Overeducated Workers as an Insurance Device

Empirical findings show that firms frequently employ overeducated workers. Since overeducated workers earn more than adequately educated ones working in similar jobs these findings seem to be puzzling. In this paper, we introduce an insurance approach to explain the employment of overeducated workers. Referring to this approach, overeducated workers are employed by a firm to avoid high losses in the case of a crisis (e.g. when the production process breaks down). Contrary to adequately educated workers, overeducated ones may be helpful in this situation by quickly offering improvisatorial solutions. First, we use a simple model to demonstrate the insurance argument. Second, we test the major implication of the model empirically by using industry panel data: if and only if high‐skilled workers are employed for insurance purposes, the average wage of high‐skilled workers in firms that need insurance will be lower compared with firms that do not need insurance. The data confirm this theoretical result.     

DOES A GOOD CENTRAL BANKER MAKE A DIFFERENCE?

The personalities of central bankers moved center stage during the recent financial crisis. Indeed, several central bankers even became “superstars.” In this article, we investigate whether superstar central bankers have an impact on economic performance. We employ school grades given to central bankers by the financial press, defining as superstars those central bankers receiving the top grade. First, we explain the grades in a probit estimation with measures of economic performance, institutional features, and personal characteristics. Second, we employ a matching approach to account for the endogeneity of grading with respect to economic performance. Using entropy balancing, we identify credible counterfactuals for top‐graded central bankers, that is, nonsuperstar central bankers who face similar situations. Comparing the economic performance of both groups, we find that superstars do indeed matter: a top‐graded central banker faces a significantly more favorable output‐inflation tradeoff than his peers. This effect is driven by outstanding central bankers in both advanced and emerging economies and is especially prevalent in the precrisis subsample. (JEL E52, E58)     

The Field of American Media Sociology: Origins,Resurrection, and Consolidation

This contribution is written against the backdrop of the historic dispersal of early American media sociology out from the core concerns of the discipline and into various importer academic disciplines (including communication, journalism, and media studies) and an ever‐growing pervasiveness of media in everyday life which is reflected by a resurgence of sociological scholarship in the United States since the early 2000s. The article divides the field in works that study media inwards – along the threefold dimensions of production and technologies, communication and discourse, reception and effects – and works that study media outwards. We argue that this latter perspective, examining broader theoretical, methodological, and substantive social implications of mass‐mediated communication, is the most promising one for a mature field of American media sociology. On this basis, we conclude with some suggestions regarding possible new, and as of yet understudied, lines of inquiry for future media sociologists.     

INCOMPLETE INFORMATION STRENGTHENS THE EFFECTIVENESS OF SOCIAL APPROVAL

We present a theoretical model of a public good game in which the expression of social approval induces pro‐social behavior. Using a laboratory experiment with earned heterogeneous endowments, we test our model. The main hypothesis is that the expression of social approval increases cooperative behavior even if reputation building is impossible. We vary the information available and investigate how this affects the expression of social approval and individual contributions. The expression of social approval significantly increases contributions. However, the increase is smaller if additional information is provided, suggesting that social approval is more effective if subjects receive a noisy signal about others' contributions. (JEL C72, C91, D71, D83)     

Sustainability—a theoretical idea or a practical recipe?

In this paper, the notion of sustainability as a general regulative idea is distinguished from sustainable development as a more concrete concept leading to practical actions. After that, different economic meanings of sustainable development are discussed, and a concept of critical sustainability is proposed especially with respect to the problem of climate change. Maintaining critical crash barriers and bottlenecks presupposes, however, demanding, continuous improvements in energy efficiency. After discussing problems of decision theory in cases of uncertainty, which is constitutive for climate change, the links between intragenerational and intergenerational justice are analyzed, and by using Barry's notion of justice and Goodin's concept of vulnerability, two possible positions of the general idea of fairness inherent in sustainable development are presented. We conclude by shortly sketching the notion of sufficiency as an additional supplementary sustainability strategy in cases where efficiency improvements based on innovation are less than sufficient for securing the (energetic) fundaments of economic activity and human life.     

Testing noninferiority in three‐armed clinical trials based on likelihood ratio statistics

Clinical noninferiority trials with at least three groups have received much attention recently, perhaps due to the fact that regulatory agencies often require that a placebo group be evaluated along with a new experimental drug and an active control. The authors discuss likelihood ratio tests for binary endpoints and various noninferiority hypotheses. They find that, depending on the particular hypothesis, the test reduces asymptotically either to the intersection‐union test or to a test which follows asymptotically a mixture of generalized chi‐squared distributions. They investigate the performance of this asymptotic test and provide an exact modification. They show that this test considerably outperforms multiple testing methods such as the Bonferroni adjustment with respect to power. They illustrate their methods with a cancer study to compare antiemetic agents. Finally, they discuss the extension of the results to other settings, such as Gaussian endpoints.     

A Tale of Integration? The Migrant Wealth Gap in Austria

European Journal of Population - We investigate how previous generations of migrants and their children integrated into Austrian society, as measured by their wealth ownership. Using...     

Volunteering Hierarchies in the Global South: Remuneration and Livelihoods

VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations - This paper explores volunteering and inequality in the global South through an analysis of volunteering remuneration. We...     

Social Entrepreneurship: An exploratory citation analysis

Research on Social Entrepreneurship became a growing field of interest during the past decades. However, as the heterogeneity of investigated topics is rather large the purpose of this contribution is to provide an overview of the current state of research on Social Entrepreneurship. In doing so previous research is structured to identify major contributions and thereby key discussion lines within this field. Based on a bibliometric citation analysis of 129 core papers and 5,228 cited references, five topic clusters are identified within the field of Social Entrepreneurship: 1) Definitions and conceptual approaches, 2) Impetus, 3) Personality, 4) Impact and performance, and 5) Future research agenda. By reflecting the literature of each discussion line, a framework for the advancement of Social Entrepreneurship research is provided.