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#1Nejat AnbarciH-Index: 13
Last.Christina ZenkerH-Index: 2
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In our response to Krawczyk (2019), we emphasize the following points: (1) Our theoretical model incorporates a Tullock contest function which is the most commonly used tool in modelling any strategic contest, and controls for both the server’s and the receiver’s effort. (2) The panel nature of our data set allows us to control for unobserved heterogeneity at both the player and the match level and minimizes the omitted variable bias. (3) There is a difference between ‘risk’ and ‘effort.’ (4) Th...
Nejat Anbarci and collaborators argue in two recent papers that male tennis players’ behaviour is consistent with aversion to losses rather than maximization of expected utility. To prove this point they sketch simple theoretical models. I discuss numerous shortcomings of their theoretical and empirical analysis. I suggest that their conclusion, that male tennis players are loss averse, is unsubstantiated.
In 2016 Adam Lankford published a widely propagated article purporting to show that during a 47-year period the United States represented 31 percent of worldwide public mass shooters, and claiming that the outsized U.S. percentage is a result of gun prevalence. We examined the data from 1998 to 2012 and found that, although the U.S. has 4.5 percent of the world’s population, the U.S. represents less than three percent of worldwide mass shooting incidents or mass shooting deaths and less than one...
Lawrence Summers produced a big upset within the economics profession when he revived Alvin Hansen’s theory of secular stagnation, which had been thought of as an old-Keynesian fallacy. While some economists like Brad DeLong and Paul Krugman instantly recognized Summers’s contribution, a large share of the economics profession remained skeptical at first. Whereas most New Keynesian models allow for macroeconomic shocks to have only transitory effects, Summers argued that the global natural real ...
One of the aspects of Milton Friedman’s work which won him the Nobel Prize was “his demonstration of the complexity of stabilization policy.” We consider the question of what that meant, suggesting that his early 1950s “formal analysis” of the effects of full-employment policy was his most important contribution in the area. We address the question of the relation of that piece to his other thinking, particularly on the length and variability of lags in the economic system. Since 1976 the “forma...
Research on financial misconduct uses data on enforcement outcomes, such as the penalties that the firm pays. The distribution of most enforcement outcomes shows extreme observations or outliers, but you wouldn’t necessarily glean that by a casual examination of some of the leading research on financial misconduct. In this paper I describe the public-policy context of such research and raise the issue of whether the extreme-values problem has been given adequate attention. I touch on a number of...
The International Monetary Fund has recently published a dataset on public and private capital stocks for 170 countries from 1960–2015 using the perpetual inventory methodology. Following a reckless assumption, opaquely imposed, the dataset likely overstates levels of private investment as a percentage of total investment in former Eastern bloc countries, and thereby likely overstates their private capital stocks. This comment explores the nature and implications of the assumption, and suggests ...
In 2017, I published papers on Icelandic liberalism in this journal. The first part describes Iceland’s liberal heritage of the 19th and 20th centuries. The second part treats the extensive liberal reforms of 1991–2004 and their critics, and the 2008 Icelandic bank collapse and anti-liberal narratives about it. The journal invited Professor Stefan Olafsson to respond, as he had been mentioned in my paper as a leading critic of the liberal reforms and a proponent of (what seems to me to be) an an...
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