DEP20 - Artículos de revistaDpto. Economía Aplicada - Artículos de revistahttp://uvadoc.uva.es/handle/10324/12622021-03-05T14:34:09Z2021-03-05T14:34:09ZOn the relationships between some games associated with SUOWA and Semi-SUOWA operatorsLlamazares Rodríguez, Bonifaciohttp://uvadoc.uva.es/handle/10324/452912021-02-17T21:45:47Z2021-01-01T00:00:00ZThe construction of functions that simultaneously generalize weighted means and OWA operators is an interesting topic that has received special attention in recent years. Due to the properties they satisfy, one of the most interesting generalization are SUOWA operators, which have been widely studied in the literature. In a recent paper, a new generalization has been introduced, the Semi-SUOWA operators, which have a close relationship with SUOWA operators. The main aim of this paper is to analyze the games associated with Semi-SUOWA operators. In this respect, we give conditions under which we can guarantee the monotonicity of these games. Moreover, we establish some relationships between some games associated with SUOWA and Semi-SUOWA operators and show the pointwise convergence of certain games.
2021-01-01T00:00:00ZManaging the Smiley Face Scale Used by Booking.com in an Ordinal WayGonzález del Pozo, RaquelGarcía Lapresta, José Luishttp://uvadoc.uva.es/handle/10324/432932020-11-04T21:46:04Z2021-01-01T00:00:00ZUser reviews are a new source of information in the hospitality and tourism sector. Usually, these reviews contain comments of users and assessments expressed through ordered qualitative scales. The website Booking.com uses a smiley face scale to ask users the degree of satisfaction regarding several aspects of accommodations. The scoring system of the website assigns numerical values to each item of the smiley face scale. However, when users perceive different proximities between pairs of items of an ordered qualitative scale, these numerical codifications are because they may misrepresent the original ordinal information. In this paper, we analyze the drawbacks and limitations of the scoring system of Booking.com and we manage its smiley face scale through a purely ordinal procedure. This procedure avoids assigning numerical codifications to items of scales and it takes into account how users perceive the proximities between pairs of items. The findings show the importance of considering how users understand qualitative scales when they face subjective assessments through ordered qualitative scales.
2021-01-01T00:00:00ZPricing of demand-related products: Can ignoring cross-category effect be a smart choice?Karray, SalmaMartín Herrán, GuiomarZaccour, Georgeshttp://uvadoc.uva.es/handle/10324/412432020-12-04T17:49:16Z2020-01-01T00:00:00ZThis paper studies pricing strategies of competing retailers offering substitutable products in multiple product categories. For such retailers, in addition to accounting for within-category pricing effects, cross-category effects can also influence consumers’ purchase decisions and thereby impact the retailers’ optimal pricing strategies. We model consumers’ utility for purchasing substitutable products from the same category and from other categories as well. We then solve a game-theoretic model to identify the retailers’ optimal prices and profits. Our results show that accounting for cross-category effects largely influences the retailers’ pricing and profitability. In particular, cross-category effects influence the sensitivity of prices to within-category substitution levels. While cross-category effects have an impact on retailers’ equilibrium strategies, this effect is only relevant when within-category substitution effects are present. We also find that intentionally ignoring cross-category effects leads to lower prices for categories that are either substitutable or highly complementary, and to higher prices otherwise. When not accounting for the fact that the two categories are demand-related implies lower prices than when this information is accounted for, then at least one retailer chooses to disregard the cross-category effect at equilibrium. Finally, we find evidence for prisoner’s dilemma situations where both retailers ignore cross-category effect at equilibrium while accounting for it would yield them higher profits.
2020-01-01T00:00:00ZNon-constant Discounting, Social Welfare and Endogenous Growth with Pollution ExternalitiesCabo García, Francisco JoséMartín Herrán, GuiomarMartínez García, María Pilarhttp://uvadoc.uva.es/handle/10324/410092020-06-09T20:45:58Z2020-01-01T00:00:00ZWe analyze the effect of non-constant discounting on economic growth and social welfare in an endogenous growth model with pollution externalities. For time-consistent agents, who play a game against their future selves, the balanced growth equilibrium is compared to the case of standard exponential discounting. A decaying instantaneous discount rate leads to slower growth in a centralized economy, while its effect for a competitive economy is ambiguous. Interestingly, when comparing the planned and the competitive equilibria, the assumption of non-constant discounting may imply greater social welfare in the market equilibrium under two conditions. First, the pollution externality on utility must be large with respect to the externality on production, so that the central planner slows down growth below the growth rate in the market economy. Secondly, individuals’ degree of impatience should decrease sharply with the time distance from the present. Concerning policy implications, we observe that under log-utility policies may not be necessary, while for an isoelastic utility with an elasticity lower than one, introducing policy instruments is less effective than under constant discounting.
