Economic survival duration of Thai workers during COVID-19

This study examines the impact of the COVID-19 pandemic on the livelihood and economic survival of Thai citizen workers, using The Asia Foundation’s survey data which were conducted in May 2020 (first round), August 2020 (second round) and November 2020 (third round). We adopt the Cox proportional-hazards regression with lasso estimation to estimate the coefficients and perform variable selection simultaneously. The model allows us to identify the vulnerable groups with risks of consumption inadequacy. The empirical results show that those workers characterized as low-educated, unemployed, unskilled, working in the tourism sector and living in the northeastern or southern regions are less likely to sustain their consumption. However, our study highlights that higher education is a crucial factor influencing the survivability of Thai workers. Regarding the role of government schemes, the result shows that that a set of cash assistance programs is less likely to increase the survivability of the non-agricultural workers

Minimum Wages and Wage Distribution in Thailand: A Quantile Selection Model with Copula

Minimum wage policies were designed to raise the wages of low-skilled workers. In this study, we use data from the Thai Labor Force Survey (2011-2020) to examine the impact of the minimum wage policy on the wage distribution using a quantile regression model corrected for sample selection with a copula. We find that the minimum wage has the strongest effect on the lowest quantile and the effect decreases toward the higher quantiles. This confirms the effectiveness of the minimum wage policy in raising the wages of low-income individuals. In addition, there is also a spill-over effect on individuals in higher wage quantiles. The effect of the minimum wage estimated by our model is smaller compared to the standard quantile regression. This suggests that without correcting for sampling bias, the estimated effect of the minimum wage leads to an upward bia

Why Linear Expressions in Discounting and in Empathy: A Symmetry-Based Explanation

People\u27s preferences depend not only on the decision maker\u27s immediate gain, they are also affected by the decision maker\u27s expectation of future gains. A person\u27s decisions are also affected by possible consequences for others. In decision theory, people\u27s preferences are described by special quantities called utilities. In utility terms, the above phenomena mean that the person\u27s overall utility of an action depends not only on the utility corresponding to the action\u27s immediate consequences for this person, it also depends on utilities corresponding to future consequences and on utilities corresponding to consequences for others. These dependencies reflect discounting of future consequences in comparison with the current ones and to empathy (or lack of) of the person towards others. In general, many formulas involving utility are nonlinear, even formulas describing the dependence of utility on money. However, surprisingly, for discounting and for empathy, linear formulas work very well. In this paper, we show that natural symmetry requirements can explain this linearity

The Possible Pathophysiological Outcomes and Mechanisms of Tourniquet-Induced Ischemia-Reperfusion Injury during Total Knee Arthroplasty

Ischemia and reperfusion (I/R) injury induced by tourniquet (TQ) application leads to the release of both oxygen free radicals and inflammatory cytokines. The skeletal muscle I/R may contribute to local skeletal muscle and remote organ damage affecting outcomes after total knee arthroplasty (TKA). The aim of the study is to summarize the current findings associated with I/R injury following TKA using a thigh TQ, which include cellular alterations and protective therapeutic interventions. The PubMed database was searched using the keywords “ischemia reperfusion injury,” “oxidative stress,” “tourniquet,” and “knee arthroplasty.” The search was limited to research articles published in the English language. Twenty-eight clinical studies were included in this qualitative review. Skeletal muscle I/R reduces protein synthesis, increases protein degradation, and upregulates genes in cell stress pathways. The I/R of the lower extremity elevates local and systemic oxidative stress as well as inflammatory reactions and impairs renal function. Propofol reduces oxidative injury in this I/R model. Ischemic preconditioning (IPC) and vitamin C may prevent oxygen free radical production. However, a high dose of N-acetylcysteine possibly induces kidney injury. In summary, TQ-related I/R during TKA leads to muscle protein metabolism alteration, endothelial dysfunction, oxidative stress, inflammatory response, and renal function disturbance. Propofol, IPC, and vitamin C show protective effects on oxidative and inflammatory markers. However, a relationship between biochemical parameters and postoperative clinical outcomes has not been validated

Do Bitcoin and Traditional Financial Assets Act as an Inflation Hedge during Stable and Turbulent Markets? Evidence from High Cryptocurrency Adoption Countries

This study analyzes whether Bitcoin, gold, oil, and stock have the ability to hedge against inflation in high cryptocurrency adoption countries in the periods from January 2010 to March 2021. It is hypothesized that the assets behave differently and thereby respond differently to inflation in different market conditions. Therefore, we employ the Markov Switching Vector Autoregressive to examine these assets’ hedging ability against inflation in both stable and turbulent market regimes. Our main findings are threefold: We show that there exists a structural change and nonlinear relationship between the returns of hedging assets and inflation. Second, all assets can hedge against inflation more effectively in the short run than in the long run. We find that the inflation hedging ability of these assets are weak in the long run for both market regimes. We also find some evidence that the rigidity between the assets and inflation is relatively high in the stable regime. Third, according to the impulse response analysis, we also find that the responses of assets to inflation shock are heterogeneous across two market regimes

Do Bitcoin and Traditional Financial Assets Act as an Inflation Hedge during Stable and Turbulent Markets? Evidence from High Cryptocurrency Adoption Countries

This study analyzes whether Bitcoin, gold, oil, and stock have the ability to hedge against inflation in high cryptocurrency adoption countries in the periods from January 2010 to March 2021. It is hypothesized that the assets behave differently and thereby respond differently to inflation in different market conditions. Therefore, we employ the Markov Switching Vector Autoregressive to examine these assets’ hedging ability against inflation in both stable and turbulent market regimes. Our main findings are threefold: We show that there exists a structural change and nonlinear relationship between the returns of hedging assets and inflation. Second, all assets can hedge against inflation more effectively in the short run than in the long run. We find that the inflation hedging ability of these assets are weak in the long run for both market regimes. We also find some evidence that the rigidity between the assets and inflation is relatively high in the stable regime. Third, according to the impulse response analysis, we also find that the responses of assets to inflation shock are heterogeneous across two market regimes