Ekonomi Bölümü Koleksiyonu

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

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Now showing 1 - 9 of 9

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: 13
Capital Flows and Credit Expansions in Turkey
(Sage Publications Inc, 2014) Orhangazi, Özgür
Literature on capital flows identifies various channels through which capital inflows could create financial fragility and economic instability in developing and emerging economies. Domestic credit expansion is one such channel. Capital inflows can lead to rapid expansion of domestic credit even create credit bubbles and thus result in an increased fragility of the economy. I analyze the link between private capital inflows and bank credit to the private sector in the case of Turkey between 2003 and 2013 and ask whether surges in private capital inflows accelerate growth of credit. I employ a logit model to investigate the link between capital inflows and periods of rapid credit expansion. The findings suggest that net private capital inflows after controlling for other determinants of credit are positively correlated with periods of rapid credit expansion.
Citation Count: 7
Capitalism Crisis and Class: The United States Economy after the 2008 Financial Crisis
(Sage Publications Inc, 2014) Orhangazi, Özgür; Orhangazi, Özgür
The literature on the outcomes of the financial crisis in low- and middle-income countries in the post-1980 era presents three broad findings: first the burden of crises falls disproportionately on labor in general and low-income segments of the society in particular. Wages and the labor share of income fall unemployment increases the power of labor declines and income inequality and poverty increase. Capital on the other hand recovers quickly and gains more ground. Second government policies favor capital especially financial capital at the expense of the larger public. Crises also present opportunities for further deregulation and liberalization in financial markets and the rest of the economy. Third following financial crises foreign capital inflows may increase as international capital seeks to take advantage of the crisis and acquire assets at fire-sale prices. The 2008 U.S. financial crisis provides an opportunity to extend this analysis to a leading high-income country. By examining the experience of the United States after the financial crisis in terms of the questions and issues typically raised in examinations of low- and middle-income countries this paper makes an original contribution while at the same time contributing to the gradually emerging literature on the consequences of the U.S. financial crisis. We first look at the distributional effects of the financial crisis and compare this with the impacts of the crisis on capital. Then we investigate the changes in income shares of labor and capital before shifting our attention to changes in inequality and poverty. Next we focus on the role of government policies through an analysis of government taxation and spending policies. Finally we examine the changes in capital inflows before concluding with a discussion of our overall findings and further research areas.
Citation Count: 3
Contours of Alternative Policy Making in Venezuela
(Sage Publications Inc, 2014) Orhangazi, Özgür
The economic policies of the Venezuelan government in the last decade represent a significant departure from neoliberal orthodoxy. This departure consists of a focus on greater national autonomy, a return to some of the macroeconomic policies of earlier eras, and increased state involvement in the economy through interventions and social programs. While these policies have resulted in improved social indicators, they also have provided space for a set of "transformative" initiatives, including experiments with worker co-management, cooperatives, and participatory planning, all of which seek alternatives to the capitalist organization of the economy. Although the Venezuelan experience could be considered sui generis, especially with the economy's dependence on oil, a critical evaluation of the policies implemented in Venezuela would contribute to discussions on the alternatives to both neoliberal policies and capitalism in general. This paper provides an analysis of the break with neoliberal economic policies and of the transformative initiatives, as well as an evaluation of their achievements together with a discussion on their likely future path.
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: 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: 14
Women's Tertiary Education Masks the Gender Wage Gap in Turkey
(Springer, 2017) Tekgüç, Hasan; Eryar, Deger; Cindoglu, Dilek
This paper investigates the gender wage gap for full-time formal sector employees disaggregated by education level. The gap between the labor force participation rate of women with tertiary education and those with lower levels of education is substantial. There is no such gap for men. Hence existing gender wage gap studies for Turkey where we observe lopsided labor force participation rates by education levels compare two very different populations. We disaggregate the whole sample by education level to create more homogenous sub-groups. For Turkey without disaggregation the gender wage gap was 13% in 2011 and women are significantly over-qualified relative to men on observed characteristics. Once we disaggregate the sample by education level we show that the gender wage gap is 24% for less educated women and 9% for women with tertiary education in full-time formal employment. Observed characteristics only explain 1 % of this gap in absolute terms. We further disaggregate the data by public and private employment. The gender gap is higher in the private sector. However women with tertiary education in the public sector are significantly better qualified compared to men and consequently the adjusted gender wage gap is higher for women with tertiary education in the public sector. Our estimates also indicate a rise in the gender wage gap between 2004 and 2011.

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