Risk Sharing and Moral Hazard with a Stability Pact

We show how a stability pact based on deficit sanctions eliminates the exacerbation of debt accumulation that may arise from monetary unification. Moreover, by making sanctions contingent upon the economic situation of countries, the stability pact provides for risk sharing. Differences in initial debt levels, however, reduce the scope for unanimous support for a pact. We introduce also endogenous „fiscal discipline“ whose unobservability leads to moral hazard in its provision. If countries are ex ante identical, it is nevertheless optimal to make sanctions at least to some extent contingent on countries’ economic situation. However, with cross-country differences in the costs of providing discipline, some countries may oppose such contingency.

Sex and discipline differences in empathising, systemising and autistic symptomatology : evidence from a student population

Baron-Cohenʹs (2002) theory of autism suggests that deficits in theory of mind and weak central coherence in autism can be explained as features of an ‘extreme male brain’ in which empathising is weak and systemising is strong. The two studies presented investigate this theory by examining the relationships between theory of mind, central coherence, empathising, systemising and autistic-like symptomatology in a sample of undergraduates. Study 1 used 48 undergraduates in four equal groups of male and female science and humanities students. Consistent with the theory, there were sex differences in the expected directions on all tasks in the first study. Differences according to discipline were found only on the Block Design task. Individuals with the ‘male brain’ profile also tended to show higher levels of autistic symptomatology. There was no evidence of a link between empathising and social skills on one hand and systemising and central coherence on the other. In the second study, performance on the Mechanical Reasoning and the Social Skills Inventory tasks was compared with performance on the Baron‐Cohen Empathising and Systemising Quotients in a sub‐sample of 20 students from Study 1. Moderately significant correlations were found between the Systemising Quotient and the Mechanical Reasoning task and between the Empathising Quotient and the Social Skills Inventory. Findings are largely consistent with the distinction between empathising and systemising but raise some questions concerning the tasks used to measure these abilities

Party Discipline and Pork-Barrel Politics

Polities differ in the extent to which political parties can pre-commit to carry out promised policy actions if they take power. Commitment problems may arise due to a divergence between the ex ante incentives facing national parties that seek to capture control of the legislature and the ex post incentives facing individual legislators, whose interests may be more parochial. We study how differences in "party discipline" shape fiscal policy choices. In particular, we examine the determinants of national spending on local public goods in a three-stage game of campaign rhetoric, voting, and legislative decision-making. We find that the rhetoric and reality of pork-barrel spending, and also the efficiency of the spending regime, bear a non-monotonic relationship to the degree of party discipline.

A situated cultural approach for cross-cultural studies in IS

Cultural anthropology seeks to understand the similarities and differences among groups of people in the contemporary world. Although there are many different models of national culture, most IS research has tended to rely almost solely on Hofstede’s cultural model (Keil et al., 2000; Straub, 1994; Tan et al., 1995; Watson et al., 1994; Myers and Tan, 2002; Kirkman et al. 2006).). This paper, provides a comprehensive framework of situated culture approach to study culture within IS discipline. This is achieved via an articulation of Structuration Theory and the provision of an approach to study cross-cultural phenomena within IS discipline. The paper proposes two main components of the Structuration Theory based analysis model which is proposed as a way to study culture within IS discipline. First, the paper presents ideas behind the practice lens for studying the use of technology, as proposed by Orlikowski (2000). Secondly, the paper presents a Structurational analysis approach as detailed by Walsham (2002). The paper argues that using a practice lens contributes to identifying the mediated shared structures between actors through understanding the actions of the actors within the phenomena. Then, using a Structurational analysis approach contributes to identifying the cultural dimensions that are embedded in the identified mediated shared structures

Soft systems methodology: a context within a 50-year retrospective of OR/MS

Soft systems methodology (SSM) has been used in the practice of operations research and management science OR/MS) since the early 1970s. In the 1990s, it emerged as a viable academic discipline. Unfortunately, its proponents consider SSM and traditional systems thinking to be mutually exclusive. Despite the differences claimed by SSM proponents between the two, they have been complementary. An extensive sampling of the OR/MS literature over its entire lifetime demonstrates the richness with which the non-SSM literature has been addressing the very same issues as does SSM

The Limits of Discipline

This paper, based on a large sample of mid-sized manufacturing firms in the Czech Republic, Hungary, and Poland, examines differences in the behavior of state and private companies in short-term credit markets in transition economies. The study offers three main conclusions. First, we find that state enterprises represent a higher credit risk both because of their inferior economic performance and because of their lesser willingness or propensity to meet their payment obligations. Second, the brunt of the state firms' lower creditworthiness is borne by their state creditors, as state enterprises deflect the higher risk away from private creditors. Third, this transfer of risks from private to state creditors is possible because state creditors impose significantly "softer" financial discipline on state firms. Inasmuch as such softness may reflect unwillingness to accept a likely demise of a large number of state firms that are in principle capable of successful restructuring through ownership changes, we conclude that the imposition of financial discipline is not sufficient to remedy ownership and governance-related deficiencies of corporate performance.Ownership, Financial Discipline, Performance, Transition

Comparison of course completion and student performance through online and traditional courses

Abstract: Enrollment in online courses has outpaced overall university enrollment for the past several years. The growth of online courses does not appear to be slowing. The purpose of this study was to compare course completion and student academic performance between online and traditional courses. Archival data from the host university student records system was collected using the Structured Query Language. Descriptive statistics were used to analyze student characteristics. Chi-square analysis was used to determine if statistically significant differences existed between students enrolled in online and traditional courses when comparing course completion and academic performance. Analysis found statistically significant differences existed in both course completion and academic performance for students enrolled in online versus traditional courses. Additional analysis indicated statistically significant differences existed in course completion by course discipline

History of economic thought

International audienceThe chapter provides an overview of the main areas of research in history of economic thought, that correspond to a classic division of phases of development of the economics discipline from its origins to its present state. Following the Journal of Economic Literature classification, the evolution of economics is subdivided into two phases—namely, history of economic thought through 1925 and since 1925; a shorter third part on recent developments is added to this basic scheme. Focus is on what each period contributed to the study of three foundational issues in economics, namely, the theory of individual economic behavior, the market mechanism as a coordinating device, and the respective roles of markets and governments in the regulation of economic systems. Reflection on these issues has progressively formed economists’ understanding of society and has then been extended to a broad range of social phenomena, from monetary and financial matters to health and the environment. These very issues have been the object of major controversies that have divided economists into different schools and have ultimately shaped the history of the discipline. In outlining these developments, similarities and differences between past and present theories are emphasized