Ekonomi Bölümü Koleksiyonu

Permanent URI for this collectionhttps://gcris.khas.edu.tr/handle/20.500.12469/57

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Citation Count: 0
Back to Full Employment
(Routledge Journals Taylor & Francis Ltd, 2013) Orhangazi, Özgür
[Abstract Not Available]
Citation Count: 2
Bargaining with nonanonymous disagreement: Decomposable rules
(Elsevier Science Bv, 2011) Kıbrıs, Özgür; Tapkı, İpek Gürsel
We analyze bargaining situations where the agents' payoffs from disagreement depend on who among them breaks down the negotiations. We model such problems as a superset of the standard domain of Nash (1950). We first show that this domain extension creates a very large number of new rules. In particular, decomposable rules (which are extensions of rules from the Nash domain) constitute a nowhere dense subset of all possible rules. For them, we analyze the process through which "good" properties of rules on the Nash domain extend to ours. We then enquire whether the counterparts of some well-known results on the Nash (1950) domain continue to hold for decomposable rules on our extended domain. We first show that an extension of the Kalai-Smorodinsky bargaining rule uniquely satisfies the Kalai and Smorodinsky (1975) properties. This uniqueness result, however, turns out to be an exception. We characterize the uncountably large classes of decomposable rules that survive the Nash (1950), Kalai (1977), and Thomson (1981) properties. (C) 2011 Elsevier B.V. All rights reserved.
Citation Count: 6
Between anchors and aspirations: a new family of bargaining solutions
(Springer, 2019) Keskin, Kerim; Keskin, Kerim; Özcan-Tok, Elif
We study the salience and power of reference points in determining the effective anchors and aspirations in bargaining problems. Along this line we enrich the analysis of the standard bargaining model with two new parameters: the first parameter can be interpreted as the effectiveness (or salience) of the reference point in determining the anchor whereas the second parameter can be interpreted as its effectiveness in shaping agents' aspirations. Utilizing these parameters we provide a unifying framework for the study of bargaining problems with a reference point. The two-parameter family of bargaining solutions we obtain encompasses some well-known solutions as special cases. We offer multiple characterizations for each individual member of this family as well as two characterizations for the whole solution family in bilateral bargaining problems.
Citation Count: 7
Cumulative prospect theory preferences in rent-seeking contests
(Elsevier Science, 2018) Keskin, Kerim
We investigate the equilibrium behavior for agents with cumulative prospect theory preferences in rent-seeking contests. Characterizing the equilibrium effort levels we present results on the existence of equilibrium and total rent dissipation. (C) 2018 Elsevier B.V. All rights reserved.
Citation Count: 7
Endogenous reference points in bargaining
(Springer Heidelberg, 2018) Keskin, Kerim; Keskin, Kerim
We allow the reference point in (cooperative) bargaining problems with a reference point to be endogenously determined. Two loss averse agents simultaneously and strategically choose their reference points taking into consideration that with a certain probability they will not be able to reach an agreement and will receive their disagreement point outcomes whereas with the remaining probability an arbitrator will distribute the resource by using (an extended) Gupta-Livne bargaining solution (Gupta and Livne in Manag Sci 34:1303-1314 1988). The model delivers intuitive equilibrium comparative statics on the breakdown probability the loss aversion coefficients and the disagreement point outcomes.
Citation Count: 10
Energy-saving behavior of Turkish women: A consumer survey on the use of home appliances
(Sage Publications Ltd, 2017) Ucal, Meltem Şengün
This paper focuses on energy-related attitudes and behaviors of Turkish women who are the main users of electrical home appliances responsible for most household energy consumption. Answers from 1323 female respondents surveyed through a unique questionnaire formed the dataset. The results from analysis of variance show that education has a significant effect on the relationship between energy saving and awareness and attitudes about climate change. Significant differences also exist between education level groups in terms of knowledge of the classification of energy-saving electrical home appliances. Responses to questions related to energy-saving purchasing behaviors are consistently higher for knowledgeable respondents. The paper then uses factor analysis and ordinal logit models to reveal interactions between energy-saving behavior regarding electrical home appliances and several factors namely awareness sensitivity essentials and receptiveness. The identification of these factors can provide useful insights for policy makers that enable them to construct energy-saving policies specifically tailored toward women.
