Anufriev, M, Arifovic, J, Donmez, A, Ledyard, J & Panchenko, V 2025, 'IEL-CDA model: A more accurate theory of behavior in continuous double auctions', Journal of Economic Dynamics and Control, vol. 172, pp. 104840-104840.
View/Download from: Publisher's site
Anufriev, M, Lamantia, F, Radi, D & Tichy, T 2025, 'Leaning against the wind in the New Keynesian model with heterogeneous expectations', Journal of Economic Dynamics and Control, vol. 172, pp. 104993-104993.
View/Download from: Publisher's site
Bahar, E, Bradshaw, N, Deutscher, N & Montaigne, M 2025, 'Children and the Gender Earnings Gap: Evidence for Australia*', Economic Record, vol. 101, no. 332, pp. 41-75.
View/Download from: Publisher's site
View description>>
We estimate the impact of children on the gender earnings gap in Australia using an event study approach. We show that the arrival of children has a large and persistent impact on the gender earnings gap, reducing female annual earnings by 53 per cent, on average, in the first 5 years of parenthood. We attribute the gap in earnings to lower participation rates and reduced working hours among mothers, including a shift to part‐time work. Although the decline in earnings for women is similar regardless of their breadwinner status prior to children, women with greater access to workplace flexibility are more likely to remain employed after having children.
Bai, Y, Maruyama, S & Wang, S 2025, 'Nonlinear relationship between the number of children and late-life cognition', China Economic Review, vol. 91, pp. 102417-102417.
View/Download from: Publisher's site
Balzer, B & Rosato, A 2025, 'Never say never: Optimal exclusion and reserve prices with expectations-based loss-averse buyers', Journal of Economic Theory, vol. 228, pp. 106045-106045.
View/Download from: Publisher's site
Bhalotra, S, Delavande, A, Font-Gilabert, P & Maselko, J 2025, 'Maternal Investments in Children: The Role of Expected Effort and Returns', The Economic Journal, vol. 135, no. 667, pp. 712-747.
View/Download from: Publisher's site
View description>>
Abstract We investigate the importance of subjective expectations of returns to and effort costs of the two principal investments that mothers make in newborns: breastfeeding and stimulation. We find heterogeneity across mothers in rural Pakistan in expected effort costs and expected returns for outcomes in the cognitive, socio-emotional and health domains, and that this contributes to explaining heterogeneity in investments. We find no significant differences across women in preferences for child developmental outcomes. We simulate the impact of alternative policies on investments. Our findings highlight the relevance of interventions designed to address maternal depression and reduce perinatal fatigue alongside interventions that increase perceived returns to investments.
Delavande, A, Del Bono, E & Holford, A 2025, 'Imprecise health beliefs and health behavior', Journal of Health Economics, vol. 102, pp. 103003-103003.
View/Download from: Publisher's site
Fu, B, Li, M & Haque, Q 2025, 'Exchange Rates, Uncovered Interest Parity, and Time‐Varying Fama Regressions', Journal of Applied Econometrics, vol. 40, no. 3, pp. 310-324.
View/Download from: Publisher's site
View description>>
ABSTRACTThis paper studies the forward premium puzzle, which signals a violation of the uncovered interest parity (UIP) hypothesis. We test this hypothesis with Fama‐style regressions with time‐varying parameters (TVPs) and stochastic volatility (SV) on six major currencies relative to the US dollar on monthly samples from 1993 to 2018. TVP‐SV regressions are also employed to examine the opposing predictions of the forward premium and excess volatility puzzles often found in exchange rate risk premiums and interest rate differentials. Using Bayesian methods, we document that the riskiness of exchange rates explains the forward premium puzzle, while a liquidity premium reconciles the contrasting predictions of the forward premium and excess volatility puzzles.
Fujimoto, A, Fu, R, Noguchi, H, Maruyama, S & Nakamura, S 2025, 'Breaking brand: an observational study on pharmacy-hospital-patient relationships and generic drug utilisation in Japan', BMJ Open, vol. 15, no. 5, pp. e093601-e093601.
