiple conflicting criteria into a single objective problem and to find optimal portfolios. In order to indicate the best portfolio selection model a simulation based on five years data from January 1, 2007 to December 31, 2011 was conducted. The portfolios were constructed from WIG20 stocks and WIBID 3M as risk-free asset.
Paweł Wnuk Lipinski

WP(13)98. Ready for euro? Empirical study of the actual monetary policy independence in Poland

Abstrakt

The aim of the article is to examine the actual degree of Polish monetary policy independence in the context of joining the Eurozone. It is frequently argued that the main cost of the participation in the EMU, or in any other common currency area, is the loss of monetary policy independence. In contrast, the paper raises the question of the actual possibility of such a policy in a small open economy operating within highly liberalized capital flows and highly integrated financial markets like Poland. Confirmation of the hypothesis concerning incomplete actual monetary independence is essential to the analysis of costs of the Polish accession to the EMU. The main hypothesis of the article is verified using a Vector Error-Correction Mechanism model and several parametric hypotheses concerning the speed and asymmetry of adjustment.
Dagmara Mycielska Łukasz Goczek

WP(12)97. Welfare Analysis of a Prohibitive NTM in a Society with a Proportion of Concerned Consumers

Abstrakt

The aim of this contribution is to provide a cost-benefit analysis in a partial equilibrium framework to investigate the welfare consequences of a non-tariff measure (NTM). The important issue of the analysis is having two groups of indifferent and concerned consumers. The ultimate aim of the paper is to investigate whether or not the paternalistic behavior of government is in line with the willingness of the consumers for demand. The existence of information about the origin of goods is the leading issue of the analysis that provides two different scenarios. The model is calibrated with data on consumption of shrimps. The findings suggest that in the existence of such information, NTM policy has the lowest international losses and highest domestic gains. The policy implication of these results suggests that governments should try to increase the information in the market when they are following good faith for imposition of NTM.
M. Mahdi Ghodsi

WP(11)96. Delineating deception in experimental economics: Researchers' and subjects' views

Abstrakt

I report the results of a large survey of experimental subjects and researchers concerning the use of deception. I conclude that members of these two groups largely agree on the extent to which various specific techniques are deceptive. I identify the main dimensions that determine this judgment. I also find that the attitude towards deception among subjects tends to be more favorable than among researchers, although even the latter do not readily conform with the common view that deception is taboo in experimental economics.
Michał Krawczyk

WP(10)95. Controlling for overlap in matching

Abstrakt

The overlap problem is crucial in propensity score matching. Recently, Crump et al. (2009) showed that trimming provides a simple and robust solution to the overlap problem. In this study, we use a simulation approach to show that trimming is inferior to the caliper mechanism. We show that in most cases, both techniques provide unbiased estimates, but trimming is less efficient.
Paweł Strawiński

WP(9)94. The Impact of Individual Risk Preferences on Valuing Preservation of Threatened Species: an Application to Lynx Populations in Poland

Abstrakt

A recent innovation in environmental valuation surveys has been to acknowledge the inherent uncertainties surrounding the provision of environmental goods and services and to incorporate it into non-market survey designs. So far, little is known about how people assimilate and respond to such uncertainty, particularly in terms of how it affects their stated valuations. In this paper we focus on the impact of risk preferences on people's investments in environment. Individual risk preferences are elicited through a standard, incentivized multiple price list mechanism and used as a independent variable in the analysis of a choice experiment valuing the preservation of two threatened lynx populations in Poland. We find that risk-seeking respondents were more likely to choose the status quo option, which was the riskiest option in terms of the survival of the two distinct lynx populations. Risk seekers revealed also a significantly lower willingness to pay for lynx preservations.
Anna Bartczak Susan Chilton, Jürgen Meyerhoff

WP(8)93. Business Demography in Poland: Microeconomic and Macroeconomic Determinants of Firm Survival