Citation Count: 11
Female employment status: a survey analysis of selected member states of the Arab League
(Springer Heidelberg, 2019) Ucal, Meltem Şengün; Günay, Simge
Low female labor force participation is a conspicuous issue in the literature. Based on this information, women's perspectives of the determinants of female labor force participation in 13 member states of the Arab League in relation to the region's patriarchal culture and conservative social norms are discussed in this paper. Probit modelling is applied to the sixth wave of the World Values Survey data (2010-2014), in order to examine the relationship between female labor force participation and socio-cultural variables, such as women's perceptions about the importance of religion, the priority of religion compared with science, the importance of traditions for women, the priority of men concerning the right to a job and the importance of a job for women's independence, and personal characteristics, such as women's social class, marital status, number of children, educational level and age. The results indicate that the number of children and the importance given to tradition and religion by women are obstacles to increasing their labor force participation.
Citation Count: 0
Financialization: The Economics of Finance Capital Domination
(Edward Elgar Publishing Ltd, 2016) Orhangazi, Özgür
[Abstract Not Available]
Citation Count: 1
General equilibrium evaluation of deregulation in energy sectors in China
(Routledge Journals Taylor & Francis Ltd, 2015) Akkemik, K. Ali; Li, Jia
The central government in China has implemented ambitious energy policy reforms since 1978. An important pillar of these reforms is the deregulation in the energy markets which manifests itself in the formation of energy prices. This study examines the macroeconomic impacts of deregulation in China using an applied CGE model and counterfactual policy simulations. The results point to substantial welfare improvement. Sectoral results point to a reallocation of resources and diversion of economic activities more toward domestic services.
Citation Count: 8
Growth and Distribution After the 2007-2008 US Financial Crisis: Who Shouldered the Burden of the Crisis?
(Edward Elgar Publishing Ltd, 2016) Orhangazi, Özgür; Orhangazi, Özgür
The post-1980 era witnessed an increase in the frequency and severity of financial crises around the globe the majority of which took place in low-and middle-income countries. Studies of the impacts of these crises have identified three broad sets of consequences. First the burden of crises falls disproportionately on labor in general and low-income segments of society in particular. In the years following financial crises wages and labor share of income fall the rate of unemployment increases the power of labor and labor unions is eroded and income inequality and rates of poverty increase. Capital as a whole on the other hand usually recovers quickly and most of the time gains more ground. Second the consequences of crises are visible not only through asset and income distribution but also in government policies. Government policies in most cases favor capital especially financial capital at the expense of large masses. In addition many crises have presented opportunities for further deregulation and liberalization not only in financial markets but in the rest of the economy as well. Third in the aftermath of financial crises in low-and middle-income economies capital inflows may increase as international capital seeks to take advantage of the crisis and acquire domestic financial and non-financial assets. The 2007-2008 financial crisis in the US provides an opportunity to extend this analysis to a leading high-income country and see if the patterns visible in other crises are also visible in this case. Using the questions and issues typically raised in examinations of low-and middle-income countries we study the consequences of the 2007-2008 US financial crisis and complement the budding literature on the 'Great Recession.' In particular we examine the impacts of the crisis on labor and capital with a focus on distributional effects of the crisis such as changes in income shares of labor and capital and the evolution of inequality and poverty. We also analyse the role of government policies through a study of government taxation and spending policies and examine capital flow patterns.
Citation Count: 28
Income Inequality and FDI: Evidence with Turkish Data
(Routledge Journals Taylor & Francis Ltd, 2016) Ucal, Meltem Şengün; Haug, Alfred Albert; Bilgin, Mehmet Hüseyin
This article explores how foreign direct investment (FDI) and other determinants impact income inequality in Turkey in the short- and long-run. We apply the nonlinear auto-regressive distributed lag (ARDL) modelling approach which is suitable for small samples. The data for the study cover the years from 1970 to 2008. The empirical results indicate the existence of a co-integration relationship among the variables with asymmetric adjustment of the income distribution in the short- and long-run. The negative impact of FDI on the Gini coefficient decreasing income inequality is statistically significant in the short- and long-run though with a quantitatively small impact in both cases. In the short run GDP growth increases inequality initially an effect that is reversed in the next period increases in domestic gross capital formation decreases inequality and increases in the literacy rate have very minor adverse effects on income equality. However in the long run these variables have no statistically significant effects on the Gini coefficient. A reduction in the population growth rate reduces inequality in the short run but has no effect in the long run whereas an increase in the rate reduces inequality in the long run but has no effect in the short run.
