scholarly journals Fees, Reputation, and Information Production in the Credit Rating Industry

2021 ◽  
Vol 13 (2) ◽  
pp. 1-34
Author(s):  
Jacopo Bizzotto ◽  
Adrien Vigier
Keyword(s):  
Social Welfare ◽  
Moral Hazard ◽  
Credit Rating ◽  
Information Production ◽  
Equilibrium Outcome ◽  
Costly Information ◽  
Fee Structure ◽  
Dynamic Incentives ◽  
Contingent Fees ◽  
The Way

We compare a credit rating agency’s incentives to acquire costly information when it is only paid for giving favorable ratings to the corresponding incentives when the agency is paid up-front, i.e., irrespective of the ratings assigned. We show that, in the presence of moral hazard, contingent fees provide stronger dynamic incentives to acquire information than up-front fees and may induce higher social welfare. When the fee structure is chosen by the agency, contingent fees arise as an equilibrium outcome, in line with the way the market for credit rating actually works. (JEL D21, D82, D83, G24)

Constitutional Rights and Social Welfare: Exploring Claims-Making Practices in Post-Apartheid South Africa

2020 ◽  
Vol 53 (1) ◽  
pp. 25-48
Author(s):  
Whitney K. Taylor
Keyword(s):  
South Africa ◽  
Social Welfare ◽  
Neighborhood Context ◽  
The State ◽  
Constitutional Rights ◽  
The Law ◽  
Material Conditions ◽  
Do So ◽  
The Way

When do individuals choose to advance legal claims to social welfare goods? To explore this question, I turn to the case of South Africa, where, despite the adoption of a "transformative" constitution in 1996, access to social welfare goods remains sorely lacking. Drawing on an original 551-person survey, I examine patterns of legal claims-making, focusing on beliefs individuals hold about the law, rights, and the state, and how those beliefs relate to decisions about whether and how to make claims. I find striking differences between the factors that influence when people say they should file a legal claim and when they actually do so. The way that individuals interpret their own material conditions and neighborhood context are important, yet under-acknowledged, factors for explaining claims-making.

scholarly journals Efficiency Problems in the System of Key National Indicators

2012 ◽  
pp. 168-171
Author(s):  
E. A. Brendeleva
Keyword(s):  
Economic Development ◽  
Social Welfare ◽  
Development Strategy ◽  
The State ◽  
Institutional Characteristics ◽  
National Economies ◽  
The Way

The article talks about the key national indicators characterizing economic development, as well as the problems associated with the aims set in the framework of these indicators. The paper also looks at the possible changes in the existing system to asses the state of national economies and social welfare, as well as in the way institutional characteristics of a particular country are considered in this system, with the final aim of deciding on the states’ long term development strategy.

scholarly journals Proportions of social capital allocation in the society as a key to defining the vector of its effect on social welfare

2013 ◽  
Vol 2013 (2) ◽  
pp. 153-162
Author(s):  
Ganna Gerasymenko
Keyword(s):  
Social Capital ◽  
Economic Development ◽  
Social Welfare ◽  
Capital Allocation ◽  
Economic Effects ◽  
Negative Effects ◽  
The Way

The article investigates different approaches to social capital defining as well as to the role of social capital in the economy. The author has found out that social capital can bring forth the range of positive social and economic effects,stimulating the economic development of the country. It also can bring force some negative effects, keeping a check on economic development and proliferating social disproportions. It has been elicited that the way of social capital impact on social welfare is a function of the equitability of its allocation in the society.

Institutions and Economic Policy

2021 ◽  
pp. 41-63
Author(s):  
Paolo Ramazzotti
Keyword(s):  
Economic Policy ◽  
Social Welfare ◽  
Open System ◽  
Voting Behavior ◽  
System Perspective ◽  
Subsequent Discussion ◽  
Neoliberal Policies ◽  
The Way

This chapter discusses the problems associated to an inadequate theory of economic policy. It begins by presenting the mainstream and heterodox approaches to policy. It contends that, according to the mainstream, policy must guarantee efficiency or, at the very least, consider it a key constraint, whereas according to heterodox economists, it may have a broader variety of goals. The latter's open system perspective implies that changes in the structure of the economy eventually feedback both on how people conceive of the economy and social welfare and on how the economy itself functions. The relevance of this issue, which is understated, emerges from the subsequent discussion of how neoliberal policies have changed the structure of the economy, the way people conceive of the economy, and even their voting behavior.

scholarly journals Equality, Social Justice and Social Welfare: A Road Map to the New Egalitarianisms

2007 ◽  
Vol 6 (1) ◽  
pp. 53-68 ◽  
Author(s):  
Eithne McLaughlin ◽  
John Baker
Keyword(s):  
Social Justice ◽  
Social Policy ◽  
Social Welfare ◽  
Political Theory ◽  
Road Map ◽  
The Way

