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A literature review of Happiness and Economics and guide to needed research
117-131Views:602Happiness and Economics as a new branch of behavioural economics has had a major impact on economic theory and economic policy: Several studies have been published in the last 20 years in leading journals. Furthermore, several governments have decided to collect data about the well-being of their citizens. The author claims that utility cannot only be measured by the choices individuals do: Reported happiness and life satisfaction data is also an acceptable empirical estimate for individual utility. Consequently, happiness research can bear new knowledge and important understanding of human welfare. Therefore, this paper gives an overview of the existing literature. Methods and approach of scholars is critically analysed and shortcomings are discussed. Thereafter, findings on major economic issues like growth, unemployment and inflation are presented. Besides, governmental policy and implications for society are debated. Lastly, future research possibilities are mentioned.
Journal of Economic Literature (JEL) Classification: D60 D63 I31
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The role of dynamic relationship capabilities and loyalty in organisational relationships
76-92Views:234In this study we try to answer the question of how Hungarian organisations can be depicted in terms of relationship management in networked relationships, and how the nearly fouryear global economic crisis influences the perception of relationship capability and B2B loyalty in organisational relationships. First we review the theoretical background of dynamic relationship capabilities and B2B loyalty, then we show our empirical research results, and we try to identify the factors involved in relationship management and B2B loyalty. From our point of view relationship management has an effect on B2B loyalty, and we support the hypothesis that where relationship management is a conscious action, there are evolved procedures for this. These connected mechanisms have a positive impact on the evaluation of relationship quality and contribute to partners’ loyalty.
Journal of Economic Literature (JEL) classification: M10, M14, M31, M39
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The Rigidity of Labor Markets and the Unit Root in the Time Series of Unemployment rate: Raising a Problem
103-114Views:130The article is a review of the literature concerning the time series of the unemployment rate, and of the economic explanations behind the tests of these time series. We seek to identify the theoretical explanations behind a possible unit root in unemployment time series. We argue that the main difficulty faced by these unit root tests is the change in labor market institutions. The ffects of institutional changes make the traditional tests rather weak, while the panel unit root tests oversimplify the economics of the question. Our conclusion is that the possible application of the tests developed theoretically for nearly unit root processes seems to offer a way out of this dilemma.
Journal of Economic Literature (JEL) classifications: C22, E24
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The option value of education
131-148Views:79Within the theoretical frameworks of standard human capital theory countless analyses have been carried out into investment decisions, in which the examination of the uncertainty of the costs and benefits of education were mostly disregarded and an assessment of the option opportunities was often omitted. In this essay we tried to review one of the extension opportunities of the theory of standard human capital and the option approach of human capital investment. We looked for an answer to the question of what kind of models have been developed for the interpretation of education as an option and for the determination of the option value of the investment. In the study we have highlighted the fact that a decrease in uncertainty in human capital investment is as good an incentive for investing in more education as the public subsidization of education.
JEL classification: C6, D8, I2, J2
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Prodigality of perspective
89-104Views:145Attila Kotan's study 'Prodigality or perspective' gives a clear specification of Public Private Partnership (ppp) than shows the main methods and techniques of ppp. The study presents the common characteristic of ppp methods, and summarize the potential benefits and risks of using it. The second part of the paper put the emphasis on the macroeconomic aspects of ppp especially the accountability and statistical presentation of ppp projects. Finally the author gives a short review of the Hungarian situation covering the new initiatives and the existing problems of regulation and control related to the ppp projects.
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The impact of regional trade agreements on bilateral trade flows: A Systemic Literature Review
119-133Views:290This paper reviews the theoretical and empirical literature on the impact of regional trade agreements on trade. The empirical literature is arranged based on the econometric
methods used to estimate the gravity model. Advantages and disadvantages of each method were highlighted. Papers covering RTAs from Africa, Asia, the Americas, and Europe were reviewed to gain a more representative understanding. The covered empirical literature suggests that the Poisson Pseudo Maximum Likelihood (PPML) estimator is more reliable than OLS in estimating gravity models, as it can deal with zero trade flows. The Fixed Effects (FE) approach produces more consistent estimates than the Random Effects (RE) approach when quantifying the effects of RTAs. This is because it allows one to control for the unobserved time-invariant variables. Surprisingly, the covered literature suggests that a great majority of African RTAs generated trade, regardless of the method of estimation used.Journal of Economic Literature (JEL) codes: F13, F15