2020-01-01T00:00:00ZPresent bias and the inefficiency of the centralized economy. The role of the elasticity of intertemporal substitutionCabo García, Francisco JoséMartín Herrán, GuiomarMartínez García, María Pilarhttp://uvadoc.uva.es/handle/10324/410072020-06-09T09:06:12Z2020-01-01T00:00:00ZWe analyze an endogenous growth model considering agents with an
isoelastic utility. Preferences are characterized by a utility affected
by a negative externality, and a level of impatience which decays with
the time distance from the present. Agents who cannot commit the actions
of their future selves, play a game against them. The stationary
equilibrium of this game defines a balanced growth path with a slower
growth when played by subsequent central planners than when played by
decision makers in the market economy. First, we prove that the fast
growing market economy implies higher welfare if the negative
externality is small, while the centralized economy is welfare improving
above a given threshold for the externality (obtained for a specific
family of non-constant discount functions). Secondly, we observe that
this threshold increases with the elasticity of intertemporal
substitution in consumption. Therefore, the greater this elasticity the
more likely it is that the externality lies below this threshold, where
policy interventions would not be adequate. Finally, as one would
expect, the range of values of the externality for which the market
equilibrium provides higher welfare widens the more different from
constant discounting time preferences are, due either to a wider range
of variation for the instantaneous discount rates or because these decay
more slowly.
2020-01-01T00:00:00ZEnforcing regulatory standards in stock pollution problemsArguedas, CarmenCabo García, Francisco JoséMartín Herrán, Guiomarhttp://uvadoc.uva.es/handle/10324/410062020-06-08T20:50:34Z2020-01-01T00:00:00ZWe analyze optimal pollution standards and enforcement strategies in settings where environmental damages depend on accumulated pollution, and enforcement is socially costly. We assume that a regulator and a representative polluting firm interact in a Stackelberg differential game, and we specifically allow the firm to pollute above the limit, and pay the corresponding fine. A crucial element is how progressive the fine is with respect to the degree of non-compliance. Some of our results contradict the related literature on the control of stock pollutants under full-compliance. In particular, we find that setting standards dependent on the pollution stock (setting quantities) is preferred if fines are sufficiently non-linear; while setting fines dependent on the pollution stock (setting prices) is preferred if fines are linear or almost linear, and specially when the environmental problem is particularly harmful
2020-01-01T00:00:00ZUsing Different Qualitative Scales in a Multi-Criteria Decision-Making ProcedureGonzález del Pozo, RaquelDias, Luis C.García Lapresta, José Luishttp://uvadoc.uva.es/handle/10324/406932020-05-15T10:24:06Z2020-01-01T00:00:00ZMany decision problems manage linguistic information assessed through several ordered qualitative scales. In these contexts, the main problem arising is how to aggregate this qualitative information. In this paper, we present a multi-criteria decision-making procedure that ranks a set of alternatives assessed by means of a specific ordered qualitative scale for each criterion. These ordered qualitative scales can be non-uniform and be formed by a different number of linguistic terms. The proposed procedure follows an ordinal approach by means of the notion of ordinal proximity measure that assigns an ordinal degree of proximity to each pair of linguistic terms of the qualitative scales. To manage the ordinal degree of proximity from different ordered qualitative scales, we provide a homogenization process. We also introduce a stochastic approach to assess the robustness of the conclusions.
2020-01-01T00:00:00ZA New Multidimensional Approach to Measuring Precarious EmploymentGarcía Pérez, CarmeloPrieto Alaiz, María MercedesSimón, Hipólitohttp://uvadoc.uva.es/handle/10324/405692020-05-15T10:24:05Z2017-01-01T00:00:00ZThis article proposes a new methodology to measure precarious employment with a multidimensional approach. The adjusted multidimensional precariousness rate employed to measure job precariousness is calculated on a counting approach and exhibit several advantages, including its decomposability according to the relative contribution to total precariousness of different dimensions and sub-populations. For illustrative purposes, the methodology is applied to the Spanish case using microdata from the Encuesta de Estructura Salarial (Wage Structure Survey) and considering three precariousness dimensions of jobs (low wages, fixed-term contracts and part-time work). The evidence obtained shows that at the beginning of the economic crisis there was an increase in the incidence and intensity of precariousness for new jobs created in the Spanish economy. Moreover, obtained evidence shows that the incidence of precarious employment is particularly high in certain economic sectors and for females.