Abstrakt

The paper presents a model assigning a bankruptcy probability to a company, developed on the basis of individual data from balance sheets and income statements of Polish companies, collected by Central Statistical Office of Poland in the 2001-2010 period. Determinants for warning signals for bankruptcies were examined together with the possibilities of early identification of such signals. The research was based on a logistic regression performed on categorized variables transformed using a weight of evidence approach. Scoring methods were used to create an indicator for grading the companies in the case of bankruptcies. In the forecasting model of a possible bankruptcy in a year's horizon the highest weight was assigned to the indicator for the ability to cover financial costs which explained the company's ability to meet the interest payments and capital costs. Indebtedness, share of cash reserves in assets and sales' revenues were considered in forecasting bankruptcies information regarding liquidity. Taking into account the direction of sales, the specialized exporters were least probable to go bankrupt. In the more generalized model which accounts for the macroeconomic situation the most important was the indicator for the ability to pay off debt. In the model forecasting bankruptcies three-years in advance - the early warning model - no dominant indicator was found. Weights of 20% were assigned to the indicators of liquidity, current assets turnover and the return on sales.

The article in Polish is available under the title „Zdolność przetrwania przedsiębiorstw w Polsce”, Nehrebecka N., Dzik A. (2013), Wiadomości Statystyczne 5, 51–71. This article is a translation of an article from Polish.
Aneta Dzik-Walczak Natalia Nehrebecka

WP(7)92. Firm Level Analysis of FDI and Social Development

Abstrakt

The purpose of this paper is to explore, with the use of quantitative methods, the relationship between FDI and social development at a firm level. The study focused on obstacles to businesses associated with social development as perceived by companies with foreign capital in Central and Eastern Europe. The investigated factors mostly dealt with education and skills of workers in Central and Eastern Europe. For this purpose, an empirical study was conducted with a sample of 25,000 companies in the region of Central and Eastern Europe during 2002-2008. The empirical study showed that companies with foreign capital more often encounter difficulties associated with an insufficiently educated labour force in relation to the companies with the participation of domestic private capital. This analysis was developed to demonstrate that these companies employ workers with higher education and skilled workers more often than similar firms with ownership that is national, private or public.
Łukasz Goczek

WP(6)91. The pricing of options on WIG20 using GARCH models

Abstrakt

In this paper the application of several option pricing models has been tested on the basis of options traded on the Warsaw Stock Exchange. At first, theoretical option prices have been calculated according to the models chosen. Next, the models have been tested by comparing their option prices estimates to prices observed on the market. The models chosen are: a few alternative versions of the Duan (1995) GARCH Option Pricing Model, and two versions of the model by Black (1976). A separate section is devoted to the impact of the implied dividend yield on prices of options. The study covers a period from January 2006 to March 2012. Results show that the most accurate models are the Black model with a volatility term structure, and the Duan GARCH Option Pricing Model with implied dividend yield and Student's T random errors.
Szymon Kamiński

WP(5)90. Providing Preference-Based Support for Forest Ecosystem Service Management in Poland

Abstrakt

The paper looks at people's preferences for the changes in selected ecosystem services resulting from new management strategies of forest areas in Poland. It applies a generalized multinomial logit (G-MNL) model to interpret the results of a discrete choice experiment (DCE) study administered to a representative sample of 1001 Poles. The questionnaire included three physical attributes, namely: protecting the most ecologically valuable forest ecosystems, reducing litter in forests, and improving recreation infrastructure. The selection of these attributes was motivated by extensive qualitative research of what indicators of biodiversity, nature protection and recreation possibilities people are the most sensitive to. The fourth attribute was monetary - additional cost of the new programs which would have to be financed out of increased taxes. The results allowed for a robust estimation of implicit prices of the choice attributes and calculating welfare measures of specific forest management scenarios. In addition, the study revealed interesting connections between respondents' current forest recreation patterns and the importance they place on different attributes of forests. The results make it possible to utilize respondents' preference heterogeneity, to a large extent determined by their current recreational use patterns, in designing future forest management strategies.
Mikołaj Czajkowski Anna Bartczak Marek Giergiczny Tomasz Żylicz Stale Navrud

WP(4)89. Relative risk aversion and power-law distribution of macroeconomic disasters

Abstrakt

The coefficient of relative risk aversion (CRRA) is notoriously difficult to estimate. Recently, Barro and Jin (On the size distribution of macroeconomic disasters, Econometrica 2011; 79(3): 434-455) have come up with a new estimation approach that fits a power-law model to the tail of distribution of macroeconomic disasters. We show that their results can be successfully replicated using a more refined power-law fitting methodology and a more comprehensive data set.
Michał Brzeziński

