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Search results for: AVERSION
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Estimating the parameter of inequality aversion on the basis of a parametric distribution of incomes
PublicationResearch background: In applied welfare economics, the constant relative inequality aversion function is routinely used as the model of a social decisionmaker’s or a society’s preferences over income distributions. This function is entirely determined by the parameter, ε, of inequality aversion. However, there is no authoritative answer to the question of what the range of ε an analyst should select for empirical work. Purpose...
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Estimating inequality aversion from subjective assessments of the just noticeable differences in welfare
PublicationResearch background: In Economics, the concept of inequality aversion corresponds with the concept of risk aversion in the literature on making decision under uncertainty. The risk aversion is estimated on the basis of subjective reactions of people to various lottery prospects. In Economics, however, an efficient method of estimating inequality aversion has not been developed yet. Purpose of the article: The main aim of this paper...
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ESTIMATING AVERSION TO RANK INEQUALITY UNDERLYING SELECTED ITALIAN INDICES OF INCOME INEQUALITY
PublicationIn this paper, we estimate aversion to rank inequality (ATRI) underlying selected Italian income inequality indices, I, notably the Pietra index, the Bonferroni index and the “new” Zenga index. We measure ATRI by the parameter v of the generalised Gini index G(v). ATRI is distinct from aversion to income inequality, as measured by parameter ε of Atkinson’s index A(ε). We propose eliciting v from the equation I = GE(v). As, in general,...
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The atlas of inequality aversion: theory and empirical evidence on 55 countries from the Luxembourg Income Study database
PublicationResearch background: In the distributive analysis, the constant relative inequality aversion utility function is a standard tool for ethical judgements of income distributions. The sole parameter ε of this function expresses a society’s aversion to inequality. However, the profession has not committed to the range of ε. When assessing inequality and other welfare characteristics, analysts assume an arbitrary level of ε, common...
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The boundaries for inequality aversion and certain measures of income inequality = Granice dla awersji do nierówności i pewnych miar nierówności dochodów
PublicationW srtykule wykazano, że istnieją granice dla awersji do nierówności przy zastosowaniu miar nierówności dochodów Atkinsona i uogólnionej entropii. Wyznaczono te granice dla rozkładu dochodów uogólnionego Beta drugiego rodzaju GB2
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Exploring the relationship between investment choices, cognitive abilities risk attitudes and financial literacy
PublicationPurpose The main purpose of this study is to investigate the investment choices' relationship with cognitive abilities, risk aversion, risky investment intentions, subjective financial literacy and objective financial literacy. Design/methodology/approach To examine the relationship, two investment choices were given to 256 subjects from Pakistan. Questionnaire had total 20 questions for measuring five variables. To review this...
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Znaczenie płci w procesie zakupu marek własnych sieci handlowych – analiza wielogrupowa
PublicationThe purpose of the article is to analyze the differences in the behavior of men and women in the process of purchasing store brands (SBs). Using an established conceptual model, we intended to identify differences, depending on gender of buyers, in the size of the effects of store image and brand price-image on perceived risk and subsequently on store brand purchase intention. A total of 652 respondents participated in the study....
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Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances
PublicationWe employ recent Survey of Consumer Finances (SCF) microdata from the US to analyze the impacts of confidence in one's own financial knowledge, confidence in the economy, and objective financial literacy on investment in risky financial assets (equity and bonds) on both the extensive and intensive margins. Controlling for a rich set of covariates including risk aversion, we find that objective financial literacy is positively...
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Equivalence scales for continuous distributions of expenditure
PublicationResearch background: In the actual sizable populations of households, the standard microeconomic concept of equivalence scales is intractable since its necessary condition of equality of household welfare levels is unlikely to be fulfilled. Purpose of the article: This paper aims to develop a concept of an equivalence scale, which can be suitable for continuous distributions of expenditures in the population. Methods: Using household...
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Framework for gamification of specialized subjects within engineering studies
PublicationGamification is a relatively new term forged along with the occurrence of new information technology, especially easy access to internet and smartphones. Gamification is a use of game mechanics, to modify the behavior of people in non-games situations to increase the involvement of individuals. The method is based on the pleasure that comes from overcoming the obstacles to reach next achievable level, which consists of challenges,...