This paper summarises the way equality has featured in the disciplines of social policy and political theory leading up to the presentation of a new egalitarianian framework for thinking about and acting for equality. The paper presents a broadly chronological, integrated review of the place of equality within the subjects concerned. The longstanding problems of universalism and targeting are themes which recur throughout, and in New Labour's approach to equality and social justice.

scholarly journals FAMILY-FOCUSED QUALITY OF LIFE ASSESSMENT AND ITS IMPLICATIONS FOR CHILDREN’S SOCIAL WELFARE: AN ECOLOGICAL VALIDITY CONTEXT

2020 ◽  
Vol 2 (9) ◽  
Author(s):  
Jūratė Grubliauskienė ◽  
Rita Vaičekauskaitė ◽  
Jurgita Babarskienė
Keyword(s):  
Quality Of Life ◽  
Social Welfare ◽  
Ecological Validity ◽  
Real Life ◽  
Life Assessment ◽  
Quality Of Life Assessment ◽  
Welfare Family ◽  
The Relationship ◽  
The Way

<p>The relationship between the quality of life and social welfare is of shared taxonomy, therefore it is difficult to define unambiguously. It is hard to imagine social welfare without the quality of life, but in order to put the quality of life into practice, we need the context of social welfare. For children’s social welfare, family and the way it creates quality of life is central. However, we lack instruments to evaluate children’s quality of life with family-focused approach. For  that purpose, we introduce KIDSCREEN52 survey with 1763 children (aged 8-18 years old) and 1564 parents. Moreover, we raise the<br />question of ecological validity, firstly, because there is a need to develop measurements that are closer to real life situations, in order to productively contribute to the ensuring of children’s social welfare.</p>

scholarly journals The Importance of Competition Law in Economic Development

2018 ◽  
Author(s):  
Gürsel Özkan
Keyword(s):  
Economic Development ◽  
Social Welfare ◽  
Economic System ◽  
Market Economy ◽  
Competition Law ◽  
Market Conditions ◽  
Judicial Control ◽  
National Market ◽  
Technology Competition ◽  
The Way

An economic system within competition is secured has fatal role for countries. Because, government has many important duties two of which are providing economic and social welfare. Protection of competition paves the way for using resources efficiently, producing cheap and quality commodities and services, providing of innovation in technology. Competition which is the basis of market economy provides suppliers and demanders come together freely in market conditions. In this way, competition means that distributing limited sources of society effectively and using these sources efficiently, providing quality and affordable commodities and services to consumers. Especially, providing global, local or national market economies processing compatible with competition law is possible by determining, accepting and implementing the universal rules which are related to competition law. It is certain that the agreements, verdicts and applications which are blocking or impairing competition in market of commodity and service should be prohibited. Also, the institutions which abuse their sovereignty of market should be prevented from doing this. Judicial control path is available for providing the implementation of rules related to competition law in other word providing sanction of preventions.

scholarly journals Digitization in the Market for Entrepreneurial Finance: Innovative Business Models and New Financing Channels

2021 ◽  
pp. 104225872110384
Author(s):  
Fabio Bertoni ◽  
Stefano Bonini ◽  
Vincenzo Capizzi ◽  
Massimo G. Colombo ◽  
Sophie Manigart
Keyword(s):  
Artificial Intelligence ◽  
Machine Learning ◽  
Business Models ◽  
Information Production ◽  
Entrepreneurial Finance ◽  
Special Issue ◽  
General Overview ◽  
Financing Channels ◽  
The Way

Digitization creates new financial channels that complement traditional intermediaries, but may raise concerns over fraud, cybersecurity, or bubbles. Artificial intelligence and machine learning change the way in which traditional investors work. This special issue focuses on economic, cultural, and regulatory determinants of fintech development, and on the new forms of information production and processing engendered by digital entrepreneurial finance. We provide a general overview of digitization in the market for entrepreneurial finance, illustrate how the different articles in the special issue contribute to advance our knowledge, and identify promising avenues for research.

International Real Estate Review

2012 ◽  
Vol 15 (1) ◽  
pp. 127-139
Author(s):  
Yao-Min Chiang ◽  
Keyword(s):  
Numerical Analysis ◽  
Real Estate ◽  
Moral Hazard ◽  
Closed Form ◽  
Private Firm ◽  
Pricing Model ◽  
Fee Structure ◽  
Incentive Problems ◽  
The Relationship ◽  
Bot Project

The relationship between a government and a franchise firm in a build-operate-transfer (BOT) project is one that is wrought with incentive problems. It is well known that a contingent payment structure can help alleviate moral hazard problems. This paper provides a flexible franchise fee scheme from the perspective of a government which can charge a sufficient franchise fee and provide enough incentive for a private firm in a BOT project. This flexible franchise fee structure has option- like properties. A pricing model is derived in this paper to price this flexible franchise fee scheme. The closed-form pricing model that I have provided in this paper can help evaluate the effect of a flexible franchise fee on the performance of BOT projects. A numerical analysis shows that the proposed flexible franchise fee scheme is especially suitable for BOT projects with long investment horizons and revenue uncertainty.

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