WP(3)88. Variance estimation for richness measures

Abstrakt

Richness indices are distributional statistics used to measure the incomes, earnings, or wealth of the rich. This paper uses a linearization method to derive the sampling variances for recently introduced distributionally-sensitive richness measures when estimated from survey data. The results are derived for two cases: (1) when the richness line is known, and (2) when it has to be estimated from the sample. The proposed approach enables easy consideration of the effects of a complex sampling design. Monte Carlo results suggest that the proposed approach allows for reliable inference in case of "concave" richness indices, but that it is not satisfactory in case of "convex"" richness measures.
Michał Brzeziński

WP(2)87. Accounting for trends in health poverty: A decomposition analysis for Britain, 1991-2008

Abstrakt

We use data from the British Household Panel Survey to analyse changes in poverty of self-reported health from 1991 to 2008. Recently introduced ordinal counterparts of the classical Foster, Greer, Thorbecke (1984) (FGT) poverty measures are used to decompose changes in self-reported health poverty over time into within-group health poverty changes and population shifts between groups. We also provide statistical inference for these ordinal FGT indices. Results suggest that the health poverty rate increased independently of health poverty threshold chosen. In case of other ordinal FGT indices, which are sensitive to depth and distribution of health poverty, results depend on the health poverty threshold. The subgroup decompositions of changes in total health poverty in Britain suggest that the most important poverty-increasing factors include a rise of both health poverty and population shares of persons cohabiting and couples with no children as well as an increase of the population of retired persons.
Michał Brzeziński

WP(1)86. Asymptotic and bootstrap inference for top income shares

Abstrakt

We analyse statistical inference for top income shares in finite samples. The asymptotic inference performs poorly even in large samples. The standard bootstrap tests give some improvement, but can be unreliable. Semi-parametric bootstrap approach is accurate in moderate and larger samples.
Michał Brzeziński

WP(32)117. Robust estimation of the Pareto index: A Monte Carlo Analysis

Abstrakt

The Pareto distribution is often used in many areas of economics to model the right tail of heavy-tailed distributions. However, the standard method of estimating the shape parameter (the Pareto index) of this distribution the maximum likelihood estimator (MLE) is non-robust, in the sense that it is very sensitive to extreme observations, data contamination or model deviation. In recent years, a number of robust estimators for the Pareto index have been proposed, which correct the deficiency of the MLE. However, little is known about the performance of these estimators in small-sample setting, which often occurs in practice. This paper investigates the small-sample properties of the most popular robust estimators for the Pareto index, including the optimal B-robust estimator (OBRE) (Victoria-Feser and Ronchetti, 1994, The Canadian Journal of Statistics 22: 247-258), the weighted maximum likelihood estimator (WMLE) (Dupuis and Victoria-Feser, 2006, Canadian Journal of Statistics 34: 639-658), the generalized median estimator (GME) (Brazauskas and Serfling, 2001a, Extremes 3, 231-249), the partial density component estimator (PDCE) (Vandewalle et al., 2007, Computational Statistics & Data Analysis 51: 6252-6268), and the probability integral transform statistic estimator (PITSE) (Finkelstein et al., 2006, North American Actuarial Journal 10, 1-10). Monte Carlo simulations show that the PITSE offers the desired compromise between ease of use and power to protect against outliers in the small-sample setting. 
Michał Brzeziński

WP(31)116. Parametric modelling of income distribution in Central and Eastern Europe

Abstrakt

This paper models income distribution in four Central and Eastern European (CEE) countries (the Czech Republic, Hungary, Poland and the Slovak Republic) in 1990s and 2000s using parametric models of income distribution. In particular, we use the generalized beta distribution of the second kind (GB2), which has been found in the previous literature to give an excellent fit to income distributions across time and countries. We have found that for Poland and Hungary, the GB2 model fits the data better than its nested alternatives (the Dagum and Singh-Maddala distributions). However, for Czech Republic and Slovak Republic the Dagum model is as good as the GB2 and may be preferred due to its simpler functional form. The paper also found that the tails of parametric income distribution in the Czech Republic, Poland and the Slovak Republic have become fatter in the course of transformation to market economy, which provides evidence for growing income bi-polarization in these societies. Statistical inference on changes in income inequality based on parametric Lorenz dominance suggests that, independently of inequality index used, income inequality in the Czech Republic, Poland and the Slovak Republic has increased during transformation. For Hungary, there is no Lorenz dominance and conclusions about the direction of changes in income inequality depend on the cardinal inequality measure used.
Michał Brzeziński