2017-01-01T00:00:00ZMultidimensional measurement of precarious employment using hedonic weights: Evidence from SpainGarcía Pérez, CarmeloPrieto Alaiz, María MercedesSimón, Hipólitohttp://uvadoc.uva.es/handle/10324/405682020-05-15T10:24:05Z2019-01-01T00:00:00ZThis article examines the evolution of employment precariousness in Spain based on a new method of constructing multidimensional precarious measures. This methodology resembles the one proposed by Alkire and Foster (2007, 2011) for multidimensional poverty in the framework of the counting approach. The main novelty of the approach adopted resides in the use of hedonic weights derived from the subjective evaluation by employees for the selection of the different dimensions of jobs that make up multidimensional precariousness and the quantification of their relative influence. The evidence obtained reveals that the precariousness of employment created in Spain has intensified significantly in recent years and that the strong temporary nature of employment is the most salient component of this precariousness from a multidimensional perspective.
2019-01-01T00:00:00ZModelling income distribution using the log Student’s t distribution: New evidence for European Union countriesCallealta Barroso, Francisco JavierGarcía Pérez, CarmeloPrieto Alaiz, María Mercedeshttp://uvadoc.uva.es/handle/10324/405662020-05-15T10:24:05Z2019-01-01T00:00:00ZIncome distribution remains a crucial topic in economic analysis, among other reasons, due to the increase in inequality in recent years, as one of the effects of the Great Recession. In this context, proposing parametric models that represent the full distribution through a small number of parameters arouses great interest as an instrument for economic analysis. This paper studies the ability of log Student’s t distribution to model the size distribution of income due to its potential to reproduce the effect of a mode around low-incomes as well as its precision in capturing the degree of kurtosis of empirical distributions. These characteristics make the log-t an ideal analysis tool, for instance, for exploring the effects of anti-poverty policies. The model has been fitted to income data for the EU25 and for several years. The conclusion is that the log Student’s t distribution offers the best fit in the vast majority of cases.
2019-01-01T00:00:00ZCopula‐based analysis of multivariate dependence patterns between dimensions of poverty in EuropeGarcía Gómez, CésarPérez Espartero, AnaPrieto Alaiz, María Mercedeshttp://uvadoc.uva.es/handle/10324/405532020-05-15T10:24:05Z2020-01-01T00:00:00ZIt is widely recognized that poverty is a multidimensional phenomenon involving not only income, but also other aspects such as education or health. In this multidimensional setting, analyzing the dependence between dimensions becomes an important issue, since a high degree of dependence could exacerbate poverty. In this paper, we propose measuring the multivariate dependence between the dimensions of poverty in Europe using copula‐based methods. This approach focuses on the positions of individuals across dimensions, allowing for other types of dependence beyond linear correlation. In particular, we analyze how orthant dependence between the dimensions of the AROPE rate has evolved in the EU‐28 countries between 2008 and 2014 by applying non‐parametric estimates of multivariate copula‐based generalisations of Spearman’s rank correlation coefficient. We find a general increase in the dependence between dimensions, regardless of the coefficient used. Moreover, countries with higher AROPE rates also tend to experiment more dependence between its dimensions.
2020-01-01T00:00:00ZOutliers and misleading leverage effect in asymmetric GARCH-type modelsCarnero, María ÁngelesPérez Espartero, Anahttp://uvadoc.uva.es/handle/10324/405522020-05-15T10:24:05Z2019-01-01T00:00:00ZThis paper illustrates how outliers can affect both the estimation and testing of leverage effect by focusing on the TGARCH model. Three estimation methods are compared through Monte Carlo experiments: Gaussian Quasi-Maximum Likelihood, Quasi-Maximum Likelihood based on the Student-t likelihood and Least Absolute Deviation method. The empirical behavior of the t-ratio and the Likelihood Ratio tests for the significance of the leverage parameter is also analyzed. Our results put forward the unreliability of Gaussian Quasi-Maximum Likelihood methods in the presence of outliers. In particular, we show that one isolated outlier could hide true leverage effect whereas two consecutive outliers bias the estimated leverage coefficient in a direction that crucially depends on the sign of the first outlier and could lead to wrongly reject the null of no leverage effect or to estimate asymmetries of the wrong sign. By contrast, we highlight the good performance of the robust estimators in the presence of one isolated outlier. However, when there are patches of outliers, our findings suggest that the sizes and powers of the tests as well as the estimated parameters based on robust methods may still be distorted in some cases. We illustrate these results with two series of daily returns.