Citation Count: 3
Investment on human capital in a dynamic contest model
(Walter De Gruyter Gmbh, 2019) Keskin, Kerim; Sağlam, Çağrı
Although most contest games are modeled in such a way that the outcome depends only on the efforts exerted by the contestants what is arguably more important is the contestants' effective efforts which may be influenced also by their ability human capital strength etc. In this paper we investigate an extensive model including such an effectiveness parameter and analyze the optimal investment behavior in a dynamic conflict framework. At each period two contestants compete for a common prize by choosing contest efforts and investment levels. Each contestant's investment accumulates as his/her human capital which depreciates through time. Who wins the component contest at a particular period is determined by the contestants' effective efforts defined as increasing functions of their efforts and human capitals. Following the analysis of subgame perfect Nash equilibrium in a two-period model and of open-loop equilibrium in an infinite-horizon model we provide intuitive comparative static results.
Citation Count: 3
A mechanism design approach to allocating central government funds among regional development agencies
(Springer, 2014) Kıbrıs, Özgür; Tapkı, İpek Gürsel
To allocate central government funds among regional development agencies we look for mechanisms that satisfy three important criteria: efficiency (individual and coalitional) strategy proofness (a.k.a. dominant strategy incentive compatibility) and fairness. We show that only a uniform mechanism satisfies all three. We also show that all efficient and strategy proof mechanisms must function by assigning budget sets to the agencies and letting them freely choose their optimal bundle. In choosing these budget sets the agencies' private information has to be taken into account in a particular way. The only way to additionally satisfy a weak fairness requirement (regions with identical preferences should be treated equally) is to assign all agencies the same budget set as does the uniform mechanism. Finally and maybe more importantly we show that the central government should not impose constraints on how much to fund an activity (e.g. by reserving some funds only for a particular activity): otherwise there are no efficient strategy proof and fair mechanisms no matter how small these constraints are.
Citation Count: 57
The role of intangible assets in explaining the investment-profit puzzle
(Oxford Univ Press, 2019) Orhangazi, Özgür
Starting around the early 2000s, and especially after the 2008 crisis, the rate of capital accumulation for US nonfinancial corporations has slowed down despite relatively high profitability; indicating a weakening of the link between profitability and investment. While the literature mostly focuses on financialisation and globalisation as the reasons behind this slowdown, I suggest adding another layer to these explanations and argue that, in conjunction with financialisation and globalisation, we need to pay attention to the increased use of intangible assets by nonfinancial corporations in the last two decades. Intangibles such as brand names, trademarks, patents and copyrights play a role in the widening of the profit-investment gap as the use of these assets enables firms to increase market power and profitability without necessarily generating a corresponding increase in fixed capital investment. After discussing the ways nonfinancial corporations use intangible assets, I look at large corporations in the USA and find the following: (i) The ratio of intangible assets to the capital stock increased in general. This increase is highest for firms in high-technology, healthcare, nondurables and telecommunications. (ii) Industries with higher intangible asset ratios have lower investment to profit ratios. (iii) Industries with higher intangible asset ratios have higher markups and profitability. (iv) The composition of the nonfinancial corporate sector has changed and the weight of high-technology and healthcare firms has increased; but this increase did not correspond to an equal increase in their investment share. The decline in the investment share of durables, nondurables and machinery is matched by an increase in the investment share of location-specific industries with low intangible asset use, most notably firms in energy extraction. In general, these firms have steadier markups and higher investment to profit ratios. (v)Yet, intangible-intensive industries' profitability has increased faster than their share of investment or total assets. All in all, these findings are in line with the suggestion that the increased use of intangible assets enables firms to have high profitability without a corresponding increase in investment.
Citation Count: 0
States Banks and Crisis: Emerging Finance Capitalism in Mexico and Turkey
(M.E Sharpe Inc., 2013) Orhangazi, Özgür
[Abstract Not Available]

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