WP(30)115. The Value of Familiarity: Effects of Experience, Knowledge and Signals on Willingness to Pay for a Public Good

Abstrakt

This paper compares how increases in experience versus increases in knowledge about a public good affect willingness to pay (WTP) for its provision. This is challenging because while consumers are often certain about their previous experiences with a good, they may be uncertain about the accuracy of their knowledge. We therefore design and conduct a field experiment in which treated subjects receive a precise and objective signal regarding their knowledge about a public good before estimating their WTP for it. Using data for two different public goods, we show qualitative equivalence of the effect of knowledge and experience on valuation for a public good. Surprisingly, though, we find that the causal effect of objective signals about the accuracy of a subject's knowledge for a public good can dramatically affect their valuation for it: treatment causes an increase of $150-$200 in WTP for well-informed individuals. We find no such effect for less informed subjects. Our results imply that WTP estimates for public goods are not only a function of true information states of the respondents but beliefs about those information states.
Mikołaj Czajkowski Jacob Lariviere, Nick Hanley,Margrethe Aanesen, Jannike Falk-Petersen, Dugald Tinch

WP(29)114. Switching Costs and Network Effects - How Much Do they Really Matter in Mobile Telecommunications?

Abstrakt

Our study focuses on the identification and the measurement of switching costs and network effects in mobile telecommunications. Although these two phenomena create similar consumer lock-in mechanisms, there are no empirical studies that integrate them into one model of subscriber's behavior. Our study fills this gap by applying stated preference valuation methods to a representative sample of individual mobile phone users in Poland. We find that number portability can be attributed to only approximately 50% of the total switching costs associated with changing either the provider or the service and the remaining part is associated with status quo inertia. Additionally, we show that because network effects play an important role in service valuation, they lead to strengthening the lock-in mechanisms even further. Our study provides the first empirical measurements of the relative importance of these simultaneous effects and provides the estimates of their monetary value.
Mikołaj Czajkowski Maciej Sobolewski

WP(28)113. What is the true gender wage gap? A comparative analysis using data from Poland

Abstrakt

Given the proliferation of methods to estimate gender wage gap, practical issues arise. The aim of this paper is to compare estimates of the adjusted wage gap from different methods and sets of conditioning variables. We apply available parametric and non-parametric methods to LFS data from Poland for 2012. While the raw gap amounts to nearly 10% of the female wage, after the correction for the endowments, the adjusted wage gap estimates range between 15% and as much as 25% depending on the method and the choice of conditional variables. The differences across methods and conditioning variables do not exceed 3pp. The largest differences emerged between methods estimating gap at the mean and those operating at quantiles. Within the same moment, methods which account for selection into employment yielded higher estimates of the adjusted wage gap. When expanding the conditioning set, to account for possible sorting of women into lower paid jobs, estimates of gap increase. While the actual point estimators of adjusted wage gap are slightly different, all of them are roughly twice as high as the raw gap, which corroborates the policy relevance of this methodological study.
Lucas Augusto van der Velde Joanna Tyrowicz Karolina Goraus-Tańska

WP(27)112. Age-productivity patterns in talent occupations for men and women: a decomposition

Abstrakt

One could expect that in the so-called talent occupations, while access to these professions may differ between men and women, gender wage gap should be actually smaller due to high relevance of human capital quality. Wage regressions typically suggest an inverted U-shaped age-productivity pattern. However, such analyses confuse age, cohort and year effects. Deaton (1997) decomposition allows to disentangle these effects. We apply this method to inquire the age-productivity pattern for the so-called "talent" occupations. Using data from a transition economy (Poland) we find that indeed talent occupations have a steeper age-productivity pattern. However, gender differences are larger for talent occupations than for general occupations.
Zofia Barbara Liberda Joanna Tyrowicz Magdalena Smyk

WP(26)111. Unprivatizing the Pension System: The Case of Poland

Abstrakt

In many countries the fiscal tension associated with the global financial crisis brings about the discussion about unprivatizing the social security system. This paper employs an OLG model to assess ex ante the effects of such changes to the pension reform in Poland from 1999 as implemented in 2011 and proposed in 2013. We simulate the behavior of the economy without the implemented/proposed changes and compare it to a status quo defined by the reform from 1999. We find that the changes implemented in 2011 and all of the proposed reform scenarios from 2013 are detrimental to welfare. The effects on capital and output are small and depend on the selected fiscal closure. Implied effective replacement rates are lower. These findings are robust to time inconsistency. The shortsightedness of the governments imposes welfare costs.
Jan Hagemejer Joanna Tyrowicz Krzysztof Makarski

WP(25)110. Pirates in the lab. Using incentivized choice experiments to explore preference for (un)authorized content.

