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Diverging roads: theory-based vs. machine learning-implied stock risk premia

Grammig, Joachim; Hanenberg, Constantin; Schlag, Christian - 2020

We assess financial theory-based and machine learning-implied measurements of stock risk premia by comparing the … preferable to rely on a theory-based approach instead of engaging in the computerintensive hyper-parameter tuning of statistical … models. The theory-based approach also delivers a solid performance at the one year horizon, at which only one machine …

Persistent link: https://www.econbiz.de/10012163064

On the precarious link between the Gini coefficient and the incentive to migrate

Stark, Oded; Byra, Lukasz; Kosiorowski, Grzegorz - 2020

We offer an explanation for the inconclusive results of empirical studies into the relationship between the magnitude of the Gini coefficient of income distribution at origin and the intensity of migration. Bearing in mind the substantial literature that identifies relative deprivation as an...

Persistent link: https://www.econbiz.de/10012152203

Turning relative deprivation into a performance incentive device

Stark, Oded; Kosiorowski, Grzegorz - 2021

The inclination of individuals to improve their performance when it lags behind that of others with whom they naturally compare themselves can be harnessed to optimize the individuals’ effort in work and study. In a given set of individuals, we characterize each individual by his relative...

Persistent link: https://www.econbiz.de/10012427359

A social-psychological reconstruction of Amartya Sen's measures of inequality and social welfare

Stark, Oded; Budziński, Wiktor - 2021

The Gini coefficient features prominently in Amartya Sen’s 1973 and 1997 seminal work on income inequality and social welfare. We construct the Gini coefficient from social-psychological building blocks, reformulating it as a ratio between a measure of social stress and aggregate income. We...

Persistent link: https://www.econbiz.de/10012625212

Employer sanctions : a policy with a pitfall?

Stark, Oded; Jakubek, Marcin - 2021

This chapter investigates the impact of the imposition of sanctions for employing illegal migrants on the welfare of native laborers. In response to such sanctions, managers in a firm may be reassigned from the supervision of production to the verification of the legality of the firm’s labor...

Persistent link: https://www.econbiz.de/10012586111