Charity,Volunteering Type and Subjective Wellbeing

We examine the impact of volunteering and charitable donations on subjective wellbeing. We further consider if the model of the volunteering work (formal vs. informal) and the geographical location of the charity organisation (local vs. international) people donate to has any impact on subjective wellbeing. Using UK’s Community Life Survey data, we find that volunteering and engagement in charity are positively associated with subjective wellbeing, measured by individual life satisfaction. We show that while there is a positive effect of volunteering and charity on life satisfaction, the level of utility gained depends on the type of charity or volunteering organisation engaged with (i.e. local or international). Specifically, donating to local (neighbourhood) charities as opposed to international/national charities is associated with higher wellbeing. Similarly, engaging in informal volunteering, compared to formal volunteering, is associated with higher wellbeing. To explain our results, we use the construal-level theory of psychological distance, which suggests that people think more concretely of actions and objects that they find spatially and socially close.

     

No‐Betting‐Pareto Dominance

We argue that the notion of Pareto dominance is not as compelling in the presence of uncertainty as it is under certainty. In particular, voluntary trade based on differences in tastes is commonly accepted as desirable, because tastes cannot be wrong. By contrast, voluntary trade based on incompatible beliefs may indicate that at least one agent entertains mistaken beliefs. We propose and characterize a weaker, No‐Betting, notion of Pareto domination which requires, on top of unanimity of preference, the existence of shared beliefs that can rationalize such preference for each agent.     

Asymmetric or symmetric time preference and discounting in many facets of economic theory: A miscellany

Factual accounts of how different people actually do discount future events and do over-estimate and under estimate the likelihood of future gains and losses are seen to vary with time and place. Lifetime distributions of wealth and income correlate with choices by those who live mostly for the present and against those who think now about differential future outputs. Rates of time discount and degree of optimism (rational vs. irrational) are seen to overlap ambiguously. Each “behaviorist” pattern can be matched by its reversed pattern.     

Dynamic Noun Generalization: Moment‐to‐Moment Interactions Shape Children's Naming Biases

Recent research on early word learning suggests that children's behavior when‐generalizing novel nouns integrates their prior vocabulary knowledge with the specifics of the task. This study examines how these factors interact on the moment‐to‐moment time scale of the training children receive and the sequence of stimuli they are shown. In ***1 condition, we used a combination of training and stimulus factors predicted to produce a bias to generalize nouns by shape similarity. We then reduced this shape bias and amplified a bias to generalize nouns by material similarity via manipulations of training and stimuli across 3 other conditions. Additional analyses suggest that children's generalizations on individual trials are influenced by what they have seen and done on previous trials. These results highlight the importance of the task and stimuli in bringing children's prior knowledge to bear in early word learning.     

The analytic foundation of international economic modeling at the OECD

This article describes the OECD Secretariat's international linkage model, INTERLINK, built to assist various tasks, including the production of baseline international projections, the establishment and maintenance of international consistency of these projections, and the production of alternative projections and policy scenarios. It is thus concerned with the theory of the method of international forecasting and policy analysis, rather than the theory of forecasting itself. The article is divided into sections, which discuss the reasons for international economic modeling at OECD, the main tasks performed by the model, the technical requirements that it needs to satisfy, its present structure, and the experience with it.     

Investment and Competitive Matching

We study markets in which agents first make investments and are then matched into potentially productive partnerships. Equilibrium investments and the equilibrium matching will be efficient if agents can simultaneously negotiate investments and matches, but we focus on markets in which agents must first sink their investments before matching. Additional equilibria may arise in this sunk‐investment setting, even though our matching market is competitive. These equilibria exhibit inefficiencies that we can interpret as coordination failures. All allocations satisfying a constrained efficiency property are equilibria, and the converse holds if preferences satisfy a separability condition. We identify sufficient conditions (most notably, quasiconcave utilities) for the investments of matched agents to satisfy an exchange efficiency property as well as sufficient conditions (most notably, a single crossing property) for agents to be matched positive assortatively, with these conditions then forming the core of sufficient conditions for the efficiency of equilibrium allocations.