Abstrakt

We report a laboratory experiment aimed at investigating factors affecting choice between different versions of a full-length movie. In particular, we estimate the willingness to pay for a legal, rather than pirated copy and compare it to the impact of such characteristics as picture quality or delay in delivery. We find a modest but highly significant preference for the authorized version. By conducting otherwise identical choice experiments both with and without actual experiential and monetary consequences, we conclude that the method does not seem to suffer from hypothetical bias. We also find that when the proceeds from legal sale are transferred to a good cause, willingness to pay for the unauthorized copy is reduced.
Piotr Ćwiakowski Marek Giergiczny Michał Krawczyk

WP(24)109. Why is online piracy ethically different from theft? A vignette experiment.

Abstrakt

This study employs a vignette experiment to inquire, which features of online "piracy" make it ethically discernible from a traditional theft. This question is pertinent since the social norm concerning traditional theft is starkly different from the evidence on ethical evaluation of online "piracy". We specifically distinguish between contextual features of theft, such as for example the physical loss of an item, breach of protection, availability of alternatives, emotional proximity to the victim of theft, etc. We find that some of these dimensions have more weight in ethical judgment, but there are no clear differences between online and traditional theft which could explain discrepancy in the frequency of commitment.
Wojciech Hardy Michał Krawczyk Joanna Tyrowicz

WP(23)108. Efficiency of the pension reform: the welfare effects of various fiscal closures

Abstrakt

Pension system reforms involve fiscal consequences. In practice, a variety of fiscal closures may be implemented, while not all of them involve the same extent of distortions. This paper develops an overlapping generations model to analyze the case of a shift from pay-as-you-go defined benefit system to a partly funded defined contribution system. We calibrate the system to mimic the economy of Poland, which actually implemented such reform in 1999. We analyze the efficiency of the reform with two main closure types: public debt and taxes. Regardless of the fiscal closure scenario this particular reform seems to be efficient in terms of welfare and enhances economic performance. Comparing the welfare of various closures we find that while labor taxation yields relatively higher welfare gain, public debt closure involves least need for the redistribution if capital pillar is to be implemented.
Jan Hagemejer Joanna Tyrowicz Krzysztof Makarski

WP(22)107. Piracy as an ethical decision

Abstrakt

We consider a monopolist producer of information goods that may be subject to unauthorized copying. The key feature of our model is that we allow consumers to have ethical concerns based on equity theory that may reduce their utility of such a copy. We derive the formulas describing demand for the product. We find that piracy reduces prices and producers' profit, an effect that can be limited by such measures as copyright enforcement (proxied by expected value of punishment for piracy) and anti-piracy campaigns. Welfare effects are also analyzed and generally turn out to be ambiguous.
Michał Krawczyk Martyna Kobus

WP(21)106. Long-run interest rate convergence in Poland and the EMU

Abstrakt

The aim of the article is to examine the degree of the long-run interest rate convergence in the context of Poland's joining the EMU. In this perspective, it is frequently argued that the expectations of Poland's participation in the EMU should manifest themselves in long-run interest rate convergence. This should be visible in the long-run fall of interest rate risk premium in Poland. In contrast, the paper raises the question of the actual speed of such convergence and questions the existence of this phenomenon in Poland. Confirmation of the hypothesis concerning slow convergence in the risk premium is essential to the analysis of costs of the Polish accession to the EMU. The main hypothesis of the article is verified using a Vector Error-Correction Mechanism model of an Uncovered Interest Rate Parity and several parametric hypotheses concerning the speed and asymmetry of adjustment.
Łukasz Goczek Dagmara Mycielska

WP(20)105. The role of altruism in non-market valuation. An application to the Białowieża Forest.