2019-01-01T00:00:00ZElectoral Mathematics and Asymmetrical Treatment to Political Parties: The Mexican CaseMartínez Panero, Miguelhttp://uvadoc.uva.es/handle/10324/405272020-05-15T10:24:05Z2017-01-01T00:00:00ZThe Mexican Chamber of Deputies is composed of 500 representatives: 300 of them elected by relative majority and another 200 ones elected through proportional representation in five electoral clusters (constituencies) with 40 representatives each. In this mixed-member electoral system, the seats distribution of proportional representation is not independent of the election by relative majority, as it attempts to correct representation imbalances produced in single-member districts. This two-fold structure has been maintained in the successive electoral reforms carried out along the last three decades (eight from 1986 to 2014). In all of them, the election process of 200 seats becomes complex: Formulas in the Law are difficult to understand and to be interpreted. This paper analyzes the Mexican electoral system after the electoral reform of 2014, which was applied for the first time in 2015. The research focuses on contradictions and issues of applicability, in particular situations where seats allocation is affected by ambiguity in the law and where asymmetrical treatment of political parties arises. Due to these facts, a proposal of electoral reform will be presented. It is intended to be simpler, clearer, and more enduring than the current system. Furthermore, this model is more suitable for producing electoral outcomes free of contradictions and paradoxes. This approach would allow a fair treatment of political parties and as a result an improved opportunity to exercise democracy.
2017-01-01T00:00:00ZA New Quota Approach to Electoral DisproportionalityMartínez-Panero, MiguelArredondo, VerónicaPeña, TeresaRamírez, VictorianoMartínez Panero, Miguelhttp://uvadoc.uva.es/handle/10324/405262020-05-15T10:24:05Z2019-01-01T00:00:00ZIn this paper electoral disproportionality is split into two types: (1) Forced or unavoidable, due to the very nature of the apportionment problem; and (2) non-forced. While disproportionality indexes proposed in the literature do not distinguish between such components, we design an index, called “quota index”, just measuring avoidable disproportionality. Unlike the previous indexes, the new one can be zero in real situations. Furthermore, this index presents an interesting interpretation concerning transfers of seats. Properties of the quota index and relationships with some usual disproportionality indexes are analyzed. Finally, an empirical approach is undertaken for different countries and elections.
2019-01-01T00:00:00ZTratamiento ordinal de las escalas cualitativas utilizadas por el Centro de Investigaciones SociológicasGonzález del Pozo, RaquelGarcía Lapresta, José Luishttp://uvadoc.uva.es/handle/10324/405172020-05-15T10:24:05Z2019-01-01T00:00:00ZLas escalas cualitativas formadas por términos lingüísticos son utilizadas por diversas disciplinas para determinar preferencias y diversos aspectos de la vida de los individuos. Aunque es habitual asignar números a las categorías de respuesta de estas escalas, no es adecuado utilizar codificaciones numéricas cuando los individuos perciben proximidades psicológicas distintas entre las categorías consecutivas de la escala, es decir, cuando las escalas cualitativas no son uniformes.
En este trabajo se propone un procedimiento ordinal para jerarquizar un conjunto de alternativas a partir de las valoraciones mostradas por un grupo de individuos mediante una escala cualitativa no necesariamente uniforme. Dicho procedimiento está basado en las proximidades ordinales entre las categorías de respuesta de las escalas. El procedimiento propuesto se ilustra con un ejemplo tomado del Barómetro del Centro de Investigaciones Sociológicas (CIS) de mayo de 2011.; Qualitative scales formed by linguistic terms are used by different disciplines to determine preferences and different aspects of individuals’ lives. Although it is usual to assign numbers to the response categories of scales, it is not suitable when individuals perceive different proximities between the consecutive categories of the scale, that is, when scales are not uniform.
In this paper, an ordinal procedure is proposed to order a set of alternatives from the assessments given by a group of individuals through a qualitative scale not necessarily uniform. This procedure is based on ordinal proximities between the response categories of scales. The proposed procedure is illustrated with an example taken from the Barometer of the Center for Sociological Research of May 2011.
2019-01-01T00:00:00ZAggregating opinions in non-uniform ordered qualitative scalesGarcía Lapresta, José LuisPérez Román, Davidhttp://uvadoc.uva.es/handle/10324/405162020-05-15T10:24:04Z2018-01-01T00:00:00ZThis paper introduces a new voting system in the setting of ordered qualitative scales. The process is conducted in a purely ordinal way by considering an ordinal proximity measure that assigns an ordinal degree of proximity to each pair of linguistic terms of the qualitative scale. Once the agents assess the alternatives through the qualitative scale, the alternatives are ranked according to the medians of the ordinal degrees of proximity between the obtained individual assessments and the highest linguistic term of the scale. Since some alternatives may share the same median, an appropriate tie-breaking procedure is introduced. Some properties of the proposed voting system have been provided.
2018-01-01T00:00:00Z