View/Download from: Publisher's site
View description>>
ObjectivesTo examine how relationships between physicians, pharmacists and patients associate with generic drug (GE) utilisation in Japan’s healthcare system.DesignObservational study using longitudinal medical claims from April 2015 to March 2021.SettingPharmacies across Japan serving beneficiaries of the National Health Insurance Association.Participants69 395 pharmacies, resulting in 322 097 pharmacy-year observations.Main outcome measuresQuantity share of GEs dispensed by pharmacies.ResultsHigher hospital prescription concentration was consistently associated with increased GE usage (1.1–2.3 percentage points higher for moderate to very high concentrations compared with low). The relationship between patient prescription concentration and GE usage varied, showing a positive association (0.3–0.6 percentage points higher) overall, but negative in settings with low hospital concentration. Smaller pharmacies exhibited a stronger positive association between hospital concentration and GE usage, while larger pharmacies and those in less urbanised areas showed a stronger positive association between patient concentration and GE usage.ConclusionsThis study reveals that pharmacy-stakeholder relationships significantly influence GE utilisation in Japan’s healthcare system. Our findings demonstrate that hospital-pharmacy relationships consistently drive generic usage, while patient-pharmacy relationships show contextual effectiveness. By measuring these relationships through concentration rates, we provide evidence that stakeholder interactions ma...
Hafalir, I, Pan, S & Tomoeda, K 2025, 'Optimal top-n policy', Mathematical Social Sciences, vol. 133, pp. 34-48.
View/Download from: Publisher's site
Incekara-Hafalir, E, Lee, GHY & Xiao, E 2025, 'Incentivizing participation with full completion: The Power of self-selected rewards', Journal of Behavioral and Experimental Economics, vol. 117, pp. 102409-102409.
View/Download from: Publisher's site
Maruyama, S & Nakamura, S 2025, 'Wholesome Lunch to the Whole Classroom: Short‐ and Longer‐Term Effects on Early Teenagers' Weight', Health Economics, vol. 34, no. 7, pp. 1255-1273.
View/Download from: Publisher's site
View description>>
ABSTRACTPrevious studies on the effect of school lunch programs on child obesity have been hampered by effect heterogeneity, self‐selection, and stigma‐induced under‐reporting, having produced mixed findings. Its potential long‐lasting effect has also been debated. We study the body‐weight effect of a Japanese school lunch program, which provides nutritional lunch to all students at participating municipal junior highs. The lack of means testing and individual participation choice offers causal estimates of actual participation for a diverse and representative group of children. By exploiting almost universal school lunch coverage for elementary school children nationwide, we construct a difference‐in‐differences (DID) framework. Using the 1975–1994 National Nutrition Survey, a nationally representative household survey with measured height and weight, we find a regressive benefit of school lunch: while no statistically significant effect is found for the full sample, we find significant obesity‐reducing effects for the subsamples of children with low socioeconomic backgrounds. This obesity‐reducing effect remains at least a few years after graduation, implying effect through not only nutritional contents but also guiding healthy eating behavior. We find little evidence that school lunch reduces underweight. Propensity score weighting, the DID analysis for percentiles, and various falsification tests confirm the robustness of our estimates.
McEwen, C, Bajada, C, Cotton, D, Wallace, K & Waller, DS 2025, 'Philanthropy and Indigenous Initiatives: Insights From Australian Donors', Australian Journal of Social Issues.
View/Download from: Publisher's site
View description>>
ABSTRACTThis paper draws on a survey and interview data, collected from a group of 180 donors who made monetary gifts to an Australian higher education institution, to better understand what drives individuals and organisations to donate to Indigenous initiatives. The analysis helped to identify five types of donors: the Advocate and Prescriptive donors, the supporter types who donate to Australian Indigenous initiatives and the Constrained, Reserved and Opposing donors, non‐supporter types who withhold from donating to such initiatives. The results show a wide range of motivations, varied attitudes and multiple perceived barriers to donating to Australian Indigenous initiatives. The study reveals that while some donors do engage and reflect on issues around the role of philanthropy in achieving positive outcomes for Indigenous people, others' motivations and barriers to donating confirm the concerns of scholars who have shown how philanthropy can maintain inequality and colonial practices. This paper also provides practical implications for developing a reflexive approach to philanthropy that supports Indigenous initiatives.