Abstrakt

The purpose of this study is to investigate the impact of an individual trait of altruism on social preferences and hence willingness to pay (WTP) for changes in forest management strategies in the Białowieża Forest in Poland. We used data from a discrete choice experiment (CE), where attributes described changes in the quality of the forest and recreation and were framed to capture the respondents' non-use and use motivations. Patterns in the individual differences in altruistic behavior were elicited using a self-reported questionnaire developed by Rushton et al. (1981) concerning the frequency of an engagement in different altruistic behaviors. The application of the choice experiment technique allowed for the disentangling of the effect of a trait of altruism with regard to different attributes and their levels. The parameterization we employed in the survey was a WTP-space model (Train and Weeks 2005). Results show that the level of altruism has a significant effect on the valuation of restrictions in the forest visitor numbers; however, the altruism influence on the existence and bequest value from improving nature preservation depends on the current status of the forest.
Anna Bartczak

WP(19)104. The Goodwill Effect? Female Access to the Labor Market Over Transition: A Multicountry Analysis

Abstrakt

This study evaluates quantitatively the context of gender discrimination in transition countries in terms of access to the labor market. Over economic transition female labor market participation has generally weakened. Notwithstanding, transition countries differ in institutional design, structural labor supply patterns, labor demand characteristics and the speed of transition processes. We propose to evaluate the contribution of these effects to the observed extent of gender discrimination. Using estimators of gender discrimination obtained from a panel of micro-datasets covering a possibly large set of transition countries, we seek determinants cross-country variation in gender discrimination in the labor market. Empirical evidence suggest that while countries with generally higher female labor force participation are characterized by less discrimination, ceteris paribus, this pattern does not hold for the transition countries.
Karolina Goraus-Tańska Joanna Tyrowicz

WP(18)103. Polish high unemployment and spatial labor turnover. Insights from panel data analysis using unemployment registry data

Abstrakt

This paper uses the insights from the Optimal Speed of Transition literature to inquire the causes of relatively higher unemployment rate in a transition context. We study whether local variation in unemployment rates is related to labor turnover. In addition, the paper aims to assess the relative impact of inflow and outflow from unemployment on the dynamics of the local unemployment rate. The empirical analysis is based on a newly available unique dataset from the employment registry of a transition economy (Poland), encompassing nine years of monthly data (from 2000 to 2008) at a county (poviat) level. We find that turnover, as well as inflows and outflows separately, are ceteris paribus positively related to the unemployment level. This general conclusion is robust to stratification, model specification as well as spatial effects. We find that elasticity is larger in the case of the inflow rate than for the outflow rate. Finally, we demonstrate that these effects are stronger in low unemployment regions.
Francesco Pastore

WP(17)102. Do We Really Need to Start From Scratch? Economic Theory on Economic Crises.

Abstrakt

Has the crisis indeed demonstrated that as profession we are misled by the beauty of the mathematical models and the only useful, workable solutions at hand were provided in early 1930s? The objective of this paper is to provide a review of the current state-of-the-art literature from the perspective of its usefulness in the context of economic crises. We argue that although economists might be unable to answer many questions or to "predict" crises, the path the profession is following is approaching the operational ability to provide useful policy guidance in the context of business cycles. Analysing the state of economics after the crisis it is argued that ability to answer these questions relies critically on the development of better models with micro-foundations. Already existing and promising directions for future research are discussed.
Joanna Tyrowicz Michał Gradzewicz, Krzysztof Makarski

WP(16)101. How to perfectly discriminate in a crowd? A theoretical model of crowdfunding.

Abstrakt

This paper proposes a theoretical framework to capture the underlying mechanisms of the innovative online crowdfunding. The goal of this work is to emphasize the advantages of crowdfunding platforms over traditional methods of sale, by describing the capabilities unique to such model and processes stemming from them. Namely, the producer's chance for perfect discrimination is discussed, as well as the contributor's role and his decision dilemma. Numerous extensions to the model provide additional insight into crowdfunding platforms.
Wojciech Hardy

WP(15)100. Ethnic Competition or Complementarity: Which Drives (Returns to) Self-employment?

Abstrakt

This paper explores the relationship between ethnic competition and complementarity in returns to self-employment. We use detailed individual data from the U.S. censuses. We find that while in general business competition is detrimental to profitability, higher self-employment concentrations of co-ethnics are associated with increase in returns.
Joanna Tyrowicz Joanna Nestorowicz

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