Shi, S & Xiao, J 2025, 'Agency Choice and Financial Consequences: Evidence from the Sydney Housing Market', Journal of Real Estate Research, vol. 47, no. 1, pp. 78-102.
View/Download from: Publisher's site
Sung, J, Shi, X, Teske, S & Li, M 2025, 'Chinese natural gas phase-out pathways: A novel hybrid scenario-specific projection approach to achieve Net Zero', Energy, vol. 328, pp. 136387-136387.
View/Download from: Publisher's site
Suzuki, T 2025, 'Communication frictions and equilibrium pragmatics', International Journal of Game Theory, vol. 54, no. 1.
View/Download from: Publisher's site
View description>>
Abstract This paper introduces a common-interest communication game that generates pragmatics, where meaning emerges from the use of a preexisting language under equilibrium selection driven solely by efficiency. A key feature is that the sender describes the current state to the receiver by combining preexisting statements. This approach allows us to formalize two communication frictions: (i) longer descriptions incur higher costs, and (ii) with some probability, the receiver interprets only the conventional meaning. The absence of one friction leads to some efficient equilibria exhibiting pragmatics that disregards conventional meaning. However, when communication costs are sufficiently small, given the other friction, any efficient equilibrium exhibits natural pragmatics that refines conventional meaning, reflecting the context provided by the probability distribution of states. The resulting equilibrium pragmatics aligns with major linguistic theories, including Grice’s cooperative principle (1975) and Sperber and Wilson’s relevance theory (1986).
Suzuki, T 2025, 'Efficiently imprecise contracts: The role of conventionality', Journal of Economic Behavior & Organization, vol. 236, pp. 107099-107099.
View/Download from: Publisher's site
Zhou, H & Zhang, J 2025, 'Optimal Mechanism Design with Referral', Management Science, vol. 71, no. 5, pp. 3734-3748.
View/Download from: Publisher's site
View description>>
This paper establishes the optimal selling mechanism when a seller can incentivize an existing buyer to refer his privately known potential buyer to participate. We identify three optimal channels for providing referral incentives. First, if the existing buyer declares that no potential buyer exists, his virtual value is penalized. Second, if the existing buyer refers the potential buyer to the seller, his virtual value is boosted. Third, in some scenarios where this carrots-and-sticks-via-virtual-value approach is insufficient for creating proper referral incentives, the existing buyer is then given a constant referral bonus for referring the potential buyer. We also provide conditions under which the optimal mechanism can be implemented using simple mechanisms. Finally, we demonstrate that the conventional resale mechanism is suboptimal. This paper was accepted by Itai Ashlagi, revenue management and market analytics. Funding: H. Zhou’s research is supported by the Chenguang Program of Shanghai Education Development Foundation and Shanghai Municipal Education Commission [Grant 22CGA77]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2023.01540 .
Brodeur, A, Valenta, D, Marcoci, A, Aparicio, JP, Mikola, D, Barbarioli, B, Alexander, R, Deer, L, Stafford, T, Vilhuber, L, Bensch, G & Collins, J 2025, 'Comparing Human-Only, AI-Assisted, and AI-Led Teams on Assessing Research Reproducibility in Quantitative Social Science'.
Lee, W 2025, 'Identification and estimation of dynamic random coefficient models'.
Sung, J, Shi, X, Teske, S & Li, M 2025, 'A hybrid SARIMAX-LSTM model optimised by ANN for near-term forecasting: An application to China’s Natural Gas consumption'.
Tomoeda, K 2025, 'Microeconomics for Managers: Principles and Applications by Richard B.McKenzie, D. EricSchansberg and Dwight R.Lee (Cambridge University Press, Cambridge, 2024)', Wiley, pp. 121-122.
View/Download from: Publisher's site
